The Senior Vice President of First City Monument Bank (FCMB) has emphasized that small and medium-sized enterprises (SMEs) require more than just access to financing to thrive, stressing that adequate infrastructure, supportive ecosystems, and capacity-building initiatives are equally critical to their long-term success. Speaking on the challenges facing SMEs in Nigeria, the executive noted that while financing remains an important component of business growth, structural gaps in infrastructure continue to limit the ability of many small businesses to scale sustainably. These challenges include unreliable electricity supply, inadequate transportation networks, limited access to modern technology, and insufficient business development support systems.…
Author: Temitope Nlewemchi
The International Finance Corporation (IFC) and Standard Chartered have launched a $300 million finance facility aimed at expanding access to capital for businesses, supporting economic growth, and strengthening private sector development across emerging markets. The initiative is expected to provide much-needed financing for companies operating in key sectors of the economy, particularly those facing challenges in accessing affordable long-term funding. The new facility underscores the growing role of development finance institutions and commercial banks in addressing financing gaps that continue to limit business expansion and economic development in many emerging economies. By combining IFC’s development expertise with Standard Chartered’s extensive…
The Federal Government has announced that electricity consumers who generate surplus power from solar energy systems will be allowed to sell excess electricity to distribution companies (Discos), a move aimed at expanding renewable energy adoption, improving electricity access, and strengthening the country’s power supply network. The initiative forms part of broader efforts to modernize Nigeria’s electricity sector and encourage greater participation by consumers in power generation. By enabling households, businesses, and institutions with solar installations to feed unused electricity into the national grid, the government hopes to create a more decentralized and efficient energy ecosystem. Officials said the policy is…
Quest Merchant Bank has reinforced its standing within Nigeria’s financial services industry following the affirmation of its credit rating with a stable outlook, a development that reflects confidence in the institution’s financial health, risk management practices, and long-term growth strategy. The rating affirmation comes at a time when financial institutions are navigating a challenging operating environment characterized by inflationary pressures, exchange rate volatility, regulatory changes, and evolving customer expectations. Market analysts say the stable rating underscores the bank’s resilience and ability to maintain operational stability despite prevailing economic uncertainties. Credit ratings are widely regarded as important indicators of an institution’s…
CardinalStone has successfully completed the N21 billion rights issue undertaken by Fidson Healthcare Plc, marking a significant milestone in the pharmaceutical company’s growth strategy and highlighting sustained investor confidence in Nigeria’s healthcare sector and capital market. The completion of the rights issue represents a major capital-raising achievement for Fidson Healthcare, one of Nigeria’s leading pharmaceutical manufacturers. The exercise was designed to provide the company with additional funding to support expansion plans, strengthen operational capacity, and enhance its long-term competitiveness in the healthcare industry. As the issuing house and financial adviser to the transaction, CardinalStone played a central role in coordinating…
Sundry Markets, one of Nigeria’s leading retail supermarket chains, has expanded its footprint to more than 40 stores across the country, underscoring its growing presence in the nation’s fast-evolving retail sector and its commitment to improving consumer access to quality products and shopping experiences. The milestone reflects the company’s steady growth strategy, which has focused on increasing its presence in key urban and emerging markets while responding to the changing needs of Nigerian consumers. Over the years, Sundry Markets has built a reputation for offering a wide range of products, including groceries, household essentials, personal care items, fresh produce, and…
The price of petrol in Nigeria has increased by 643 per cent over the past three years, reflecting a dramatic shift in the country’s downstream petroleum market following sweeping policy changes, subsidy removal, exchange rate pressures, and global oil market volatility. The sharp rise has significantly altered transportation costs, household budgets, and business operating expenses across the country, with consumers and industry operators adjusting to a new pricing regime that is largely determined by market forces rather than government subsidies. Three years ago, petrol prices were heavily influenced by government intervention through fuel subsidy mechanisms, which kept pump prices artificially…
Operations at several offices of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) were disrupted on Monday as oil workers embarked on a protest action over unresolved welfare issues, leading to the temporary shutdown of activities and restricted access to key regulatory facilities. The industrial action, led by petroleum industry workers under their respective labour associations, is centered on disputes relating to staff welfare, working conditions, and outstanding entitlements. The workers are also demanding improved remuneration structures and better alignment of benefits with current economic realities. The protest resulted in the closure of major NUPRC offices, with staff and visitors reportedly…
The Nigerian capital market has officially commenced a shorter settlement cycle for securities transactions, marking a significant milestone in the ongoing modernization of the country’s financial system. The transition is expected to improve market efficiency, enhance liquidity, and align Nigeria’s market operations with global best practices. The new settlement structure reduces the time required to complete securities transactions, allowing investors to receive their funds or shares more quickly after trades are executed. Market operators say this change is designed to strengthen investor confidence, reduce counterparty risk, and make the Nigerian Exchange more attractive to both domestic and foreign participants. The…
MTN has intensified its efforts to support youth empowerment in Nigeria through the rollout of digital commerce tools designed to enhance entrepreneurship, improve digital skills, and expand access to income-generating opportunities. The initiative is part of the company’s broader commitment to digital inclusion and economic development across its markets. The telecommunications giant stated that the programme is aimed at equipping young people with practical tools that enable them to participate more effectively in the digital economy. These tools include platforms for online business management, digital payment systems, e-commerce support services, and training resources focused on building entrepreneurial capacity. The initiative…
The Financial Reporting Council (FRC) has announced a renewed push to engage tertiary institutions as part of efforts to address the growing shortage of actuarial professionals in Nigeria. The initiative is aimed at strengthening the talent pipeline in a field that is increasingly seen as critical to insurance, pensions, risk management, and broader financial stability. The move comes amid concerns that Nigeria continues to face a significant gap in actuarial science expertise, with demand for qualified professionals far exceeding supply. Actuaries play a vital role in assessing financial risks, designing insurance models, evaluating pension schemes, and supporting evidence-based decision-making in…
TAJBank has reported a significant expansion in its total assets, which rose to N1.34 trillion, reinforcing its position as one of the fast-growing non-interest financial institutions in Nigeria. The development reflects continued balance sheet growth, rising customer confidence, and sustained adoption of its ethical banking model. The bank’s latest performance highlights the increasing relevance of non-interest banking in Nigeria’s financial system, particularly among customers seeking Sharia-compliant financial services. TAJBank’s growth trajectory has been driven by expansion in deposits, increased financing activities, and broader customer acquisition across retail, small business, and corporate segments. According to financial reports, the asset growth was…
Digital financial services company OPay has reported significant progress in expanding financial inclusion across Nigeria, stating that its platform now serves millions of users while also contributing to job creation through its growing agent and merchant network. The company noted that its expansion is closely tied to Nigeria’s broader financial inclusion agenda, which aims to reduce the number of unbanked adults by increasing access to affordable and accessible financial services. OPay’s model leverages mobile technology to provide users with payment solutions, transfers, savings options, and other basic financial services without requiring traditional banking infrastructure. Financial inclusion remains a major challenge…
Abbey Mortgage Bank has reaffirmed its commitment to expanding access to financial services across underserved communities in Nigeria, as part of its broader strategy to promote financial inclusion and support affordable housing development in the country. The bank’s management disclosed that its ongoing initiatives are designed to bridge the gap between formal financial services and individuals who remain excluded from the traditional banking system. These efforts align with national and global objectives aimed at increasing access to credit, savings products, and homeownership opportunities for low- and middle-income earners. Financial inclusion remains a key policy priority in Nigeria, where a significant…
Trading activity on the Nigerian Exchange (NGX) recorded a decline during the shortened trading week, with total turnover falling to 2.39 billion shares as investors adjusted their positions amid a reduced number of market sessions and evolving economic conditions. Market data showed that the volume of shares traded during the week was lower than the previous week’s performance, reflecting cautious investor sentiment and the impact of fewer trading days on overall market activity. Despite the decline in turnover, analysts noted that investor interest remained relatively strong in several sectors, particularly banking, consumer goods, and industrial stocks. The reduced trading week…
Savannah Energy has reported revenue of $104 million for the first four months of the year, reflecting strong operational performance and continued growth across its portfolio of energy assets. The announcement highlights the company’s ability to maintain stable production levels, strengthen cash generation, and capitalize on growing energy demand in its key markets. The revenue performance represents a significant milestone for the energy company as it continues to expand its operations and pursue strategic investments aimed at enhancing long-term value creation. Company executives attributed the result to consistent production, improved operational efficiency, and the successful execution of business strategies designed…
firm TIP has acquired a 20 per cent stake in a Ugandan enterprise as part of its broader strategy to strengthen its presence across Africa and accelerate regional growth opportunities. The acquisition marks a significant milestone in the company’s long-term expansion agenda, reflecting increasing investor confidence in East Africa’s rapidly growing economy and the continent’s evolving business landscape. Company officials said the move is expected to enhance TIP’s operational footprint, create new partnerships, and position the firm to capitalize on emerging opportunities in key sectors across the region. Speaking on the development, executives described the investment as a strategic…
The Nigeria Data Protection Commission (NDPC) has disclosed that it recorded over 2,000 cyberattacks targeting public and private institutions within a single week, highlighting the growing threat posed by cybercriminals to the country’s digital ecosystem. The alarming figure was revealed by the National Commissioner and Chief Executive Officer of the NDPC, who stressed the urgent need for stronger cybersecurity measures, improved data protection practices, and greater public awareness to combat the increasing sophistication of cyber threats. According to the commission, the attacks ranged from phishing attempts and ransomware incidents to unauthorized access attempts and other forms of cyber intrusions aimed…
Aviation stakeholders have expressed mixed reactions to the Federal Government’s proposed ₦60 billion intervention package for airlines, with industry experts questioning whether the relief fund is sufficient to address the structural challenges facing Nigeria’s aviation sector. The intervention, which is expected to support struggling domestic airlines facing rising operational costs, currency volatility, and fuel price pressures, has been described by some aviation professionals as a welcome step but inadequate in scale relative to the sector’s financial needs. Aviation experts argue that Nigeria’s airline industry is currently grappling with multiple cost pressures that extend beyond liquidity constraints. These include high aviation…
Guinness Nigeria has reaffirmed its support for the Ojude Oba festival in Ijebu-Ode, Ogun State, strengthening its long-standing cultural partnership strategy while deepening brand engagement with consumers across Nigeria. The company’s involvement in the annual celebration reflects its continued investment in cultural events that promote heritage, community identity, and social cohesion. Ojude Oba, one of Nigeria’s most prominent cultural festivals, attracts thousands of participants including indigenes, tourists, corporate sponsors, and dignitaries from across the country and the diaspora. c Nigeria’s participation in the festival is part of its broader marketing and community engagement approach, which focuses on connecting with consumers…