The Advertising Regulatory Council of Nigeria (ARCON) has issued a stern warning to the public regarding the rising use of artificial intelligence (AI) images to promote fraudulent Ponzi schemes across the country. The regulatory body expressed concern over the sophistication of these scams, which now employ AI-generated visuals and manipulated media to mislead unsuspecting Nigerians into investing in schemes that promise unrealistic financial returns. ARCON noted that the misuse of AI-generated content in advertising has introduced a dangerous trend that could erode trust in legitimate communication channels if not swiftly addressed. The agency explained that scammers are increasingly creating fake…
Author: Temitope Nlewemchi
The Corporate Affairs Commission (CAC) in collaboration with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has announced the launch of a nationwide initiative to provide free business registration for 250,000 micro, small, and medium enterprises (MSMEs). The initiative, which was unveiled this week, is part of the federal government’s broader strategy to formalize the informal sector, boost entrepreneurship, and promote economic growth. According to CAC Registrar-General, the free registration drive will enable thousands of small businesses operating without formal documentation to become officially recognized. This will give them access to critical benefits such as business bank accounts,…
Abia State Governor Alex Otti has commissioned an upgraded 5MVA power plant at Abia State University, alongside several infrastructure projects aimed at improving electricity supply, student welfare, and overall learning conditions within the institution. The commissioning ceremony took place at the university’s main campus in Uturu as part of activities marking its combined convocation ceremony. The newly upgraded power facility, which was increased from an initial capacity of 2.5MVA to 5MVA, is expected to significantly enhance electricity supply across the campus. Speaking at the event, Otti described the project as a fulfilment of his administration’s commitment to addressing longstanding infrastructure…
Lagos State has been ranked the best state for doing business in Nigeria, according to a recent subnational assessment of business environments across the country. The ranking further reinforces the state’s long-standing reputation as the nation’s commercial nerve centre and a preferred destination for investors. The report, unveiled at a high-level policy and diplomatic gathering in Abuja, evaluated all 36 states and the Federal Capital Territory using a wide range of economic and regulatory indicators. Lagos emerged at the top due to its strong performance across critical areas such as infrastructure, regulatory efficiency, access to electricity, and institutional transparency. Analysts…
First City Monument Bank (FCMB) Group has announced a delay in the release of its financial results for the third quarter of 2025, citing an ongoing interim audit exercise. The development, which was communicated to stakeholders through a regulatory disclosure, has drawn the attention of investors, analysts, and the broader financial market, given the group’s significant role in Nigeria’s banking sector. The bank explained that the decision to conduct an interim audit was part of its effort to strengthen transparency, improve compliance with regulatory requirements, and ensure accuracy in its financial reporting. According to the statement, the audit process is…
Nigeria’s banking and insurance sectors, along with other financial institutions, collectively contributed an estimated ₦1.77 trillion to the national economy in the first quarter of 2025, underscoring their growing importance across finance and industry. Data from regulatory and market sources reveal that the banking industry remained the main driver of this contribution. Profits, interest earnings, fees, and charges from lending, advisory services, and digital banking platforms formed the bulk of activity. Several banks also benefited from rising demand for retail and corporate loans, trade finance, and treasury operations amid a recovering economy. Insurance companies, pension fund administrators, and capital market…
The National Drug Law Enforcement Agency (NDLEA) has recorded another major breakthrough in its ongoing war against narcotics trafficking with the arrest of a notorious drug kingpin from Delta State and the seizure of opioids valued at ₦7.8 billion at the Onne Port in Rivers State. According to NDLEA authorities, the suspect, identified as a high-profile trafficker with vast links to international drug cartels, was intercepted following months of painstaking intelligence gathering and surveillance. The operation, described as one of the most significant in recent years, highlights the growing menace of illicit drug smuggling into Nigeria and the agency’s determination…
The Nigerian insurance industry is on the brink of major transformation as the Nigerian Insurance Industry Reform Act Bill, 2025, awaits presidential assent. Having cleared both chambers of the National Assembly, the bill introduces wide-ranging reforms that seek to overhaul the regulatory landscape, strengthen corporate governance, and enhance the overall integrity of the industry. As the sector stands poised for this significant shift, insurance brokers, in particular, are being urged to prepare for the forthcoming changes that will reshape how they operate and compete. One of the bill’s most notable features is the drastic revision of capital requirements for insurers…
The National Agency for Food and Drug Administration and Control has destroyed fake, expired, and substandard drugs valued at over N939 million in Anambra State, in a major crackdown aimed at safeguarding public health and eliminating harmful products from circulation. The destruction exercise was carried out in Awka at a designated dumpsite, where officials disposed of seized pharmaceutical and related products recovered from across the South-East region. The operation formed part of the agency’s ongoing enforcement efforts to rid the market of unsafe and falsified goods. According to the agency, the destroyed items included a wide range of products such…
A Nigerian firm has reaffirmed its dedication to fostering entrepreneurship as a tool for economic transformation and job creation. At a recent business development summit in Abuja, the company unveiled new initiatives aimed at supporting startups and empowering young entrepreneurs across the country. Speaking at the event, the company’s Chief Executive Officer, Mrs. Olufunke Adeniyi, stated that entrepreneurship remains the most viable path toward reducing unemployment and stimulating inclusive growth in Nigeria. She emphasized that the private sector has a crucial role to play in nurturing innovative minds and providing them with the tools, funding, and mentorship needed to succeed.…
Africa’s richest man and industrial magnate, Aliko Dangote, has officially stepped down as the Chairman of Dangote Cement Plc, one of the largest cement producers on the continent. The decision, which took effect this week, is aimed at allowing him to dedicate more attention and resources to the rapidly growing operations of his energy ventures, including the multibillion-dollar Dangote Refinery project. Dangote, who built his cement empire from the ground up, served as Chairman of Dangote Cement for over a decade, guiding the company through expansions across Nigeria and several other African countries. His resignation signals a significant shift in…
The Federal Inland Revenue Service (FIRS) has announced the creation of a dedicated trust fund and an educational sponsorship scheme for the families of its staff members who tragically lost their lives in the recent fire incident at Afriland Towers, Lagos. The measure comes as part of a comprehensive support package aimed at easing the immediate and long-term burdens of the bereaved families, while reaffirming the agency’s commitment to the welfare of its workforce. The Afriland fire, which broke out in the multi-storey building housing several corporate offices, claimed the lives of FIRS employees who were at work during the…
The Dangote Petroleum Refinery is expected to raise its operational refining capacity to 700,000 barrels per day by December 2025. This anticipated increase follows continued expansion and optimization efforts within the massive facility located in the Lekki Free Trade Zone, Lagos State. The development marks a new milestone for the refinery, which has already begun supplying diesel and aviation fuel to the Nigerian market. According to sources within the refinery, the target to reach 700,000 barrels per day represents an upgrade from the original installed capacity of 650,000 barrels per day. The ramp-up is being made possible by adjustments to…
The Federal Government of Nigeria has attracted an impressive $791.49 million in investments aimed at boosting the country’s Compressed Natural Gas (CNG) industry within just two months. This influx of capital reflects a significant level of investor confidence in Nigeria’s alternative fuel programme and its transition toward cleaner, more affordable energy sources. The CNG investment drive is spearheaded by the Presidential Compressed Natural Gas Initiative (PCNGi), which was launched to support a shift from petrol to natural gas usage, especially in the transportation sector. While the initiative had earlier reported raising about $491 million over the past year, updated figures…
The House of Representatives Committee on Petroleum Resources (Downstream) has stepped into the ongoing conflict between the Dangote Petroleum Refinery and the National Union of Petroleum and Natural Gas Workers (NUPENG), urging both parties to embrace dialogue and find a peaceful resolution in the interest of national stability. The intervention follows weeks of rising tension sparked by disagreements over supply arrangements, labor issues, and claims of economic sabotage that have unsettled Nigeria’s downstream oil sector. The committee, chaired by Hon. Ikenga Imo Ugochinyere, convened an emergency session on Tuesday in Abuja, where key representatives of Dangote Refinery, NUPENG, the Nigerian…
Keystone Bank has reinforced its commitment to supporting small and medium-sized enterprises across Nigeria by organizing a nationwide SME Business Clinic, an initiative aimed at equipping entrepreneurs with the skills, knowledge, and practical tools they need to grow and sustain their businesses. The Business Clinic, which took place in June, covered ten major cities including Lagos, Abuja, Port Harcourt, Kano, Ibadan, Aba, Asaba, Onitsha, Maiduguri, and Kaduna, bringing together hundreds of business owners eager to learn how to better navigate the challenges of running a business in Nigeria’s tough economic climate. Speaking on the purpose of the clinic, Olayemi…
In a strategic move to modernize regulatory compliance in Nigeria’s financial sector, fintech platform Pastel has formed a partnership with FintechNGR, a leading non-profit fintech advocacy group. The collaboration aims to harness artificial intelligence (AI) tools to streamline anti-money laundering (AML), customer onboarding, and regulatory reporting processes across participating fintech companies. The joint effort reflects growing recognition that manual compliance systems are costly, error-prone, and often lag behind fast-evolving digital finance ecosystems. Under the agreement, Pastel will deploy its AI-powered compliance engine across FintechNGR’s member network, offering automation of customer risk profiling, transaction monitoring alerts, and real-time sanction screenings. According…
Union Bank of Nigeria has rewarded hundreds of its loyal customers with cash prizes and other exciting gifts as part of its ongoing “Save and Win Palli Promo 4.” The initiative, which began in December 2024, is aimed at encouraging savings culture among Nigerians while offering them the chance to win life-changing rewards. In the latest series of monthly draws held across the country, customers from different regions emerged as winners of various prizes, including cash gifts of ₦100,000, fuel vouchers, motorcycles, and tricycles. The draws, which were conducted electronically and monitored by relevant regulatory bodies, ensured fairness and transparency…
Nigeria has reiterated its commitment to global peace and nuclear disarmament, ruling out any ambitions to develop or acquire nuclear weapons as it prioritises the urgent task of lifting millions of its citizens out of poverty and tackling the mounting challenges of climate change. This assurance came during a recent meeting in Abuja between Vice President Kashim Shettima and Dr. Robert Floyd, the Executive Secretary of the Comprehensive Nuclear-Test-Ban Treaty Organisation (CTBTO). The meeting reaffirmed Nigeria’s decades-long position as a staunch supporter of nuclear non-proliferation, even as the country works to harness nuclear energy strictly for peaceful and developmental…
President Bola Ahmed Tinubu has said that the Nigerian government has redirected about N4 trillion saved from the removal of fuel subsidies to critical infrastructure and social welfare programmes aimed at easing the burden on ordinary Nigerians and stimulating the economy. Speaking at the opening of the National Conference on Public Accounts and Fiscal Governance in Abuja, Tinubu explained that the decision to remove the subsidy was difficult but necessary to free up funds that could be invested in projects that benefit the majority of the people rather than a privileged few. He said that for years, the fuel…