The Securities and Exchange Commission has issued a firm directive requiring all capital market operators to register their investment instruments before January, marking a significant step in its ongoing efforts to strengthen regulatory oversight, improve investor protection, and restore confidence in the nation’s financial markets. The instruction is part of a broader push to enhance transparency and ensure that all products traded within the Nigerian capital market meet the minimum standards of disclosure, compliance, and risk management expected by the regulator. According to the Commission, the January deadline is non-negotiable and applies to all instruments currently in use, including those…
Author: Temitope Nlewemchi
An industrialist has lauded the Dangote Refinery for its recent impact on petrol availability in Nigeria, noting that the facility has significantly eased the chronic fuel shortages that have plagued the country for years. While praising the refinery’s contribution to stabilising petrol supply, the industrialist also urged authorities and marketers to consider reducing diesel prices, highlighting the economic importance of affordable fuel for manufacturing and logistics. According to the industrialist, the Dangote Refinery, which began operations recently, has enabled over 1,000 trucks to load petrol daily, dramatically improving access and distribution across the nation. This has reportedly led to a…
Nigeria is currently facing a serious food security challenge that threatens the well-being of millions across the country. Rising inflation, climate change, insecurity, and structural weaknesses in agriculture have combined to create one of the most pressing crises in recent memory. In response, the Federal Government has stepped up efforts to address these challenges with a series of ambitious programs and reforms aimed at boosting food production, stabilizing prices, and safeguarding the nation’s food supply. Food insecurity in Nigeria has deepened significantly in recent years. According to recent reports, over 100 million Nigerians are classified as food insecure, with nearly…
MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have intensified efforts to support the growth of micro, small and medium enterprises (MSMEs) through the expansion of the mySMEville digital platform, with an ambitious target of reaching five million businesses across the country. The initiative is designed to address critical challenges facing small businesses, including limited access to finance, infrastructure, market opportunities and business development support. The platform represents a strategic public-private partnership aimed at strengthening Nigeria’s entrepreneurial ecosystem and accelerating economic growth through technology-enabled solutions. Stakeholders say the initiative is expected to play a significant…
The Central Bank of Nigeria has confirmed that a total of 27 banks have successfully mobilised fresh capital as part of the ongoing recapitalisation programme designed to strengthen the financial system and enhance the resilience of deposit money banks. The disclosure marks a major milestone in the implementation of the banking sector reforms announced earlier in the year, aimed at ensuring that Nigerian banks possess the financial muscle required to support long-term economic growth, withstand external shocks, and compete effectively at both regional and global levels. According to the apex bank, the recapitalisation drive has continued to attract strong responses…
President Bola Ahmed Tinubu has departed Lagos for Europe ahead of his participation in the Abu Dhabi Sustainability Summit, a high-level global forum focused on sustainable development, climate action, and economic transformation. The President left Lagos on Tuesday following the conclusion of official engagements in the state. According to a statement from the Presidency, Tinubu will first make a brief stop in Europe before proceeding to the United Arab Emirates for the summit, which brings together world leaders, policymakers, investors, and development experts. The Abu Dhabi Sustainability Summit is held annually as part of the Abu Dhabi Sustainability Week and…
The House of Representatives Public Accounts Committee (PAC) has recovered N521.77 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN) as part of an ongoing investigation into revenue leakages associated with transactions processed through the Remita payment platform. The recovery marks a significant development in the National Assembly’s efforts to strengthen accountability in public finance management and ensure that all revenues due to the Federal Government are properly remitted. The committee disclosed that the recovered amount represented VAT deductions on fees earned from Remita transactions between November 2018 and April 2024 that were not remitted…
Nigeria’s oil and gas regulators have intensified efforts to reduce compliance costs across the petroleum industry as part of broader reforms aimed at improving operational efficiency, attracting investment and enhancing the competitiveness of the country’s energy sector. The move was highlighted during a recent stakeholder engagement involving key regulatory agencies, industry operators and investors, where officials reaffirmed their commitment to simplifying regulatory processes and eliminating bottlenecks that increase the cost of doing business. The initiative aligns with the Federal Government’s wider objective of creating a more investor-friendly environment capable of supporting growth across the upstream, midstream and downstream segments of…
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.…
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has emphasised that integrated logistics systems remain essential to unlocking Nigeria’s full potential in the blue economy sector. According to him, the nation’s maritime industry cannot achieve sustainable growth or global competitiveness without seamless coordination among ports, transport infrastructure, and logistics operations. Speaking during a stakeholders’ engagement session in Lagos, Oyetola said that the ministry is focused on building a holistic framework that connects all maritime value chains — from port operations to hinterland transportation — to enhance efficiency and profitability. He noted that integrated logistics would not only boost trade…
Dangote Industries has unveiled plans to significantly boost its fertilizer production capacity with the construction of a $2.5 billion plant in Ethiopia, a move set to triple output and expand the company’s footprint in Africa’s agricultural sector. The announcement underscores Dangote’s commitment to addressing food security challenges, supporting agricultural development, and contributing to the continent’s industrial growth agenda. The plant is expected to become a major hub for fertilizer manufacturing, supplying both domestic and regional markets. According to Dangote executives, the new facility is strategically located in Ethiopia to leverage the country’s favorable logistics, access to raw materials, and growing…
The African Development Bank (AfDB) has stated that African countries collectively have the capacity to mobilize up to $469 billion in additional revenue without increasing taxes, pointing instead to improved efficiency in public finance management, reduction of illicit financial flows, better debt management, and enhanced domestic resource mobilization systems. The disclosure highlights a growing focus among development institutions on strengthening internal revenue systems across the continent as governments grapple with rising debt burdens, infrastructure deficits, and expanding social needs. According to the AfDB, the emphasis is shifting away from tax rate increases toward plugging leakages and optimizing existing financial systems.…
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…
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 Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has concluded an extensive appraisal of the Petroleum Industry Act’s (PIA) impact on the country’s oil and gas sector, while the Institute of Energy Administration (IEA) has underscored the transformative effects of the legislation on regulatory frameworks, investment, and operational efficiency. The assessment and commentary signal a growing consensus among industry stakeholders that the PIA is reshaping Nigeria’s petroleum landscape, enhancing transparency, and promoting sustainable development within the sector. According to NUPRC officials, the appraisal focused on the PIA’s influence on key operational and financial aspects of upstream activities, including licensing, production optimisation,…
Dangote Cement Plc, Africa’s largest cement producer, has announced an impressive profit of N743.3 billion for the nine-month period ending September 2025, representing one of its strongest financial performances in recent years. The company’s sustained revenue growth, operational efficiency, and strategic expansion across key African markets have positioned it as a dominant force in the continent’s construction and building materials sector. According to the firm’s unaudited financial statements released on the Nigerian Exchange (NGX), Dangote Cement’s profit after tax rose significantly compared to N553.4 billion recorded in the corresponding period of 2024, showing a 34% year-on-year growth. This remarkable improvement…
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has stated that Nigeria’s ongoing tax reforms are designed to eliminate multiple levies and create a more efficient, transparent, and business-friendly tax system. He explained that the reforms aim to streamline the country’s complex tax structure, boost revenue generation, and reduce the burden on citizens and businesses. Speaking in Abuja at a policy dialogue on the state of Nigeria’s fiscal framework, Oyedele emphasised that the government’s priority is to simplify tax compliance and eliminate overlapping taxes that have stifled economic growth and discouraged investment for years. According…
Traditional insurance companies that fail to embrace digital transformation, data-driven decision-making and changing customer expectations risk becoming irrelevant in an increasingly competitive financial services landscape, the Managing Director of Consolidated Hallmark Insurance Plc, Eddie Efekoha, has warned. Efekoha, who also serves as Chairman of the Chartered Insurance Institute of Nigeria (CIIN), made the remarks while speaking on the future of the insurance industry and the urgent need for operators to adapt to rapid technological and market changes. He cautioned that insurers relying solely on conventional business models may face serious challenges as innovation reshapes customer behaviour and industry dynamics. (punchng.com)…
The Federal Government of Nigeria has launched a new intra-African air cargo corridor aimed at boosting trade and export opportunities across the continent. The initiative, unveiled in partnership with the United Nations Development Programme (UNDP) and Uganda Airlines, offers Nigerian exporters a significant 50% discount on air freight charges to key East and Southern African markets. This move is expected to lower logistics costs substantially, making Nigerian goods more competitive in regional markets while advancing Nigeria’s commitment to the African Continental Free Trade Area (AfCFTA). The air cargo corridor facilitates easier and more affordable transportation of goods from Nigeria to…
The Federal Government of Nigeria has announced that it raked in a substantial N393 billion in tax revenue from Dangote Group and nine other major companies, underscoring the critical role of large corporations in sustaining government revenue streams amid mounting fiscal pressures. The disclosure comes at a time when Nigeria is intensifying efforts to diversify its revenue base, reduce dependence on crude oil earnings, and address rising fiscal deficits. According to official figures, the Dangote Group emerged as one of the largest contributors to tax revenue in the country, alongside other blue-chip companies spanning the banking, telecommunications, cement, and consumer…