The Federal Inland Revenue Service (FIRS) has officially named eTranzact International Plc as a key service provider for the implementation of its electronic invoicing (e-invoicing) platform, a move expected to modernise Nigeria’s tax administration and boost government revenue. The development is part of ongoing reforms by the tax authority to improve transparency, close leakages, and strengthen compliance across various sectors of the economy. In a statement confirming the appointment, FIRS explained that eTranzact will provide technical and operational support for the deployment of the e-invoicing system, which is designed to ensure that all value-added tax (VAT) and related transactions are…
Author: Temitope Nlewemchi
REX Insurance has rolled out a new retail-focused campaign in Lagos aimed at strengthening its presence in Nigeria’s commercial capital and bringing insurance products closer to individuals, small businesses, and informal sector operators. The initiative underscores the company’s determination to expand its market penetration by making insurance more accessible, affordable, and better understood by the wider public. At the launch event, the company explained that the campaign is part of a broader strategy to deepen awareness about the importance of insurance in securing financial stability and mitigating risks. The Lagos retail campaign is expected to cover major urban and semi-urban…
United Bank for Africa (UBA) has announced an extension of the deadline for its ongoing rights issue, giving shareholders additional time to subscribe and take advantage of the offer. The move underscores the lender’s commitment to inclusivity and transparency, while also aligning with its recapitalisation plans as directed by the Central Bank of Nigeria (CBN). The rights issue, which is part of UBA’s broader capital-raising programme, seeks to bolster the bank’s capital base in response to new regulatory requirements and to position the institution for long-term growth. By extending the subscription window, UBA aims to ensure that shareholders who may…
First City Monument Bank (FCMB) has announced that it is projecting gross earnings of N265.2 billion for the current financial year, reflecting optimism about its business performance despite prevailing economic challenges. The bank disclosed its expectations in its latest financial guidance, noting that it is confident of sustaining growth momentum across its core business segments while reinforcing its digital and retail banking strategies. The bank’s projection comes at a time when Nigerian lenders are navigating an operating environment marked by inflationary pressures, exchange rate volatility, and tight monetary policy measures. Despite these headwinds, FCMB said it has built strong fundamentals…
The Nigerian Exchange (NGX) opened the new trading week on a positive note, recording a substantial market capitalisation gain of N263 billion as investors renewed interest in equities across key sectors. The rally reflected improved investor confidence in the economy and optimism over corporate earnings, setting a bullish tone for the week’s trading activities. At the close of Monday’s session, the NGX All-Share Index climbed by 0.30 per cent to settle at 157,096.15 points, while market capitalisation advanced from N88.69 trillion at the end of last week to N88.95 trillion. Analysts noted that the growth was primarily driven by gains…
Zenon Petroleum and Gas Limited has denied reports alleging that its corporate headquarters was seized by authorities in connection with a pending N7.2 billion legal dispute. The company described the claims as misleading and unfounded, insisting that its operations and assets remain intact and unaffected by any such action. In a statement issued by its management, Zenon clarified that while it is involved in an ongoing legal matter, the narrative circulating in some quarters that its head office had been taken over or sealed is entirely false. The company emphasized that it has continued business operations as usual and that…
The Enugu State Government has accused MainPower Electricity Distribution Company of breaching the approved electricity tariff regime and warned that sanctions would be imposed if the company fails to comply with regulatory standards. According to state officials, the breach involves alleged overbilling of consumers and failure to adhere to the agreed tariff structure set by the Nigerian Electricity Regulatory Commission (NERC). Government representatives disclosed that investigations revealed several instances where consumers in Enugu and surrounding communities were charged above the approved rates, further compounding the hardship faced by residents amid the prevailing economic challenges. The state authorities noted that such…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the successful conclusion of its comprehensive review of marginal oil field licences across the country. This strategic move is aimed at improving regulatory oversight, ensuring optimal resource utilization, and boosting investment within Nigeria’s upstream petroleum sector. The review, which covered several fields awarded in past licensing rounds, focused on compliance with operational guidelines, technical capacity, and the financial obligations of license holders. According to the Commission, the evaluation became necessary to address lapses identified in previous marginal field programmes, including underutilization of awarded assets and delayed project take-off due to financing…
FCMB Group Plc has reported a significant increase in its financial performance for the first half of 2025, with its Profit Before Tax (PBT) rising by 23 per cent to N79.3 billion, underscoring the company’s resilience and strategic business growth. The financial group, which operates across banking, asset management, and other financial services, attributed the strong performance to improved revenue generation, effective cost management, and robust growth in its loan and deposit portfolios. The company’s unaudited financial results for the period ended June 30, 2025, showed that gross earnings rose sharply compared to the same period last year, driven by…
Nigeria’s electricity distribution companies (DisCos) recorded a 4.9 per cent decline in their monthly revenue, which dropped to N182.11 billion, according to the latest industry data. The decline highlights ongoing challenges within the power sector despite recent tariff reviews and efforts to improve collections. Figures from the Nigerian Electricity Regulatory Commission (NERC) indicate that the revenue shortfall was driven by a combination of factors including lower energy offtake by some customers, persistent metering gaps, and rising incidences of electricity theft. Industry sources also attribute the dip to the lingering economic difficulties affecting household and industrial consumers, leading to reduced capacity…
President Bola Ahmed Tinubu has departed Japan for Brazil as part of his ongoing diplomatic engagements aimed at strengthening Nigeria’s global partnerships and promoting economic cooperation. The trip follows his participation in a high-level summit in Tokyo, where he held discussions with Japanese government officials and business leaders on investment opportunities in Nigeria. According to the Presidency, Tinubu’s visit to Brazil underscores his administration’s commitment to deepening bilateral relations with key global economies. The state visit will focus on trade, energy, technology transfer, and agriculture, with a particular emphasis on attracting foreign direct investment into Nigeria. While in Japan, the…
The Federal Government is set to raise N200 billion through its latest bond auction, as part of efforts to finance the national budget and manage the country’s growing fiscal obligations. According to sources within the Debt Management Office (DMO), the auction is scheduled to offer a mix of Federal Government Bonds across different maturities to attract a broad range of investors. The bond issuance comes against the backdrop of Nigeria’s rising public debt profile and the need to finance budgetary deficits occasioned by lower-than-expected revenues and increased government spending on infrastructure and social programs. Officials explained that proceeds from the…
The Nigerian Economic Summit Group (NESG) has raised concerns that the country’s chronic infrastructure deficits are severely undermining productivity and discouraging both domestic and foreign investments. The policy think-tank noted that inadequate power supply, poor transportation systems, weak logistics networks, and insufficient digital connectivity continue to constrain Nigeria’s economic potential despite its vast resources and youthful population. Speaking during a recent economic briefing, NESG officials emphasized that infrastructure remains a critical enabler of sustainable economic growth, yet Nigeria’s infrastructure stock falls far below international benchmarks. The group highlighted that with the country’s infrastructure-to-GDP ratio estimated at about 30 percent—far lower…
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a significant decline in its monthly profit, dropping from N905 billion in June to N185 billion in July. This represents one of the sharpest monthly decreases for the company in recent years and has raised concerns about operational and market dynamics within Nigeria’s oil and gas sector. The latest financial disclosure underscores the volatility that continues to characterize Nigeria’s petroleum industry. Analysts attribute the steep decline to a combination of factors, including production challenges, rising operational costs, foreign exchange fluctuations, and weaker crude oil sales during the review period. Despite…
United Kingdom emerged as the largest source of capital inflows into Nigeria in the first quarter of 2025, contributing a significant share of total foreign investments despite global economic headwinds. Data from the National Bureau of Statistics indicated that Nigeria attracted over N5.5 trillion in foreign capital during the period, with the UK accounting for the majority of the inflows. This marked a notable increase compared to the same period last year and highlights renewed investor confidence in Africa’s largest economy. Analysts attribute the surge to ongoing economic reforms aimed at stabilising Nigeria’s macroeconomic environment and liberalising key sectors. The…
Delta State Government and the Rural Electrification Agency (REA) have signed a memorandum of understanding to tackle persistent electricity supply challenges across the state, officials said. The partnership is aimed at enhancing power distribution, reducing blackouts, and ensuring that households, businesses, and critical institutions have access to reliable electricity. The agreement, signed in Asaba, seeks to facilitate collaborative efforts between the state and the federal agency to rehabilitate existing power infrastructure and expand electricity access to underserved communities. Both parties emphasized that addressing the power deficit is critical to supporting socio-economic development, attracting investment, and improving the quality of life…
The Nigerian Exchange Limited (NGX) closed on a negative note this week as a wave of bearish trading wiped off N663 billion from the market capitalization, deepening concerns among investors already grappling with economic headwinds. The downturn, which affected major sectors including banking, industrial goods, and consumer goods, has underscored growing unease in the equities market despite recent policy reforms aimed at boosting investor confidence. Data from the NGX revealed that the market capitalization, which opened the week at N56.08 trillion, fell sharply to N55.42 trillion by the close of trading, reflecting heightened sell-offs across several blue-chip stocks. The All-Share…
The residents of Enugu and parts of the South-East have been thrown into darkness following a fresh dispute between the Enugu Electricity Distribution Company and consumers over the recently introduced electricity tariff regime. The blackout, which has lasted several days, has left households and businesses grappling with the twin challenges of lack of power supply and the burden of higher tariffs imposed on select categories of customers. Reports indicate that the row stems from disagreements over the implementation of the Band A tariff classification, which pegs electricity supply at a minimum of 20 hours per day for those placed under…
The Nigerian National Petroleum Company Limited has said the country’s oil production output is still falling short of its true potential despite its vast hydrocarbon reserves and recent gains in crude production.The Group Chief Executive Officer of NNPCL, Bayo Ojulari, stated this at the 4th Petroleum and Natural Gas Senior Staff Association of Nigeria Energy and Labour Summit in Abuja, where industry stakeholders gathered to examine ways of strengthening the country’s oil and gas sector. He explained that though some progress had been recorded in stabilising production, Nigeria was yet to fully maximise the opportunities that exist in its reserves.…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that the country produced a total of 1.37 trillion cubic feet (TCF) of natural gas between January and June 2025. The figure highlights both the scale of Nigeria’s gas resources and the government’s ongoing push to expand gas development as a cornerstone of national energy strategy. According to the NUPRC’s latest industry performance report released in Abuja on Wednesday, the volume represents combined output from joint ventures, production sharing contracts, and marginal field operators across the six-month period. The Commission explained that out of the total gas produced, a significant portion…