Nigeria’s electricity distribution companies (DisCos) recorded a 4.9 percent decline in monthly revenue, sliding to N182.11 billion, as the power sector continues to grapple with operational inefficiencies, liquidity constraints, and customer dissatisfaction. This development underscores the persistent challenges in Nigeria’s electricity value chain, despite ongoing reforms aimed at boosting power supply and financial viability. Industry data indicates that the revenue decline is linked to a combination of factors, including lower energy supply from the grid, technical and commercial losses, and issues around metering and tariff collection. The power sector still struggles with energy theft, estimated billing controversies, and weak infrastructure…
Author: Temitope N.
Parallex Bank has announced a N4 billion credit facility to support local government councils in Lagos State, aimed at strengthening grassroots development and boosting economic activities across the state. The initiative, which reflects the bank’s growing focus on subnational financing, is designed to enable local councils to meet their infrastructure and social service obligations more effectively. According to the bank, the facility will provide Lagos’ 20 local government areas and 37 local council development areas with improved access to funding for projects in areas such as education, healthcare, road construction, sanitation, and small-scale enterprise support. Parallex Bank explained that the…
The National Pension Commission (PenCom) has responded to the Nigeria Labour Congress (NLC) over its recent criticism regarding the delayed inauguration of the commission’s board, stating that the process is outside its jurisdiction. The NLC had accused PenCom of stalling the constitution of its governing board, which it claimed was affecting decision-making and proper oversight in the pension industry. In a statement released on Thursday, PenCom clarified that the appointment and inauguration of its board members fall under the purview of the Federal Government, not the commission itself. According to the commission, while it recognizes the concerns raised by labour…
The United Bank for Africa (UBA) has announced the launch of its latest Super Savers Promo, which will reward customers with a total of N150 million in cash prizes. The initiative is aimed at encouraging a savings culture among Nigerians while giving loyal customers an opportunity to win life-changing rewards. According to the bank, the Super Savers Promo is open to both existing and new account holders across its branches nationwide. Customers are required to maintain or grow their savings with specific qualifying balances over a set period to be eligible for the draws. Winners will be selected through transparent…
Nigeria’s manufacturing sector has recorded a significant boost in its Value Added Tax (VAT) contribution, climbing 39 percent to N803.5 billion, according to the latest figures from the National Bureau of Statistics (NBS). This surge underscores the sector’s resilience despite grappling with economic headwinds such as high production costs, inflationary pressures, and foreign exchange instability. The NBS report revealed that manufacturers remain one of the largest contributors to the country’s VAT revenue, accounting for a substantial portion of the total VAT collected nationwide. Analysts attribute this increase to improved tax compliance, gradual recovery in production activities, and heightened government enforcement…
Nigeria’s drive toward industrialisation is facing significant headwinds as the country’s manufacturing and agricultural sectors continue to struggle under the weight of macroeconomic challenges, threatening growth, job creation, and long-term economic stability. Analysts and industry stakeholders warn that without urgent reforms, Nigeria’s industrial ambitions could stall, deepening poverty levels and widening the unemployment gap. Recent data from the National Bureau of Statistics (NBS) highlight that the manufacturing sector’s contribution to the nation’s Gross Domestic Product (GDP) has been on a downward trajectory. High energy costs, forex scarcity, and rising input prices have forced many manufacturers to operate below optimal capacity.…
The Securities and Exchange Commission (SEC) has issued a strong warning to the investing public against engaging with GVEST Global, citing that the entity is not registered or regulated by the Commission to operate in Nigeria’s capital market. The regulator emphasized that the company’s investment offerings pose significant risks to unsuspecting members of the public and could lead to severe financial losses. According to the SEC, GVEST Global has been soliciting funds from Nigerians with promises of unrealistic returns, a classic hallmark of unregulated investment schemes. The Commission warned that any investment promoted by an entity lacking proper registration and…
The Central Bank of Nigeria (CBN) has intensified its efforts to protect bank customers and ensure fair treatment in the financial sector through a renewed focus on the Customers’ Bill of Rights. The apex bank is taking decisive steps to address issues of transparency, accountability, and consumer redress as part of its wider mandate to strengthen confidence in Nigeria’s banking system. CBN officials noted that the Bill of Rights is aimed at safeguarding consumers against unfair practices and providing them with clear avenues for complaints and dispute resolution. The initiative sets out the obligations of banks towards their customers, including…
The Nigeria Customs Service (NCS) and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) have announced a strategic partnership aimed at improving trade facilitation and strengthening the country’s business environment. This collaboration is designed to address bottlenecks in customs procedures, enhance the ease of doing business, and promote Nigeria as a competitive hub for international trade. Speaking on the development, the Comptroller-General of Customs explained that the NCS is committed to aligning its operations with global best practices. He noted that the partnership with NACCIMA will focus on streamlining customs clearance processes, leveraging technology to improve…
Manufacturers in Kano State are gearing up to terminate their reliance on electricity supply from distribution companies (DisCos) as they explore direct power agreements with the Niger Delta Power Holding Company (NDPHC). This move, which reflects a growing dissatisfaction with the prevailing electricity supply in the region, aims to boost industrial productivity and reduce operational costs caused by erratic power supply and high tariffs. The Manufacturers Association of Nigeria (MAN) in Kano has expressed concerns over persistent electricity shortages, frequent outages, and what they describe as prohibitive billing practices by the regional DisCos. According to industry leaders, these challenges have…
Open Access Data Centres (OADC) has unveiled a new internet connectivity platform aimed at expanding digital access and improving broadband penetration across Africa. The initiative, which aligns with the company’s vision to drive digital transformation, was formally launched during an industry event that brought together stakeholders in the telecommunications and technology sectors. According to OADC, the newly introduced platform will provide enterprises, service providers, and government institutions with high-speed, reliable, and cost-effective internet connectivity. The company highlighted that the solution integrates cutting-edge technology to meet growing data demands, improve service delivery, and support the rapid expansion of Africa’s digital economy.…
Ecobank Nigeria is set to host a landmark art exhibition titled “Enduring Legacies: A Collector’s Tribute to Masters” from August 30 to September 21, 2025, at the Pan African Centre in Victoria Island, Lagos. The exhibition is designed to celebrate Nigeria’s most revered visual artists and highlight the rich creative heritage that has shaped the country’s cultural landscape over the decades. The showcase will feature a rare collection of works from some of the most influential figures in Nigeria’s art history. Curated by renowned art historian Adekepemi Aderemi, the exhibition draws from a private collection assembled by KrabHouse. Among the…
The Managing Director and Chief Executive Officer of the Niger Delta Power Holding Company (NDPHC), Chiedu Ugbo Adighije, has disclosed that the company has begun a strategic programme aimed at reviving dormant and underperforming power plants across the country. Speaking during an industry briefing in Abuja, Adighije explained that the move is part of the government’s commitment to stabilizing Nigeria’s electricity supply and unlocking the full capacity of its power assets. According to him, several NDPHC-owned power stations have remained idle or operated below optimal capacity due to challenges such as inadequate gas supply, transmission bottlenecks, and financial constraints affecting…
The Nigerian National Petroleum Company Limited (NNPCL) and Nigeria LNG Limited (NLNG) have entered into landmark 20-year gas supply agreements with six major firms, a move aimed at solidifying Nigeria’s position as a leading gas producer and exporter. The agreements, which span two decades, are part of the government’s broader strategy to leverage the country’s vast gas reserves for economic diversification and increased foreign exchange earnings. Under the new deals, NNPCL will supply feed gas to NLNG’s facilities from various upstream projects operated by the participating companies. The agreements are designed to ensure a stable and long-term gas supply that…
The Federal Government of Nigeria, in collaboration with the African Development Bank (AfDB), has announced plans to establish a $100 million youth investment bank aimed at providing financial support and resources for young entrepreneurs across the country. The initiative is part of ongoing efforts to tackle unemployment and boost economic growth by nurturing youth-led businesses and start-ups. According to government officials, the youth investment bank will serve as a specialized financial institution dedicated to offering affordable loans, grants, and business development services to young Nigerians with viable business ideas. The move comes amid growing calls for targeted interventions to address…
Lagos State Governor Babajide Sanwo-Olu has announced that the state’s burgeoning leather industry is projected to generate an estimated N387.5 billion annually from exports, positioning Lagos as a key player in Nigeria’s non-oil revenue diversification drive. Speaking at an event showcasing the state’s industrial and export potential, the governor emphasized that the leather value chain holds significant opportunities for wealth creation, job growth, and foreign exchange earnings. Sanwo-Olu explained that the state government is implementing a comprehensive strategy to enhance leather production, processing, and exportation. This includes investments in modern tanneries, training programs for artisans, and the establishment of industrial…
Air Peace has taken delivery of its fourth Boeing 777 aircraft as part of its ongoing strategy to deepen its international operations and expand its global footprint. The addition of the new wide-body jet underscores the airline’s commitment to boosting connectivity between Nigeria and major destinations across Europe, the Middle East, Asia, and North America. The management of Air Peace stated that the arrival of the latest Boeing 777 will enhance its ability to meet increasing passenger demand on long-haul routes and solidify its position as a leading African carrier. The airline currently operates several international destinations and has plans…
First City Monument Bank (FCMB) Group has announced plans to raise additional equity capital as part of its strategy to strengthen its balance sheet and support business expansion. The financial services holding company disclosed the proposal following a review of its growth agenda and capital adequacy requirements in line with prevailing market conditions and regulatory expectations. The proposed equity raise comes amid ongoing reforms in Nigeria’s financial sector and heightened competition within the banking industry. FCMB said the additional funds would enhance its ability to meet future obligations, fund strategic initiatives, and increase lending capacity to priority sectors of the…
The Sea Empowerment and Research Centre (SEREC) has strongly rejected the proposed increase in licence fees for maritime agents, warning that such a policy could harm Nigeria’s already fragile shipping and export industry. According to the organization, the planned hike, if implemented without adequate stakeholder consultation, would further burden operators struggling with high operational costs, infrastructure gaps, and volatile foreign exchange rates. SEREC noted that maritime agents and exporters are already paying numerous levies and facing multiple regulatory charges, which make Nigerian ports among the most expensive in West Africa. The group cautioned that any additional financial obligations would push…
The Nigerian Exchange (NGX) closed the week on a positive note, buoyed by increased investor confidence and strong demand for equities across key sectors. Market data showed that the bourse recorded a N425 billion gain in market capitalization, reflecting improved sentiment following a spate of corporate earnings releases and continued policy reforms aimed at strengthening the economy. During the week, the All-Share Index (ASI) rose significantly as blue-chip stocks and banking equities attracted notable interest from both local and foreign investors. Market capitalization climbed to over N57 trillion from the previous week’s figure, representing one of the strongest weekly gains…