Fidelity Bank has extended its corporate social responsibility efforts to Kano State by providing food supplies to underserved communities, reinforcing its commitment to supporting Nigerians in need. The initiative, aimed at alleviating food insecurity, comes at a time when many households are struggling with the rising cost of living. During the distribution exercise, representatives of the bank emphasized the importance of giving back to society, especially in regions where economic challenges have made daily survival difficult for many families. The food relief package included essential staples such as rice, beans, and other household necessities, ensuring that beneficiaries had access to…
Author: Temitope Nlewemchi
The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to sell shares, marking a significant step in its transition towards becoming a commercially driven entity. This move is expected to open up investment opportunities for both local and foreign investors, signaling a major shift in Nigeria’s oil and gas industry. The announcement comes as part of the ongoing reforms aimed at enhancing transparency, efficiency, and profitability in the state-owned oil corporation. With the sale of shares, NNPCL is set to operate more like an independent commercial entity, reducing government control while increasing private sector participation. Implications of the Share…
The Nigerian naira continued its downward spiral at the official foreign exchange market, closing at ₦1,536 per dollar. This marks yet another depreciation as the currency faces mounting pressure from forex demand and liquidity challenges. Market analysts attribute the weakening of the naira to persistent dollar shortages and speculative trading, which have intensified since the Central Bank of Nigeria (CBN) adopted a more flexible exchange rate regime. Despite interventions to stabilize the currency, fluctuations remain a concern for businesses and consumers, leading to rising inflation and increased import costs. The latest depreciation reflects the broader economic uncertainties facing Nigeria, as…
The Nigerian stock market extended its losing streak as investors suffered a N31 billion decline in market capitalization, reflecting the persistent sell-offs that have defined recent trading sessions. The downturn highlights growing investor caution amid economic uncertainty, fluctuating global market trends, and domestic policy concerns. Market Performance and Key Indices Trading activity saw major indices dip, with the benchmark NGX All-Share Index (ASI) shedding points as equities across multiple sectors faced downward pressure. Blue-chip stocks, which typically provide stability, were not spared from the declines, as traders engaged in widespread profit-taking and portfolio rebalancing. Market analysts suggest that the current…
Economic expert and former Minister of Finance, Kemi Adeosun, has called on President Bola Tinubu to appoint a National Export Adviser to drive Nigeria’s non-oil export growth and enhance foreign exchange earnings. She emphasized that such a role is critical in diversifying the country’s economy and reducing its heavy reliance on crude oil revenues. Adeosun highlighted the challenges facing Nigeria’s export sector, including poor infrastructure, inconsistent policies, and limited access to global markets. She argued that having a dedicated adviser would help formulate and implement strategic policies to boost exports, attract foreign investment, and improve Nigeria’s trade balance. According to…
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has clarified that Dangote Petroleum Refinery continues to sell fuel in naira, countering speculations that the company had switched to dollar transactions. The clarification comes amid concerns over foreign exchange volatility and its impact on fuel pricing in Nigeria. Speaking on the matter, PETROAN officials reassured marketers and consumers that Dangote Refinery has not altered its pricing model to require payment in U.S. dollars. Instead, the refinery maintains its transactions in naira, ensuring accessibility for local buyers and reducing pressure on forex demand in the downstream sector. Fuel Pricing and…
The Chartered Institute of Personnel Management (CIPM) and Lagos State Governor Babajide Sanwo-Olu have reiterated the need for a transformation in human resource (HR) management to drive productivity and economic growth. Speaking at a stakeholders’ forum, they emphasized the importance of modernizing HR practices to align with global standards and improve workforce efficiency across sectors. Governor Sanwo-Olu highlighted the role of HR professionals in shaping policies that enhance employee welfare, performance management, and leadership development. He stressed that as Lagos continues to position itself as a business hub, adopting innovative HR strategies will be crucial in attracting and retaining top…
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has rejected a proposed six-month petrol price stability plan, arguing that it is unrealistic given the current economic and supply challenges. The proposal, reportedly suggested to cushion the impact of fluctuating fuel prices on consumers, has been met with resistance from marketers who claim that price control measures could disrupt supply chains and lead to shortages. IPMAN officials stated that maintaining a fixed petrol price for six months would be impractical due to factors such as foreign exchange volatility, rising crude oil prices, and logistical costs. They argued that any artificial price…
The Lagos Chamber of Commerce and Industry (LCCI) has called on the federal government to boost petrol exports as a strategy to curb inflation and stabilize the economy. The chamber emphasized that increasing the country’s refining capacity and export of petroleum products would reduce dependence on imports, ease foreign exchange pressure, and lower production costs. LCCI noted that Nigeria’s heavy reliance on imported fuel contributes to rising inflation, as fluctuations in global oil prices directly impact domestic costs. By strengthening local refining and exporting surplus petrol, the country could generate foreign exchange earnings while reducing the cost of fuel for…
Nigeria’s equity market saw a loss of N166 billion despite a reported drop in inflation, highlighting investor concerns over economic stability. The downturn was driven by sell-offs in key sectors, as traders remained cautious about market conditions. The decline in inflation, which was expected to boost investor confidence, did not translate into market gains. Analysts suggest that lingering economic uncertainties, including foreign exchange volatility and high interest rates, may have contributed to the bearish sentiment. Blue-chip stocks bore the brunt of the decline, with banking, manufacturing, and consumer goods sectors experiencing notable sell pressure. Market participants are closely watching upcoming…
The National Insurance Commission (NAICOM) and the Federal Road Safety Corps (FRSC) are ramping up efforts to ensure better enforcement of third-party motor insurance across Nigeria. The move aims to improve road safety and ensure compliance with mandatory insurance policies for vehicle owners. As part of this initiative, both agencies have agreed to share data and enhance digital verification of insurance policies to curb the rising cases of fake insurance documents. By integrating their databases, FRSC officials will have real-time access to valid insurance records, making it easier to identify non-compliant motorists during routine checks. NAICOM has reiterated its commitment…
Nigerians may soon face another increase in petrol prices as negotiations over the proposed naira-for-crude oil exchange drag on, leading to a surge in fuel imports. The prolonged discussions have created uncertainty in the downstream sector, with marketers warning that continued reliance on expensive imports could push pump prices higher. The naira-for-crude policy, introduced as an alternative to dollar payments for crude oil transactions, was expected to ease pressure on Nigeria’s foreign exchange reserves and stabilize fuel prices. However, delays in finalizing agreements between oil producers and the government have left fuel importers with no choice but to continue sourcing…
Stanbic IBTC has organized a gas and infrastructure conference to explore opportunities for investment, innovation, and policy reforms in Nigeria’s energy and infrastructure sectors. The event brought together industry leaders, government officials, and investors to discuss strategies for maximizing Nigeria’s gas potential and addressing infrastructure challenges. Key discussions focused on the role of gas as a critical driver of economic growth, particularly in power generation, industrial applications, and export markets. Experts emphasized the need for improved financing models, regulatory reforms, and stronger public-private partnerships to enhance infrastructure development and energy accessibility. Stanbic IBTC reiterated its commitment to providing financial solutions…
Energy theft in Nigeria will now attract a fine of N300,000, according to the federal government’s new regulations aimed at curbing electricity losses. This move is part of broader efforts to address power sector inefficiencies and ensure fair billing for consumers. The penalty is targeted at individuals and businesses found guilty of illegal connections, meter bypassing, and tampering with electricity infrastructure. The government hopes that stricter enforcement will discourage such practices, which contribute to revenue losses and unstable power supply. Electricity theft has been a long-standing issue in Nigeria, with many consumers resorting to unauthorized connections due to high tariffs…
As financial fraud becomes more sophisticated, industry operators are turning to artificial intelligence (AI) as a crucial weapon to combat fraudulent activities. Experts believe AI-powered systems can enhance fraud detection, reduce financial crime, and protect consumers from cyber threats. With financial institutions facing an increasing number of scams, including identity theft, phishing, and unauthorized transactions, AI is being recommended for its ability to analyze vast amounts of data in real time. By leveraging machine learning algorithms, AI can detect unusual patterns, flag suspicious transactions, and prevent fraudulent activities before they escalate. According to industry leaders, traditional fraud prevention methods are…
Nigeria is facing a severe economic downturn as its GDP per capita has declined by 72%, according to the International Monetary Fund (IMF). The report highlights worsening economic conditions driven by inflation, currency depreciation, and slow economic growth, which have significantly reduced the purchasing power of citizens. The IMF attributes the decline to structural weaknesses, including low productivity, high unemployment, and inadequate investment in critical sectors. The fall in GDP per capita indicates that economic growth has not kept pace with population expansion, leading to a drop in living standards for many Nigerians. Experts warn that without urgent policy interventions,…
The Dangote Petroleum Refinery has assured Nigerians that it has enough fuel to meet the country’s demand, dismissing concerns over potential shortages. The refinery, which has ramped up production in recent months, stated that its output is sufficient to stabilize supply and reduce reliance on imports. Speaking on the refinery’s capacity, officials confirmed that production levels are steadily increasing, with refined petrol, diesel, and aviation fuel being distributed across the country. They emphasized that the facility is positioned to support Nigeria’s energy security by ensuring a steady and reliable fuel supply. The assurance comes amid ongoing market fluctuations and concerns…
AIICO Insurance has honored top-performing financial advisers for their dedication and exceptional contributions to the company’s growth and client satisfaction. The recognition event celebrated professionals who have demonstrated excellence in financial advisory services, helping clients make informed decisions on insurance, investment, and retirement planning. Speaking at the event, AIICO’s management commended the awardees for their hard work, emphasizing the crucial role financial advisers play in driving financial literacy and inclusion in Nigeria. The company highlighted that these professionals have not only contributed to AIICO’s success but have also helped clients achieve financial security through tailored solutions. The honored advisers received…
Leadway Assurance has raised concerns over the low level of compliance with third-party motor insurance in Nigeria, revealing that only about 30% of vehicle owners have the mandatory coverage. The company described the situation as alarming, emphasizing the risks it poses to road users and the insurance industry. According to Leadway, third-party motor insurance is crucial for protecting motorists from financial liabilities arising from accidents, yet a majority of vehicle owners either lack valid policies or rely on fake insurance certificates. The firm urged relevant authorities, including the Federal Road Safety Corps (FRSC) and the Nigerian Insurance Association (NIA), to…
Pension unions across Nigeria are advocating for greater collaboration between stakeholders to improve the welfare of retirees. The unions emphasize the need for better policies, timely pension payments, and enhanced social support systems to ensure that retirees live comfortably after years of service. At a recent stakeholders’ meeting, representatives from various pension associations highlighted persistent challenges, including delayed gratuities, irregular pension disbursements, and insufficient health benefits. They called on the federal and state governments, pension fund administrators, and labor unions to work together in addressing these issues. Union leaders stressed that retirees often face financial hardships due to bureaucratic bottlenecks…