Flight operations at the Port Harcourt International Airport were significantly disrupted on Thursday following an incident involving a commercial aircraft that veered off the runway during landing. The event caused delays for both arriving and departing flights, affecting hundreds of passengers and triggering an emergency response from aviation authorities. The aircraft, operated by a domestic airline, was arriving from Lagos when it reportedly skidded off the landing strip due to what preliminary reports suggest may have been poor visibility and a slippery runway surface caused by heavy rainfall earlier in the day. The plane came to a stop on the…
Author: Temitope Nlewemchi
A new industry study has revealed that innovation plays a central role in boosting profitability in Nigeria’s insurance sector, highlighting how firms that invest in technological advancement, product diversification, and customer-centric services are outpacing their competitors in terms of revenue growth and operational efficiency. The research, conducted by a consortium of financial analysts and insurance experts, sheds light on the correlation between innovation and sustainable profitability amid a rapidly evolving business environment. According to the findings, insurance companies that embraced digital transformation, data-driven decision-making, and agile business models recorded higher profit margins and improved market share compared to traditional insurers…
NIPCO Plc has reaffirmed its commitment to maintaining a leadership position in Nigeria’s evolving energy landscape, assuring stakeholders of its continued role in advancing energy solutions that align with the country’s transition toward cleaner, more sustainable energy sources. The company made this assurance while highlighting its achievements and future strategy as part of its ongoing efforts to contribute meaningfully to the national energy agenda. Speaking during a recent industry dialogue with energy stakeholders and government representatives, the management of NIPCO underscored the company’s dedication to promoting natural gas adoption, improving energy infrastructure, and supporting government initiatives aimed at reducing the…
The Lagos State Waterways Authority (LASWA) has entered into a strategic partnership with Pi-CNG, an energy and transport solutions provider, to promote the adoption of Compressed Natural Gas (CNG)-powered ferries as a sustainable alternative to conventional fuel-powered boats. The initiative, which forms part of the state’s broader clean energy transition efforts, aims to reduce carbon emissions, cut fuel costs, and boost the safety and reliability of water transportation in Lagos. The partnership was officially announced during a stakeholder engagement forum held in Lagos, where LASWA and Pi-CNG brought together key players in the maritime and energy sectors, including boat operators,…
Ecobank Nigeria has taken a bold step to enhance investor confidence and demonstrate financial strength by making an early repayment of 50 percent of its $300 million Eurobond, signaling a strong liquidity position and prudent balance sheet management. The early redemption, which amounts to $150 million, comes ahead of the bond’s official maturity in 2026 and has been lauded by market watchers as a sign of the bank’s commitment to responsible debt servicing and proactive financial planning. This strategic move places Ecobank Nigeria among a select number of financial institutions in the country that have taken advantage of improving macroeconomic…
Nigeria’s capital market recorded a strong performance in the first half of 2025, posting a 16 percent growth amid increased investor participation and renewed confidence in equities and other financial instruments listed on the Nigerian Exchange Limited. The surge, which pushed the total value of listed securities to ₦126.73 trillion as of June 30, reflects growing optimism around macroeconomic reforms, monetary policy direction, and corporate earnings. This growth trajectory was confirmed in a half-year review released by the Nigerian Exchange Group, which noted that both the equities and fixed income markets saw notable expansion during the first six months of…
The National Identity Management Commission (NIMC) has denied claims of system downtime despite growing complaints from mobile subscribers facing persistent delays in completing SIM swap, registration, and related services. The development has sparked confusion and frustration among users and telecom operators, with many pointing fingers at NIMC’s identity verification platform as the cause of service disruption. Over the past few weeks, telecom subscribers across Nigeria have reported significant difficulties in retrieving lost SIM cards, updating their lines, or registering new numbers due to what they were told was the unavailability of the National Identification Number (NIN) verification system. These complaints…
The Central Bank of Nigeria (CBN) has disclosed that a staggering ₦923.16 billion in cash was withdrawn from the banking system between May 2024 and May 2025, reflecting a sharp increase in physical currency held outside of financial institutions. The data, published in the CBN’s latest Money and Credit Statistics report, paints a concerning picture for financial regulators as the country’s push toward a cashless economy appears to be slowing. According to the CBN, the amount of money outside the formal banking sector rose from ₦3.71 trillion in May 2024 to ₦4.63 trillion in May 2025, representing a year-on-year increase…
The Managing Director of Parthian Capital Limited has expressed strong optimism that Nigeria’s recently enacted tax reforms will serve as a major catalyst for the growth and expansion of small and medium-sized enterprises (SMEs) across the country. Speaking at a business policy roundtable in Lagos, the MD noted that the new tax laws are poised to ease long-standing fiscal burdens on entrepreneurs and make the operating environment more favourable for local businesses. According to the Parthian Capital boss, the changes introduced by the Federal Government through the new tax reform package represent a strategic shift towards a more inclusive and…
The World Bank has advised the Federal Government of Nigeria to take urgent and deliberate steps to bridge the widening trust gap between the government and its citizens. The international financial institution noted that for the country’s economic and social reforms to be successful and sustainable, the people must believe that government actions serve their interests and reflect transparency, fairness, and accountability. According to the World Bank, the success of Nigeria’s ongoing fiscal and structural reforms largely depends on the restoration of public confidence in governance. The call comes at a critical time, as the country is undergoing a series…
A new report on the Lagos housing market has revealed that investors now own over 40 percent of homes across Nigeria’s commercial capital, a trend that experts say is reshaping the dynamics of real estate ownership in the city. The findings, which have sparked debate within the real estate and urban planning communities, highlight growing concerns over access to affordable housing, the dominance of speculative investment, and widening inequality in the housing sector. The report, compiled by a consortium of property analysts and real estate data firms, indicates that a significant number of residential properties in Lagos are being bought…
Lagos Business School (LBS), one of Africa’s premier institutions for executive education, has led a high-level delegation of African chief executive officers and industry leaders on a strategic visit to the newly operational Dangote Refinery in Ibeju-Lekki, Lagos. The visit, which took place earlier this week, was part of the school’s ongoing efforts to deepen industry-academia collaboration, foster cross-border business relationships, and showcase African innovation at scale. The delegation, composed of CEOs, board chairs, and senior executives from across the continent—including Kenya, Ghana, South Africa, Rwanda, and Egypt—was hosted at the refinery complex by senior officials of the Dangote Group.…
The Nigerian Content Development and Monitoring Board (NCDMB) has confirmed the approval of over 440 expatriate quota slots for various oil and gas companies operating in the country. The announcement, made during a press briefing in Abuja on Thursday, reflects the Board’s continued effort to strike a balance between attracting foreign expertise and promoting indigenous participation in the sector. According to the Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe, the approvals followed a rigorous vetting process aimed at ensuring that only necessary expatriate roles are filled, and that qualified Nigerians are not sidelined in key technical and managerial…
The Nigeria Customs Service (NCS) has intercepted a 40-foot container loaded with thousands of dried donkey genitals at the Apapa Port in Lagos, foiling a major attempt to smuggle the banned animal parts out of the country. The container, which was disguised as carrying conventional goods, was discovered during a routine inspection by customs officials, who became suspicious of inconsistencies in the shipping documents. Comptroller General of Customs, Bashir Adewale Adeniyi, announced the seizure during a press briefing on Thursday, revealing that the illicit consignment was destined for export to China, where donkey genitals are in high demand for use…
The Federal Government of Nigeria has officially stated that it cannot accept Venezuelan deportees being repatriated from the United States, citing complex international visa restrictions and rising geopolitical tension surrounding BRICS-related diplomatic alignments. The announcement was made through a statement by the Ministry of Foreign Affairs on Thursday, amid growing international attention on U.S. immigration enforcement and its impact on foreign nationals. According to the statement, Nigeria’s refusal stems from legal and diplomatic constraints that prevent it from serving as a transit or proxy destination for non-Nigerian deportees. The government emphasized that it has no bilateral or multilateral agreement with…
The Nigerian Senate has called on the Federal Government to cease the disbursement of public funds to electricity distribution companies (Discos), accusing them of mismanagement, inefficiency, and continued exploitation of the Nigerian people despite receiving repeated financial interventions. During plenary on Thursday, lawmakers voiced their frustration over what they described as an unending cycle of government bailouts to the privately-owned power firms, which were unbundled and handed over to private investors during the 2013 electricity sector privatization. Despite the huge sums already injected into the sector, the Senate lamented that there has been little to no measurable improvement in electricity…
The Economic and Financial Crimes Commission (EFCC) has declared Auwalu Tijjani, a businessman from Kano State, wanted in connection with a high-profile case involving the alleged laundering of $1.9 million. The anti-graft agency made the announcement on Thursday through an official public notice, urging Nigerians with useful information about his whereabouts to come forward. According to the EFCC, Tijjani is being sought for offenses bordering on money laundering, criminal conspiracy, and obtaining money under false pretenses. The Commission alleges that Tijjani was involved in a complex financial scheme designed to conceal the origins and movement of illicit funds totaling nearly…
The Nigerian naira experienced a modest appreciation in the parallel foreign exchange (FX) market, rising to ₦1,550 per United States dollar, up from the previous rate of around ₦1,570. This slight gain, though limited, has sparked cautious optimism among currency traders and financial analysts who have closely monitored the currency’s performance amidst lingering economic headwinds and forex scarcity. Currency dealers in Lagos, Abuja, and Kano confirmed the uptick in value, attributing it to a recent decline in speculative demand and a marginal improvement in dollar supply within the informal market. The parallel market, often referred to as the “black market,”…
The Nigerian National Petroleum Company Limited (NNPC Ltd) is reportedly considering divesting from some of its state-owned refineries, following recent remarks by Africa’s richest man and Chairman of the Dangote Group, Aliko Dangote, questioning the economic viability of rehabilitating government-run refineries. Dangote, whose newly commissioned 650,000 barrels-per-day refinery in Lagos is set to be the largest in Africa and among the biggest in the world, recently voiced concerns about the cost-effectiveness and strategic rationale behind ongoing efforts to revamp Nigeria’s long-dormant refineries. His comments, made during a public engagement in Lagos, sparked renewed debate about the future of the country’s…
The Nigeria Customs Service (NCS) has officially handed over 25 containers filled with confiscated pharmaceutical products to the National Agency for Food and Drug Administration and Control (NAFDAC), in what has been described as one of the largest coordinated anti-smuggling operations involving controlled and unregistered drugs in recent years. The handover ceremony took place at the Tin Can Island Port in Lagos, where top officials from both agencies gathered to witness the transfer of the seized consignments. The containers, which were intercepted by customs officers during routine checks and intelligence-driven operations, were found to contain a range of unregistered, banned,…