The Nigerian stock market closed positively on Friday, with investors collectively gaining about ₦115 billion, fueled by renewed interest in banking and oil and gas stocks. The upturn marks a reversal from earlier sessions dominated by profit-taking and cautious trading, highlighting resilience in the equities market despite macroeconomic headwinds. At the close of trading, the Nigerian Exchange (NGX) All-Share Index (ASI) rose by 0.21 percent to settle at 100,428.12 points compared to the previous day’s 100,218.52 points. The market capitalization of listed equities also climbed, rising from ₦56.7 trillion to ₦56.815 trillion, translating to the ₦115 billion increase in investors’…
Author: Temitope N.
The Nigerian banking landscape is about to undergo one of its most significant transformations in years, as Providus Bank and Unity Bank move to combine into a single, strengthened financial institution. Shareholders of Unity Bank overwhelmingly approved the merger in a court-ordered meeting on September 26, 2025, setting in motion the dismantling of Unity Bank as an independent entity and the creation of a larger, more competitive bank. Under the agreed terms, Unity Bank shareholders were presented with two options: accept a cash payout of ₦3.18 for each share they currently hold, or exchange every 17 Unity Bank shares for…
President Bola Ahmed Tinubu is set to unveil the refurbished National Arts Theatre in Iganmu, Lagos, on Wednesday, October 1, as part of the nation’s 65th Independence Day celebrations. The iconic structure, recently renamed the Wole Soyinka Centre for Culture and the Creative Arts, underwent a comprehensive overhaul funded by the Central Bank of Nigeria (CBN) and the Bankers’ Committee. The renovation project, which has drawn national attention, is viewed by its backers as a bold investment in Nigeria’s cultural heritage and creative sector. Earlier in 2024, Tinubu assigned the theatre its new name in honor of the Nobel Laureate,…
The Federal Airports Authority of Nigeria (FAAN) has officially begun phasing out cash transactions across its airports, unveiling a new digital payment scheme designed to enhance efficiency, transparency, and revenue assurance. The rollout, dubbed “Operation Go Cashless,” went live on September 29, 2025, at key revenue points in major airports, with plans to expand the system nationwide over the coming months. At the launch held at Murtala Muhammed International Airport in Lagos, FAAN’s Director of Public Affairs and Consumer Protection announced that all revenue-collection points—including access gates, car parks, VIP lounges, and protocol sections—will gradually cease accepting physical cash. Under…
United States President Donald Trump has reignited debate in the global entertainment industry after unveiling plans to impose a 100 percent tariff on films produced outside the country. The proposal, announced through one of his social media statements, is being described as one of the boldest trade-related measures targeting the cultural sector, raising questions about legality, practicality, and the future of America’s global film dominance. Trump argued that American cinema has been undermined by what he termed “foreign theft” of the movie-making business, accusing other nations of attracting production through heavy subsidies and tax incentives. According to him, the industry…
Airline passengers and consumer groups across Nigeria have intensified pressure on foreign carriers after revelations that several are refusing to accept naira payments for ticket purchases. The backlash comes amid growing public resentment over what many describe as discriminatory and economically insensitive practices, especially at a time when preserving the value and usage of the naira is a key government objective. Critics say the refusal by these airlines to transact in naira runs counter to Nigeria’s laws, which require that goods and services within the country be priced and paid for in the national currency. They argue that the airlines’…
The International Monetary Fund (IMF) has expressed concern that while Nigeria’s current wave of economic reforms has begun to steady macroeconomic indicators and attract new investor confidence, the positive impacts are yet to be felt by millions of ordinary Nigerians who still struggle daily with high living costs and worsening poverty. In its latest assessment of the country’s economic performance, the IMF acknowledged that Nigeria has taken bold policy steps in recent months, including removing costly fuel subsidies, liberalising its foreign exchange market, and halting ways in which the central bank previously financed government deficits. These decisions, the Fund…
Heirs Energy, a leading indigenous Nigerian energy company, has secured a $750 million financing facility from the African Export-Import Bank (Afreximbank), marking a major milestone in its growth strategy and reinforcing confidence in African-owned energy enterprises. The facility is expected to significantly boost the company’s oil and gas production capacity while supporting Nigeria’s drive to strengthen domestic energy supply and economic development. The agreement was formalised at a signing ceremony attended by senior executives of both organisations, including the Chairman of Heirs Holdings, Tony Elumelu, and the President of Afreximbank, Dr George Elombi. The deal ranks among the largest single…
Wema Bank has reaffirmed its commitment to youth empowerment, innovation and digital transformation with the successful conclusion of the grand finale of its flagship innovation programme, Hackaholics. The event, which brought together some of Nigeria’s brightest technology talents, marked the climax of months of intense competition, mentorship and solution development aimed at addressing real-life economic and social challenges through technology. The Hackaholics initiative, driven by Wema Bank’s innovation arm, ALAT, is designed to identify, nurture and support young innovators with scalable ideas capable of driving financial inclusion, business efficiency and national development. At the grand finale, finalists drawn from different…
The National Drug Law Enforcement Agency has recorded a major operational breakthrough in Adamawa State with the seizure of 1,396 kilogrammes of assorted illicit drugs and the arrest of 150 suspected drug traffickers in a coordinated crackdown across the state. The operation, described by the agency as one of its most significant interventions in the North-East in recent months, forms part of intensified efforts to dismantle drug networks and curb substance abuse. According to the NDLEA, the arrests and seizures were made during a series of intelligence-driven raids carried out in key locations identified as hotspots for drug trafficking, storage…
MTN Nigeria has reinforced its commitment to disability inclusion with renewed initiatives aimed at ensuring that persons with disabilities are fully integrated into the country’s digital and socio-economic ecosystem. The telecommunications company said the move aligns with its broader sustainability strategy and reflects its belief that digital access and opportunity should be available to everyone, regardless of physical or cognitive limitations. The company disclosed that its disability inclusion drive cuts across accessible products and services, inclusive workplace practices, customer engagement and partnerships with disability advocacy groups. According to MTN Nigeria, these efforts are designed to remove barriers that prevent persons…
The Dangote Petroleum Refinery has disclosed that more than 1,000 trucks are now loading petrol daily from its facility, following a recent reduction in the pump price of Premium Motor Spirit. The development signals a sharp increase in domestic demand and marks a significant shift in Nigeria’s downstream petroleum supply dynamics, as locally refined products increasingly replace imported fuel. According to officials of the refinery, the price adjustment has made petrol from the Dangote facility more attractive to marketers, transporters and bulk buyers, leading to a dramatic rise in truck movements within the Lekki-based complex. The surge in daily loading,…
FCMB Pensions has announced plans to deepen its engagement with Nigeria’s vast informal sector as its assets under management exceed the N1 trillion mark, reflecting sustained growth and rising confidence in the pension fund administrator’s operations. The development highlights both the expanding scale of the company’s portfolio and its renewed focus on extending pension coverage beyond the formal workforce. The pension firm said crossing the N1 trillion asset threshold represents a significant milestone, achieved through consistent contributions, prudent investment strategies and growing participation by contributors across different sectors of the economy. It noted that the achievement comes at a time…
The Central Bank of Nigeria has generated N192 million from penalties imposed on 82 Bureau de Change operators over regulatory infractions, reinforcing the apex bank’s resolve to sanitise the foreign exchange market and enforce compliance within the sub-sector. The development reflects intensified supervisory actions by the CBN amid ongoing reforms aimed at restoring transparency, stability and confidence in the country’s foreign exchange framework. According to information from regulatory sources, the affected BDC operators were sanctioned for various breaches of operational guidelines, including non-compliance with reporting requirements, failure to render statutory returns, and other violations related to the conditions attached to…
The Independent Petroleum Marketers Association of Nigeria has expressed optimism that sustained supply of Premium Motor Spirit from the Dangote Petroleum Refinery will lead to a significant reduction in petrol prices across the country. The association said increased availability of locally refined fuel would ease supply constraints, lower distribution costs and reduce the pressure that has historically driven up pump prices. IPMAN officials noted that the commencement and gradual expansion of PMS supply from the Dangote Refinery represents a major turning point for Nigeria’s downstream petroleum sector. For decades, the country relied heavily on imported petrol despite being one of…
The World Bank has approved a $500 million financing package to support micro, small and medium-sized enterprises (MSMEs) in Nigeria, aimed at tackling long-standing financing challenges in the sector. The programme, known as the Fostering Inclusive Finance for MSMEs in Nigeria (FINCLUDE) project, is designed to expand access to affordable credit, foster innovation, and promote economic inclusion across the country. The package comprises a $400 million loan from the International Bank for Reconstruction and Development (IBRD) and a $100 million credit from the International Development Association (IDA). The funds will be channelled through the Development Bank of Nigeria (DBN), with…
The Central Bank of Nigeria has directed all banks and financial institutions to implement enhanced security measures for foreign card transactions across the country, reinforcing efforts to protect customers from fraud and strengthen confidence in electronic payments. The move comes amid rising concerns over unauthorised transactions and cybercrime targeting Nigerians using international payment cards. According to the apex bank, the directive requires banks to adopt robust authentication systems, including two-factor authentication, tokenisation, and real-time transaction alerts, for all foreign card transactions. These measures aim to minimise fraud risks and ensure that customers have full control over their accounts when making…
A disagreement between the House of Representatives and the Senate over the appropriate crude oil price benchmark has emerged as a major point of contention in the consideration of Nigeria’s 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP). The divergence has raised concerns over fiscal planning coherence as the Federal Government prepares to present the 2026 budget proposal. The crude oil benchmark, which plays a central role in determining projected government revenue and overall expenditure, has become the focal point of debate between both chambers of the National Assembly. While the House of Representatives approved a benchmark of $64.85…
The Federal Government has confirmed that 149 companies will continue to enjoy tax holidays under Nigeria’s newly revised fiscal and investment incentive framework, easing concerns among investors over the fate of pioneer status benefits following recent tax and economic reforms. The confirmation was made amid growing public debate triggered by the enactment of a new law aimed at tightening tax exemptions, broadening the revenue base and improving fiscal sustainability. While the reforms initially raised fears that several firms could lose long-standing tax incentives, government officials clarified that qualifying companies approved under the Pioneer Status Incentive (PSI) scheme would retain their…
Nigeria is on the brink of securing a major financial boost as the World Bank is expected to approve a $500 million loan facility aimed at expanding access to finance for micro, small and medium enterprises (MSMEs), a sector widely regarded as the backbone of the nation’s economy. The approval, scheduled for consideration by the World Bank’s Board, comes at a time when the Federal Government is intensifying efforts to stimulate growth, create jobs and support small businesses amid economic reforms. The proposed loan is designed to strengthen Nigeria’s financial ecosystem by improving credit availability for MSMEs, which account for…