Author: Temitope Nlewemchi

Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Nigeria and other subsidiaries across Africa, has reported a significant 43% year-on-year surge in profit, hitting N702.4 billion for the financial year ended September 2025. The impressive performance underscores the bank’s robust operational efficiency, effective cost management, and steady revenue growth across its diversified markets. According to the group’s unaudited financial results released to the Nigerian Exchange (NGX), Ecobank’s profit before tax rose sharply from N491.1 billion in the corresponding period of 2024, reflecting the group’s resilience amid a volatile macroeconomic environment and fluctuating foreign exchange conditions across African markets. The…

Nigeria’s Minister of Power, Chief Adebayo Adelabu, has expressed deep concern over the lack of qualified local technicians to install about 400,000 imported electricity meters currently lying idle across the country. The minister said the situation reflects a major bottleneck in the implementation of the federal government’s National Mass Metering Programme (NMMP), which aims to bridge the nation’s huge metering gap and reduce estimated billing for electricity consumers. Adelabu, who disclosed this during a recent power sector stakeholders’ meeting in Abuja, lamented that despite the government’s effort to import and distribute prepaid meters to electricity consumers, progress has been hindered…

Nigeria’s equities market ended last week on a positive trajectory, with investors recording a combined gain of about ₦822 billion. The impressive rally reflected renewed optimism in the financial markets, buoyed by improving macroeconomic conditions, stabilising foreign exchange rates, and stronger-than-expected corporate earnings across major sectors. The development highlights a resurgence of confidence in Nigeria’s capital market, which had witnessed mixed sentiments in previous weeks due to inflationary concerns and global market uncertainties. Figures released by the Nigerian Exchange (NGX) show that the market capitalization rose from ₦55.20 trillion at the start of the week to ₦56.02 trillion, marking a…

Vice President Kashim Shettima on Wednesday departed Abuja for New York to represent Nigeria at the 80th session of the United Nations General Assembly (UNGA). His trip underscores Nigeria’s active engagement in global diplomacy, at a time when the country faces pressing domestic challenges while seeking to strengthen its voice in international affairs. The UNGA, which convenes world leaders annually, is one of the most important platforms for discussing global issues, including security, climate change, development financing, energy transition, and international cooperation. This year’s edition comes at a critical moment for both Nigeria and Africa, as countries across the continent…

Nigeria’s oil output in August 2025 fell short of the Organization of Petroleum Exporting Countries (OPEC) quota, with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirming that an unscheduled maintenance exercise at a key oil facility was the major reason behind the decline. The country, which had consistently met or slightly exceeded its quota in previous months, recorded an average of about 1.43 million barrels per day (bpd) in August, compared to the 1.5 million bpd target set by OPEC. According to the NUPRC, the shortfall was largely due to just one day of unexpected operational downtime, which was enough…

Nigeria has recorded a significant boost in its foreign earnings after generating about $2.21 billion from crude oil exports to the United States, marking one of the strongest revenue flows in recent years from its transatlantic trade. The development comes amid shifting global energy dynamics and renewed efforts by Nigeria to consolidate its market share among traditional buyers while also seeking new destinations for its crude. According to industry data, the volume of crude supplied to the United States has grown steadily in 2024, with improved compliance to production quotas and lower crude theft bolstering output levels. Analysts note that…

The Crude Oil Refiners Association of Nigeria (CORAN) has warned that the recent wave of protests targeting refinery operations across the country could derail Nigeria’s fragile economic progress and undermine investor confidence in the oil and gas sector. According to the association, the disruptions risk reversing gains already made in expanding local refining capacity and could aggravate inflationary pressures, increase import dependence, and threaten energy security. CORAN explained that refineries, both government-owned and privately operated, are strategic national assets whose stability directly affects the nation’s economy. With the emergence of large-scale projects such as the 650,000-barrel-per-day Dangote Refinery and ongoing…

The Nigerian Civil Aviation Authority (NCAA) has issued a stern warning to Qatar Airways and other international carriers over alleged violations of passenger rights in the country. The regulator stressed that it would not hesitate to impose sanctions on any airline that continues to flout Nigeria’s aviation regulations and undermine consumer protection laws. According to the NCAA, the number of complaints lodged by Nigerian passengers against international airlines has grown significantly in recent months. These grievances cover a wide range of issues, including flight delays, cancellations without proper notification or compensation, refusal to process refunds, poor handling of passengers during…

Schneider Electric has projected that the rapid growth of artificial intelligence (AI) worldwide will significantly increase demand for smarter, more efficient power solutions. The global energy management and automation company noted that as industries adopt AI technologies at an unprecedented pace, the strain on existing power systems is becoming more evident, creating a strong need for advanced infrastructure capable of handling higher energy loads while maintaining reliability and sustainability. Speaking on the development, Schneider Electric explained that the rise of AI-driven innovations, particularly in data centers, cloud computing, and industrial automation, is accelerating electricity consumption globally. Data centers, for instance,…

PenCom has announced a renewed focus on the informal sector as it moves to expand pension coverage and boost financial inclusion through a redesigned micro pension plan. The initiative is aimed at addressing one of the most critical gaps in Nigeria’s retirement savings structure—the exclusion of millions of workers in the informal economy from any form of social security. According to the National Pension Commission, the redesigned scheme is structured to be flexible, technology-driven, and accessible to artisans, traders, transport workers, and other self-employed Nigerians who make up the bulk of the country’s workforce but remain outside formal retirement schemes.…

Kenyon Energy, a fast-rising indigenous oil and gas company, has unveiled plans to channel significant investments into Nigeria’s brownfield development projects, marking a strategic shift aimed at revitalizing aging oilfields and boosting national crude output. The move underscores the growing role of local players in the energy sector, particularly at a time when Nigeria is under pressure to increase production and meet revenue targets. Brownfield development refers to the rehabilitation and optimization of existing oil and gas fields that still hold untapped reserves but require technical intervention and capital to maximize output. Unlike greenfield exploration, which involves developing new fields…

The Nigerian Exchange (NGX) experienced a notable decline in trading activity in August 2025, as combined foreign and domestic investors’ transactions dropped to ₦908 billion. This marks a slowdown in capital market activity compared to July, reflecting cautious investor sentiment amid macroeconomic pressures, global uncertainties, and profit-taking strategies. According to market data, both foreign portfolio investors and local institutional and retail investors reduced their trading volumes, underscoring the prevailing volatility in the equities market. Analysts link this to a combination of factors, including currency fluctuations, high interest rates, and inflationary concerns that have continued to shape investment decisions. The NGX…

Union Bank of Nigeria has successfully redeemed its ₦6.3 billion Series 2 bond, including both principal and coupon payments, marking a significant milestone in its ongoing commitment to investor confidence and financial discipline. The redemption, which took place on September 3, 2025, underscores the bank’s capacity to meet its debt obligations despite the challenging macroeconomic environment. The bond, issued under the bank’s ₦100 billion Debt Issuance Programme, carried a coupon rate of 15.75%. Fully subscribed at the time of issuance, the instrument represented an important financing tool for Union Bank, providing liquidity to support its strategic operations. By redeeming the…

Nigeria’s crude oil production reached a major milestone in August 2025, as the country achieved 96 percent of its Organization of Petroleum Exporting Countries (OPEC) production quota. This marks one of the strongest outputs in recent months and highlights the government’s ongoing efforts to stabilize production, curb theft, and restore confidence in the oil sector. Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicated that daily crude oil production averaged around 1.5 million barrels per day (bpd) in August, bringing the country close to its OPEC allocation of 1.55 million bpd. This improvement comes after years of underperformance, largely…

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has issued a stern warning to Nigerians over the abuse of the naira, cautioning that practices such as spraying notes at parties, hawking mint notes at events, and mutilating the national currency will no longer be tolerated. The apex bank, he said, will strengthen enforcement of existing laws to ensure that offenders face appropriate penalties. Speaking during a sensitisation programme on currency management, Cardoso described the naira as a symbol of sovereignty that must be respected by all citizens. He lamented that the frequency of abuse has reached troubling…

Sterling Bank Plc has announced the first set of beneficiaries under its ₦2 billion scholarship scheme, a landmark initiative aimed at supporting students across Nigeria in their pursuit of quality education. The programme, which was launched earlier this year, is part of the bank’s broader commitment to advancing human capital development and addressing the financial barriers faced by many young Nigerians. According to the bank, the first batch of beneficiaries was selected following a rigorous screening and evaluation process that prioritized merit, need, and regional representation. Thousands of applicants from across the country submitted entries, reflecting the high demand for…

The Dangote Petroleum Refinery has announced that it will no longer sell refined petroleum products to unregistered and unlicensed marketers, reinforcing its compliance with regulatory standards and commitment to transparency in the downstream sector. The move, which was confirmed by the management of the $18 billion facility, comes amid ongoing debates over product pricing, distribution challenges, and clashes with oil marketing associations. According to the company, only marketers who have been duly accredited by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and meet the industry’s regulatory requirements will continue to have access to the refinery’s supplies. The development…

Retail Supermarkets Nigeria Limited (RSNL), the local operator of ShopRite, has restated its commitment to serving Nigerian consumers better following recent disruptions in store operations and customer satisfaction. The retailer’s renewed assurance comes as it works to restore consistency across product availability, pricing, and store operations in response to rising concerns of empty shelves, outlet closures, and service gaps. In recent weeks, shoppers in cities including Lagos, Abuja, Ibadan, and Ilorin have reported seeing scant inventory in major ShopRite stores—and in some cases, shuttered locations. In response, RSNL has explained that these issues stem from a broader restructuring of its…

The World Bank has unveiled a $510 million investment package designed to stimulate economic growth, support private sector development, and strengthen Nigeria’s investment climate. The new deal comes at a critical time as Africa’s largest economy pushes forward with reforms to attract foreign capital, diversify revenue sources, and stabilize its macroeconomic environment. According to officials familiar with the development, the $510 million financing will be deployed across key sectors, with a strong focus on infrastructure, access to finance for small and medium-sized enterprises (SMEs), and policy reforms that promote transparency and accountability. The move underscores the World Bank’s renewed commitment…

The United Nations has advised African nations to strengthen their climate action strategies, stressing that the continent’s future economic stability and social resilience depend heavily on how effectively it addresses the climate crisis. This call comes at a critical time when Africa, despite contributing the least to global greenhouse gas emissions, continues to suffer some of the most severe consequences of climate change, including rising temperatures, desertification, flooding, food insecurity, and displacement. During a recent high-level forum on climate resilience, UN officials underscored the urgency for African governments to translate commitments into actionable, well-funded plans that align with the…