The Corporate Affairs Commission (CAC) in collaboration with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has announced the launch of a nationwide initiative to provide free business registration for 250,000 micro, small, and medium enterprises (MSMEs). The initiative, which was unveiled this week, is part of the federal government’s broader strategy to formalize the informal sector, boost entrepreneurship, and promote economic growth. According to CAC Registrar-General, the free registration drive will enable thousands of small businesses operating without formal documentation to become officially recognized. This will give them access to critical benefits such as business bank accounts,…
Author: Temitope Nlewemchi
First City Monument Bank (FCMB) Group has announced a delay in the release of its financial results for the third quarter of 2025, citing an ongoing interim audit exercise. The development, which was communicated to stakeholders through a regulatory disclosure, has drawn the attention of investors, analysts, and the broader financial market, given the group’s significant role in Nigeria’s banking sector. The bank explained that the decision to conduct an interim audit was part of its effort to strengthen transparency, improve compliance with regulatory requirements, and ensure accuracy in its financial reporting. According to the statement, the audit process is…
Nigeria’s banking and insurance sectors, along with other financial institutions, collectively contributed an estimated ₦1.77 trillion to the national economy in the first quarter of 2025, underscoring their growing importance across finance and industry. Data from regulatory and market sources reveal that the banking industry remained the main driver of this contribution. Profits, interest earnings, fees, and charges from lending, advisory services, and digital banking platforms formed the bulk of activity. Several banks also benefited from rising demand for retail and corporate loans, trade finance, and treasury operations amid a recovering economy. Insurance companies, pension fund administrators, and capital market…
Africa’s richest man and industrial magnate, Aliko Dangote, has officially stepped down as the Chairman of Dangote Cement Plc, one of the largest cement producers on the continent. The decision, which took effect this week, is aimed at allowing him to dedicate more attention and resources to the rapidly growing operations of his energy ventures, including the multibillion-dollar Dangote Refinery project. Dangote, who built his cement empire from the ground up, served as Chairman of Dangote Cement for over a decade, guiding the company through expansions across Nigeria and several other African countries. His resignation signals a significant shift in…
The Federal Inland Revenue Service (FIRS) has announced the creation of a dedicated trust fund and an educational sponsorship scheme for the families of its staff members who tragically lost their lives in the recent fire incident at Afriland Towers, Lagos. The measure comes as part of a comprehensive support package aimed at easing the immediate and long-term burdens of the bereaved families, while reaffirming the agency’s commitment to the welfare of its workforce. The Afriland fire, which broke out in the multi-storey building housing several corporate offices, claimed the lives of FIRS employees who were at work during the…
The House of Representatives Committee on Petroleum Resources (Downstream) has stepped into the ongoing conflict between the Dangote Petroleum Refinery and the National Union of Petroleum and Natural Gas Workers (NUPENG), urging both parties to embrace dialogue and find a peaceful resolution in the interest of national stability. The intervention follows weeks of rising tension sparked by disagreements over supply arrangements, labor issues, and claims of economic sabotage that have unsettled Nigeria’s downstream oil sector. The committee, chaired by Hon. Ikenga Imo Ugochinyere, convened an emergency session on Tuesday in Abuja, where key representatives of Dangote Refinery, NUPENG, the Nigerian…
Keystone Bank has reinforced its commitment to supporting small and medium-sized enterprises across Nigeria by organizing a nationwide SME Business Clinic, an initiative aimed at equipping entrepreneurs with the skills, knowledge, and practical tools they need to grow and sustain their businesses. The Business Clinic, which took place in June, covered ten major cities including Lagos, Abuja, Port Harcourt, Kano, Ibadan, Aba, Asaba, Onitsha, Maiduguri, and Kaduna, bringing together hundreds of business owners eager to learn how to better navigate the challenges of running a business in Nigeria’s tough economic climate. Speaking on the purpose of the clinic, Olayemi…
Nigeria has reiterated its commitment to global peace and nuclear disarmament, ruling out any ambitions to develop or acquire nuclear weapons as it prioritises the urgent task of lifting millions of its citizens out of poverty and tackling the mounting challenges of climate change. This assurance came during a recent meeting in Abuja between Vice President Kashim Shettima and Dr. Robert Floyd, the Executive Secretary of the Comprehensive Nuclear-Test-Ban Treaty Organisation (CTBTO). The meeting reaffirmed Nigeria’s decades-long position as a staunch supporter of nuclear non-proliferation, even as the country works to harness nuclear energy strictly for peaceful and developmental…
President Bola Ahmed Tinubu has said that the Nigerian government has redirected about N4 trillion saved from the removal of fuel subsidies to critical infrastructure and social welfare programmes aimed at easing the burden on ordinary Nigerians and stimulating the economy. Speaking at the opening of the National Conference on Public Accounts and Fiscal Governance in Abuja, Tinubu explained that the decision to remove the subsidy was difficult but necessary to free up funds that could be invested in projects that benefit the majority of the people rather than a privileged few. He said that for years, the fuel…
The Dangote Petroleum Refinery has officially resumed the sale of petrol in naira, reversing its earlier decision to suspend transactions in the local currency. This development comes after the intervention of a special committee set up by the federal government to resolve the pricing and operational disagreements that had sparked concerns across the downstream oil sector. The refinery, which had temporarily halted sales in naira citing operational risks, exchange rate volatility, and payment delays from fuel marketers, confirmed on Wednesday that it has resumed local currency transactions with immediate effect. The suspension had generated intense debate, with stakeholders warning that…
The Naira concluded the week on a more positive note, trading at ₦1,534.72 to the U.S. dollar in the official market—a modest but meaningful improvement from the ₦1,550 average recorded earlier in the week. The currency’s uptick is being attributed to increased liquidity in the foreign exchange market, tighter regulatory oversight, and measured intervention by financial authorities. Following weeks of sustained pressure stemming from thin dollar supply and persistent currency volatility, this upward movement brought renewed optimism to import-dependent businesses and households grappling with surging costs. It offers a momentary respite from the uncertainty that has gripped exchange rates, import…
The Nigerian Maritime Administration and Safety Agency (NIMASA) has intensified efforts to attract private sector participation as part of a broader strategy to boost the country’s marine and blue economy. The agency, in line with the federal government’s vision of diversifying revenue sources and strengthening non-oil sectors, has outlined new initiatives to unlock investment opportunities across shipping, port infrastructure, shipbuilding, fisheries, and related maritime services. NIMASA’s push comes at a time when Nigeria is seeking alternative revenue streams to reduce dependence on oil, which has historically dominated government income. The marine and blue economy—spanning fisheries, transport, offshore energy, coastal tourism,…
The Dangote Petroleum Refinery has accused the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) of engaging in actions it described as deliberate economic sabotage, following disruptions to crude oil and gas supplies to its multi-billion-dollar facility in Lagos. The accusation comes against the backdrop of escalating tensions between the management of the refinery and the union, whose industrial actions have sparked concerns over fuel availability and broader economic stability. According to the refinery’s management, PENGASSAN’s directives to halt supply have significantly affected production schedules and the distribution of refined petroleum products. Dangote officials argue that these actions…
The Federal Government has unveiled an ambitious new plan, Mission 300, aimed at tackling Nigeria’s long-standing problem of energy poverty and expanding electricity access to millions of citizens who still live without reliable power. The initiative, which was announced at a stakeholders’ forum in Abuja, is part of a broader African strategy to connect 300 million people across the continent to electricity by 2030. Nigeria, as Africa’s most populous country, plays a critical role in this drive and has set out clear targets and partnerships to make this goal a reality. At the heart of Mission 300 is the…
The Dangote Petroleum Refinery is expected to raise its operational refining capacity to 700,000 barrels per day by December 2025. This anticipated increase follows continued expansion and optimization efforts within the massive facility located in the Lekki Free Trade Zone, Lagos State. The development marks a new milestone for the refinery, which has already begun supplying diesel and aviation fuel to the Nigerian market. According to sources within the refinery, the target to reach 700,000 barrels per day represents an upgrade from the original installed capacity of 650,000 barrels per day. The ramp-up is being made possible by adjustments to…
The Federal Government of Nigeria has attracted an impressive $791.49 million in investments aimed at boosting the country’s Compressed Natural Gas (CNG) industry within just two months. This influx of capital reflects a significant level of investor confidence in Nigeria’s alternative fuel programme and its transition toward cleaner, more affordable energy sources. The CNG investment drive is spearheaded by the Presidential Compressed Natural Gas Initiative (PCNGi), which was launched to support a shift from petrol to natural gas usage, especially in the transportation sector. While the initiative had earlier reported raising about $491 million over the past year, updated figures…
In a strategic move to modernize regulatory compliance in Nigeria’s financial sector, fintech platform Pastel has formed a partnership with FintechNGR, a leading non-profit fintech advocacy group. The collaboration aims to harness artificial intelligence (AI) tools to streamline anti-money laundering (AML), customer onboarding, and regulatory reporting processes across participating fintech companies. The joint effort reflects growing recognition that manual compliance systems are costly, error-prone, and often lag behind fast-evolving digital finance ecosystems. Under the agreement, Pastel will deploy its AI-powered compliance engine across FintechNGR’s member network, offering automation of customer risk profiling, transaction monitoring alerts, and real-time sanction screenings. According…
Union Bank of Nigeria has rewarded hundreds of its loyal customers with cash prizes and other exciting gifts as part of its ongoing “Save and Win Palli Promo 4.” The initiative, which began in December 2024, is aimed at encouraging savings culture among Nigerians while offering them the chance to win life-changing rewards. In the latest series of monthly draws held across the country, customers from different regions emerged as winners of various prizes, including cash gifts of ₦100,000, fuel vouchers, motorcycles, and tricycles. The draws, which were conducted electronically and monitored by relevant regulatory bodies, ensured fairness and transparency…
The Federal Government has announced that economic reforms and debt restructuring efforts have led to a 42 percent reduction in the debt stock of Nigeria’s North West region, marking a significant milestone in the drive to restore fiscal stability and enhance public service delivery. According to federal officials, the debt reduction comes on the back of a coordinated program initiated late last year, involving recalibrated budget allocations, debt renegotiations with local creditors, and implementation of cost-saving reforms at state government levels. The measures included freezing non-essential capital expenditure, consolidating external obligations, and discontinuing duplicative subsidy arrangements that had ballooned state…
The federal government has announced a new directive requiring all public sector projects valued above ₦150 million to be registered with precise GPS coordinates. This policy aims to enhance transparency, improve monitoring, and reduce corruption in infrastructure execution across Nigeria. According to the Federal Ministry of Works, Housing and Urban Development, contractors and project managers must submit longitude and latitude data before the commencement of any contract or release of funds. Authorities insist that exact locational information will enable real-time oversight, curb phantom projects, and ensure public accountability. Ministry officials noted that the directive aligns with broader efforts to digitize…