The Lagos State Waterways Authority (LASWA) has successfully removed a dredging pipe obstructing navigation on the state’s waterways. The move was part of ongoing efforts to enhance safety and improve the free flow of water transport in Lagos. The dredging pipe, which had posed risks to boat operators and commuters, was identified as a major hazard along a frequently used route. LASWA officials, in collaboration with marine safety teams, carried out the operation to clear the obstruction and restore safe passage for watercraft. According to LASWA, the removal of the pipe aligns with the agency’s commitment to ensuring that Lagos…
Author: Temitope Nlewemchi
In celebration of International Women’s Day (IWD), insurtech company emPLE has announced a special initiative to provide free insurance coverage for female-owned businesses. The initiative is aimed at supporting women entrepreneurs by offering financial protection against unforeseen risks, helping them sustain and grow their businesses. The program, which will run for a limited period, is designed to cover various business risks, including theft, fire damage, and liability claims. According to emPLE, the goal is to empower women in business by reducing their financial burdens and encouraging them to focus on expansion and innovation. Speaking on the initiative, the company’s spokesperson…
The House of Representatives has called for the suspension of the recent subscription rate hike by DStv, citing concerns over affordability and consumer protection. Lawmakers argued that the increase places an additional financial burden on Nigerians already struggling with economic challenges. During a plenary session, members of the House expressed dissatisfaction with MultiChoice, the parent company of DStv, for implementing the price adjustment without adequate consultation or regulatory approval. They emphasized the need for fair pricing and urged relevant government agencies to intervene. The lawmakers also raised concerns about the lack of flexible subscription models, such as pay-per-view, which would…
Fidelity Bank has announced plans to raise additional capital through a private placement as part of its strategy to meet the new regulatory requirements for bank recapitalization. The move aligns with the Central Bank of Nigeria’s (CBN) directive for banks to strengthen their capital base to enhance financial stability and resilience. The private placement will involve the issuance of new shares to select investors, allowing the bank to generate fresh funds without going through a public offering. Fidelity Bank aims to use the capital to reinforce its financial position, support expansion plans, and improve its ability to fund large-scale transactions.…
Eko Electricity Distribution Company (EKEDC) has announced a new initiative to provide free prepaid meters to its customers, aiming to improve billing transparency and reduce estimated billing complaints. The rollout is part of the federal government’s mass metering program designed to enhance electricity distribution and customer satisfaction. The initiative will cover thousands of households and businesses within EKEDC’s coverage areas, including parts of Lagos and Ogun states. By distributing free meters, the company hopes to eliminate the long-standing issue of estimated billing, which has been a major source of frustration for customers. According to EKEDC, the deployment process will be…
The Ministry of Finance Incorporated (MOFI) has unveiled a N100 billion real estate fund aimed at addressing Nigeria’s housing deficit and boosting infrastructure development. The initiative seeks to provide affordable housing solutions while attracting private sector investment into the real estate market. According to MOFI, the fund will be used to finance large-scale housing projects, particularly in urban centers where demand for affordable housing remains high. The initiative aligns with the government’s broader strategy to bridge the housing gap, estimated at over 20 million units, and improve living conditions for Nigerians. MOFI’s Managing Director emphasized that the real estate fund…
The government is set to revive the struggling textile industry while intensifying efforts to curb smuggling, according to Minister of Industry, Trade, and Investment, Enoh. Speaking at a stakeholders’ meeting, he emphasized that revamping the textile sector is crucial for job creation and economic growth. Enoh outlined plans to provide financial incentives, modernize factories, and implement policies that promote local production. He also stressed that smuggling remains a significant threat to the industry, undercutting local manufacturers and discouraging investment. To combat this, the government will strengthen border security, enforce stricter trade regulations, and work closely with law enforcement agencies to…
MTN Nigeria has increased its tariffs by 50%, raising the cost of data and other services for millions of users. The price hike, which took effect recently, has sparked mixed reactions among customers, many of whom are already grappling with rising living costs. The telecom giant attributes the increase to inflation, rising operational expenses, and the need to maintain service quality. MTN stated that the adjustment was necessary to keep up with economic challenges, including fluctuating exchange rates and the high cost of network expansion. Subscribers have expressed frustration over the new pricing, with many taking to social media to…
First City Monument Bank (FCMB) has successfully trained 44,278 entrepreneurs in business growth and financial management as part of its commitment to fostering small and medium-sized enterprises (SMEs) in Nigeria. The initiative aims to equip business owners with essential skills to scale their operations, improve financial literacy, and enhance sustainability. According to FCMB, the training covered key areas such as business planning, access to finance, digital transformation, and effective marketing strategies. The program, which was delivered through a combination of physical workshops and virtual sessions, targeted SMEs across various sectors, including agriculture, retail, technology, and manufacturing. Participants expressed appreciation for…
Stanbic IBTC Infrastructure Fund has announced its financial backing for SIFAX Group’s Ijora Terminal project, a move aimed at enhancing Nigeria’s port infrastructure and logistics capabilities. The investment will support the development and expansion of the terminal, which is expected to ease cargo movement and reduce congestion at Lagos ports. According to stakeholders, the Ijora Terminal project aligns with Nigeria’s broader efforts to improve trade facilitation and modernize its transport infrastructure. By providing critical funding, Stanbic IBTC Infrastructure Fund is enabling SIFAX Group to develop a world-class facility equipped with modern cargo handling systems, warehousing solutions, and multimodal transport access.…
A Federal High Court has dismissed a N374 billion lawsuit filed by a group of ginger farmers against Keystone Bank, ruling that the claims lacked sufficient merit. The case, which had drawn significant attention in the agricultural and financial sectors, centered on allegations of financial mismanagement and contract breaches related to loan disbursements for ginger farming projects. The farmers had accused Keystone Bank of failing to release funds allocated for agricultural expansion under a financing agreement. They claimed that the bank’s actions resulted in significant financial losses, crop failures, and an inability to meet supply contracts. The plaintiffs sought N374…
The Nigerian Association of Petroleum Explorationists (NAPE) has urged stakeholders to ramp up investments in the country’s energy sector to ensure sustainability and growth. Speaking at a recent industry forum, NAPE President emphasized the need for increased funding in exploration, infrastructure, and renewable energy to maintain Nigeria’s competitive edge in the global market. He noted that dwindling investments in oil and gas exploration could impact energy security and economic stability. According to NAPE, attracting both local and foreign investors requires policies that encourage ease of doing business, tax incentives, and improved regulatory frameworks. Beyond fossil fuels, NAPE also highlighted the…
Inflation can put a strain on finances, making it essential to find ways to cut costs while maintaining financial stability. Here are 14 practical strategies to help you navigate rising prices and stay ahead. Track Your Expenses – Monitor your spending to identify areas where you can cut back. Small savings add up over time. Create a Budget – Set clear spending limits for essentials and discretionary expenses. Sticking to a budget helps prevent unnecessary purchases. Reduce Energy Consumption – Save on electricity by turning off unused appliances, using energy-efficient bulbs, and opting for natural ventilation. Buy in Bulk –…
Global beverage giant Diageo and consumer goods conglomerate Tolaram have announced the appointment of new executives to spearhead their expansion strategies across key markets. The leadership changes come as both companies seek to strengthen their presence in Africa and other emerging economies through increased investments, product innovation, and market penetration. Diageo, known for its premium alcoholic beverage brands, has appointed a new regional executive to oversee its operations in Africa, a market that has shown strong demand for its products. The new leadership is expected to focus on accelerating growth through local production, strategic partnerships, and an enhanced distribution network.…
The Federal Government has announced plans to review the Bilateral Air Services Agreement (BASA) between Nigeria and Jamaica, aiming to enhance air connectivity and boost economic relations between the two countries. The review is expected to address key areas such as flight frequency, operational guidelines, and potential expansion of routes to improve travel and trade opportunities. Officials from Nigeria’s Ministry of Aviation and Aerospace Development confirmed that the review is part of broader efforts to strengthen international air transport agreements and create a more favorable environment for airlines operating between both nations. They emphasized the need to modernize existing provisions…
United Bank for Africa (UBA) has announced plans to celebrate International Women’s Day (IWD) 2025 with a special edition of its Business Series, aimed at empowering female entrepreneurs and professionals. The initiative will provide women with valuable insights, financial literacy, and networking opportunities to support their business growth and career advancement. According to UBA, the IWD Business Series will feature expert-led discussions on financial management, business sustainability, and leadership development. The event will bring together successful women in business, finance, and technology to share their experiences and offer practical guidance to aspiring entrepreneurs. UBA has been at the forefront of…
The Dangote Refinery is gearing up to reach full production capacity, marking a major milestone for Nigeria’s energy sector. However, the company has yet to disclose where it will source the crude oil needed to sustain operations, raising questions about supply stability. The $19 billion refinery, one of the largest in the world, has been gradually ramping up operations and recently began supplying petroleum products to the Nigerian market. Once fully operational, it is expected to refine up to 650,000 barrels of crude per day, significantly reducing Nigeria’s dependence on imported fuel. Despite this progress, uncertainty lingers over whether the…
The Nigerian government has assumed full control of Keystone Bank, a move aimed at stabilizing the financial institution and ensuring its continued operations. This development comes amid increasing regulatory scrutiny and efforts to maintain the health of the country’s banking sector. The Central Bank of Nigeria (CBN) spearheaded the transition, citing the need to protect depositors and maintain public confidence in the financial system. While specific details on the government’s plans for the bank remain unclear, authorities have assured customers that Keystone Bank will continue operating as usual, with no disruptions to services. Keystone Bank has faced financial challenges in…
JMG, a leading energy solutions provider in Nigeria, has announced that its recent deployment of solar power has enabled the company to save an estimated N40 million in diesel costs. The development highlights the growing shift among businesses towards renewable energy as firms continue to grapple with high fuel costs and unreliable power supply across the country. According to the company, the move to integrate solar energy into its operations was driven by both economic and environmental considerations. Nigeria’s prolonged reliance on diesel generators has placed heavy financial burdens on businesses, with volatile fuel prices and rising operational costs making…
The Securities and Exchange Commission (SEC) has issued a strong warning to the investing public against engaging with GVEST Global, citing that the entity is not registered or regulated by the Commission to operate in Nigeria’s capital market. The regulator emphasized that the company’s investment offerings pose significant risks to unsuspecting members of the public and could lead to severe financial losses. According to the SEC, GVEST Global has been soliciting funds from Nigerians with promises of unrealistic returns, a classic hallmark of unregulated investment schemes. The Commission warned that any investment promoted by an entity lacking proper registration and…