Nigeria’s financial technology sector is witnessing a wave of innovation as new finance management apps are being launched to meet the growing demand for smarter, more accessible tools for managing money. These apps are designed to help different segments of the population—from creatives and freelancers to young people and couples—gain better control over their finances. The recent introductions of Velvy, Moremonee’s “Snappy” feature, Unity Bank’s GenFi platform, and the partnership between Lloyds Banking Group and Lumio represent a significant leap forward in the country’s fintech landscape. Velvy is an app tailored specifically for creatives, freelancers, and small business owners who…
Author: Temitope Nlewemchi
In a strategic move aimed at revitalizing Nigeria’s oil and gas sector, President Bola Tinubu has signed a landmark Executive Order designed to cut upstream petroleum project costs and stimulate fresh investment. The order, officially named the Upstream Petroleum Operations Cost Efficiency Incentives Order, 2025, introduces a system of performance-based tax incentives for oil operators who achieve verifiable cost savings, signaling a major policy shift in the country’s approach to managing its energy resources. This Executive Order comes at a critical time for Nigeria, which has been battling declining production, underinvestment, and an increasingly competitive global energy landscape. The Tinubu…
Nigeria’s oil and gas sector is bracing for major changes as over 55 oil block licences are set to expire before the end of 2025, with a significant number of them—up to 40—reaching their deadline in June. This development has sparked conversations within the industry about the broader implications for oil production, investor confidence, and the stability of Nigeria’s energy output. Many of the licences nearing expiration include key Oil Mining Leases (OMLs) and Oil Prospecting Licences (OPLs) located primarily in the Niger Delta region, the heart of Nigeria’s oil production. Some of the notable blocks on the list include…
French oil and gas multinational TotalEnergies has agreed to sell its 12.5% non-operated interest in Nigeria’s Bonga deepwater oilfield to Shell Nigeria Exploration and Production Company (SNEPCo) in a transaction valued at $510 million. The move is part of TotalEnergies’ strategic shift toward a leaner, more efficient upstream portfolio and reflects the changing dynamics of the global energy industry. For Shell, the deal marks a reinforcement of its long-standing commitment to Nigeria’s deepwater sector and a step towards consolidating its position in one of Africa’s most prolific offshore assets. The Bonga oilfield, situated approximately 120 kilometers offshore from the…
Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has been honoured with the prestigious title of Central Bank Governor of the Year at the 2025 African Banker Awards Gala held recently in Abidjan, Côte d’Ivoire. This award, presented by African Banker magazine in collaboration with the African Development Bank Group, recognises Cardoso’s exceptional leadership and impactful reforms that have significantly strengthened Nigeria’s financial system and contributed to economic stability. The African Banker Awards, now in their 19th year, are a benchmark event in Africa’s financial calendar. They bring together senior policymakers, banking executives, and industry…
First City Monument Bank (FCMB) has once again pledged its strong support for the Ojude Oba Festival, one of Nigeria’s most prominent cultural celebrations. The bank highlighted the festival’s important role in promoting unity, preserving cultural heritage, and driving economic activities within Ijebu-Ode and beyond. In a statement ahead of the 2025 edition of the festival, FCMB’s Divisional Head of Corporate Affairs, Diran Olojo, emphasized that the festival aligns closely with the bank’s values of fostering meaningful relationships, community development, and inclusive growth. “Ojude Oba reflects the kind of society we want to build—one that honors legacy, encourages unity,…
Sidi Ould Tah of Mauritania has been elected as the ninth President of the African Development Bank (AfDB), marking a significant milestone for the continent’s leading financial institution. Tah’s election, which took place at the AfDB’s Annual Meetings in Abidjan, Côte d’Ivoire, saw him secure an overwhelming 76.18% of the vote in the third round of balloting. He defeated four other candidates, including notable contenders like Zambia’s Samuel Maimbo and Senegal’s Amadou Hott, underscoring the strong support he garnered across the African membership. At 60 years old, Tah brings to the role over 35 years of extensive experience in African…
KoolBox, a Nigerian technology company specializing in sustainable energy solutions, has launched an innovative solar-powered cooling platform aimed at tackling the challenges of food spoilage and medical storage in Nigeria. The new platform offers affordable and reliable refrigeration options that operate entirely on solar energy, addressing frequent power outages and high electricity costs that limit access to conventional cooling systems. The launch event, held recently in Lagos, showcased KoolBox’s solar refrigeration units designed for both households and small businesses. The company introduced flexible access models, allowing users to either exchange old electric refrigerators for solar-powered ones, convert existing units…
George Onafowokan, Managing Director of Coleman Wires and Cables, has expressed optimism over the growing interest of foreign investors in Nigeria, particularly in the manufacturing sector. Speaking during a recent interview, Onafowokan said that despite economic hurdles, global investors are beginning to see Nigeria as a land of opportunity with strong industrial potential. According to him, the renewed wave of interest is driven by Nigeria’s vast consumer base, improving business environment, and the resilience of local industries. “What we are seeing is a gradual shift. International investors are no longer just eyeing Nigeria—they’re starting to make concrete moves. They…
The Importers Association of Nigeria (IMAN) has revealed plans to significantly reduce cargo clearance times at Nigerian ports to as little as three hours, a move that could transform the country’s trade and logistics landscape. This development is anchored on the adoption of the National Single Window platform, a digital system designed to streamline import documentation and procedures across multiple government agencies. Speaking at a recent stakeholders’ meeting in Lagos, IMAN officials noted that the new initiative aligns with global best practices and is expected to eliminate the bottlenecks that have long plagued the nation’s port system. They expressed…
The West African Insurance Companies Association (WAICA) has unveiled its lineup of distinguished speakers for the 2025 Education Conference, set to take place from October 12 to 15 at Eko Hotels and Suites in Lagos, Nigeria. The event is expected to bring together around 150 insurance professionals, regulators, and stakeholders from across West Africa and beyond, fostering dialogue and collaboration within the region’s insurance sector. Themed around innovation, education, and regional development, the conference aims to explore new frontiers in insurance education and knowledge-sharing across member countries. Delegates from Nigeria, Ghana, Gambia, Sierra Leone, Liberia, and other parts of West…
The National Pension Commission (PenCom) has issued a directive mandating that all Licensed Pension Fund Operators (LPFOs) must conduct business only with vendors and service providers who possess a valid Pension Clearance Certificate (PCC). The move is part of PenCom’s ongoing efforts to ensure full compliance with the Contributory Pension Scheme (CPS) as outlined in the Pension Reform Act 2014. Under the new guideline, Pension Fund Administrators (PFAs), Pension Fund Custodians (PFCs), and other stakeholders operating within the pension sector are now obligated to verify that any third-party service provider they engage—whether for investment transactions, procurement, or service delivery—has obtained…
Germany’s development agency, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), is accelerating Nigeria’s shift toward a cleaner energy future through a wide range of strategic programs and investments. At the heart of this effort is the Nigerian Energy Support Programme (NESP), a collaborative initiative co-funded by the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union. This comprehensive intervention seeks to unlock Nigeria’s renewable energy potential and build a more sustainable, efficient, and inclusive energy system for the country’s growing population. Nigeria, Africa’s largest economy and most populous country, faces significant energy challenges. According to recent estimates,…
Unilever Nigeria Plc has announced a profit after tax of ₦5.6 billion for the first quarter ended March 31, 2025, marking a 65% increase from ₦3.4 billion in the same period of 2024. Key Financial Highlights: Revenue: ₦46.9 billion, up 45% from ₦32.3 billion in Q1 2024. Gross Profit: ₦18.8 billion, a 40% increase from ₦13.5 billion. Operating Profit: ₦8.2 billion, up from ₦3.8 billion in the previous year. Profit Before Tax: ₦10.75 billion, a 147% rise from ₦4.36 billion. Earnings Per Share: ₦0.97, compared to ₦0.58 in Q1 2024. The company’s Managing Director, Tobi Adeniyi, attributed the strong performance…
Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has called for the swift implementation of the Single African Air Transport Market (SAATM) to bolster regional integration and lower air travel costs across the continent. Speaking at the 18th Plenary Session of the Banjul Accord Group (BAG) in Abuja, Keyamo emphasized that despite strong political will and numerous declarations, progress on SAATM has been slow, with fragmentation remaining a barrier to regional integration. He urged member states to move beyond verbal commitments and take coordinated, deliberate steps to bring the initiative to life. The SAATM, launched in 2018, is a…
A Nigerian firm has recently unveiled a comprehensive strategy aimed at revitalizing the product industry. This initiative focuses on fostering innovation, enhancing local production capabilities, and strengthening the overall product development ecosystem within the country. The strategy encompasses several key components: Collaboration with Government Agencies: Partnering with entities like the Lagos State Employment Trust Fund (LSETF) to support tech innovators and entrepreneurs in transitioning from theoretical knowledge to practical applications. Investment in Local Talent: Establishing academies and training programs to equip individuals with the necessary skills for product development, thereby boosting employment and economic growth. Promotion of Made-in-Nigeria Products: Encouraging…
Despite ongoing efforts to reform Nigeria’s power sector, widespread blackouts continue to affect many parts of the country. A significant factor contributing to this persistent issue is the underutilization of government-owned power plants, which collectively have a capacity of 3,000 megawatts (MW) but remain largely dormant. The Niger Delta Power Holding Company (NDPHC), responsible for managing several of these plants under the National Integrated Power Projects (NIPP), is currently struggling to generate even 1,000MW. This shortfall is primarily due to inadequate gas supply and operational challenges, leaving a substantial portion of the nation’s installed capacity idle. While the Federal Government…
The Nigeria Customs Service (NCS) and the Benin Republic Customs Administration have inaugurated the Système Interconnecté de Gestion des Marchandises en Transit (SIGMAT) platform at the Seme-Krake Joint Border Post. This digital system aims to streamline and harmonize customs procedures, facilitating smoother and more secure trade between the two nations. The launch event, held on May 19, 2025, was attended by key officials, including the Acting Comptroller-General of the NCS, Bashir Adewale Adeniyi, and the Director-General of Benin Customs, Adidjatou Hassan Zanouvi. Adeniyi emphasized that SIGMAT is designed to enhance the visibility of goods in transit, combat diversion and fraud,…
The Oyo State Government has announced that the Ladoke Akintola International Airport in Ibadan is set to commence international flight operations by June 2026, following significant upgrades aimed at transforming the facility into a modern aviation hub. Commissioner for Information and Civic Orientation, Prince Dotun Oyelade, stated that the airport’s runway is being extended from 2,400 meters to 3,000 meters and widened from 45 meters to 60 meters to accommodate wide-body aircraft. Additionally, the airfield lighting system has been upgraded to CAT C standards, and firefighting capabilities have been enhanced to meet international safety requirements. The construction of a new…
The Federal Government of Nigeria and the United Arab Emirates (UAE) have amended their Bilateral Air Services Agreement (BASA) to permit airlines from both countries to sell tickets and ancillary services in either local currencies or any freely convertible foreign currency, such as the U.S. dollar. This development follows the resumption of Emirates Airlines’ operations in Nigeria, ending a diplomatic and commercial impasse that began in 2022 when the airline suspended flights due to challenges in repatriating funds. Under the revised agreement, designated carriers from both nations—including Emirates, Etihad Airways, Air Arabia, flydubai, Air Arabia Abu Dhabi, Wizz Air Abu…