The Society of Women Accountants of Nigeria (SWAN) has called on the government to fulfill its commitments to women’s empowerment, urging concrete actions beyond policy declarations. In commemoration of International Women’s Day (IWD), the association emphasized the need for more inclusive economic policies, gender-equitable workplace practices, and improved access to financial and educational opportunities for women across the country. Speaking at an IWD event, SWAN leaders highlighted the persistent challenges women face in career advancement, entrepreneurship, and leadership roles. Despite various government pledges to promote gender equality, they noted that many women still struggle with workplace discrimination, limited access to…
Author: Temitope N.
The Association of Corporate Affairs Managers of Banks (ACAMB) has paid tribute to its founding president, honoring his contributions to the development of corporate communications and public relations in Nigeria’s banking sector. The late pioneer, whose leadership laid the foundation for ACAMB’s growth, was remembered for his dedication to promoting professionalism and ethical standards in the industry. In a statement, ACAMB described its founding president as a visionary who played a critical role in shaping the association’s mission and fostering collaboration among corporate affairs professionals in the financial sector. His efforts were instrumental in strengthening the reputation of banks through…
TotalEnergies Marketing Nigeria Plc has projected a revenue of N192 billion for the second quarter of 2024, reflecting the company’s confidence in sustained growth despite ongoing economic challenges. The forecast is based on strong demand for petroleum products, strategic cost management, and increased operational efficiency across its business segments. The company’s revenue outlook comes at a time when Nigeria’s energy sector continues to navigate forex volatility, inflation, and regulatory changes. Despite these hurdles, TotalEnergies remains optimistic about its performance, driven by steady fuel sales, growing demand for lubricants, and expansion in the renewable energy space. The firm has also intensified…
Nigeria’s equities market suffered a major decline, losing N476 billion in a week as investor sentiment weakened amid economic uncertainties and foreign exchange volatility. The downturn, which affected major stocks across different sectors, was fueled by profit-taking activities, concerns over inflation, and cautious trading in response to policy shifts in the financial landscape. The Nigerian Exchange (NGX) recorded a series of losses throughout the trading week, with key market indicators reflecting declining investor confidence. The All-Share Index (ASI) dropped as several blue-chip stocks faced sell-offs, leading to a significant contraction in market capitalization. Analysts attribute the bearish trend to a…
Transnational Corporation Plc (Transcorp) has recorded a remarkable financial performance, posting a profit of N94 billion, a significant increase driven by strong revenue growth and strategic investments across its business segments. The company’s latest earnings report reflects its resilience in Nigeria’s challenging economic environment and its ability to capitalize on opportunities in the energy and hospitality sectors. The impressive profit surge comes amid ongoing macroeconomic pressures, including inflation and foreign exchange volatility. Despite these challenges, Transcorp has maintained a steady growth trajectory by optimizing its operations, expanding its asset base, and leveraging synergies across its subsidiaries. The group’s diversified portfolio,…
Metro Africa Xpress (MAX), a leading mobility company, has intensified its investment in electric mobility innovation as part of its commitment to sustainable transportation solutions across Africa. The company, known for pioneering tech-driven mobility services, is expanding its electric vehicle (EV) offerings to address the growing demand for cleaner and more efficient transportation alternatives. With rising fuel costs, environmental concerns, and increasing urbanization, the shift to electric mobility has become a strategic priority for many transportation firms. MAX has positioned itself at the forefront of this transition by developing electric two-wheelers and three-wheelers tailored to the African market. These vehicles…
FirstBank has launched a specialized dollar fund aimed at supporting its female employees, reinforcing its commitment to financial empowerment and workplace inclusivity. The initiative is designed to provide female staff with access to foreign currency savings and investment opportunities, helping them build financial stability and long-term wealth. With the rising volatility of the naira and increasing demand for foreign exchange, the dollar fund offers a secure way for female employees to preserve their earnings against currency depreciation. The bank has structured the fund to allow participants to save and invest in dollars, providing them with a hedge against inflation and…
The importation of cars into Nigeria has declined significantly as rising inflation, foreign exchange volatility, and high import duties continue to put pressure on vehicle prices. The combination of economic challenges has made it increasingly difficult for individuals and businesses to afford imported automobiles, leading to a sharp drop in demand. Car dealers and importers report that the high cost of forex, particularly the dollar, has made it more expensive to bring vehicles into the country. With the naira’s depreciation in both the official and parallel markets, importers are forced to pay more for foreign exchange, driving up the cost…
A rift has emerged between the federal government and tanker drivers over the enforcement of a ban on 60,000 unfit trucks operating across the country. The government’s decision to take unsafe petroleum tankers off the roads has sparked resistance from the drivers’ union, which argues that the move could lead to job losses, fuel distribution disruptions, and economic hardship for thousands of workers. The federal government, through regulatory agencies, has insisted that the ban is necessary to improve road safety, reduce accidents, and prevent environmental hazards caused by faulty petroleum tankers. Officials have cited numerous incidents of fuel tanker crashes,…
The naira has lost ground against the dollar, reversing its recent gains in both the official and parallel markets. The local currency, which had shown signs of stability in previous weeks, depreciated amid renewed pressure from forex demand, liquidity concerns, and economic uncertainties. At the official foreign exchange market, the naira weakened as traders and investors reacted to fluctuations in dollar supply and policy adjustments by the Central Bank of Nigeria (CBN). Despite recent interventions aimed at stabilizing the currency, the increasing demand for foreign exchange—particularly for imports, travel, and business transactions—has contributed to its depreciation. The shortage of forex…
Wema Bank has reaffirmed its commitment to promoting financial inclusion for women through targeted initiatives aimed at increasing access to banking, credit facilities, and financial literacy programs. The bank’s efforts align with broader national and global goals of empowering women economically, ensuring they have the resources and support needed to build sustainable financial futures. Recognizing that women often face barriers in accessing formal financial services, Wema Bank has introduced specialized banking products designed to meet their unique needs. These include tailored savings and loan packages, digital banking solutions, and advisory services that help women manage their finances effectively. By leveraging…
The Regional Off-Grid Electricity Access Project (ROGEAP) has partnered with Ecobank to provide training for small and medium-sized enterprises (SMEs) in the renewable energy sector. The initiative aims to equip entrepreneurs with the knowledge, skills, and financial support needed to scale their businesses and contribute to the growth of sustainable energy solutions across West Africa. With the increasing demand for clean and affordable energy, SMEs play a critical role in driving innovation and expanding access to renewable power sources. However, many small businesses in the sector face challenges such as limited funding, lack of technical expertise, and regulatory hurdles. The…
A women-focused investment platform has reached a major milestone, recording N1 billion in savings as part of its efforts to promote financial independence and wealth creation among women. The achievement, announced in celebration of International Women’s Day (IWD), highlights the growing participation of women in investment and financial planning. The platform, designed to provide women with access to savings, investment opportunities, and financial literacy programs, has seen significant growth in recent years. With more women actively engaging in structured savings and investment plans, the initiative is helping to bridge the financial gap and encourage long-term wealth building. The N1 billion…
VFD Group, in partnership with Utopia, has launched an initiative to empower 5,000 women-led small and medium-sized enterprises (SMEs) across Nigeria. The program aims to provide women entrepreneurs with financial support, business training, and mentorship to enhance their capacity for growth and sustainability in a competitive market. Recognizing the challenges faced by women in business, including limited access to funding, market visibility, and business development opportunities, VFD Group and Utopia have designed this initiative to bridge the gap. Through a combination of financial aid, skills training, and strategic networking opportunities, the program seeks to create a more inclusive and supportive…
Hydrogen Payment has extended its corporate social responsibility efforts by providing a school with a solar power system, ensuring a stable and sustainable energy supply for students and teachers. The initiative aims to address electricity challenges that have long affected the school’s learning environment, enabling uninterrupted academic activities and improving overall educational outcomes. The project is part of Hydrogen Payment’s commitment to supporting education and sustainability through innovative energy solutions. With unreliable power supply being a major issue for many schools across Nigeria, the company recognized the need to step in and offer a lasting solution. By installing solar panels…
Champion Breweries has reported a profit of N817 million, marking a strong financial performance amid Nigeria’s challenging economic environment. The company’s latest financial results reflect growth in revenue, improved operational efficiency, and strategic cost management, which contributed to its profitability. The brewery industry has faced rising production costs due to inflation, foreign exchange volatility, and supply chain disruptions. Despite these challenges, Champion Breweries managed to sustain positive earnings, driven by increased product demand and effective market expansion strategies. The company’s ability to navigate economic headwinds and maintain profitability underscores its resilience in a highly competitive sector. According to the company’s…
The Nigerian Exchange (NGX) has recorded its first gain in March, closing with a profit of N216 billion as investor confidence showed signs of recovery. After a period of volatility, the stock market rebounded, driven by renewed interest in key sectors, particularly banking, consumer goods, and telecommunications. Market analysts attribute the positive performance to improved investor sentiment following recent economic policy adjustments and corporate earnings reports. The uptick in stock prices was fueled by bargain-hunting activities, as investors sought to capitalize on undervalued stocks that had experienced declines in previous sessions. Blue-chip stocks, including those in the banking and industrial…
President Bola Ahmed Tinubu has announced an ambitious plan to empower 10 million women across Nigeria by 2027, focusing on economic inclusion, entrepreneurship, and financial independence. The initiative aims to provide women with the resources, training, and support needed to thrive in various sectors, from agriculture and technology to small-scale businesses and manufacturing. The program is expected to address long-standing challenges faced by Nigerian women, including limited access to funding, job opportunities, and business support. By working with financial institutions, development agencies, and private sector stakeholders, the government plans to facilitate low-interest loans, grants, and capacity-building programs tailored to women…
Oil marketers have raised concerns over the rising cost of fuel imports, which have reached N6 trillion in just five months. The increasing expenditure on petroleum product imports has sparked fears about the long-term sustainability of Nigeria’s fuel supply chain and the impact on the economy. Industry experts warn that the heavy reliance on imports, coupled with fluctuating global crude prices, is placing immense pressure on foreign exchange reserves. With the naira struggling against the dollar, the cost of importing refined petroleum products has surged, making it more difficult for marketers to maintain stable supply and pricing. Many fear that…
The President of the Petroleum Contractors Association of Nigeria (PECAN) has received prestigious recognition for outstanding contributions to the oil and gas industry. The honor comes as a testament to the president’s leadership in advancing local content development, promoting industry best practices, and fostering growth within the sector. The recognition, awarded by industry stakeholders and government officials, highlights PECAN’s role in advocating for indigenous contractors and ensuring their active participation in Nigeria’s petroleum industry. Under the president’s leadership, PECAN has pushed for policies that enhance the competitiveness of local firms, improve regulatory compliance, and create job opportunities for Nigerians. Speaking…