The Federal Government has stood firm in its decision to implement a tariff hike, despite growing resistance from the Socio-Economic Rights and Accountability Project (SERAP) and numerous consumer advocacy groups. Critics argue that the increase will impose undue hardship on citizens already grappling with economic difficulties. SERAP has expressed its readiness to take legal action against the government, citing a lack of transparency and insufficient public consultation in the decision-making process. According to SERAP, the hike violates fundamental human rights by further marginalizing economically vulnerable populations. Subscribers, too, have voiced their dissatisfaction, with many taking to social media and other…
Author: Temitope Nlewemchi
Ecobank has announced a strategic partnership with CrediCorp to provide more flexible and accessible loan options for its customers. The collaboration aims to address the financial needs of individuals and businesses by offering innovative credit solutions tailored to their unique circumstances. In a statement, Ecobank highlighted that the partnership will leverage CrediCorp’s expertise in credit financing to simplify the loan application process and improve access to funds. Customers can expect faster approvals, competitive interest rates, and repayment plans designed to accommodate varying financial capacities. “This partnership underscores our commitment to empowering our customers with financial solutions that enhance their lives…
Fidelity Bank has strengthened its leadership team with the appointment of three new board members, signaling its commitment to driving innovation and delivering enhanced value to stakeholders. The appointments, which have been approved by regulatory authorities, bring a wealth of experience and fresh perspectives to the bank’s strategic direction. The newly appointed members include professionals with extensive backgrounds in banking, finance, and corporate governance. Their expertise is expected to bolster the bank’s efforts in achieving its growth objectives and maintaining its position as one of Nigeria’s leading financial institutions. In a statement, the bank’s management expressed confidence in the new…
The shareholders of Arik Air have pushed back against the Asset Management Corporation of Nigeria (AMCON) over its assertion that the airline owes a staggering N455 billion. Describing the claim as inflated and misleading, the shareholders are demanding clarity and transparency regarding the debt restructuring process. In a statement, the shareholders accused AMCON of mismanaging the airline since its takeover in 2017, alleging that the corporation’s actions have significantly eroded Arik Air’s value and operational capacity. They argued that the debt figure being circulated by AMCON does not reflect the airline’s actual liabilities before the government intervention. “The N455 billion…
The Securities and Exchange Commission (SEC) has issued a stern warning to market operators, emphasizing that failure to renew their registration could result in hefty fines and other regulatory actions. The directive is part of SEC’s ongoing efforts to ensure compliance and maintain transparency in Nigeria’s capital market. In a recent circular, SEC reminded operators that registration renewal is a mandatory requirement for all entities engaging in capital market activities. The commission noted that non-compliance not only undermines regulatory oversight but also poses risks to the integrity of the market and investor confidence. “Operators who fail to renew their registration…
A Bauchi-based firm has raised concerns over the surging cost of commercial rent in the state, describing it as a significant barrier to business sustainability and growth. The firm highlighted that exorbitant rental prices are not only impacting businesses but also discouraging investment in the local economy. Speaking to reporters, a representative of the company explained that the rising rents for commercial spaces have become unsustainable, particularly for small and medium-sized enterprises (SMEs). “The cost of renting business premises has more than doubled in recent years, putting immense pressure on operational budgets and threatening profitability,” the representative said. The company…
The Nigeria Labour Congress (NLC) has condemned the recent increase in petrol prices, describing the move as a display of insensitivity by the Federal Government. The hike, which has sparked widespread concern, comes at a time when many Nigerians are grappling with rising living costs and economic challenges. In a statement, the NLC expressed disappointment, arguing that the decision to raise fuel prices without providing adequate palliatives or alternatives places undue hardship on citizens. The labor body emphasized that the rising cost of petrol directly impacts transportation, food prices, and other essential goods, worsening the plight of the average Nigerian.…
Nigeria’s equity market recorded a significant downturn, losing N1.45 trillion in market capitalization over the past week. This decline has raised concerns among investors and analysts about the short-term outlook of the market amidst prevailing economic challenges. The drop in market value was attributed to widespread sell-offs across various sectors, fueled by uncertainties around macroeconomic policies, rising inflation, and fluctuating foreign exchange rates. The All-Share Index (ASI) of the Nigerian Exchange (NGX) also fell sharply, reflecting negative sentiment among market participants. Key sectors, including banking, consumer goods, and industrials, experienced notable declines, with several blue-chip stocks taking substantial hits. The…
The National Pension Commission (PenCom) has announced that the Bank Verification Number (BVN) will be mandatory for all Retirement Savings Account (RSA) holders starting February. This move is aimed at enhancing data integrity, improving the efficiency of pension administration, and safeguarding contributors’ funds. In a statement, PenCom emphasized that the integration of BVNs into the pension system would help eliminate issues related to multiple registrations, identity theft, and fraudulent activities. By linking RSAs to BVNs, the commission seeks to ensure that contributors’ records are accurate and up-to-date, thereby streamlining pension processes. PenCom has directed all Pension Fund Administrators (PFAs) to…
Renowned economist Taiwo Oyedele has identified illicit demand as the primary factor undermining Nigeria’s foreign exchange (FX) market. Speaking at a recent economic forum, Oyedele highlighted how unauthorized transactions, speculative trading, and unregulated capital flows have intensified pressure on the naira, exacerbating exchange rate volatility. According to Oyedele, the prevalence of illicit demand distorts the supply-demand dynamics in the FX market, making it difficult for genuine businesses and individuals to access foreign currencies at stable rates. He emphasized the need for stricter regulatory oversight and collaborative efforts to curb activities that undermine the integrity of the financial system. “The root…
Universal Insurance has announced the appointment of a new Chief Executive Officer as part of its strategic efforts to strengthen leadership and drive sustainable growth. The company expressed confidence in the incoming CEO’s ability to steer the organization toward greater innovation, customer satisfaction, and market expansion. The newly appointed CEO brings a wealth of experience in the insurance and financial services sectors, having held various leadership roles that emphasize operational excellence and innovative practices. With a proven track record of delivering results, their expertise is expected to enhance Universal Insurance’s competitive edge and deepen its engagement with stakeholders. In a…
The insurance sector has solidified its position as a critical player in Nigeria’s economy, with 20 firms collectively achieving a market capitalization of N519 billion. This milestone underscores the resilience and growth potential of the industry amidst challenging economic conditions. The achievement is a testament to the sector’s ability to attract investor confidence, bolstered by regulatory reforms and innovative strategies adopted by companies to enhance service delivery and risk management. Analysts highlight the pivotal role these firms play in mitigating financial uncertainties, ensuring business continuity, and safeguarding assets. In recent years, the insurance industry has undergone significant transformation, with increased…
The Federal Government has unveiled plans to modernize the operations of free trade zones across Nigeria to enhance their efficiency and global competitiveness. This initiative aims to attract more foreign and local investments, boost exports, and create jobs. Minister of Industry, Trade, and Investment, Doris Anite, disclosed this during a recent meeting with stakeholders in Abuja. She emphasized that the modernization efforts would focus on streamlining processes, leveraging technology, and improving infrastructure within the free zones. “Our free trade zones are critical drivers of economic growth and industrialization. By modernizing their operations, we aim to position Nigeria as a hub…
The Federal Government of Nigeria has announced plans to raise N1.8 trillion from the bond market in the first quarter of 2025. This initiative is part of its broader strategy to finance critical infrastructure projects, manage budget deficits, and stimulate economic growth. The Debt Management Office (DMO) disclosed the details in its quarterly issuance calendar, outlining a mix of short- and long-term instruments to be offered to investors. The bonds, ranging in tenors from five to 30 years, are designed to attract a diverse pool of institutional and retail investors. According to the DMO, the funds raised will primarily be…
The World Bank has projected that Nigeria’s economy will grow by 3.5% in 2025, driven by improvements in key sectors such as agriculture, services, and manufacturing. The positive outlook marks a slight rebound from previous years, signaling cautious optimism about the country’s economic recovery. According to the World Bank’s latest Global Economic Prospects report, Nigeria’s growth will be underpinned by reforms aimed at enhancing productivity, attracting investment, and diversifying the economy away from oil dependency. The forecast also reflects expectations of improved global economic conditions, which could benefit exports and foreign direct investments. However, the report highlighted several risks that…
Micro, Small, and Medium Enterprises (MSMEs) in Nigeria are poised for growth in 2024, buoyed by a positive economic forecast. However, stakeholders have urged caution, highlighting persistent challenges that may temper the anticipated gains. The optimism stems from recent government initiatives aimed at strengthening the MSME sector. These include access to low-interest loans, tax incentives, and capacity-building programs tailored to support small businesses. Additionally, international development partners have pledged to provide technical and financial assistance to MSMEs, further boosting confidence in the sector’s prospects. During a stakeholders’ forum in Lagos, representatives from various industries acknowledged the potential for growth but…
CREDICORP, a leading financial services provider, has announced the successful disbursement of loans to 20,000 soldiers as part of its tailored financial inclusion program. The initiative aims to support the welfare of military personnel by providing them with access to affordable credit facilities. In a statement, CREDICORP’s CEO, Bola Adeyemi, emphasized the company’s commitment to empowering Nigeria’s armed forces through financial services designed to meet their unique needs. “Our soldiers make immense sacrifices to protect the nation, and it is only right that we create opportunities to improve their financial well-being,” Adeyemi said. “This program is part of our broader…
SUNU Group, a leading insurance and financial services provider in Africa, has attributed its impressive performance in 2024 to the enduring legacy of its late founder, Pathé Dione. The group’s leadership highlighted Dione’s visionary principles as the foundation of its growth and resilience in a highly competitive industry. In its annual performance review, SUNU Group recorded significant milestones, including increased market share, improved customer retention rates, and the successful launch of new products tailored to diverse client needs. The company’s leadership emphasized that these achievements are a direct reflection of the values and business strategies established by Dione. “Our founder,…
Taiwo Oyedele, the chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, has called for the expedited enactment of the tax reforms bill. This move is critical to achieving the federal government’s goals of simplifying Nigeria’s tax system, improving compliance, and boosting revenue generation. Speaking during a recent policy forum, Oyedele emphasized the urgent need for legislative action to address inefficiencies in the country’s tax framework. According to him, delays in passing the reforms could undermine efforts to create a more transparent and business-friendly tax regime. “The current tax structure is overly complex, fragmented, and burdensome for individuals…
Coca-Cola Nigeria has launched an exciting reward campaign, offering consumers a chance to win a share of N70 million in cash prizes. This initiative is part of the company’s efforts to appreciate its loyal customers and enhance engagement across the country. The campaign, which kicked off recently, is open to Coca-Cola consumers nationwide. To participate, customers are required to purchase any Coca-Cola beverage with a special promotional label, reveal the code beneath the cap, and send it via SMS to a designated number. Winners are selected through a transparent raffle draw system. Speaking at the launch event, Coca-Cola Nigeria’s Marketing…