The newly appointed CEO of Viathan, a leading energy company, has pledged to prioritize the delivery of reliable power solutions across Nigeria. In his first public statement since taking on the role, the CEO outlined his vision for improving the country’s energy sector by addressing ongoing power supply challenges and advancing the company’s mission to support sustainable development. The CEO expressed his commitment to tackling Nigeria’s long-standing power supply issues, which have been a significant barrier to economic growth and quality of life for millions of Nigerians. He emphasized that under his leadership, Viathan would focus on expanding its capacity,…
Author: Temitope Nlewemchi
A prominent terminal operator has donated solar power systems to several host communities as part of its ongoing commitment to sustainable development and corporate social responsibility. The donation aims to provide reliable, clean energy to areas that have long struggled with inconsistent power supply, helping improve the quality of life for local residents. The solar power systems, which were installed in key locations across the communities, are expected to provide a stable energy source for lighting, small businesses, and other essential services. The initiative is seen as a significant step toward addressing the energy challenges in these regions while also…
A prominent research group has called on the Federal Government to prioritize the development of new terminals and warehouses across the country to improve trade efficiency and support broader economic growth. According to the group, the lack of adequate infrastructure, particularly in logistics and storage facilities, has become a major hindrance to Nigeria’s competitiveness in international trade. The group emphasized in its latest report that expanding port terminals and constructing modern warehouses would address significant bottlenecks in the supply chain. It pointed out that the current infrastructure is often overloaded, which leads to delays and higher costs for businesses engaged…
An oil spill fire has wreaked havoc on aquatic life in several communities in Rivers State, leaving devastation in its wake. The fire, which occurred after an explosion at an illegal refining site, has spread across rivers and wetlands, severely affecting fish stocks, plant life, and the livelihoods of local residents who depend on the water for fishing and farming. Reports indicate that the fire, which lasted for several days, has caused extensive environmental damage, polluting the waterways with toxic substances and destroying habitats for various species. The fire also released harmful gases into the atmosphere, further contributing to air…
The Minister of Marine and Blue Economy, Gboyega Oyetola, has called for heightened investment in maritime surveillance and related infrastructure to bolster Nigeria’s economic and security outlook. Speaking at a recent maritime industry forum in Lagos, Oyetola emphasized the pivotal role of the maritime sector in driving economic growth and ensuring national security. Oyetola highlighted that Nigeria’s vast coastline and strategic location in the Gulf of Guinea present immense opportunities for trade and investment. However, he noted that these advantages are undermined by challenges such as piracy, smuggling, and inadequate infrastructure, which hinder the sector’s full potential. “Investing in maritime…
Nigerian bank customers have expressed support for the Central Bank of Nigeria (CBN) imposing fines on banks that fail to adequately load their Automated Teller Machines (ATMs) with cash. This follows widespread complaints about persistent ATM cash shortages, which have caused significant inconvenience to customers across the country. The issue has been particularly frustrating for those in rural and semi-urban areas, where ATMs are a primary source of cash withdrawals. Many customers have reported long queues, frequent machine outages, and limited cash availability, leaving them with no choice but to resort to expensive Point of Sale (POS) operators. “Banks have…
The Federal Airports Authority of Nigeria (FAAN) has announced its need for ₦580 billion to rehabilitate several airport runways across the country. This major project is aimed at enhancing aviation safety, ensuring compliance with international standards, and improving operational efficiency. FAAN’s Managing Director, Kabir Mohammed, highlighted the urgency of the rehabilitation during a recent stakeholders’ meeting. He stated that many of Nigeria’s runways are aging, with structural wear and tear affecting their reliability. The proposed funding will address these issues, focusing on airports in key cities such as Lagos, Abuja, Port Harcourt, and Kano. The rehabilitation plan includes resurfacing existing…
The Nigeria Customs Service (NCS) confiscated 397 vehicles in 2024 as part of its ongoing efforts to combat smuggling and enforce import regulations. The Comptroller General of Customs (CGC), Adewale Adeniyi, disclosed this during a year-end review, highlighting the agency’s commitment to protecting the nation’s economy and revenue base. The seized vehicles, valued at billions of naira, were intercepted across various regions during anti-smuggling operations. Adeniyi explained that the vehicles were smuggled into the country without proper documentation or payment of required duties, violating customs laws. “Our officers have intensified border patrols and surveillance, which has led to the interception…
The commencement of petrol production at the Dangote Refinery in Nigeria is beginning to reshape global energy dynamics, with significant effects on European fuel markets, according to a recent OPEC report. The refinery, touted as Africa’s largest, has increased regional fuel supply, reducing the continent’s dependence on imported refined petroleum products from Europe. The Dangote Refinery, with a capacity to process 650,000 barrels of crude oil daily, has already begun altering trade flows by meeting domestic demand and exporting refined products to neighboring African countries. This development has led to a decline in demand for European petrol exports to Africa,…
The Central Bank of Nigeria (CBN) is expected to keep the Monetary Policy Rate (MPR) unchanged for most of 2025, as it continues to focus on managing inflationary pressures and ensuring economic stability. Analysts predict that the CBN will adopt a cautious approach to interest rates, given ongoing concerns about inflation, exchange rate stability, and the need to stimulate sustainable growth. The MPR, which serves as the benchmark interest rate for the country, has seen a series of hikes in recent years, as the CBN works to combat inflation and stabilize the naira. However, despite these efforts, inflation remains persistently…
Bureau de Change (BDCs) operators in Nigeria continue to grapple with the challenge of meeting the N2 billion recapitalization requirement set by the Central Bank of Nigeria (CBN), despite the recent extension granted by the regulatory body. The recapitalization drive, aimed at strengthening the financial stability of BDCs and curbing illicit financial flows, has proved difficult for many operators, particularly smaller firms with limited access to capital. The CBN initially set a deadline for the recapitalization, but following feedback from BDCs struggling to raise the necessary funds, the deadline was extended. However, many operators, particularly those in the informal sector,…
The rebasing of Nigeria’s Gross Domestic Product (GDP) is expected to benefit the services sector the most, according to analysts, who predict substantial growth in this area as a result of the updated economic calculations. The rebased GDP, which now includes a broader range of economic activities, shows the increasing importance of services, including telecommunications, financial services, and information technology, in driving the national economy. The National Bureau of Statistics (NBS) recently completed the rebasing process, adjusting the GDP calculation to reflect changes in the structure of the economy. The new methodology has revealed that the services sector’s contribution to…
Fidelity Bank has taken a step to support maternal health in Lagos by donating maternity kits to expectant mothers across the state. The initiative, part of the bank’s corporate social responsibility (CSR) program, aims to promote safe childbirth and improve the well-being of women in underserved communities. At the donation event held in Lagos, the bank distributed essential items such as baby clothes, diapers, antiseptics, and other maternal care products. The kits are designed to ease the financial burden on expectant mothers and ensure they have access to basic necessities during childbirth. Speaking at the event, Fidelity Bank’s Executive Director,…
The Federal Fire Service has announced plans to enforce mandatory insurance for buildings nationwide, a move aimed at improving fire safety and mitigating the financial impact of fire incidents on property owners. This initiative seeks to ensure compliance with existing fire safety regulations while providing a safety net for individuals and businesses in the event of fire-related disasters. Speaking at a recent press conference, the Controller General of the Federal Fire Service, Abdulganiyu Jaji, emphasized the importance of proactive measures in addressing fire risks. “Mandatory building insurance is not just about compliance; it’s about creating a culture of accountability and…
A report by the GSM Association (GSMA) reveals a significant shift in business priorities, with companies now placing greater emphasis on cybersecurity over traditional cost-cutting measures. This change reflects the growing awareness of the risks posed by cyber threats and the critical need to safeguard digital infrastructure. The report highlights that organizations across industries are allocating more resources to enhance their cybersecurity frameworks. This includes investments in advanced threat detection systems, employee training, and compliance with global security standards. The shift comes amid a surge in cyberattacks targeting businesses of all sizes, exacerbated by the rapid digital transformation brought about…
FirstBank of Nigeria has announced plans to extend its operations to Ethiopia, Angola, and Cameroon, signaling its commitment to broadening its footprint across Africa. This strategic move aligns with the bank’s vision of becoming a leading financial institution on the continent and capitalizing on emerging market opportunities. Adesola Adeduntan, CEO of FirstBank, revealed the expansion plans during a recent investor briefing, highlighting the bank’s focus on leveraging its expertise to support economic growth and financial inclusion in these target markets. “Our ambition is to bring FirstBank’s world-class banking services to more countries, fostering innovation and growth in Africa’s financial ecosystem,”…
Consumer sentiment in the United States fell to 73.2 in January, reflecting growing unease among Americans about the state of the economy. This figure, reported by the University of Michigan’s monthly survey, marks a decline from December’s reading of 77.6, signaling a shift in public confidence as inflation, interest rates, and geopolitical tensions weigh heavily on household optimism. The drop in sentiment is attributed to a combination of factors, including persistent inflationary pressures that have eroded purchasing power and uncertainty about the Federal Reserve’s monetary policy trajectory. Rising costs for essential goods, coupled with higher borrowing rates, have left many…
The inclusion of pension fund contributions in Nigeria’s rebased Gross Domestic Product (GDP) has sparked discussions among experts, who believe the move could enhance scrutiny and accountability in the pension sector. With the rebasing exercise reflecting a more accurate picture of the economy, attention is now shifting to the regulatory and operational frameworks governing pension funds. The National Bureau of Statistics (NBS) recently updated the GDP computation model to align with international standards, incorporating previously overlooked sectors and financial streams, including pension funds. The adjustment has revealed the significant contribution of pension assets to the economy, showcasing their role in…
The Nigerian banking sector navigated a transformative 2024, marked by significant recapitalization, stringent regulatory measures, and impressive profitability across the board. These developments underscored the sector’s resilience amid economic challenges and its adaptability to evolving financial landscapes. One of the year’s highlights was the recapitalization drive initiated by the Central Bank of Nigeria (CBN). Banks were required to bolster their capital bases to meet new regulatory thresholds, ensuring enhanced stability and improved capacity to withstand economic shocks. This move, though challenging for some financial institutions, strengthened the overall health of the sector and positioned it for sustainable growth. Regulatory interventions…
Amid recurring power outages and reliability issues, Dangote Group, NNPCL, Total, and 247 other companies have disengaged from Nigeria’s power distribution companies (Discos), opting to generate their own electricity. Collectively, these firms now produce an estimated 6,500 megawatts (MW) of power, highlighting a growing trend of self-reliance in energy generation among businesses. The decision stems from the inability of Discos to provide consistent and adequate electricity, which has hampered industrial productivity and increased operational costs for many firms. By investing in captive power plants, these companies aim to ensure uninterrupted energy supply, reduce downtime, and maintain competitiveness in a challenging…