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,…
Author: Temitope Nlewemchi
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…
Economic analyst Bismarck Rewane has suggested that a hike in telecom tariffs could play a role in reducing inflation in Nigeria. Speaking at a recent economic forum, Rewane, who is the Managing Director of Financial Derivatives Company, argued that an adjustment in telecom pricing could contribute to fiscal stability and indirectly ease inflationary pressures. Rewane explained that higher telecom tariffs would increase government revenue through taxes and levies, providing a buffer for the fiscal deficit. Additionally, a tariff hike could regulate excessive demand in the telecommunications sector, aligning it more closely with supply and reducing market distortions. “An upward adjustment…
The Dangote Refinery has announced the construction of eight additional tanks to store imported crude oil, marking a significant step in its efforts to enhance operational efficiency and ensure uninterrupted production. This expansion aligns with the refinery’s mission to meet Nigeria’s domestic fuel needs and strengthen its position in the global energy market. Located in Lagos, the Dangote Refinery is Africa’s largest single-train refinery and is poised to transform the continent’s oil and gas industry. The new tanks, designed to store millions of barrels of crude oil, will bolster the facility’s capacity to process a steady supply of feedstock. This…
The Central Bank of Nigeria (CBN) has announced the suspension of its policy allowing extensions for the repatriation of export proceeds. The move aims to enforce stricter compliance with foreign exchange regulations and enhance liquidity in the country’s forex market. Exporters previously benefited from extensions that provided additional time to repatriate their earnings back into Nigeria, as mandated by law. However, the CBN has expressed concerns over delays and non-compliance, which it says undermine efforts to stabilize the naira and strengthen the nation’s foreign reserves. In a statement, the CBN emphasized the importance of timely repatriation of export proceeds to…
The Nigerian Transport Ministry has announced its intention to allocate 57% of its budget to the Lagos railway project, signaling a major commitment to enhancing urban transportation infrastructure in the country’s largest city. This development is part of the broader agenda to address chronic traffic congestion and improve connectivity within Lagos and its environs. The Lagos railway project, a critical component of the country’s transportation blueprint, has been touted as a game-changer for Nigeria’s commercial hub. Once completed, the railway is expected to alleviate the daily gridlock that plagues Lagos residents, significantly reducing travel time and boosting productivity. Transport Minister…
The Ministry of Finance has officially inaugurated an Anti-Corruption Unit Committee, aimed at strengthening efforts to combat corruption within the public financial management system. This new initiative is part of the government’s broader commitment to ensuring transparency, accountability, and ethical conduct in all financial activities and operations across government institutions. The committee, composed of senior officials from the Ministry of Finance, the Economic and Financial Crimes Commission (EFCC), and other key stakeholders, is tasked with identifying and tackling corruption within the finance sector. It will also oversee the implementation of policies and practices to prevent financial mismanagement, fraud, and unethical…
The Nigeria Labour Congress (NLC) and the Organized Private Sector (OPS) have raised alarm over the potential economic consequences of the government’s failed food import policy, warning that the country is at risk of facing higher inflation rates. Both groups argue that the policy, which aimed to reduce the importation of food items and encourage local production, has not yielded the expected results, leading to increased food prices and economic instability. The NLC has expressed concern that the failure of the policy is putting additional pressure on working-class Nigerians, who are already grappling with the rising cost of living. The…
The Ooni of Ife, Oba Enitan Ogunwusi, has praised businesses operating in Ekiti State for their significant contributions to the state’s economic growth. His Majesty highlighted the positive impact these companies have had on job creation, infrastructure development, and the overall prosperity of the region. During a recent visit to Ekiti, the Ooni acknowledged the efforts of both small and large enterprises in driving economic activities across various sectors, including agriculture, manufacturing, and services. He emphasized that these companies are not only enhancing the state’s revenue base but also providing vital opportunities for local residents. “Businesses in Ekiti are not…
In a heartwarming act of philanthropy, renowned health advocate and social media influencer Aproko Doctor has donated a solar power system to a hospital in Epe, Lagos State. The initiative aims to address the persistent power challenges faced by the healthcare facility, ensuring uninterrupted services and improved patient care. The solar system, designed to provide reliable and sustainable energy, will power critical areas of the hospital, including the emergency room, operating theater, and maternity ward. By reducing dependence on erratic grid power and costly generators, the donation is set to enhance the hospital’s operational efficiency and create a safer environment…
The Nigeria Customs Service (NCS) has intercepted 2,000 bags of rice and 844 rifles in a significant operation aimed at curbing smuggling activities. The seizure highlights the agency’s intensified efforts to combat illegal trade and protect the nation’s economy and security. The operation, carried out by officers of the NCS, targeted a smuggling syndicate operating across Nigeria’s borders. Acting on intelligence, the team successfully apprehended the illicit goods, which were concealed in a convoy of vehicles attempting to evade customs checks. Customs Comptroller-General Adewale Adeniyi commended the officers involved, emphasizing the importance of the operation. “This seizure is a testament…
In a major move toward tax reform, Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has announced that 90% of workers in both the public and private sectors will soon benefit from reduced tax burdens. The initiative is part of the government’s broader strategy to create a fairer, more efficient tax system that supports economic growth while easing the financial load on lower-income earners. Oyedele revealed that the reform package focuses on reducing the complexity of the tax system, addressing inefficiencies, and ensuring equity. By lowering the tax rates for the vast majority of…
Ogun State has achieved a significant milestone in its quest for energy autonomy by obtaining an electricity regulatory oversight license. This development positions the state to play a more active role in managing its power supply and distribution, addressing long-standing energy challenges that have hindered economic growth and industrialization. The license, granted by the Nigerian Electricity Regulatory Commission (NERC), empowers Ogun State to oversee electricity operations within its jurisdiction. This includes regulating power generation, distribution, and ensuring compliance with industry standards. The move is part of a broader federal initiative to decentralize energy management and promote regional solutions to Nigeria’s…
Sterling Financial Holdings Company (Sterling Holdco) has projected gross earnings of N121.8 billion for the fiscal year, underscoring its robust growth trajectory and diversified business model. The forecast reflects the group’s confidence in leveraging its strategic initiatives and market opportunities to deliver solid financial performance. The projection aligns with Sterling Holdco’s recent restructuring, which transformed the organization into a holdings company overseeing a range of subsidiaries. These subsidiaries span sectors including banking, healthcare, agriculture, and energy, allowing the group to mitigate risks and capitalize on multiple revenue streams. A spokesperson for Sterling Holdco highlighted the company’s focus on innovation and…