The House of Representatives Committee on Petroleum Resources (Downstream) has stepped into the ongoing conflict between the Dangote Petroleum Refinery and the National Union of Petroleum and Natural Gas Workers (NUPENG), urging both parties to embrace dialogue and find a peaceful resolution in the interest of national stability. The intervention follows weeks of rising tension sparked by disagreements over supply arrangements, labor issues, and claims of economic sabotage that have unsettled Nigeria’s downstream oil sector. The committee, chaired by Hon. Ikenga Imo Ugochinyere, convened an emergency session on Tuesday in Abuja, where key representatives of Dangote Refinery, NUPENG, the Nigerian…
Author: Temitope Nlewemchi
Keystone Bank has reinforced its commitment to supporting small and medium-sized enterprises across Nigeria by organizing a nationwide SME Business Clinic, an initiative aimed at equipping entrepreneurs with the skills, knowledge, and practical tools they need to grow and sustain their businesses. The Business Clinic, which took place in June, covered ten major cities including Lagos, Abuja, Port Harcourt, Kano, Ibadan, Aba, Asaba, Onitsha, Maiduguri, and Kaduna, bringing together hundreds of business owners eager to learn how to better navigate the challenges of running a business in Nigeria’s tough economic climate. Speaking on the purpose of the clinic, Olayemi…
In a strategic move to modernize regulatory compliance in Nigeria’s financial sector, fintech platform Pastel has formed a partnership with FintechNGR, a leading non-profit fintech advocacy group. The collaboration aims to harness artificial intelligence (AI) tools to streamline anti-money laundering (AML), customer onboarding, and regulatory reporting processes across participating fintech companies. The joint effort reflects growing recognition that manual compliance systems are costly, error-prone, and often lag behind fast-evolving digital finance ecosystems. Under the agreement, Pastel will deploy its AI-powered compliance engine across FintechNGR’s member network, offering automation of customer risk profiling, transaction monitoring alerts, and real-time sanction screenings. According…
The United Nations has advised African nations to strengthen their climate action strategies, stressing that the continent’s future economic stability and social resilience depend heavily on how effectively it addresses the climate crisis. This call comes at a critical time when Africa, despite contributing the least to global greenhouse gas emissions, continues to suffer some of the most severe consequences of climate change, including rising temperatures, desertification, flooding, food insecurity, and displacement. During a recent high-level forum on climate resilience, UN officials underscored the urgency for African governments to translate commitments into actionable, well-funded plans that align with the…
Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Nigeria and other subsidiaries across Africa, has reported a significant 43% year-on-year surge in profit, hitting N702.4 billion for the financial year ended September 2025. The impressive performance underscores the bank’s robust operational efficiency, effective cost management, and steady revenue growth across its diversified markets. According to the group’s unaudited financial results released to the Nigerian Exchange (NGX), Ecobank’s profit before tax rose sharply from N491.1 billion in the corresponding period of 2024, reflecting the group’s resilience amid a volatile macroeconomic environment and fluctuating foreign exchange conditions across African markets. The…
Nigeria’s Minister of Power, Chief Adebayo Adelabu, has expressed deep concern over the lack of qualified local technicians to install about 400,000 imported electricity meters currently lying idle across the country. The minister said the situation reflects a major bottleneck in the implementation of the federal government’s National Mass Metering Programme (NMMP), which aims to bridge the nation’s huge metering gap and reduce estimated billing for electricity consumers. Adelabu, who disclosed this during a recent power sector stakeholders’ meeting in Abuja, lamented that despite the government’s effort to import and distribute prepaid meters to electricity consumers, progress has been hindered…
The Federal Inland Revenue Service (FIRS) has defended the Federal Government’s borrowing framework, insisting that the country’s debt profile remains within sustainable limits when weighed against ongoing reforms, projected revenue growth, and fiscal consolidation plans. Speaking against the backdrop of mounting concerns over Nigeria’s rising debt stock and borrowing costs, the FIRS emphasized that public debt should be viewed in relation to revenue-generating capacity and economic growth, not just as isolated figures. The Service maintained that recent fiscal and tax reforms are designed to boost revenue and enhance the government’s ability to meet its obligations without jeopardizing financial stability. Nigeria’s…
The National Pension Commission (PenCom) has announced plans to redesign the Micro Pension Plan (MPP) to capture millions of Nigerians in the informal sector, as the number of registered contributors remains slightly above 200,000 despite the scheme being introduced more than five years ago. PenCom said the revamp would make the scheme more attractive and accessible to workers in the informal economy, which accounts for over 80 percent of Nigeria’s labor force. The initiative is expected to deepen financial inclusion, strengthen social security, and provide retirement savings for millions of self-employed Nigerians, artisans, and small business operators who have…
The Nigerian Exchange (NGX) closed another volatile session in the red as investors lost an estimated N322 billion in market value, extending a bearish run that has persisted over the past week. The sustained downturn highlights growing concerns among market participants as macroeconomic headwinds, profit-taking, and weak investor sentiment continue to weigh on equities. At the close of trading, the market capitalisation of listed equities dropped to N88.6 trillion, compared to N88.9 trillion in the previous session. Similarly, the All-Share Index (ASI) shed 0.36 percent to close at 156,204.31 points, as investors offloaded shares in key sectors, including banking, industrial…
The World Bank has unveiled a $510 million investment package designed to stimulate economic growth, support private sector development, and strengthen Nigeria’s investment climate. The new deal comes at a critical time as Africa’s largest economy pushes forward with reforms to attract foreign capital, diversify revenue sources, and stabilize its macroeconomic environment. According to officials familiar with the development, the $510 million financing will be deployed across key sectors, with a strong focus on infrastructure, access to finance for small and medium-sized enterprises (SMEs), and policy reforms that promote transparency and accountability. The move underscores the World Bank’s renewed commitment…
South Africa has been recognized as a rising force in the global iGaming industry, with experts predicting significant growth in the sector throughout 2025. As online gambling gains momentum worldwide, South Africa’s regulatory advancements, increasing internet penetration, and growing player base have positioned it as a key market to watch. The country’s iGaming sector has seen a surge in activity, driven by the widespread use of mobile devices and improved access to digital payment solutions. With more players embracing online casinos, sports betting, and esports wagering, operators are expanding their presence in the region to tap into this lucrative market.…
The Federal Government has begun a comprehensive oilfield verification exercise across the Niger Delta, a major initiative that seeks to enhance transparency, strengthen production efficiency, and boost revenue generation from Nigeria’s petroleum resources. The move, spearheaded by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), comes at a critical period when Nigeria is intensifying reforms in its oil sector to meet fiscal targets, tackle inefficiencies, and restore investor confidence. The verification exercise, according to NUPRC officials, will cover both producing and dormant oilfields to determine their true operational status and compliance with the Petroleum Industry Act (PIA). The Commission said the…
MTN Nigeria has committed ₦100 million to its Cloud Accelerator Program, an initiative designed to empower startups across Africa with funding, mentorship, and access to its technological infrastructure. The company announced that the programme will provide early- and growth-stage entrepreneurs with the resources needed to scale their operations more effectively in Nigeria’s rapidly expanding digital economy. The Cloud Accelerator is structured as a 12-week hybrid programme targeting startups that are delivering innovative solutions in fintech, health tech, agritech, AI and data infrastructure, cybersecurity, e-commerce, and digital identity, among other areas. Beyond funding, MTN will provide participants with access to its…
Artificial Intelligence (AI) is revolutionizing the marketing landscape, reshaping how businesses engage with consumers, analyze data, and optimize campaigns. As AI-driven tools become more advanced, companies are leveraging machine learning, automation, and predictive analytics to create highly personalized and efficient marketing strategies. One of the most significant changes AI brings to marketing is enhanced customer targeting. With AI-powered algorithms, businesses can analyze vast amounts of consumer data to identify patterns, preferences, and behaviors. This allows brands to deliver tailored content, recommend products, and anticipate customer needs with unprecedented accuracy. AI is also transforming content creation and management. Automated tools can…
Nigeria’s recent decision by the Central Bank’s Monetary Policy Committee (MPC) to raise the benchmark interest rate has thrust currency and price stability back into the spotlight, eliciting critical reactions from economists, finance professionals, and business leaders alike. With inflation trending upwards and the naira facing renewed pressure in foreign exchange markets, analysts believe that the MPC move will have nuanced effects on both exchange rate volatility and consumer prices in the coming months. At its latest meeting, the MPC raised the monetary policy rate by 200 basis points to 24.5 percent, citing persistent inflationary pressures, particularly from rising food…
Union Bank of Nigeria Plc has successfully redeemed its ₦6.31 billion bond, reinforcing its financial resilience and commitment to prudent debt management in line with its long-term strategic objectives. The redemption, which was finalized this week, marks a significant step toward strengthening the bank’s capital structure and boosting investor confidence in its operations. According to the bank, the bond, which formed part of its medium-term debt issuance program, was fully repaid at maturity, demonstrating the institution’s ability to meet its financial obligations without disruption. The repayment was made to all bondholders in line with agreed terms, a development analysts say…
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has issued a fresh directive to petroleum marketers, instructing them to reconcile and top up any outstanding payments for fuel products as part of measures to stabilise the downstream oil sector. The move comes against the backdrop of rising concerns over price volatility, supply sustainability, and the operational challenges facing the domestic petroleum market. According to the company, the directive is part of its ongoing effort to ensure accountability, transparency, and uninterrupted product distribution across the country. NNPC explained that the settlement of outstanding balances by marketers is essential to maintaining steady…
Nigeria’s finance and insurance sector has continued to show resilience, emerging as one of the strongest contributors to the country’s economic performance, with the latest figures revealing a 16.13% year-on-year growth. The data, released in the latest Gross Domestic Product (GDP) report by the National Bureau of Statistics (NBS), underscores the sector’s rising influence in driving economic activity despite challenges confronting the broader economy. The impressive expansion highlights how reforms, technological innovation, and sustained investment are reshaping financial services in Nigeria. With increased digital adoption, stronger insurance penetration, and higher returns from banking activities, the sector has proven to be…
The MTN Foundation has announced a new initiative aimed at training 6,000 entrepreneurs across Nigeria, reaffirming its long-standing commitment to youth empowerment and economic development. The program, designed to equip participants with essential business skills, access to mentorship, and opportunities for financial inclusion, is expected to significantly impact Nigeria’s small and medium-sized enterprise (SME) sector. Announcing the initiative in Lagos, officials from the MTN Foundation explained that the program will target young Nigerians with innovative business ideas and those already managing small-scale enterprises but in need of guidance to scale their operations. The training will cover business planning, financial literacy,…
The National Pension Commission (PenCom) has rolled out a decisive regulatory reform aimed at tightening governance within Nigeria’s pension industry by banning majority ownership in more than one Pension Fund Operator (PFO). The move, according to the Commission, is designed to prevent conflicts of interest, entrench transparency, and maintain fairness in a sector that now manages assets worth over ₦19 trillion. With the announcement, any shareholder—whether an individual, group, or corporate entity—who already controls majority stakes in one Pension Fund Administrator (PFA), Custodian, or related pension operator, will no longer be permitted to exercise similar control in another. This reform,…