Betano, a leading global sports betting platform, has revealed a ₦50 million prize for the winner of the upcoming season of The Next Titan, Nigeria’s premier entrepreneurial reality TV show. The announcement highlights Betano’s commitment to supporting innovation and entrepreneurship in Nigeria. The Next Titan competition, which has gained widespread recognition for identifying and nurturing young entrepreneurs, will see participants compete for the grand prize, aimed at propelling the winner’s business to new heights. The ₦50 million prize will provide financial support, mentorship, and resources to help the winner grow their business and make a lasting impact in the Nigerian…
Author: Temitope Nlewemchi
A recent report reveals that Generation Z (Gen Z) is increasingly driving the demand for embedded lending solutions, a trend that is reshaping the future of financial services. Embedded lending, which integrates credit offerings directly into the purchasing process on digital platforms, has gained significant traction among younger consumers who seek seamless, flexible, and accessible financial services. Gen Z, known for their tech-savviness and preference for digital-first experiences, is leading the charge towards embedded lending as they prioritize convenience and immediacy in their financial interactions. The report indicates that this demographic is more likely to use lending products that are…
Polo Luxury Group, in partnership with Montblanc, has launched an exclusive new collection in Lagos, showcasing a blend of sophistication and craftsmanship. The unveiling event, held at Polo Luxury’s flagship store, brought together connoisseurs of luxury goods, business leaders, and prominent social figures to celebrate the arrival of Montblanc’s latest offerings. The collection features an array of meticulously crafted items, including writing instruments, leather accessories, and timepieces, designed to appeal to discerning customers who value elegance and quality. Montblanc, renowned for its timeless designs and exceptional craftsmanship, has consistently set benchmarks in the global luxury market, and this new collection…
LG Electronics has unveiled a special Christmas movie package to enhance the holiday experience for families and entertainment enthusiasts. The package, which includes cutting-edge home entertainment devices and exclusive content options, is designed to bring the magic of the festive season into homes. Announcing the initiative, LG emphasized its commitment to providing innovative solutions that cater to the evolving needs of its customers. The Christmas movie package features discounted prices on select smart TVs, soundbars, and projectors, offering consumers the ultimate cinematic experience at home. In addition to the hardware, LG has partnered with streaming platforms to provide access to…
A $2.4 billion asset sale by Shell in Nigeria has emerged as the largest merger and acquisition (M&A) transaction in Africa this year, according to a recent report. The deal, part of Shell’s divestment strategy, underscores the growing trend of multinational oil and gas companies reducing their onshore operations in Nigeria to focus on offshore assets and cleaner energy initiatives. The sale involves several onshore oilfields and associated infrastructure, which Shell is transferring to local and regional operators. Analysts view this divestment as a strategic move to mitigate risks associated with onshore operations, including environmental liabilities, regulatory pressures, and community-related…
The combined market capitalization of eight leading Nigerian banks has surged to ₦7.2 trillion, reflecting increased investor confidence and strong performance in the financial sector. The significant growth underscores the resilience of the banking industry amidst economic headwinds and evolving market dynamics. The eight banks, which include some of Nigeria’s most prominent financial institutions, have seen their share prices rise steadily in recent months. Analysts attribute this growth to improved earnings, robust risk management practices, and strategic investments in digital banking solutions that have enhanced operational efficiency and customer engagement. Investors have shown renewed interest in the banking sector, buoyed…
Lasaco Assurance Plc has called on its customers with unresolved claims to come forward for immediate resolution. The insurance company, in a recent statement, emphasized its commitment to ensuring prompt payment of claims while fostering transparency and trust with policyholders. The initiative aims to address pending claims and enhance customer satisfaction. Lasaco Assurance encouraged affected clients to visit its offices or utilize its digital platforms to submit necessary documentation and expedite the claims process. The company reassured customers of its dedication to fulfilling obligations and maintaining industry standards. “We understand the importance of timely claims settlement to our customers, and…
Seasonal businesses play a critical role in bolstering Nigeria’s economy and providing income opportunities for families, according to economic analysts. These businesses, which thrive during specific periods such as festive seasons, agricultural harvests, and school reopening periods, offer significant contributions to both local economies and individual livelihoods. Analysts highlighted that seasonal businesses, ranging from retail and hospitality to event planning and agriculture, inject much-needed liquidity into the economy. By meeting heightened consumer demand during peak seasons, these enterprises create jobs, increase spending, and support ancillary sectors. For many families, seasonal businesses serve as a vital source of supplemental income. “The…
Nigeria’s foreign exchange (forex) market recorded a significant turnover of ₦23.9 trillion, driven by heightened investor activity. The surge in transactions is attributed to increased participation by domestic and foreign investors seeking opportunities within the country’s evolving forex landscape. According to industry data, the sharp increase in market turnover reflects efforts by market players to adapt to regulatory adjustments and global economic trends. Analysts believe that recent policy changes by the Central Bank of Nigeria (CBN) aimed at liberalizing the forex market have encouraged more activity, despite ongoing liquidity challenges. The ₦23.9 trillion turnover highlights the robust demand for forex…
A former president of the Chartered Institute of Bankers of Nigeria (CIBN) has called on Nigerians to embrace entrepreneurship as a means of navigating the country’s challenging economic climate. Speaking at a recent economic forum, the ex-CIBN leader highlighted the critical role of small and medium enterprises (SMEs) in fostering economic resilience, creating jobs, and driving innovation. In his remarks, the former president emphasized that while the current economic situation poses significant challenges—such as high inflation, unemployment, and dwindling purchasing power—entrepreneurship offers a viable path to self-sufficiency and economic recovery. “Entrepreneurship is not only a solution for individual economic empowerment…
The Federal Government has reaffirmed its commitment to leveraging free trade zones (FTZs) to enhance Nigeria’s export capacity and drive economic growth. During a recent meeting with key stakeholders in the manufacturing sector, government officials highlighted the strategic role of FTZs in promoting industrialization, attracting foreign investment, and increasing the competitiveness of Nigerian-made goods in international markets. The government explained that free trade zones provide manufacturers with numerous incentives, including tax exemptions, duty-free imports of raw materials, and access to world-class infrastructure. These benefits are designed to reduce production costs, encourage innovation, and create an enabling environment for businesses to…
A recent report has disclosed that ₦18 billion has been expended on agricultural road and rural electrification projects across Nigeria. The investment, which is part of broader efforts to improve rural infrastructure, aims to boost agricultural productivity, enhance access to markets, and improve the quality of life in underserved communities. The projects include the construction and rehabilitation of farm access roads as well as the installation of electrification systems in rural areas. These initiatives are expected to address long-standing challenges such as poor road connectivity, which often leads to high post-harvest losses, and the lack of electricity, which limits economic…
The African Development Bank (AfDB) has revealed that African countries, including Nigeria, are losing an estimated $1.6 billion daily due to illicit financial flows (IFFs). These outflows, which include illegal tax evasion, corrupt practices, and the movement of illicit funds across borders, have detrimental effects on the continent’s economic stability, development prospects, and efforts to combat poverty. According to the AfDB, these illicit flows are primarily driven by activities in sectors such as mining, oil, and gas, where companies and individuals often exploit loopholes in financial systems and evade taxes. The report highlights that Nigeria, as Africa’s largest economy, bears…
The Central Bank of Nigeria (CBN) has attributed the significant decline in the country’s oil revenues to the deterioration of the nation’s ageing oil pipelines. According to the CBN, the continued degradation of critical infrastructure has led to frequent oil theft, pipeline vandalism, and a reduction in production capacity, all of which have significantly impacted Nigeria’s oil exports and, by extension, its revenue generation. In a recent statement, the CBN emphasized that while global oil prices have remained relatively stable, the country’s oil sector has struggled with consistent underperformance. The CBN’s report pointed out that the persistent issues with pipeline…
The Central Bank of Nigeria (CBN) has granted approval for Sterling Holding Company (Sterling HoldCo) to raise an additional N75 billion in capital, further strengthening the financial position of the company. This approval comes as part of the CBN’s ongoing efforts to ensure that banks and financial institutions have adequate capital buffers to support economic growth and enhance financial stability in Nigeria. Sterling HoldCo, which operates a diverse portfolio in banking, asset management, and insurance, will use the newly approved funds to expand its operations, improve service delivery, and increase its capacity to provide financial solutions across various sectors. The…
China and Nigeria have successfully renewed their $2 billion currency-swap agreement, a move aimed at boosting trade and stabilizing the naira amid ongoing economic challenges. The deal, which was originally signed in 2018, allows both countries to exchange their currencies directly, bypassing the need for third-party currencies like the US dollar in trade transactions. This initiative is expected to enhance bilateral trade, reduce currency volatility, and provide greater financial flexibility for businesses in both nations. Under the terms of the renewed agreement, Nigeria will continue to use the Chinese yuan to settle trade and business transactions with China, while China…
Zinox Group, a leading technology company, has urged young entrepreneurs to steer clear of corporate blackmail as a means of advancing their business interests. The advice was given during a recent entrepreneurship seminar where Zinox executives emphasized the importance of ethical conduct in building sustainable businesses and fostering long-term success. The company expressed concerns over a growing trend where some individuals and businesses resort to unscrupulous tactics, including disseminating false claims or leveraging undue pressure to gain advantage in competitive markets. Such practices, Zinox warned, not only harm the reputation of the perpetrators but also undermine trust within the broader…
A recent report has disclosed a 12% decline in total transactions on the Nigerian Exchange (NGX), amounting to ₦422 billion for the review period. This downturn underscores reduced trading activity in both domestic and foreign investor segments, raising concerns about market sentiment and economic conditions. The report indicates that the decrease was driven by a combination of factors, including macroeconomic uncertainties, inflationary pressures, and subdued foreign investor participation. Analysts suggest that the persistent depreciation of the naira and high-interest rates have made the equities market less attractive compared to fixed-income instruments, leading to a shift in investor preferences. Domestic investors…
The Sterling One Foundation has announced the expansion of its environmental sustainability program, reinforcing its commitment to addressing pressing ecological challenges in Nigeria. The initiative, which focuses on promoting sustainable practices and restoring natural ecosystems, aims to create lasting environmental and social impact. The expanded program includes tree-planting campaigns, waste management initiatives, and community-based environmental education. According to the foundation, these efforts are designed to mitigate climate change, combat deforestation, and encourage responsible environmental stewardship across communities. Speaking at the launch of the expanded initiative, the CEO of Sterling One Foundation emphasized the urgency of addressing environmental issues. “Climate change…
A forward-thinking firm has intensified its support for small and medium enterprises (SMEs) in Africa, reaffirming its commitment to fostering intra-African trade and economic growth. The initiative is part of its strategic plan to empower SMEs, which are widely regarded as the backbone of the continent’s economy, and enhance their participation in regional and international markets. The company has introduced a series of programs aimed at providing SMEs with access to financing, mentorship, and capacity-building opportunities. These efforts are designed to help small businesses overcome common challenges such as limited resources, market access, and regulatory hurdles, enabling them to scale…