Reporter
2,051 stories
Capital Market
Banks across Nigeria are urging the Federal Government to introduce tax incentives and reliefs for financial institutions that channel funds into infrastructure and mining projects—drawing on models already adopted in countries such as China and Brazil. The appeal was made by Mr Oliver Alawuba, Chairman of the Body of Banks’ Chief Executive Officers and Group ...
News
The Federal Government has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence the long-overdue disbursement of the $350 million Cabotage Vessel Financing Fund (CVFF). The order, issued by the Minister of Marine and Blue Economy, Adegboyega Isiaka Oyetola, marks a major shift after more than two decades of administrative inaction. Created under ...
Business
...As qualified applicants set to access up to $25m The Federal Government has directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to commence the long-overdue disbursement of the $350 million Cabotage Vessel Financing Fund (CVFF). The order, issued by the Minister of Marine and Blue Economy, Adegboyega Isiaka Oyetola, marks a major shift after ...
Energy
The Federal Government has disclosed that plans are underway to address the N4 trillion debt owed to electricity generation companies (GenCos) for power already supplied to the national grid. This was confirmed by the Special Adviser on Strategic Communications and Media Relations to the Minister of Power, Mr Bola Tunji, during an interview with journalists ...
Business
The House Committee on Midstream has summoned petroleum depots that failed to meet regulatory standards, instructing them to present comprehensive working documents in Abuja within seven days. This announcement was made on Tuesday through the official X, formerly Twitter, handle of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The summons comes after a ...
News
The Transmission Company of Nigeria (TCN) has successfully restored bulk power supply through its 132 Kilovolt (KV) Owerri-Ahoada transmission line to the national grid. Mrs Ndidi Mbah, TCN’s General Manager for Public Affairs, confirmed in a statement on Monday in Abuja that the line was reconnected to the grid at approximately 6 p.m. on April ...
Capital Market
The Securities and Exchange Commission (SEC) has issued a firm warning to Nigerians over the use of CBEX, a digital asset trading platform operating in the country, stating that any such platform not registered with the Commission is considered illegal. This declaration follows widespread concern over the weekend, when several users reported being unable to ...
Business
...As Sanwo-Olu applauds Avon Medical …Calls for more private investment in Nigeria’s health sector Avon Medical has officially opened its state-of-the-art medical facility in Lagos, a major step forward in its mission to improve healthcare access and standards across Nigeria. The launch marks a significant milestone for the company, which has steadily expanded its footprint ...
Capital Market
The Nigerian stock market kicked off the week on a subdued note on Monday, as key performance indices edged down by 0.03 per cent. Specifically, the Nigerian Exchange Ltd. (NGX) saw its market capitalisation decline by ¦ 21 billion, slipping to ¦ 65.685 trillion from ¦ 65.706 trillion recorded on Friday. Likewise, the All-Share Index ...
Money market
As Nigeria accelerates its pursuit of a $1 trillion economy by 2030, the Central Bank of Nigeria (CBN) has reaffirmed the pivotal role of the banking industry in driving this transformation. Speaking at a seminar for finance correspondents and business editors in Abuja on Monday, the CBN’s Director of Banking Supervision, Olubukola Akinniyi Akinwunmi, underscored ...
Business
Power Generation Companies (GenCos) in Nigeria have issued a stark warning that electricity production may grind to a halt unless the federal government urgently settles outstanding debts amounting to over ¦ 4 trillion. In a statement released on Monday in Abuja, the Chairman of the GenCos Board of Trustees, Colonel Sani Bello (Rtd), said the ...
Money market
The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) has called on the Central Bank of Nigeria (CBN) to step up its commitment to shielding indigenous enterprises and the wider industrial sector from looming collapse. This appeal was made by the ECCIMA President, Chief Odeiga Jideonwo, during the CBN Special Day at the ongoing ...
Energy
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the nation’s crude oil reserves stood at 37.28 billion barrels (bb) as of 1 January 2025. The Commission also confirmed that Nigeria’s natural gas reserves had reached a substantial 210.54 trillion cubic feet (tcf), marking a slight increase from the previous year. The Commission Chief ...
Capital Market
Investors in Nigeria’s equities market witnessed a substantial loss of N440 billion over the just-concluded trading week at the Nigerian Exchange (NGX), following a turbulent series of sessions marked by more downswings than gains. This decline comes on the heels of the previous week’s performance, where investors had recorded a modest profit of N110 billion. ...
Capital Market
The Nigerian stock market rounded off the trading week on a downbeat note, as key performance indicators edged lower on Friday due to renewed selling pressure from investors. Specifically, the market capitalisation of the Nigerian Exchange Ltd. (NGX) declined by N141 billion, or 0.21 per cent, to settle at N65.706 trillion, a drop from the ...
Aviation
The federal government has called for increased support and investment in infrastructure to facilitate the transition from fossil fuels to cleaner energy sources within the aviation sector. The aviation industry is currently estimated to contribute around 2.5 per cent of global carbon emissions. The Minister of Aviation and Aerospace Development, Festus Keyamo, acknowledged that the ...
Energy
The Nigerian Electricity Regulatory Commission (NERC) has imposed fines totalling ¦ 628,031,583.94 on eight Electricity Distribution Companies (DisCos) for failing to comply with the rules on the capping of estimated bills issued to unmetered customers. This development was announced in a statement published on the Commission’s official website in Abuja on Thursday. The affected DisCos ...
Business
The owners of APM Terminals Apapa have reaffirmed their dedication to investing $500 million in the expansion of their operational footprint in Nigeria, a move poised to significantly enhance port infrastructure and boost trade activity. In addition, APM Terminals announced a close partnership with the Nigeria Customs Service to inject a further $10 million into ...
Energy
The Dangote refinery has informed marketers and its customers of a downward review of its ex-gantry loading cost to N865 per litre. The new price is a reduction of N15 from N880 per litre sold by the facility on Wednesday and is coming barely 24 hours after the Federal Executive council (FEC) ordered the continuation ...
Crime
The Nigeria Customs Service (NCS), Federal Capital Territory (FCT) Command, has intercepted a large consignment of tramadol valued at over ₦8.6 billion at the Nnamdi Azikiwe International Airport, Abuja as part of its significant anti-smuggling effort. The seizure, made on Saturday, 5 April 2025, was unveiled during a press briefing at the airport's Cargo Terminal. ...
