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Story behind the figures
The Nigerian National Petroleum Company Limited (NNPC Ltd) has delivered a landmark financial performance for the 2024 fiscal year, posting record-breaking revenue and profit figures. The results underscore the impact of higher crude output, sector-wide reforms under the Petroleum Industry Act (PIA), and the strategic emergence of domestic refining capacity, most notably the Dangote Petroleum ...
Economy
The Waterfront Boat Owners and Transporters Association of Nigeria (WABOTAN) has congratulated President Bola Ahmed Tinubu, the Minister of Marine and Blue Economy, Adegboyega Oyetola, and the former Managing Director of the Nigerian Inland Waterways Authority (NIWA), Bola Oyebamiji, on Nigeria’s resounding return to Category C of the International Maritime Organization (IMO) Council. The congratulatory ...
Maritime and Blue Economy
Nigeria on Friday, 28th November 2025, secured a landmark victory as the country was elected into Category C of the International Maritime Organization (IMO) Council for the 2026–2027 biennium. The election, held during the IMO General Assembly in London, marks Nigeria’s triumphant return to the Council after a 14-year absence, restoring the nation’s global standing ...
Business
The Board of Directors of the African Development Bank (AfDB) Group has approved a $500 million loan facility for Nigeria to finance the second phase of the Federal Government’s Economic Governance and Energy Transition Support Programme. The approval was announced by the Director-General of the AfDB’s Nigeria Country Department, Abdul Kamara, in a statement published ...
Money market
The National Insurance Commission (NAICOM) has announced July 2026 as the final deadline for insurance and reinsurance companies to obtain licenses by meeting the new Minimum Capital Requirement (MCR), the Commission said on Thursday. The Commissioner for Insurance, Mr. Olusegun Omosehin said the deadline also marks the cut-off for companies to comply with the MCR, after ...
Business Direct
The Nigerian equities market suffered further losses on Wednesday as investors collectively shed N444 billion following widespread declines across several major stocks. The downturn was triggered by a slump in the share prices of companies such as Learn Africa, Cadbury, and Meyer, among others. This dragged the benchmark All-Share Index (ASI) down to 143,064.57 points, ...
Business Direct
The chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele has said that the Federal Government will review the newly introduced 30 percent Capital Gains Tax (CGT) to at least 25 percent by 2026, as part of broader efforts to make Nigeria’s tax environment more competitive and investment-friendly. Speaking at Stanbic IBTC’s ...
Business Direct
The chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele has said that the Federal Government will review the newly introduced 30 percent Capital Gains Tax (CGT) to at least 25 percent by 2026, as part of broader efforts to make Nigeria’s tax environment more competitive and investment-friendly. Speaking at Stanbic IBTC’s ...
Capital Market
VFD Group Plc has announced that the Securities and Exchange Commission (SEC) has approved an extension of its ongoing ₦50,673,964,000 Rights Issue, allowing the offer to remain open until 26 December 2025. The extension follows strong investor interest and increasing participation from retail shareholders, institutional investors, and members of the diaspora. According to the Company, ...
Capital Market
The Central Bank of Nigeria (CBN) is witnessing a major lift in foreign exchange (FX) market confidence following a series of reforms aimed at diversifying inflows and improving liquidity under the leadership of Governor Olayemi Cardoso. A key driver of this improvement has been the bank’s strategic work to strengthen diaspora remittances, one of Nigeria’s ...
Money market
Nigeria’s Debt Management Office (DMO) has announced a strong investor turnout at its November 2025 Federal Government bond auction, with bids totaling about N657 billion, exceeding the combined offer size of N460 billion by more than 120 pet cent. The auction, conducted on 24 November 2025 and set for settlement on 26 November, involved the ...
Maritime and Blue Economy
The Shipowners Association of Nigeria (SOAN) has hailed the Nigerian Maritime Administration and Safety Agency (NIMASA) for ongoing reforms that continue to strengthen the nation’s maritime industry. SOAN President, Mr. Sonny Eja, gave the commendation when he led members of the Association’s executive committee on a working visit to the NIMASA headquarters. He reaffirmed SOAN’s ...
Maritime and Blue Economy
The Government of the People’s Republic of China has pledged robust technical and diplomatic backing for Nigeria’s ambitions to modernise and fully automate operations across its seaports, marking a deepening strategic partnership between both nations in the maritime sector. The commitment was delivered during the week by China’s Vice Minister of Transport, Mr Li Yang, ...
Capital Market
The Nigerian capital market is poised for a transformative shift as regulators and operators finalize the adoption of a T+2 settlement cycle. Scheduled for implementation by the Central Securities Clearing System (CSCS) Plc on November 28, 2025, this new system ensures securities transactions are concluded just two business days after a trade. Aligning Nigeria with ...
Business
...Foreign-exchange reserves rise 9.19% to $46.7bn ...Nigeria records N2.06trn VAT in Q2 2025 — NBS The Central Bank of Nigeria has left the Monetary Policy Rate unchanged at 27 per cent, explaining that earlier tightening measures are beginning to show results and that maintaining stability is essential for the next phase of economic recovery. The ...
Economy
The Central Bank of Nigeria (CBN) has issued a new directive defining how Financial Holding Companies (FHCs) and their subsidiary banks must calculate their minimum paid-up capital. The CBN directive ends weeks of confusion that had stalled the release of several lenders’ financial results for the half-year and nine-month periods. In a circular issued recently, ...
NewsDirect Insights
Think of these ports as the ultimate shipping hubs. They're not just docks, they're the massive gateways moving cars, clothes, food, and petrochemicals across the world. Sitting right on the Strait of Gibraltar (where the Atlantic meets the Mediterranean!), it is Africa’s #1 container port, moving over 10 million twenty‐foot equivalent units (TEUs) a year! ...
News
The Nigerian Maritime Administration and Safety Agency (NIMASA) has unveiled a groundbreaking Public Private Partnership (PPP) model for maritime decarbonization with the launch of the Nigerian Maritime Continuous Emissions Monitoring System, showcased at the 2025 UN Climate Change Conference (UNFCCC COP 30) in Belém, Brazil. NIMASA made the presentation during a side event it hosted ...
Story behind the figures
First HoldCo Plc delivered a mixed financial performance in the first half of 2025, creating a narrative of two halves, a robust strengthening of fundamentals and asset expansion, countered by significant operating pressures and a sharp decline in bottom-line earnings. As the institution accelerates efforts to exit regulatory forbearance, its H1 2025 results highlight substantial ...
News
Nigeria has intensified its final round of diplomatic outreach ahead of next week’s election into Category C of the International Maritime Organization (IMO) Council, with the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, leading a strong appeal to member states at a high-level luncheon held on Thursday at the IMO headquarters in London. ...
