Reporter
2,051 stories
Business Direct
The Sea Empowerment and Research Centre (SEREC) has raised fresh concerns over Nigeria’s failure to implement the International Cargo Tracking Note (ICTN), warning that the delay is costing the country an estimated N900 billion annually in revenue leakages. The organisation made this known in a policy commentary titled “The Urgent Imperative of Implementing the ICTN ...
Money market
The Central Bank of Nigeria (CBN) has disowned an entity operating under the name Zuldal Microfinance Bank Limited, warning that the organization is neither licensed nor authorized to conduct any form of banking or microfinance business in the country. In a statement issued by Acting Director of Corporate Communications, the apex bank, Hakama Sidi Ali said ...
Capital Market
Nigeria’s public debt is approaching unsustainable levels, with capital market experts cautioning that rising debt servicing costs, weak revenue generation, and structural inefficiencies are putting significant strain on the nation’s finances. The warnings were issued during the Capital Market Academics of Nigeria (CMAN) Q4 2025 Virtual Symposium. While official figures suggest Nigeria’s debt-to-GDP ratio remains ...
Capital Market
The recently introduced Capital Gains Tax (CGT) is expected to make Nigeria’s capital market more competitive and investor-friendly, according to officials and market experts. The remarks were made during an online public lecture organized by the Capital Market Academics of Nigeria (CMAN) on Wednesday. The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, ...
Capital Market
Zenith Bank Plc has dismissed reports circulating in the media suggesting it is in the process of acquiring Paramount Bank in Kenya as part of a planned expansion into the East African market. In a statement signed by the Company Secretary, Michael Osilama Otu, and released to the Nigerian Exchange Limited (NGX), the bank’s shareholders, ...
Aviation
The Nigeria Civil Aviation Authority (NCAA) has imposed a ₦5 million fine on Qatar Airways over what it described as persistent consumer protection breaches and disregard for Nigerian passengers and regulatory directives. The sanction follows multiple unresolved complaints and the airline’s alleged refusal to comply with regulatory determinations issued by the NCAA. Announcing the penalty ...
News
The Executive Secretary/CEO of the Nigerian Shippers Council (NSC), Dr. Pius Ukeyima Akutah, has warned that the frequent issuance of detention orders by officers of the Nigerian Police Force (NPF) on cargoes at the nation’s seaports is worsening delays, increasing demurrage charges, and driving up the cost of doing business in Nigerian ports. Speaking in ...
Capital Market
Nigeria’s stock market continued its downward slide on Tuesday, recording a 0.12 per cent decline as intensified sell pressure across mid- and small-cap stocks dampened overall sentiment. The session was marked by cautious trading, with investors reacting to persistent uncertainties in the broader market, which weighed on sector performance and weakened risk appetite. Market capitalisation ...
Capital Market
Dangote Cement Plc has announced the opening of a Series 1 and Series 2 Commercial Paper (CP) issuance valued at up to ₦100 billion under the company’s ₦500 billion Commercial Paper Issuance Programme. The offer made known by Afrinvest Securities Limited is part of Dangote Cement’s strategy to deepen its short-term liquidity position and support ongoing operational ...
Capital Market
Nigeria’s foreign reserves have climbed to $46.7 billion, marking the highest level in seven years, the Central Bank of Nigeria (CBN) has revealed. The rise is attributed to renewed investor confidence, stronger oil receipts, and improved balance-of-payments inflows. CBN Governor Olayemi Cardoso, represented by Deputy Governor Dr. Muhammad Abdullahi, disclosed the milestone at the 20th ...
Maritime and Blue Economy
The Nigerian Maritime Administration and Safety Agency (NIMASA) has reaffirmed its commitment to bolstering maritime security and enhancing inter-agency cooperation following a courtesy visit by the Assistant Inspector-General of Police in charge of Maritime, AIG Chinedu Oko, and the Commissioner of Police, Ports Authority Police (Western) Command, CP Toyin Agbaminoja. The visit, which took place ...
Maritime and Blue Economy
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has approved the appointment of Barrister Adenike Adeyele Iyelolu as the new Registrar of Ships for the Federal Republic of Nigeria. Her appointment, which is for a four-year tenure, was made on the recommendation of the Director General of the Nigerian Maritime Administration and Safety Agency ...
News
President Bola Tinubu has described the leading gubernatorial aspirant of the All Progressives Congress (APC) in the forthcoming Osun State governorship primary, Asiwaju Munirudeen Bola Oyebamiji (AMBO), as a loyal party man , trusted associate whose leadership, intellect, and integrity have remained invaluable to the development of Osun State and Nigeria. In a statement signed ...
News
Afrinvest Securities Limited has announced the opening of the Series 1 and Series 2 Commercial Paper (CP) issuance by Dangote Cement Plc, valued at up to ₦100 billion under the company’s N500 billion Commercial Paper Issuance Programme. The offer, now open to qualified investors, is part of Dangote Cement’s strategy to deepen its short-term liquidity ...
Oil & Gas
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has urged media practitioners to continue providing accurate, development-focused reporting on Nigeria’s oil and gas sector, emphasizing the critical role of the press in fostering transparency and attracting investment. The Commission Chief Executive (CCE) of NUPRC, Engineer Gbenga Komolafe (D. Sc), OFR, FNSE, who was represented by the ...
Capital Market
..as CPPE calls for structural reforms to sustain relief Nigeria’s inflation rate continued its downward trajectory in October 2025, dropping for the seventh consecutive month to 16.1 percent, according to the latest data released by the National Bureau of Statistics (NBS). The figure came in lower than many analysts had forecast, reinforcing expectations of improved ...
Business
The Nigerian Maritime Administration and Safety Agency (NIMASA) has described the newly launched Maritime Labour E-Platform as a major step toward enhancing efficiency, transparency, and global competitiveness in the country’s maritime labour system. This was stated in statement made available to NewsDirect by Deputy Director/Head, Public Relations, NIMASA, Osagie Edward. At a sensitization workshop held in Lagos, ...
Business Direct
The Centre for the Promotion of Private Enterprise (CPPE) has warned that the Federal Government’s suspension of the 15 percent import duty on petrol and diesel could undermine Nigeria’s domestic refining capacity, weaken investor confidence, and expose the economy to renewed energy vulnerabilities. This was contained in a policy brief released on Sunday by the ...
Capital Market
The naira closed the second week of November largely flat across key foreign exchange markets, even as Nigeria’s external reserves continued to climb, providing some support for the domestic currency amid persistent demand pressures. Data from the Central Bank of Nigeria (CBN) showed that the naira ended trading on Friday at N1,442.43 per dollar, marking ...
Story behind the figures
Fidelity Bank Plc’s strategic efforts to expand its business footprint paid off handsomely in the first half of 2025, resulting in solid expansion across core business activities and a strengthened capital base. The interim financial statements for the half year ended June 30, 2025, reveal impressive growth in interest income, customer deposits, and lending activities, ...
