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President of Dangote Industries Limited, Aliko Dangote, has unveiled an ambitious roadmap to expand the group’s cement production capacity to approximately 90 million tonnes and more than double the Dangote Refinery’s output to 1.4 million barrels per day (bpd) by 2030. Dangote disclosed these strategic targets in Lagos during the company's 2026 Distributors’ Awards Night, ...
The Nigerian Exchange Limited (NGX) has admitted an additional 3.16 billion ordinary shares of United Bank for Africa (UBA) Plc to its Daily Official List, signalling a significant boost to the bank’s market capitalisation and deepening liquidity in the capital market. The NGX confirmed the listing in a letter dated January 12, 2026, signed by ...
The Central Bank of Nigeria (CBN) has declared that the nation's economy is showing signs of a significant turnaround, driven by the deep structural reforms introduced by the Tinubu administration. Speaking at the Hadiza Bala Usman @50 Governance Colloquium in Abuja on Tuesday, the Deputy Governor of the CBN in charge of Economic Policy, Muhammad ...
The World Bank has revealed that the global economy is displaying greater resilience than previously anticipated, defying persistent trade tensions and widespread policy uncertainty. This assessment is contained in its latest Global Economic Prospects report released on Tuesday. The report projects global growth to ease slightly to 2.6 percent in 2026 before rising to 2.7 ...
The National Bureau of Statistics (NBS) has alerted Nigerians to expect an artificial spike in the December 2025 inflation figures, attributing the projected surge to a technical base effect from the Consumer Price Index (CPI) rebasing rather than worsening economic fundamentals. This clarification came as investment banking firm, CardinalStone Partners, projected a significant easing of ...
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola (CON), has renewed his call to state governments to urgently ban the use of wooden boats for commercial transportation, citing their high susceptibility to accidents. Reacting to recent tragic boat mishaps that have claimed lives across the country, Oyetola described the recurring incidents as painful ...
The Nigeria Deposit Insurance Corporation (NDIC) has declared a second liquidation dividend of ₦24.3 billion for depositors of the defunct Heritage Bank Limited, marking another milestone in the reimbursement process following the revocation of the bank’s operating licence. The Central Bank of Nigeria (CBN) withdrew the bank’s licence on June 3, 2024, appointing the NDIC ...
In a major policy shift validating persistent advocacy for consumer protection, the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have released a comprehensive framework to address consumer complaints arising from unsuccessful airtime and data transactions. The development comes on the heels of a series of investigative reports and escalations by NewsDirect, ...
President Bola Tinubu has commended corporate Nigeria, investors and other stakeholders for pushing the Nigerian Exchange (NGX) past the historic ₦100 trillion market capitalisation mark, describing the feat as a clear signal of renewed confidence in the nation’s economy. The President, who urged Nigerians to deepen investments in the local economy, assured that 2026 would ...
Bayelsa State Governor, Douye Diri is celebrating the impressive half year budget performance of his administration released by the International Centre for Investigative Reporting (ICIR) for 2025. The ranking released in October 2025, indicated that the state recorded the best performance across Nigeria in budget implementation and transparency with number 1 spot at 49.4 per ...
By Seun Ibiyemi The Federal Government has announced a strategic target to raise Nigeria’s revenue-to-GDP ratio from the current 12.5 per cent to 18 per cent by 2030, as part of efforts to ensure long-term economic sustainability. The Minister of State for Finance, Hon. (Dr.) Doris Nkiruka Uzoka-Anite, disclosed this in a statement released via ...
United Bank for Africa (UBA) Plc has successfully raised N178.3 billion through a recently concluded rights issue, pushing its capital base above the N500 billion minimum requirement for Tier 1 banks with international licences. The bank disclosed this in information released after the close of the rights issue in September 2025. The latest fundraising builds ...
First HoldCo Plc says its commercial banking subsidiary, First Bank of Nigeria Ltd., has met the Central Bank of Nigeria’s N500 billion minimum capital requirement. The disclosure was made in a statement on Wednesday by Mr Olayinka Ijabiyi, Acting Group Head, Marketing and Corporate Communications, FirstBank. Ijabiyi said the milestone followed strategic capital initiatives, including ...
The Tony Elumelu Foundation (TEF) has officially opened applications for its 2026 TEF Entrepreneurship Programme, inviting ambitious young founders from all 54 African countries to apply via TEFConnect. Successful applicants will receive US$5,000 in non-refundable seed capital, intensive business training, mentorship, and direct access to Africa’s largest entrepreneurship network. Since its inception in 2015, the ...
By Seun Ibiyemi The Federal Airports Authority of Nigeria (FAAN) has reported a total of 4.33 million international passenger movements across the country’s major airports from January to December 2024, representing a 6.48 per cent increase from the 4.07 million recorded in 2023. The figures were disclosed in FAAN’s Harmonised Passenger Movement report on Tuesday ...
The Federal Ministry of Power has stated that calls to investigate the alleged diversion of N128 billion from the Ministry have no bearing on its current operations or financial activities. The clarification came from Bolaji Tunji, Special Adviser on Strategic Communications and Media Relations to Adebayo Adelabu, Minister of Power, following a recent request by ...
The Board of Odu’a Investment Company Limited (OICL) has announced the appointment of Mr. Abiodun Olamide Bamiduro as Executive Director and Group Chief Financial Officer (GCFO), effective January 2, 2026. In a move described as a reinforcement of the company's commitment to financial excellence and internal leadership development, Bamiduro has been promoted from his previous ...
Nigeria’s equities market hit a historic milestone on Monday, January 5, 2026, as the total market capitalisation of listed stocks on the Nigerian Exchange Limited (NGX) surpassed N100 trillion for the first time. The record achievement coincided with the start of a year set to test investor reactions to the country’s new tax laws, which ...
By Seun Ibiyemi The Centre for the Promotion of Private Enterprise (CPPE) has described Nigeria’s ongoing tax reform as one of the most ambitious fiscal restructuring efforts in recent decades but warned that its success will depend largely on careful, pragmatic implementation rather than legislative design alone. In a statement issued yesterday by its Chief ...
...as CBN pledges refined inflation-targeting framework By Seun Ibiyemi The Central Bank of Nigeria (CBN) has signaled a tougher regulatory stance for the financial technology sector in 2026, warning that it will enforce strict measures to curb irresponsible practices and poor governance among fintech operators. Setting the tone for the new fiscal year, the CBN ...
The Budget Office of the Federation has reaffirmed the integrity of Nigeria’s newly enacted Tax Reform Acts, cautioning against what it described as governance by speculation and unverified claims following allegations of post-passage alterations. In a statement issued on Wednesday, the Budget Office said it had taken note of concerns raised by the Minority Caucus ...
The Chairman of the Nigerian Exchange Group (NGX), Dr. Umaru Kwairanga, has called on the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and other policymakers to harmonise regulatory frameworks ahead of 2026 to boost investor confidence and market stability. Speaking with newsmen on Monday, Kwairanga stressed the importance of clear and ...
By Seun Ibiyemi The Nigerian equities market kicked off the week on a high note on Monday, following the Christmas holiday, as investors collectively gained N542 billion, extending the market’s bullish run to 11 consecutive sessions. Analysts have described the sustained rally as a “Santa Claus” effect. Major stocks, including Austinlaz, Ecobank Transnational Incorporated (ETI), ...
