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By Seun Ibiyemi Debt service payments by developing countries soared by 74 billion dollars in 2024 from 847 billion dollars to 921 billion dollars, a new UN report has shown. The report, ‘Confronting the Debt Crisis: 11 Actions to Unlock Sustainable Financing’, was launched on Friday by UN Deputy Secretary-General Amina Mohammed. Mohammed was joined ...
Economic experts have linked Nigeria’s $3.73 billion balance of payments (BOP) surplus in the first quarter of 2025 to the depreciation of the naira and the ramp-up of domestic fuel production from the Dangote Refinery. In its report, the apex bank stated that data from Q1 2025 shows a current account surplus of $3.73 billion, ...
The shareholders of the African Export-Import Bank (Afreximbank) have appointed Dr George Elombi as the next President and Chairman of the Board of Directors of the continental financial institution. Elombi, who was appointed on Saturday, becomes the fourth President to lead the Bank since its establishment in 1993. His appointment was one of the key ...
The Founder and Chairman of Heirs Holdings, Mr Tony Elumelu, says there is a need for solid financial institutions to support the private sector to drive economic transformation in Africa. Elumelu said this at the 32nd Afreximbank Annual Meetings 2025 in Abuja on Friday , while speaking on “Decades of Delivering on a Shared Aspiration. ...
By Seun Ibiyemi The Nigerian Content Development and Monitoring Board (NCDMB) and Dangote Petroleum Refinery and Petrochemical Company have formally inaugurated a Joint Technical Committee (JTC) to strengthen local content implementation during the operational phase of Africa’s largest refinery. The inauguration, held at the Dangote Free Trade Zone in Ibeju-Lekki, Lagos, included the signing of ...
President Bola Ahmed Tinubu today signed into law 4 Tax Bills that are set to revolutionize Nigeria's tax administration
The Nigerian Content Development and Monitoring Board (NCDMB) and the Dangote Petroleum Refinery and Petrochemical Company on Tuesday inaugurated a Joint Technical Committee (JTC) aimed at advancing local content implementation during the operational phase of the 650,000 barrels per day refinery plant The inauguration ceremony which took place on Tuesday at the Dangote Free Trade ...
By Seun Ibiyemi The Nigerian Airspace Management Agency (NAMA) has issued a seven-day ultimatum to oil and gas operators across the country, demanding full compliance with the mandatory payment of helicopter landing levies for air navigation services or risk punitive measures, including the suspension of flight clearances. In a statement signed by its management, NAMA ...
By Seun Ibiyemi The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, has said that bridging the gender gap in financial inclusion could lift up to 700,000 Nigerians out of poverty by the end of the decade. Speaking in Lagos on Wednesday at the United Capital Asset Management Investment Forum, Dr Agama ...
...Launches investment-backed strategy to power Africa’s economic integration By Seun Ibiyemi Africa is making a strategic push to tap into a projected $712 billion digital trade market by 2035 through the African Continental Free Trade Area (AfCFTA), marking a significant shift toward tech-enabled growth, economic integration, and financial independence. Speaking at the 2025 Afreximbank Annual ...
President Bola Tinubu will, on Thursday, sign into law four groundbreaking tax reform bills that will transform Nigeria’s fiscal and revenue framework. This was disclosed in a statement by the Special Adviser on Information and Strategy, Mr Bayo Onanuga today. The four bills, the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue ...
For the first time in its history, Dangote Cement Group has reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of N1.38 trillion, marking a 56 per cent year-on-year increase and surpassing the N1 trillion mark. Earnings per share also rose by 12.3 per cent to N29.74, compared to N26.47 in 2023. In line with ...
The Federal Competition and Consumer Protection Commission (FCCPC) is set to arraign MultiChoice Nigeria Limited, its Chief Executive Officer John Ugbe, and several directors of the company for allegedly obstructing an ongoing investigation and failing to comply with official summons regarding its pay-TV services. According to court documents marked FHC/ABJ/CR/197/2025, filed by the FCCPC legal ...
By Sodiq Adelakun The Lagos State Government has officially launched the Lagos Identity Project, a smart digital house-numbering scheme aimed at transforming property identification and enhancing public service delivery across the state. The initiative was unveiled on Tuesday in Alausa by the Special Adviser to the Governor on Enterprise Geographic Information System (e-GIS), Dr Olajide ...
By Seun Ibiyemi Ecobank Nigeria, a subsidiary of Ecobank Group, has been selected as one of five Nigerian banks to participate in the GET.Invest Enabling Domestic Green Energy (EDGE) Finance Programme. The initiative, funded by European donors, aims to scale up green energy financing and investment across developing nations. A statement by the bank on ...
By Seun Ibiyemi The Nigeria Deposit Insurance Corporation (NDIC) has called for the continued support of the judiciary in overcoming legal hurdles that delay the fulfillment of its mandate to maintain public confidence in the banking sector. Acting Managing Director, NDIC, Mrs Emily Osuji made call on Monday at the opening ceremony of a sensitisation seminar ...
By Seun Ibiyemi The Nigeria Deposit Insurance Corporation (NDIC) has appealed for greater judicial collaboration to address legal bottlenecks that hinder its mandate of safeguarding public confidence in the banking sector. Acting Managing Director of the NDIC, Mrs Emily Osuji, made the appeal on Monday at the opening of a sensitisation seminar for judges of ...
By Seun Ibiyemi The Nigerian Ports Authority (NPA) has projected a revenue target of ₦1.28 trillion for 2025, signalling a 40 per cent increase over the ₦894.86 billion recorded in 2024. Managing Director of the NPA, Mr Abubakar Dantsoho, disclosed this on Monday during the 2025 budget defence session held before the House of Representatives ...
The Federal Airports Authority of Nigeria (FAAN) has announced plans to increase tariffs for all service providers operating across its airports, alongside transitioning to a fully automated and cashless payment system. The move is aimed at strengthening revenue generation and improving operational efficiency. The Director of Commercial and Business Development at FAAN, Mrs Adebola Joy ...
By Seun Ibiyemi The House of Representatives Committee on Customs and Excise has directed the Nigeria Customs Service (NCS) to immediately cease the collection of the 1 per cent Comprehensive Import Supervision Scheme (CISS) levy and the 7 per cent cost of collection charge, declaring both as unlawful and unsupported by existing legislation. Chairman of ...
By Seun Ibiyemi In a landmark effort to enhance maritime safety and expand water transportation, the Lagos State Government has partnered with the Maritime Organization of West and Central Africa (MoCA) and Interferry, a global ferry safety body, to host a regional ferry safety conference in Lagos. The Managing Director of the Lagos State Waterways ...
By Matthew Denis The Federal Inland Revenue Service (FIRS) has unveiled a fresh approach to tax administration, focusing on voluntary compliance and the integration of modern technology to foster transparency, efficiency, and predictability within Nigeria’s tax ecosystem. In a statement issued by Collins Omokaro, Special Adviser on Communications and Advocacy to the Executive Chairman of ...
By Seun Ibiyemi At the opening of the maiden West Africa Economic Summit held at the International Conference Centre in Abuja, Nigerian President and ECOWAS Chairperson, H.E. Bola Ahmed Tinubu, delivered a compelling appeal to regional leaders to reject disunity and usher in a new era of economic integration and collective advancement. Addressing a distinguished ...
