Latest in
Peter Obi, the presidential candidate, has condemned what he called the “institutionalised betrayal” of Nigerians following revelations by the Senate that ₦210 trillion in funds linked to the Nigerian National Petroleum Company (NNPC) Limited remain unaccounted for between 2017 and 2023, an amount more than double the country’s total budgets within the same period. The ...
Fitch Ratings has sounded the alarm over mounting risks facing Nigerian banks, citing their heavy exposure to government debt as a major vulnerability. According to the agency, an estimated 35 percent of the banking sector’s total assets are invested in sovereign-related instruments such as treasury bills, bonds, and unremunerated reserves. More strikingly, these exposures amount ...
The Securities and Exchange Commission (SEC) has banned independent directors of public companies from transitioning into Executive Director roles within the same company or group. In a circular to public companies and capital market operators in Abuja on Friday, the Commission said the practice undermined the principle of board independence and weakened the value of ...
The Securities and Exchange Commission (SEC) has issued a stern warning regarding two cryptocurrency products—Zugacoin and Samzuga GPT—stating that they are not licensed to operate within Nigeria’s financial market. In an official statement on Wednesday, the commission disclosed that it became aware of online promotions advertising Zugacoin, including variants such as SZCB and SZCB2, alongside ...
The Federal Government has restated its commitment to strengthening mutual trust and collaboration between the Nigerian Armed Forces and the civilian population, as part of a broader strategy to reinforce national security and cohesion. This position was conveyed by the Honourable Minister of Information and National Orientation, Mohammed Idris, fnipr, during the opening ceremony of ...
By Seun Ibiyemi The Nigerian power sector is facing renewed pressure following a dramatic increase in the vandalism of transmission infrastructure, raising fresh concerns about the country’s electricity supply and the sustainability of ongoing reforms. The Transmission Company of Nigeria (TCN) disclosed that 42 incidents of vandalism were recorded between January and June 2025 alone, ...
The Nigerian Communications Commission (NCC) has stated that all telecom service rates are based on detailed cost analysis to ensure fairness and transparency in the pricing structure. The Executive Vice-Chairman (EVC) of the NCC, Dr Aminu Maida, made this known during an interactive session with the Nigeria Information Technology Reporters’ Association (NITRA) held on Thursday ...
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, on Wednesday, 18 June 2025, arraigned Green Eagles Agri Business Solutions Limited before Justice C.J. Aneke at the Federal High Court sitting in Ikoyi, Lagos. The company faces a two-count charge relating to the operation of a collective investment scheme without a valid licence ...
Fidelity Bank is in its big chest era. You see, when the Central Bank of Nigeria (CBN) came knocking with fresh regulations and tight compliance magic, some of the banks were rattled. Fidelity wasn't. Instead, they doubled down. Raised ₦273 billion from the streets and the streets showed up. Oversubscribed. Twice. No stress. No sweat. ...
By Seun Ibiyemi Fidelity Bank Plc has reiterated its commitment to regulatory compliance and financial resilience in response to the recent circular issued by the Central Bank of Nigeria (CBN) regarding forbearance on the Single Obligor Limit (SOL) and other credit facilities. In an official statement released to shareholders, NGX Regulation Limited (NGX RegCo), and ...
By Matthew Denis A total of N1.659 trillion in Federation Account revenue for May 2025 has been distributed among the Federal Government, State Governments, and Local Government Councils. This was disclosed in a statement released on Wednesday by the Director of Press and Public Relations, Bawa Mokwa. According to ...
By Matthew Denis The Federal Competition and Consumer Protection Commission (FCCPC) on Tuesday held a Market Engagement Forum in four major markets within the Federal Capital Territory,Kuje, Gwagwalada, Kwali, and Abaji, as part of its ongoing nationwide initiative to connect directly with the heartbeat of the Nigerian economy. Addressing traders and market union leaders during ...
The National Pension Commission (PenCom) is partnering with the Office of the Head of the Civil Service of the Federation (OHCSF) to introduce a ₦30 billion annual gratuity scheme for retiring civil servants under the Contributory Pension Scheme (CPS). Director General of PenCom, Omolola Oloworaran, announced the plan during a courtesy visit to the Head ...
The Bank Directors Association of Nigeria (BDAN) (LTD/GTE) has reported a modest 2.6 percent increase in total income for the year 2024, as disclosed during its 28th Annual General Meeting (AGM) held via Zoom teleconference. The AGM, presided over by the Association’s Chairman, Mustafa Chike-Obi, served as a strategic platform to reinforce BDAN’s commitment to ...
The Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun says the rapid proliferation of digital banking, fintech innovation, cryptocurrency and cybercrime require a judiciary that is well informed, agile and proactive. Kekere-Ekun said this at the 23rd National Seminar on Banking and Allied Matters for Judges organised by the Chartered Institute of Bankers of Nigeria ...
The Corporate Affairs Commission (CAC) says it has reviewed some of its service fees to enhance service quality, improve efficiency, and sustain digital transformation in its operations. The commission said this in a public notice it issued in Abuja on Tuesday. It said the increment which will take effect from Aug. 1, reflected prevailing economic ...
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that Nigeria is once again advancing toward industrialisation after decades of economic inertia following independence. Edun made this assertion during his remarks at the African Sovereign Investment Forum (ASIF), hosted by the Nigerian Sovereign Investment Authority (NSIA) in Abuja on Monday. ...
The Federal Competition and Consumer Protection Commission (FCCPC) has summoned the management of Air Peace Limited following mounting complaints from passengers regarding unrefunded ticket fares and cancelled flights. This development was made public in a statement issued on Monday by the FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu. According to the Commission, Air Peace’s actions ...
By Seun Ibiyemi Petroleum tanker drivers have taken to the streets to protest the N12,500 parking fee imposed on them by the Lagos state government through the Electronic Call-up Systems Company. The drivers on Monday were joined by other truckers to include lifters of petroleum products from the Dangote refinery, as well as transporters of ...
By Seun Ibiyemi The National Bureau of Statistics (NBS) on Monday said inflation declined to 22.97 per cent in May 2025 from the 23.71 per cent recorded in April 2025. Statistician General of the Federation, Prince Adeyemi Adeniran, made this known in a press statement issued at Abuja. He said, “The headline inflation rate for ...
A Federal High Court in Lagos, on Monday, held that it would await the decision of the Court of Appeal in a suit by Ecobank challenging alleged sale of 6.3 billion shares in Barbican Capital Ltd. Ecobank had filed the suit against Obafemi Otudeko, Barbican Capital Ltd., and Honeywell Flour Mills of Nig. Plc. as ...
By Matthew Denis The Nigeria Customs Service (NCS) has once again demonstrated its thought leadership in public communication and institutional branding as it joined public relations professionals across Africa to commemorate the 50th anniversary of the African Public Relations Association (APRA) during its 36th Annual Conference, held from 9 to 13 June 2025 at the ...
The Central Bank of Nigeria (CBN) Governor, Yemi Cardoso and the Minister of Finance, Olawale Edun are to appear before the Joint House of Representatives Committee on Public Accounts and Public Assets on Monday. This is contained in a statement jointly issued by Chairman of the Committee, Rep. Bamidele Salam and his Public Assets counterpart, ...
