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By Seun Ibiyemi The Chairman of the Senate Committee on Capital Market, Senator Osita Izunaso, has praised President Bola Tinubu for signing the Investments and Securities Act (ISA) into law. He stated that the signing of the Investments and Securities Act (ISA) has laid the foundation for the $1 trillion economy proposed by Tinubu’s administration. ...
By Seun Ibiyemi The Centre for the Promotion of Private Enterprise (CPPE) has strongly opposed the federal government’s proposed ban on the importation of solar panels, warning that such a move could substantially exacerbate Nigeria’s energy crisis. This opposition comes in response to a recent statement by the Minister of Science and Technology, Mr. Uche ...
Revenue-generating agencies owe FG N9.3trn — NEITI Revenue-generating agencies owe the Federal Government a total of N9.3 trillion in unremitted liabilities. The Nigeria Extractive Industries Transparency Initiative (NEITI) revealed this in its 2023 industry report, which draws attention to financial discrepancies within the nation’s extractive sector. Speaking at a press briefing on the implementation of ...
…Declares total dividend of N2.10 per share Leading financial institution, Fidelity Bank Plc, released its 2024 full-year Audited Financial Statements, reporting a 210% growth in Profit Before Tax to N385.2 billion. According to the Bank’s results released on the Nigerian Exchange (NGX) on Friday, 28 March 2025, Gross Earnings increased by 87.7% to N1,043.4bn, driven ...
The Lagos Chamber of Commerce and Industry (LCCI) has outlined strategic approaches aimed at maximising the benefits of the $500 million loan by the World Bank to Nigeria while mitigating associated risks. The Director General, LCCI, Dr Chinyere Almona, made this known on Tuesday in Lagos in reaction to the approval of the loan by ...
Nigeria has called for collaboration with the Sahel and West African countries on information and data sharing for effective border control. The Minister of Interior, Dr Olubunmi Tunji-Ojo, made the call on Tuesday while addressing newsmen on the sidelines of the Summit on Boarder Security in London. ”There is need for collaboration of countries within the ...
By Seun Ibiyemi and Matthew Denis, Abuja The Nigeria Deposit Insurance Corporation (NDIC) has provided an update on the ongoing liquidation of Heritage Bank, reassuring depositors with balances exceeding the N5 million insurance limit that payments will soon commence. Following the revocation of Heritage Bank’s licence by the Central Bank of Nigeria (CBN) on 3rd ...
By Seun Ibiyemi The management of the Nigerian Maritime Administration and Safety Agency (NIMASA) has extended its felicitations to the Muslim community in Nigeria and the maritime sector on the occasion of Eid-al-Fitr.NIMASA’s Director General, Dr Dayo Mobereola, conveyed this message in a statement issued by the agency’s Head of Public Relations, Mr. Edward Osagie, ...
The latest data from the National Pension Commission (PenCom) reveals that Nigeria’s pension fund assets surged to N22.86 trillion as of January 31, 2025, reflecting a 1.55 per cent increase from the N22.512 trillion recorded in December 2024. The figures, disclosed in PenCom’s January 2025 monthly report obtained by newsmen, underscore the steady growth of ...
Heirs Holdings Founder and Group Chair, Tony Elumelu, has been appointed by the International Monetary Fund (IMF) to its Advisory Council on Entrepreneurship and Growth, convened by IMF Managing Director, Kristalina Georgieva. Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as ...
MRS Oil Nigeria Plc has announced plans to voluntarily delist its shares from the Nigerian Exchange Limited (NGX) following a robust financial performance in 2024. The company reported a 71.2 per cent increase in revenue, reaching N312.2 billion, and a profit after tax of N6.49 billion, marking a 62.2 per cent year-on-year growth. The decision ...
By Seun Ibiyemi Zenith Bank Plc has once again demonstrated its dominance in the Nigerian banking sector, achieving remarkable financial growth and key milestones in 2024. With impressive earnings, strategic expansions, and multiple accolades, the bank continues to solidify its reputation as a leading financial institution in Africa. Financial Performance and Growth Zenith Bank recorded ...
The Nigerian Senate has called for transparency in the ongoing negotiations for the sale of Lafarge Africa Plc to Chinese investors. In a resolution passed on Thursday, lawmakers urged the Bureau of Public Enterprises to ensure the divestment process safeguards national security and protects Nigeria’s economic sovereignty. The motion, sponsored by Senator Salisu Afolabi (Ogun-Central), ...
By Seun Ibiyemi The Nigeria Customs Service (NCS) has announced plans to introduce an Electronic-Currency (E-Currency) declaration form as part of its strategy to combat money laundering. This initiative targets travellers carrying significant sums of cash into or out of Nigeria. Speaking to journalists on Thursday in Abuja, NCS spokesperson Abdullahi Maiwada revealed that the ...
United Bank for Africa (UBA) Plc, Africa’s Global Bank, has announced its plans to expand operations to Saudi Arabia and France, further solidifying its position as a leading financial institution with a robust international footprint. This strategic move is part of UBA’s broader vision to tap into key global financial markets, enhance its service offerings, ...
…As NCDMB assures to reach grassroots in capacity building By Omolola Dede Adeyanju PalmPay, the headline sponsor of Tech Unite Africa 2025, has introduced its new debit and premium cards, aiming to enhance financial inclusion for businesses and individuals. The product launch took place during the Tech Unite Africa Summit in Lagos, where technology experts ...
The Ministry of Finance has announced a strategic partnership with the Organisation for Economic Co-operation and Development (OECD) to combat illicit financial flows and reinforce Nigeria’s economic structure. This was disclosed in a statement titled “OECD Deepens Economic Ties with Nigeria”, posted on the Ministry of Finance’s X platform on Tuesday, 25 March 2025. The ...
In a bold move to drive industrial growth and food security, Ogun State Governor, Prince Dapo Abiodun, has announced a strategic partnership with Ambar Energia, a leading Brazilian energy company, to establish power plants across the state. This initiative aligns with his administration’s commitment to providing reliable power supply and boosting agricultural production to support ...
The Federal Government on Tuesday reaffirmed its dedication to enhancing policy structures to ensure improved adherence to implementation, with stricter sanctions for non-compliance. George Akume, Secretary to the Government of the Federation (SGF), stated that moving forward, the Federal Government would reinforce its mechanisms for coordination, accountability, and overall impact. Speaking at a gathering of ...
The Senate, on Tuesday, confirmed the nomination of Professor Melvin Ayogu as a member of the Board of Directors of the Central Bank of Nigeria (CBN). This approval followed the presentation of the report of the Senate Committee on Banking, Insurance, and Other Financial Institutions during plenary. The report was delivered by Senator Osita Izunaso ...
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has restated the apex bank’s dedication to cleansing the foreign exchange (FX) market by removing unscrupulous participants and ensuring a stable exchange rate as a foundation for economic recovery. Cardoso made these remarks in his personal address at the February 2025 Monetary Policy Committee ...
Nigeria and Spain signed a Memorandum of Understanding (MoU) on political consultations in Madrid on Tuesday, strengthening bilateral ties between the two countries. Both countries also signed agreements to establish mechanisms for regular dialogue to advance areas of mutual interest and consolidate cooperation. The Minister of Foreign Affairs, Amb. Yusuf Tuggar disclosed this in a ...
