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…net worth rises from $6.1bn to $11.2bn By Damilare Adeleye The Chairman of BUA Group, Abdulsamad Rabiu has emerged as the third richest individual in Africa following a remarkable surge in his net worth. According to a report released on Tuesday by Forbes, Rabiu’s fortune soared by 120%, rising from $6.1 billion to $11.2 billion. ...
Jgawa State Governor, Mallam Umar Namadi, has led a state delegation on an official visit to Monrovia, Liberia, at the invitation of the Liberian Vice President. The Liberian Vice President, Hon. Jeremiah Kpan Koung Sr., hosted a high-level bilateral meeting with Governor Namadi to discuss agricultural transformation and bilateral cooperation. The visit aims to strengthen ...
The Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, has commended the Ogun State Government for creating a business-friendly environment that continues to attract investors. Ogbonna gave the commendation during a visit to Governor Dapo Abiodun, where he led a delegation of senior executives from the bank. He noted that Ogun’s policies have gone ...
The Chartered Institute of Directors (CIoD) Nigeria has highlighted a significant shift in the nation's corporate landscape, noting that Nigerian firms are increasingly moving from a model of mere compliance to one of performance-driven corporate governance. This observation was disclosed at the launch of the 2026 CIoD Nigeria Corporate Governance Outlook, themed "Governing for Sustainable ...
The Federal Government has revised its 2026 borrowing plan, raising the projected figure by ₦11.31 trillion to a new total of ₦29.20 trillion. This represents a substantial increase from the ₦17.89 trillion initially projected in the Abridged Budget Call Circular issued in December 2025. The updated figures, contained in the 2026 Appropriation Bill recently approved ...
Beta Glass Plc, a leading glass container manufacturer in West and Central Africa, has demonstrated remarkable financial resilience by reporting a 144% year-on-year increase in Profit After Tax (PAT) for the 2025 financial year. The company’s audited results for the period ended December 31, 2025, show that net profit climbed to ₦33.25 billion, up from ...
The Lagos State Government has unveiled a comprehensive traffic diversion plan in preparation for the Lagos Fanti Carnival, scheduled to take place on Monday, April 6, 2026, at Tafawa Balewa Square (TBS) on Lagos Island. In an advisory issued by the Ministry of Transportation, authorities detailed temporary restrictions on vehicular movement across major routes surrounding ...
Nigeria is set to receive an estimated ₦8.84 trillion in liquidity inflows in April 2026, according to data compiled by the Financial Market Dealers Association (FMDA). The FMDA data reveals that these inflows will be driven largely by maturing Open Market Operations (OMO) and Treasury bills. This anticipated inflow represents a 15.5% decline from the ...
The Rural Electrification Agency (REA) has recorded another milestone in its funding disbursement efforts to support renewable energy projects across the country. In this latest round, ₦7.95 billion was disbursed to Havenhill to finance critical equipment for four mini-grid power projects across Taraba, Kwara, and Kogi States. Similarly, ₦1.056 billion was released to Faraday & ...
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has announced a remarkable 160% increase in revenue generated by agencies under his ministry, attributing the surge to sweeping reforms and a renewed focus on accountability. Speaking last week at the 2026 First Quarter Citizens/Stakeholders’ Engagement, Sectoral Performance Review, and Ministerial Management Retreat in Lagos, ...
By Damilare Adeleye Telecommunications giant Bharti Airtel has announced that its global subscriber base has surpassed 650 million, positioning it as the second-largest telecom operator in the world by customer count. The company disclosed this in a statement released in Lagos, noting that the milestone reflects its expanding global footprint and capacity to deliver services ...
By Damilare Adeleye The Central Bank of Nigeria (CBN) has announced the conclusion of its banking sector recapitalisation exercise, revealing that 33 out of 38 banks have met the revised minimum capital requirements. In a statement issued on Wednesday, the apex bank said the programme, which began in March 2024, has been completed following a ...
Nigeria's industrial and financial heavyweights have moved to deepen a partnership that has quietly underpinned decades of enterprise growth, as the Founder and Chairman of BUA Group, Abdul Samad Rabiu, hosted the Chairman of United Bank for Africa (UBA), Tony Elumelu, and his executive management team at BUA Group's corporate headquarters in Lagos. More than ...
Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu, on Tuesday, launched the Third Edition of the Lagos Economic Development Update (LEDU 2026), organized by the Lagos State Ministry of Economic Planning and Budget Speaking at the event held at the Marriott Hotel, Ikeja, Lagos, Sanwo-Olu who was represented by the his Deputy, Dr. Kadri Obafemi Hamzat ...
By Imisioluwa AfunmisoNigerians planning Easter travel are facing a hike in transportation as airfares on major domestic routes across Nigeria have surged ahead of the Easter holiday, with some one way tickets climbing as high as N253,000, far above typical price ranges.Reports shows that fares on the busy Lagos–Abuja route, which usually range between ₦60,000 ...
The Court of Appeal sitting in Lagos has overturned a N507 million judgment previously awarded against Guaranty Trust Bank (GTB) in a dispute involving Chashar Farms Ltd, a company linked to former Akwa Ibom State Governor Udom Emmanuel. In a ruling delivered on Monday, Justice Okong Abang nullified the earlier decision of the Lagos State ...
The African Export-Import Bank (Afreximbank) has successfully concluded a landmark $2-billion three-year dual-tranche syndicated term loan facility, marking the largest syndicated borrowing in the institution's history. The facility, which was finalized on March 9, 2026, comprises two segments: a $1.73 billion USD tranche and a €228 million EUR tranche. Initially launched with a target of ...
The Nigerian Exchange (NGX) commenced the trading week on a bearish note, with the equity segment recording a loss of ₦275.14 billion on Monday. The downturn reflected a broader sell-off that pulled the market capitalization down to ₦128.69 trillion. The benchmark All-Share Index (ASI) declined by 0.21%, closing at 200,484.43 points. This negative performance retracted ...
BUA Foods PLC has declared arevenue of ₦1.5 trillion for the full 2025 fiscal cycle, representing a 109% increase from the ₦729.4 billion recorded in the previous year. The company’s audited financial statements, released on Monday, reveal that pre-tax profit soared to ₦289 billion, marking a 167% year-on-year growth despite significant macroeconomic headwinds and a ...
By Seyifunmi Azeez The Federal Government of Nigeria has awarded a total of around ₦2.2 billion in equity‑free grants to 45 student‑led ventures emerging from the 2026 Student Venture Capital Grant (S‑VCG) Bootcamp, an initiative designed to support youth entrepreneurship and innovation. The awards were announced on Monday by the Minister of Education, Dr. Tunji ...
The Federal Government, through the Ministry of Communications, Innovation, and Digital Economy, has called for Expressions of Interest (EOI) for the establishment of Digital Economy Research Clusters, backed by a ₦12 billion funding pool. This initiative is designed to foster innovation in critical areas such as Artificial Intelligence (AI), Blockchain Technology, Cybersecurity, and the Internet ...
The Chartered Institute of Bankers of Nigeria (CIBN) has announced the election of Dr. Dele Alabi as its 24th President and Chairman of Council, following its Annual General Meeting (AGM) and elections held in Lagos on Saturday, March 28, 2026. This transition marks a significant milestone in the Institute’s leadership succession, occurring as the banking ...
