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...As NBET validates ₦1.8trn debt claims ...Nigeria attracts over $2bn investment in power sector — Adelabu On Friday, President Bola Tinubu met executives of Power Generation Companies in the country to resolve the lingering N4 trillion debt. The President met with the GENCOs under the aegis of the Association of Power Generation Companies, led by ...
…Dismisses speculation on further enquiries Nigeria’s apex capital market regulator, the Securities and Exchange Commission (SEC), has confirmed that the N323 billion buyout involving two major shareholders of First Holdco and RC Investment Management met all regulatory requirements and was duly approved. The Commission issued the clarification following reports suggesting that the deal might be ...
Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc has announced its H1 unaudited results for the period ended June 30, 2025 recording an increase of 71% Gross Profit year on year. The latest results show an impressive 60% growth in revenue against the same period in 2024. The period saw the launch of ...
President Bola Ahmed Tinubu has sought the National Assembly’s approval for an extra $347 million external loan under the Federal Government’s 2025–2026 borrowing programme. The request was contained in a letter to the House of Representatives and read by Speaker Tajudeen Abbas during Tuesday’s plenary. According to the correspondence, the additional borrowing stems from increased ...
By Seun Ibiyemi and Olakunle Oke The $2.8 billion Ajaokuta–Kaduna–Kano (AKK) Natural Gas Pipeline project is expected to reach mechanical completion by November 2025, according to the Executive Director of Nigeria Gas Infrastructure Company Ltd (NGIC), Engr. Audu Ibrahim. Providing an update at the NNPC Gas Power & New Energy Directorate’s 2025 AKK Business Development ...
Dangote Sugar Refinery Plc has posted a revenue of N430.21 billion for the first half of 2025, marking a 45.5 percent increase from the N295.62 billion recorded in the same period of 2024. According to its unaudited financial results filed with the Nigerian Exchange, second-quarter revenue rose by 25 percent year-on-year to N216.28 billion, up ...
High interest rates have overtaken insecurity and poor power supply as the biggest constraint facing Nigerian businesses, according to the Central Bank of Nigeria’s (CBN) latest Business Expectation Survey (BES) conducted in June 2025. The survey, which sampled 1,900 firms across key sectors, revealed that interest rates scored the highest on the constraint index at ...
Champion Breweries Plc has reported a profit of N2.3 billion for the first half of 2025, marking a strong turnaround from the N386.7 million loss recorded during the same period in 2024. The company disclosed the figures in a corporate filing with the Nigerian Exchange Ltd, showing a 692% year-on-year growth in profit. Revenue surged ...
By Muyideen Aliyu, Ilorin Kwara State Government has appealed for collective action to advance Nigeria’s industrial revolution, describing it as both a responsibility and a chance for government and local manufacturers to convert untapped potential into tangible outcomes. At the 11th Annual General Meeting of the Manufacturers Association of Nigeria (MAN), Kwara/Kogi States Branch in ...
...As external reserves hit $40.1bn ...Eight banks meet recapitalisation requirements ...Equities maintain rally as MPC holds rates By Seun Ibiyemi and Grateful Ogunjebe The Central Bank of Nigeria (CBN) kept the Monetary Policy Rate (MPR) unchanged at 27.5 per cent on Tuesday, signalling continued caution as inflation slows for the third consecutive month while underlying ...
BUA Cement Plc has announced a significant 90.5 per cent jump in revenue to N867.5 billion for the financial year ended December 31, 2024, compared to N460 billion in the previous year. The company also declared a dividend of N2.05 per share, representing a 94 per cent payout ratio. This was disclosed during its Annual ...
Chairman of Heirs Holdings and United Bank for Africa (UBA), Tony Elumelu, has pledged N25 billion to the ‘Produce for Lagos’ programme a N500 billion initiative launched by the Lagos State Government to tackle food insecurity and ensure long-term access to affordable, nutritious food. Elumelu’s pledge is the single largest private sector support so far ...
The Ogun-Oshun River Basin Development Authority (OORBDA) is accelerating its campaign to curb recurring floods, upgrade irrigation systems, and boost energy infrastructure across Lagos, Ogun, Oyo, and Osun states. According to the Authority’s Managing Director, Dr Adedeji Ashiru, this renewed drive has taken shape since he assumed office in June 2024 and reflects President Bola ...
By Matthew Denis African mining ministers and chief executives of mining companies have pledged to strengthen mineral testing infrastructure across the continent, alongside plans for joint industrial corridors and shared processing facilities. The commitments were outlined in a communiqué released after the fourth edition of the African Natural Resources and Energy Investment Summit (AFNIS), held ...
The Lagos Chamber of Commerce and Industry (LCCI) has appealed to the Federal Government to address the country’s economic challenges in order to deliver meaningful democratic dividends to citizens and businesses. Speaking at the chamber’s third-quarter news conference in Lagos, LCCI President Gabriel Idahosa described Nigeria’s macroeconomic policy environment as being at a crossroads, with ...
…Confirms Kaura’s board appointment The Senate on Wednesday endorsed N105,140,926,744.08 as the 2025 budget of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC). The allocation aligns with the Commission’s funding framework provided under the Revenue Mobilisation, Allocation and Fiscal Commission Act, 2025, and the 0.5 per cent of non-oil Federation Revenue sanctioned by the National ...
By Seun Ibiyemi The Ogun-Oshun River Basin Development Authority (OORBDA) has dismissed recent criticisms surrounding its greenhouse initiatives, firmly restating its commitment to agricultural progress under the leadership of Managing Director and Chief Executive Officer, Engr. Dr Adedeji Ashiru FNSE, FNIMechE, FNIWE During an engagement with our correspondent who sought clarification from the agency before ...
The Standards Organisation of Nigeria (SON) has called for greater collaboration among stakeholders to promote the competitiveness and quality of Made-in-Nigeria products. The agency made the call during a one-day media capacity-building workshop held on Tuesday in Lagos. Speaking at the event, SON Director-General, Dr. Ifeanyi Okeke, underscored the pivotal role of the media in ...
Former Group Managing Director of FirstBank Nigeria, Dr Olabisi Onasanya, has said he is now vindicated after the Federal High Court in Lagos struck out the controversial loan-related case involving his name. Justice Chukwujekwu Aneke of the Federal High Court, Lagos on Wednesday, July 23, 2025 struck out the case after the anti-graft agency, the ...
The Federal Government has introduced a human capital development programme designed to fast-track inclusive economic growth through targeted investments in Nigerians. The initiative was presented during the maiden meeting of the National Steering Committee for the Human Capital Opportunities for Prosperity and Equity (HOPE) programme, a major World Bank-supported intervention. The committee is chaired by ...
By Matthew Denis The Director General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, has said that formalising commodities and warehouse receipts into tradeable securities could unlock economic gains of up to $500 billion for Nigeria. Dr Agama made this assertion while addressing participants at a national workshop organised by the Chartered Institute ...
Governor Babajide Sanwo-Olu on Tuesday unveiled the Lagos State Women Economic Empowerment (WEE) Policy Roadmap, reaffirming his administration’s commitment to dismantling the systemic barriers preventing women from realising their full potential. The WEE Policy Roadmap, launched at Muson Centre in Lagos, was developed by the Ministry of Women Affairs and Poverty Alleviation as a strategic ...
Minister of Finance and Coordinating Minister of the Economy Wale Edun has stated that Nigeria must achieve at least seven per cent annual economic growth to significantly improve the living standards of its poorest and most vulnerable citizens. Speaking at a high-level policy dialogue on local government fiscal autonomy in Abuja on Tuesday, Edun said ...
