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By Matthew Denis The Federal Ministry of Finance has welcomed Moody’s Investors Service’s decision to upgrade Nigeria’s issuer ratings from Caa1 to B3, with a stable outlook, attributing the positive revision to marked improvements in Nigeria’s external and fiscal positions. The development was announced in a statement released on Sunday and signed by Mohammed Manga, ...
Heirs Holdings Limited, the investment firm led by billionaire entrepreneur Tony Elumelu, has increased its equity in United Bank for Africa Plc (UBA) with the acquisition of 45,034,044 shares valued at approximately N1.54 billion. The transaction was disclosed in a filing on the Nigerian Exchange, signed by UBA’s Company Secretary and Legal Counsel, Bili A. ...
Access Holdings Plc has announced the appointment of Mr Akinyemi Odusolu as an Independent Non-Executive Director of its subsidiary, Access Bank Plc, effective 2 May 2025. The appointment, which has been approved by the Central Bank of Nigeria (CBN), reflects the bank’s strategy to enhance its governance framework by incorporating advanced financial and technological expertise. ...
The Tinubu Stakeholders Forum (TSF), has welcomed the latest data, indicating that Nigeria recorded a net foreign exchange (FX) inflow of 15.2 billion dollars in the first quarter of 2025. Chairman, TSF, Mr Ahmad Sajoh described this feat as a testament to the effectiveness of President Bola Tinubu’s bold economic reforms. “The figures, presented at ...
The Federal Inland Revenue Service (FIRS) has asked the Federal High Court in Abuja to dismiss an application by Binance Holdings Limited seeking to overturn an ex-parte order permitting substituted service of court documents. Justice Inyang Ekwo had, on 11 February 2025, granted FIRS permission to serve Binance with legal documents via electronic means, specifically ...
By Seun Ibiyemi The Nigeria Deposit Insurance Corporation (NDIC) has emerged as a standout performer at the 2024 Federal Public Service Innovation Competition, securing both 1st and 3rd place among 155 entries from Ministries, Departments, and Agencies (MDAs) across the country. The Head of the Civil Service of the Federation (HOSF), Mrs. Didi Walson-Jack, announced ...
The Edo Government and Dangote Cement have agreed to deepen collaboration to address operational challenges and unlock new investment opportunities during a high-level meeting at the company’s Okpella plant on Wednesday. Led by Mr Amen Odigie, Managing Director of the Edo State Investment Promotion Office (ESIPO), the state delegation pledged stronger support and improved business ...
… Pushes for more success stories amid Q1 achievements By Seun Ibiyemi The 62nd regular meeting of the Nigeria Customs Service (NCS) Board was held on Tuesday, April 29 2025, at the Service’s Headquarters in Maitama, Abuja. The session was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who ...
...As Telecom stakeholders urge stronger NCC independence The Nigerian Communications Commission (NCC) has announced plans to revise the Nigerian Communications Act of 2003, citing its increasing misalignment with today’s technological advancements and the pressing demands of a digital economy. This declaration was made by the Commission’s Executive Vice Chairman (EVC), Dr Aminu Maida, during a ...
By Seun Ibiyemi The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) and the Organised Private Sector of Nigeria (OPSN) have identified the country’s persistent public sector deficit as the primary challenge in achieving the Federal Government’s ambitious target of transforming Nigeria into a $1 trillion economy by 2030. In a statement, ...
By Seun Ibiyemi The Lagos State Government has officially launched its EcoMove campaign, urging transport unions, mechanics, and residents to collectively embrace environmentally conscious practices in a bid to create a cleaner, healthier city. The campaign places a strong focus on the importance of sustainable transportation in reducing carbon emissions and enhancing public health across ...
By Matthew Denis The Corporate Affairs Commission (CAC) has issued a six-week deadline for unregistered businesses to complete their registration with the Commission. In a public notice released on Tuesday, titled “Public Notice: Carrying on Business in Nigeria Under an Unregistered Name or Acronym,” the CAC warned that failure to comply could lead to criminal ...
The Corporate Affairs Commission (CAC) has given all businesses operating in Nigeria a six-week ultimatum to comply with the registration requirements of the Companies and Allied Matters Act (CAMA), 2020. The Commission in a circular issued on Tuesday in Abuja, said that after the ultimatum, it would take necessary action against erring offenders who fail ...
...Targets bigger global market share By Matthew Denis The Executive Director and Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Nonye Ayeni, has disclosed that the agency recorded its highest non-oil export value in history, reaching $5.45 billion in 2024. This marks the most significant achievement since the Council’s establishment 49 years ago. ...
By Matthew Denis The Federal Government has finalised arrangements to commence payment of the outstanding five-month N35,000 wage award arrears to civil servants. This was confirmed in a statement issued on Monday by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation (OAGF), in Abuja. According ...
The Nigeria Export Promotion Council (NEPC) says the country’s non-oil products exported in the first quarter of 2025 were valued at 1.791 billion dollars. Director-General of the NEPC, Dr Nonye Ayeni said this on Monday in Abuja while presenting a First Quarter Progress Report on the Non-oil export performance for the year 2025. Ayeni said ...
By Seun Ibiyemi Fitch Ratings has upgraded the Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of Lagos, Kaduna, Kogi, and Oyo states from ‘B-’ to ‘B’, with a Stable outlook for all four states. The decision, announced on the agency’s website, follows the recent upgrade of Nigeria’s sovereign rating to ‘B’ from ‘B-’ on ...
Vice-President Kashim Shettima has described the United Bank of Africa (UBA) as a pacesetter in innovation, emerging markets and generational ambition. Shettima said this at a dinner to celebrate 75 years anniversary of UBA on Saturday night in Abuja. According to him, the celebration of an institution like UBA that has outlived generations and still ...
By Olawale Afolabi The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the Federal Government plans to reduce inflation rate to single digit and create more jobs. Edun stated this during a press conference addressed by the Nigerian economic team, as part of activities marking the end of the 2025 ...
…Reaffirms commitment to digital transformation, Africa’s economic development By Seun Ibiyemi United Bank for Africa (UBA) marked a historic milestone as it celebrated its 75th anniversary during the 65th Annual General Meeting, with Group Chairman Mr. Tony Elumelu delivering a speech that reflected on the institution’s legacy of excellence, resilience, and forward-thinking innovation. Elumelu emphasized ...
The United Bank for Africa (UBA) has posted a gross revenue of N3.19 trillion and a profit after tax of N767 billion for the 2024 financial year. Mr Tony Elumelu, Chairman, Board of Directors of UBA, made this known at the bank’s 63rd Annual General Meeting (AGM) on Friday in Abuja, Elumelu said that the bank sustained ...
By Matthew Denis Aliko Dangote, President and Chief Executive of the Dangote Group, has been appointed to the World Bank’s Private Sector Investment Lab. He joins a distinguished group of global business leaders tasked with driving investment and job creation in emerging economies. In a statement confirming his acceptance, the prominent African industrialist expressed his ...
By Seun Ibiyemi The Debt Management Office (DMO) has announced plans to reopen two Federal Government bonds worth a combined ¦ 350 billion for public subscription, priced at ¦ 1,000 per unit. In a statement released yesterday, the DMO confirmed that the auction is scheduled for 28 April, with a settlement date set for 30 ...
