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By Damilare Adeleye Africa’s richest man, Aliko Dangote, has warned that surging global oil prices, linked to tensions and disruptions around the Strait of Hormuz, could cripple key sectors across the continent, particularly aviation and agriculture. Speaking on Thursday during an interview with Semafor World Economy in Washington, DC, Dangote said the sharp volatility in ...
By Fredrick Ameh The Nigerian Export Promotion Council (NEPC) has intensified efforts to position Small and Medium Enterprises (SMEs) at the forefront of Nigeria’s non-oil export growth by leveraging the ECOWAS Trade Liberalisation Scheme (ETLS). At a stakeholders’ workshop in Lagos, Benedict Itegbe, representing NEPC CEO Nonye Ayeni, highlighted the need for greater SME participation ...
By Damilare Adeleye The Nigeria Deposit Insurance Corporation (NDIC) has commenced the final process of winding down 89 defunct Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) across the country following their acquisition by new owners. In a statement released on Wednesday, the Corporation disclosed that the affected institutions were among the 183 banks comprising ...
Renowned African industrialist and philanthropist, Aliko Dangote, has been named among TIME Magazine’s 100 Most Influential People in the World for 2026, reaffirming his standing as one of the most successful and iconic business leaders of his generation. Dangote joins global influential figures from multiple sectors, including political leaders such as U.S. President Donald Trump, ...
By Damilare Adeleye The International Monetary Fund (IMF) has raised an alarm over the precarious state of global public finances, warning that a cycle of repeated economic shocks has severely depleted the fiscal space available to governments worldwide. The IMF Managing Director, Kristalina Georgieva, speaking at the IMF-World Bank Spring Meetings in Washington, D.C., stressed that ...
The Central Bank of Nigeria (CBN) has successfully raised ₦2.2 trillion through the sale of Open Market Operation (OMO) bills, a strategic move aimed at mopping up excess liquidity within the financial system and refinancing maturing obligations. This intervention comes as the banking system opened the week in a robust surplus position of ₦4.97 trillion, ...
By Fredrick Ameh The Nigerian Content Development and Monitoring Board (NCDMB) and Seplat Energy Plc are finalizing plans to launch a Centre of Excellence in Gas Development at Delta State University (DELSU). The initiative is a strategic move to deepen research and local capacity within Nigeria’s oil and gas sector. The project, developed from a ...
The Central Bank of Nigeria (CBN) has dismissed viral reports alleging that Polaris Bank is undergoing a liquidation process, describing the claims as false and misleading. The apex bank’s reaction follows a social media post that suggested the bank had failed to meet the national recapitalization requirements and was set to have its operating license ...
Akwa Ibom State Governor, Pastor Umo Eno, has reaffirmed his administration’s unwavering commitment to the actualization of the Ibom Deep Seaport project, expressing strong confidence that the decades-long initiative is finally nearing fruition.Speaking at the Banquet Hall of Government House in Uyo on Wednesday, the Governor received the project's comprehensive feasibility report from the Technical ...
The Federal Government has inaugurated a Gas-to-Power Monitoring Committee as a decisive move to address the persistent gas supply shortages currently crippling electricity generation across the country. Speaking at the inauguration in Abuja on Thursday, the Minister of Power, Chief Adebayo Adelabu, described the initiative as a critical intervention in the Nigerian Electricity Supply Industry ...
By Ejire Folakunmi The African Export-Import Bank has reported robust financial results for the year ended December 31, 2025, with its total assets and contingencies rising by 21 per cent to $48.5 billion, up from $40.1 billion recorded in the previous year. The bank disclosed this in a statement released from Cairo on April 9, ...
…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. ...
Nigeria has been reclassified as a Frontier Market by FTSE Russell, marking a significant milestone for the country’s capital market and broader economy. This was disclosed in a statement made available to Journalists by Personal Assistant on Special Dutiesto President Bola Ahmed Tinubu, Kamorudeen Yusuf. The upgrade from “Unclassified” status follows sustained improvements in foreign ...
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, ...
