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Introduction The fast-moving consumer goods (FMCG) sector in Nigeria has navigated unprecedented headwinds over the past few years, characterized by severe foreign exchange volatility, aggressive inflationary pressures, and severely weakened consumer purchasing power. For a legacy manufacturer like Cadbury Nigeria Plc, the 2023 and 2024 financial years were particularly bruising. Caught in the crosshairs of ...
As the escalating war involving the US, Israel, and Iran severely disrupts global petroleum supply chains, African nations are racing to secure alternative energy sources. At the forefront of this scramble, South Africa is actively pursuing a 12-month fuel supply contract with Aliko Dangote's mega-refinery in Lagos, Nigeria. They are not alone in this strategic ...
In a strategic move to bolster economic growth across the continent, United Bank for Africa (UBA) UK Limited and British International Investment (BII), the UK’s development finance institution, have announced a collaborative effort to expand access to trade finance in Africa. The two institutions have formalized their intent by signing a letter of intent to ...
By Denis Matthew The President of the Abuja Chamber of Commerce and Industry (ACCI), Chief Emeka Obegolu, SAN, has felicitated the business community in the Federal Capital Territory on the occasion of Eid-el-Fitr. In a statement marking the successful completion of Ramadan, the ACCI leadership drew a parallel between the discipline required for spiritual renewal ...
...receives over 265,000 applications The Tony Elumelu Foundation (TEF), the leading philanthropy empowering young African entrepreneurs will announce the 12th cohort of the flagship TEF Entrepreneurship Programme on Sunday, March 22, 2026. In 2026, the Foundation will empower a total of 3,200 entrepreneurs across all its entrepreneurship programmes.1,751 entrepreneurs through Heirs Holdings Group: Heirs Energies, ...
Several Nigerian billionaires have channeled their wealth into structured philanthropic foundations that support education, healthcare, economic empowerment and social development across Nigeria and the wider African continent. Aliko Dangote – Aliko Dangote Foundation Aliko Dangote, widely regarded as Africa’s richest individual, chairs the Aliko Dangote Foundation, one of the largest private foundations in sub-Saharan Africa. ...
You’ve probably heard about the sachet alcohol ban in Nigeria.But here’s the confusing part:It’s supposedly banned… yet you still see it everywhere.From roadside kiosks to neighborhood shops, sachet alcohol is still openly sold and bought.So the big question is: If it’s banned, why hasn’t it disappeared? Part of the concern behind the ban is youth ...
Nigeria doesn’t just rely on crude oil, we build, process, brew, refine, assemble, and dominate. From cement startups shaping skylines to food empires controlling your kitchen shelf, these companies move trillions of naira and dominates the economy. This list is based on market power, influence, visibility, and industry relevance. Dangote Cement PlcDangote is Africa’s largest ...
It is no news that there has been a rise in the use of fintech apps like Opay, Palmpay, Monie point, Kuda, and so on in Nigeria, as these companies report tens of millions of active users each. These fintech companies, which are companies that utilize technology to provide financial services, have grown in their ...
The Chief Executive Officer of the Tony Elumelu Foundation (TEF), Somachi Chris-Asoluka, has revealed that the Foundation’s interventions have successfully lifted over 2.5 million households across Africa out of poverty. Speaking on TVC Business Nigeria yesterday, Chris-Asoluka highighted that the Foundation’s successes serves as the bedrock of the Foundation’s Africapitalism philosophy, proving that targeted support ...
VFD Group shares have demonstrated significant market resilience following a 25 percent rally from a rights issue price of N10.00 to a close of N12.50. While subsequent profit-taking saw 5.7 million units traded between N11.25 and N12.50, the lower price point has opened a fresh window of opportunity for investors. The stock opened on a ...
The Africa Finance Corporation (AFC) has announced a significant expansion of its sovereign shareholder base following an equity investment by the Bank of Tanzania (BOT). This strategic move reinforces the Corporation's pan-African ownership structure and underscores growing continental confidence in AFC’s capacity to mobilize long-term capital for critical infrastructure and industrial development. The investment follows ...
By Paul James into law, describing it as a landmark victory for the rights and dignity of Internally Displaced Persons (IDPs). Speaking during a courtesy visit from a delegation of the International Committee of the Red Cross (ICRC) in Abuja, Kalu characterized the President's action as a selfless demonstration of the face of humanity in ...
Abia State is poised to ink a $200m Palm Oil investment deal aimed at reclaiming the State's historical status as an agricultural powerhouse. Receiving a delegation from Presco PLC, Abia State Governor, Alex Otti expressed the state’s readiness to sign a Memorandum of Understanding (MoU) with the market-leading oil palm producer to formalize a $200 million investment in palm oil ...
The Nigerian Ports Authority (NPA) has revealed that the twin pillars of port modernization and the National Single Window (NSW) initiative could eliminate an estimated ₦1 trillion in annual losses currently caused by obsolete infrastructure and a lack of automation. According to the NPA Managing Director Dr. Abubakar Dantsoho, the full implementation of the NSW ...
In a decisive move to bolster its financial standing and meet the rigorous new capital requirements set by the National Insurance Commission (NAICOM), Guinea Insurance Plc has formally executed the signing ceremony for its ₦5.8 billion Rights Issue. This action, finalized in March 2026, marks a critical milestone in the company’s broader strategy to raise ...
The Nigerian Exchange (NGX) extended its positive trajectory on Tuesday, with the All-Share Index (ASI) climbing by 54 basis points to close at a historic 202,559.57. This upward momentum was largely propelled by intense bargain hunting in medium and large-cap stocks, particularly within the industrial and financial services sectors. Equity market capitalization reflected this surge, ...
In line with its long-standing commitment to regulatory compliance, financial security, and customer protection in Nigeria, OPay has launched XtraCova, a funds protection product that reimburses customers for verified unauthorised transactions. The product reinforces OPay’s focus on strengthening consumer confidence in digital financial services while supporting Nigeria’s transition toward a secure cashless economy. XtraCova offers reimbursement of up to ₦5,000,000 per ...
Nigeria and the United Kingdom are set to formalize a landmark £746 million financing agreement between UK Export Finance (UKEF), the Nigerian Ports Authority (NPA), and the Federal Ministry of Finance. This massive investment is specifically earmarked for the comprehensive modernisation of Nigeria’s primary maritime gateways, the Lagos Port Complex at Apapa Quays and the Tin ...
By Paul James, Abuja The House of Representatives Committee on Finance has queried the National Sugar Development Council (NSDC) over discrepancies in its sugar importation data. The Chairman of the panel, Hon. James Faleke, issued the query during a revenue monitoring exercise covering the 2023–2025 fiscal years, held at the National Assembly Complex in Abuja. ...
The Supreme Court of Nigeria has brought an end to a protracted legal battle over the ownership and sale of the Lagos Continental Hotel, ruling in favor of the Asset Management Corporation of Nigeria (AMCON). In its judgment delivered on Friday, February 20, 2026, the apex court set aside an earlier decision by the Court ...
The Chartered Institute of Bankers of Nigeria (CIBN) on Saturday inducted 2,020 professionals as chartered bankers, urging them to leverage Artificial Intelligence (AI) to drive innovation and strengthen Nigeria’s financial system. Speaking at the ceremony in Lagos, CIBN President, Prof. Pius Olanrewaju, said that the induction marked a defining moment in the careers of the ...
