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Meta Platforms reported mixed second-quarter financial results, with revenue topping Wall Street estimates while profits fell sharply due to heavy investments in artificial intelligence infrastructure and ongoing legal costs. Adjusted earnings per share (EPS) fell 31.5% year-on-year to $6.18, missing the $8.58 consensus estimate compiled by Bloomberg. However, quarterly revenue grew 28% year-on-year to $60.8 ...
The Federal Government has inaugurated an Inter-Ministerial Committee to formulate the 2026 Value Added Tax (VAT) Modification Order, aiming to streamline the implementation of Nigeria's updated tax laws and provide clear guidelines for businesses, investors, and tax authorities. The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, officially inaugurated the committee ...
African governments lost an estimated $3.55 billion in uncollected tax revenue in 2025, a report by Gaming Compliance International (GCI) has revealed. The report which covers all 54 African nations revealed that while total online Gross Gaming Revenue (GGR) hit $23 billion in 2025, an overwhelming 77% ($17.8 billion) was siphon off by unregulated operators. ...
The Senate Committee on Banking, Insurance and other Financial Institutions, on Tuesday at the National Assembly Complex, Abuja, has confirmed the former Director-General of the Securities and Exchange Commission (SEC) and current Deputy Governor of the Central Bank of Nigeria (CBN), Mr. Lamido Yuguda, as Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON). Recall that President Bola Ahmed Tinubu ...
Airtel Africa Foundation, through Airtel Nigeria, has reaffirmed its commitment to developing Nigeria's future workforce with a high-impact virtual masterclass designed to equip young people with the practical skills required to thrive in an increasingly technology-driven economy. The Initiative, held to commemorate World Youth Skills Day 2026, themed "Skills for a Shared Future – The ...
The Chairman/CEO, Nigerians in Diaspora Commission, (NiDCOM), Hon Abike Dabiri-Erewa has commended the resourcefulness, reforms and administrative ingenuity of the Director General of the National Identity Management Commission(NIMC), Engr. Abisoye Coker-Odusote, for expanding the digital space in infrastructure management for National Development. The NiDCOM Boss stated this during a strategic meeting between top level management ...
United Bank for Africa Plc has announced that Mr. Tony O. Elumelu, CFR, Group Chairman of UBA, will retire from the Board of Directors of UBA on 21 August 2026, upon the completion of the 12-year tenure limit prescribed for Non-Executive Directors of Banks by the Central Bank of Nigeria. At its meeting held on ...
Zedvance Finance Limited has announced the appointment of Professor Pius ‘Deji Olanrewaju as Chairman of its Board of Directors, effective July 1 and, subject CBN approval. This milestone underscores Zedvance Finance's commitment to building a robust governance structure capable of supporting its next phase of growth. With an enhanced Board structure and strengthened oversight capabilities, ...
Airtel Africa, a leading provider of telecommunications and mobile money services across 14 African countries, saved 9.1 million litres of diesel during its just ended 2025/2026 financial year, as part of efforts to drive responsible growth by minimising the environmental impact of its operations. This was achieved by reducing reliance on diesel and increasing use ...
Equities investors gained about N3.17 trillion on Monday as Nigerian stocks rallied after last week’s sell-offs. The local bourse opened the new week strongly, with key market performance indicators rising 2.15%.Nigeria Trade Data The bullish performance was driven by fresh bargain hunting in mid-cap and blue-chip stocks across all key sectors, signalling a gradual return ...
Shareholders of Dangote Cement Plc are set to receive a record dividend of N45 per share for the 2025 financial year, representing a 50 per cent increase over the previous payout and further reinforcing the company’s position as one of the most rewarding investments on the Nigerian capital market. The company has now distributed over ...
PZ Cussons Nigeria Plc has announced the appointment of Ms. Oghenekevwe Ogefere as its new Company Secretary. The disclosure was made in a filing sent to the Nigerian Exchange Limited (NGX) to notify shareholders and the investing public. The corporate action followed a meeting of the Board of Directors, where the transition was officially ratified. ...
The Federal Government of Nigeria has taken a historic step in its commitment to the nation’s technology and creative economy, appointing Kuramo Capital Management as Fund Manager of the DICE Fund of Funds under the Investment in Digital and Creative Enterprises (iDICE) Programme. The contract was signed in Abuja on Tuesday, 30 June 2026, between ...
Shareholders of FCMB Group Plc on Tuesday approved a total dividend payout of ₦23.08 billion for the 2025 financial year at the company's 13th Annual General Meeting (AGM) held in Lagos. Shareholders, attending both in person and online, approved all Board resolutions, including the re-election of Mr. Ladi Jadesimi and the ratification of Mrs. Adepeju ...
Africa's Global Bank, United Bank for Africa (UBA) Plc, has rewarded thousands of customers with over ₦400 million in anniversary bonuses under its flagship UBA Bumper Account, reaffirming the Bank's unwavering commitment to rewarding customer loyalty and promoting a strong savings culture. The payout, one of the largest loyalty rewards under the Bumper Account initiative ...
Pathway Advisors Limited has announced its role as Lead Issuing House to a N300 billion Commercial Paper Programme for Pivot Integrated Energy Services Limited, reinforcing its leadership in capital market advisory and energy sector finance. The transaction was formally concluded with the execution of programme documentation at Capital Club, Victoria Island, Lagos, following the completion ...
OPay, a leading fintech company in Nigeria, has introduced two new security features, Emergency Lock and Safety PIN, designed to give customers greater control over their money during security emergencies and unexpected situations. The new features reaffirm OPay's commitment to putting customers first by providing practical tools that help users protect their funds before fraud, ...
The Centre for the Promotion of Private Enterprise (CPPE) has opined that an outright ban on textile importation will eliminate millions of jobs. In a statement on Sunday, Dr Muda Yusuf, the CEO of CPPE said the proposed ban is unlikely to achieve its intended objectives and could have significant adverse consequences for the Nigerian economy. He ...
GCR Ratings (GCR) has upgraded First City Monument Bank Limited’s (FCMB) national-scale long- and short-term issuer ratings to A(NG) and A1(NG) from A-(NG) and A2(NG), respectively, while maintaining a Stable outlook. According to the rating note, FCMB is considered the core operating entity within FCMB Group Plc; as such, the national-scale issuer ratings on the ...
An analysis of market data from the first half of 2026 has revealed a mixed performance for Nigeria's euro bonds. According to official data from a recent report by the Debt Management Office (DMO) on "Nigeria's Daily Eurobonds Closing Prices and Yields from January 02 to June 24, 2026", the market experienced a clear divergence ...
The naira weakened to a two-month low against the dollar in the official foreign exchange (FX) market on Wednesday, despite rising market liquidity and growing external reserves, as increased demand for the greenback weighed on the local currency. Data published by the Central Bank of Nigeria (CBN) showed that the naira depreciated by N9.44, with ...
...As profit-taking erases N3.64tn in investor wealth The Nigerian equities market closed sharply lower on Wednesday, June 24, 2026, reversing the gains recorded over the previous two trading sessions as widespread profit-taking across major stocks outweighed pockets of buying interest. The benchmark NGX All-Share Index (ASI) plunged by 2.35% to close at 235,074.54 points, compared ...
By Precious Mark President Bola Ahmed Tinubu has described Nigeria’s youth as the country’s greatest asset, stating that they are tech-savvy, ready to learn, and well-positioned to integrate into the global digital economy. The President made these remarks on Tuesday in Abuja while receiving a delegation from Mastercard, led by its Global Chief Executive Officer, ...
