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...as 27 states get support to pay salaries from ₦10.4trn allocation By Precious Mark The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has revealed that the removal of fuel subsidies and the unification of the foreign exchange market mobilised ₦15.8 trillion in extra resources for the federation, providing a critical financial lifeline that enabled states to clear salary backlogs. The report was ...
The Chartered Institute of Stockbrokers (CIS) has advised recapitalised insurance companies to see the successful exercise as the beginning of a new phase rather than its end. Dr Benneth Eze, Head of Research and Development, CIS, gave the advice in an interview with newsmen in Lagos on Sunday. Eze said the companies should prioritise protecting ...
The central parity rate of the Chinese currency renminbi, or the Yuan, strengthened 18 pips to 6.7882 against the dollar on Wednesday. This is according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate ...
Yields on Nigeria’s sovereign Eurobonds traded in the international capital market reached 8.06% as prices rose up to $119.80 per unit on Monday, August 10, 2026, according to official data released by the Debt Management Office (DMO). The figures, compiled by Bloomberg and published by the debt agency, track performance across 15 active dollar-denominated Eurobond ...
President Bola Ahmed Tinubu has commended Nigeria's Economic Management Team and the Nigerian Exchange Group (NGX) for what he described as the successful implementation of economic reforms that have stabilised the economy and driven a remarkable rebound in the country's stock market. Speaking on Thursday at the State House, Abuja, while receiving the Board and ...
The Nigerian stock market extended its bullish run on Thursday, with investors gaining N191 billion as renewed buying interest in medium and large-cap stocks lifted key market indicators. Market capitalisation rose from N158.086 trillion to N158.278 trillion, representing a 0.12 per cent increase. Similarly, the All-Share Index advanced by 297.10 points, or 0.12 per cent, ...
The Central Bank of Nigeria (CBN) says its monetary policy remained focused on price stability in 2025, relying on orthodox instruments. The CBN said this in its recently released annual report for the 2025 fiscal year. According to the apex bank, although monetary policy was largely restrictive in 2025, an easing cycle was initiated at ...
Crown Takaful Insurance Limited, Nigeria’s ethical insurance company, has approved the sharing of N100.9 million total surplus distribution to its participants. Surplus sharing is the core principle of Takaful insurance model, anchored on mutual cooperation. Participants contribute to a shared fund and, at the end of a defined period, any surplus remaining after claims, Re-Takaful ...
Nigerian banks have moved swiftly to contain the effects of a sophisticated global cyber campaign sweeping across sectors and continents, with industry sources assuring the public that the nation’s financial system remains strong, resilient and secure. The campaign, described by analysts as one of the most coordinated waves of attacks in years, is neither peculiar ...
For tens of millions of people across Nigeria, digital finance has changed everyday life. Paying bills, sending money, saving, and running businesses have become faster and easier than ever before. But alongside this progress comes one question that many people still ask: "Can I really trust digital finance?" It is a fair question. Over the ...
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 ...
Director General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala has warned that despite governments response to disruptions near the Strait of Hormuz, these adjustments have not fully offset energy and food price pressures on vulnerable developing nations. Speaking at the 7th Africa Emerging Markets Forum in Abuja jointly organized by the Central Bank of Nigeria (CBN), ...
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. ...
