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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, ...
By Precious Mark Elon Musk’s SpaceX made history on Friday with its long-awaited debut on the Nasdaq Stock Market, completing what has been described as the largest Initial Public Offering (IPO) ever recorded and propelling the billionaire entrepreneur to the status of the world’s first trillionaire. SpaceX began trading under the ticker symbol SPCX after ...
The Centre for the Promotion of Private Enterprise (CPPE) has cautioned that extreme monetary orthodoxy and an over-reliance on short-term portfolio flows could choke productive investments and worsen the nation's poverty crisis. In a response to the International Monetary Fund’s (IMF) Article IV Consultation Report on Nigeria, the think-thank welcomed the IMF's positive assessment of the ...
By Precious Mark The Central Bank of Nigeria (CBN) has released two major draft regulatory frameworks aimed at tightening oversight of the country’s financial system, improving transparency, and reducing systemic risks across closely linked financial institutions. The proposed guidelines, issued through the Financial Policy and Regulation Department of the CBN in Abuja on June 10, ...
...calls for urgent reforms in power distribution, single-digit financing By Precious Mark Nigeria’s manufacturing sector has remained largely stagnant, consistently contributing between 9% and 10% to the nation's Gross Dependent Product (GDP) over the past 26 years despite multiple rounds of policy reforms and industrialization initiatives. This assessment was contained in a comprehensive economic report released ...
The Nigerian equities market reversed its recent upward momentum to close Thursday’s trading session on a bearish note, driven by late profit-taking and cautious investor sentiment across major sectors. Despite the marginal pullback, the broader market indicators continue to demonstrate long-term resilience. According to data from the Nigerian Exchange Limited (NGX), the benchmark All-Share Index ...
The Federal Government of Nigeria has raised a total of ₦4.68 billion from retail investors through its June 2026 FGN Savings Bond issuance. This was contained in the official allotment results published by the Debt Management Office (DMO). Detailed analytical breakdowns from the DMO indicate that the subscription numbers reflect an optimal mix of returning ...
Access Holdings Plc has announced the appointment of Mr. Abiodun Adigun as the new Managing Director and Chief Executive Officer of its digital lending subsidiary, Oxygen X Finance Company Limited. The appointment was disclosed in a regulatory filing submitted to the Nigerian Exchange Limited (NGX) following the receipt of all necessary approvals from financial industry ...
Former Minister of Petroleum Resources and Foreign Affairs, Mr Henry Odein Ajumogobia, has urged the federal government to strengthen the Niger Delta Development Commission (NDDC)as the arrowhead of development agencies in the Niger Delta region. Ajumogobia, who made the call as the keynote speaker at the NDDC Law and Development Summit in Port Harcourt, stressed ...
The Central Bank of Nigeria (CBN) has increased treasury bill rates after keeping the monetary policy rate at 26.5% last month as inflation accelerated toward 16%. At the first primary market auction in June, the apex bank, through the Debt Management Office (DMO), offered N700 billion worth of treasury bills for subscription across standard tenors. ...
...as AMAC leads in transaction volumes Moniepoint founder and CEO Tosin Eniolorunda has emphasized that the strategic integration of data-driven insights and character assessment is the core driver behind the rapid expansion of the fintech's small and medium enterprise (SME) lending division. Speaking in an interview with The Builders podcast by Nidacity, the head of ...
In a major move to crack down on non-performing loans (NPLs) and enhance accountability within Nigeria’s financial system, the Managing Director and Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), Gbenga Alade, has led a strategic delegation on a courtesy visit to the Chief Executive Officer of the Nigerian Financial Intelligence Unit ...
Africa’s Global Bank, United Bank for Africa (UBA) Plc, marked Africa Day with a group-wide celebration across its offices in 20 African markets, bringing employees together in a shared observance of cultural and continental pride. For UBA, which has spent over seven decades building operations from Lagos to Nairobi, Accra to Abidjan, Dakar to Douala, and ...
The Nigerian naira opened the month of May slightly stronger as foreign reserves continue to climb, driven by fresh inflows from hydrocarbon sales and portfolio building by offshore investors. Data from the Nigerian Foreign Exchange Market (NFEM) showed that the local currency closed at N1,373.25/US1 in May, up from its April close of N1,374.94/US1. In ...
By Damilare Adeleye The Central Bank of Nigeria (CBN) has extended the enforcement deadline for its Point-of-Sale (PoS) geo-fencing policy to August 1, 2026. This extension comes as the apex bank increased the permitted geo-fence radius from 10 meters to 70 meters as part of efforts to ease industry compliance. The directive was contained in ...
By Damilare Adeleye Nigeria’s major flour milling and food manufacturing company, Honeywell Flour Mills Plc has posted a profit after tax (PAT) of N16.49 billion for the year ended March 31, 2026, with profit after tax rising by 13 per cent to N16.49 billion. According to the company’s audited annual report filed on the NGX on Saturday, ...
The equities market sustained its positive momentum in May, with investors gaining N4.514 trillion as renewed buying interest in financial services and consumer goods stocks lifted overall market performance.Market capitalisation rose by 2.89 per cent to close at N160.508 trillion in May, compared with N155.994 trillion recorded at the beginning of the month. Similarly, the ...
…approve N100m remuneration for Board Chairman By Damilare Adeleye Shareholders of United Bank for Africa Plc have approved a reduction in the bank’s share capital and re-elected three non-executive directors. The approval was granted at the Bank’s 64th Annual General Meeting, which was held virtually in Lagos. During the meeting, shareholders okayed nine resolutions, comprising ...
The Central Bank of Nigeria (CBN) executed one of its most aggressive liquidity tightening exercises of the year, absorbing N3.692 trillion from the banking system in a single Open Market Operations (OMO) auction. An analysis of the auction results indicates that the central bank’s aggressive drive to rein in money supply met with massive investor ...
By Damilare Adeleye Telecommunications giant Airtel Africa Plc has commenced a share buyback programme to repurchase up to one per cent of its issued share capital. The initiative is part of efforts to return cash to shareholders and strengthen capital allocation. In a statement issued on Friday, the company said the programme reflects confidence in ...
The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to talent development and stronger industry-academia collaboration through the platform of the Executive Industry Immersion Challenge (EIIC) program, conducted in partnership with the Nile Business School, Nile University of Nigeria, Abuja. Speaking at the opening ceremony of the four-day program at the Corporation’s Head Office ...
The upcoming public listing of the Dangote Petroleum Refinery on the Nigerian Exchange (NGX) is generating significant momentum, with the company securing over $2 billion in indications of interest through its ongoing private placement. Aliko Dangote, President and Chief Executive of Dangote Industries Limited, disclosed the overwhelming investor response on Wednesday during a high-profile tour ...
