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By Seun Ibiyemi The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, has said that the Corporation now operates under stronger and more effective laws that empower it to prosecute individuals responsible for bank failures and enhance its bank liquidation mandate. Mr. Sunday made this known when ...
By Seun Ibiyemi The Securities and Exchange Commission (SEC) has approved Ellah Lakes Plc’s ₦235 billion public offer, paving the way for the company to raise capital for its planned acquisition of Agro-Allied Resources & Processing Nigeria Ltd. (ARPN). The approval marks a significant milestone in the company’s growth trajectory as it seeks to expand ...
Nigeria’s latest Eurobond issuance has attracted overwhelming investor demand, with subscriptions surpassing $9.1 billion more than four times the $2.25 billion offered despite global market unease triggered by U.S. political developments. According to the Debt Management Office (DMO), the dual-tranche offering, aimed at raising external capital and diversifying Nigeria’s funding sources, was heavily oversubscribed across ...
ABC Transport Plc has released its unaudited financial statement for the nine months ended September 2025, reporting a pre-tax profit of N926.8 million. This marks a significant improvement from the modest N1.3 million recorded in the same period of 2024, while post-tax profit surged 363 per cent year-on-year to N585.6 million. The strong performance was ...
By Seun Ibiyemi Nigeria’s stock market suffered a significant setback on Wednesday, recording its sharpest daily decline since the beginning of November, as the benchmark index dropped by 1.19 percent. The downturn extended the market’s losing streak to three consecutive sessions, wiping out a total of over N2.1 trillion in value within the period. The ...
By Seun Ibiyemi and Sofiyyah Layole Nigeria’s capital market suffered another sharp decline this week as renewed geopolitical tension, specifically triggered by President Donald Trump’s threat of military intervention in Nigeria, severely unsettled investors. Investors have so far lost a staggering ₦859 billion in market value in two days. The sustained sell-off saw the All-Share ...
Stories by Seun Ibiyemi The Federal Government (FG) has unveiled 50 new tax exemptions and relief measures aimed at reducing the financial burden on low-income earners, average taxpayers, and small businesses as part of the new tax reform laws taking effect from January 1, 2026. The comprehensive package, announced by the Presidential Fiscal Policy and ...
Oil marketers are strongly criticizing the Federal Government's proposal to levy a 15% import duty on petrol, arguing that the policy fundamentally contravenes the spirit of deregulation in the downstream petroleum sector. They warn the new duty will inevitably lead to an increase in pump prices for consumers. Speaking on behalf of the Independent Petroleum ...
First Bank of Nigeria Limited (First Bank), Nigeria’s premier and leading financial inclusion services provider, has announced the launch of the Verve Flash Promo, a special initiative rewarding customers with free Verve cards. The campaign, which commenced on 6 October 2025, and will run until 30 January 2026, is exclusively targeted at FirstBank customers whose ...
The Board of Directors of the African Development Bank Group (AfDB) has approved a significant $6 million grant to reinforce disaster preparedness and risk financing across the continent for the 2025–2026 period. The funding, approved on October 29 and channeled through the Bank’s African Disaster Risk Financing Initiative (ADRiFi), is specifically intended to support the ...
By Seun Ibiyemi Nigeria’s plan to allow the Central Bank of Nigeria (CBN) to take over operations of the nation’s fixed-income market is likely to be withdrawn following objections from key government institutions, Bloomberg has reported. According to the report, the Ministry of Finance, the Securities and Exchange Commission (SEC), and the CBN are currently ...
By Sofiyyah Layole Oando Plc has reported a significant jump in profitability, posting a profit after tax (PAT) of ₦201.31 billion for the nine months ended September 30, 2025. This marks a substantial improvement from the ₦76.30 billion recorded in the same period of 2024, a performance the company attributed primarily to a sharp increase ...
...says Kogi becoming more attractive to investors By Seun Ibiyemi Kogi State Governor, Alhaji Ahmed Usman Ododo, on Thursday commissioned the Lokoja branch of Premium Trust Bank, marking the bank’s formal entry into the state’s financial landscape and reaffirming his administration’s commitment to creating a thriving business environment. Speaking at the event, Governor Ododo commended ...
By Sofiyyah Layole Access Holdings Plc reported a profit after tax (PAT) of ₦447.55 billion for the nine months ended September 30, 2025. This figure marks a marginal decline from the ₦457.74 billion recorded in the corresponding period of 2024, despite sustained economic challenges. The Group’s unaudited results, released to the Nigerian Exchange Group (NGX), ...
The Aliko Dangote Foundation (ADF), in partnership with Sight and Life Foundation (SAL), has launched a nationwide initiative titled “Promotion of Production & Consumption of Fermented Foods for Food & Nutrition Security in Nigeria.” The program, unveiled at a workshop in Lagos, aims to combat malnutrition and improve food security by promoting the production and consumption ...
By Seun Ibiyemi HabariPay Limited, the fintech subsidiary of Guaranty Trust Holding Company (GTCO), has reported a profit before tax (PBT) of ₦4.02 billion for the first half of 2025, representing a 95 per cent surge from the ₦2.07 billion recorded in the corresponding period of 2024. The figure, disclosed in GTCO’s half-year financial statement ...
By Sofiyyah Layole Nestle Nigeria Plc has reported a strong financial performance for the first nine months of 2025, marking a solid return to profitability despite economic challenges. The company posted a 33 percent increase in revenue to N884.54 billion for the period ended September 30, 2025, up from N665.29 billion recorded in the same ...
By Seun ibiyemi Transnational Corporation Plc (Transcorp Group), one of Africa’s leading listed conglomerates, has reported a strong performance for the third quarter of 2025, driven by growth across its power and hospitality businesses. According to the company’s unaudited financial results released on Monday, revenue rose by 39 per cent year-on-year to ₦413.4 billion, compared ...
Leading rating agency, Agusto & Co. Limited, has upgraded the credit ratings of Jaiz Bank Plc to A- for long-term obligations and A1 for short-term obligations, both with a stable outlook, citing the bank’s strong financial performance and robust governance structure. In addition, the agency assigned Jaiz Bank an Environmental, Social, and Governance (ESG) score ...
By Seun Ibiyemi Automated Teller Machine (ATM) transactions in Nigeria rose sharply in the first quarter of 2025, defying expectations that new cash withdrawal charges introduced by the Central Bank of Nigeria (CBN) in February would slow usage. According to the CBN’s Quarterly Statistical Bulletin for Q1 2025, total ATM withdrawals climbed to N15.97 trillion ...
Abbey Mortgage Bank Plc has announced strong financial results for the third quarter ended September 30, 2025, reporting a pre-tax profit of ₦670 million, a 63.24 per cent year-on-year (YoY) growth, surpassing its Q3 2025 forecast by more than 58 person cent. According to the unaudited financial results released by the bank, the third-quarter performance ...
By Seun Ibiyemi The House of Representatives has taken fresh steps to boost transparency and public trust in Nigeria’s financial system as part of efforts to drive economic stability and business growth. To achieve this, the House Committee on Banking Regulations on Thursday held a public hearing on two key bills designed to reform the ...
By Seun Ibiyemi The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, will lead Nigeria’s delegation to the World Bank and International Monetary Fund (IMF) Annual Meetings scheduled to begin on Monday, October 13, 2025, in Washington, D.C. This was stated in a statement signed by the Special Adviser to the President ...
