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By Olakunle Oke Moniepoint, a leading player in Africa’s digital financial ecosystem, has successfully closed an additional $90 million as part of its Series C funding round. This fresh capital brings the total raised in the Series C to $200 million, following its initial $110 million secured in 2024. The funding round was led by ...
By Seun Ibiyemi Seplat Energy Plc, a prominent integrated Nigerian oil and gas firm, reported a spectacular top-line surge in its half-year 2025 (H1 2025) results, driven by significantly higher crude oil output, improved realized prices, and increased gas sales volumes. Despite this remarkable 276.79 per cent rise in revenue to ₦2.17 trillion from ₦575.05 ...
Okomu Oil Palm Company Plc has announced its robust financial results for the third quarter of 2025, with pretax profit surging by 49% to \mathbf{N17.04} billion, up from N11.4 billion in the corresponding period of 2024. This strong performance pushed the nine-month pretax profit to N84.09 billion, marking a substantial 106.73% increase from the N40.6 ...
By Sofiyyah Layole Trading activities on the Nigerian Exchange Limited (NGX) closed on a bullish note last week, as the All-Share Index (ASI) and market capitalization appreciated by 1.35 percent to close at 148,977.64 points and ₦94.561 trillion, respectively. A total turnover of 2.422 billion shares worth ₦76.618 billion in 126,591 deals was traded by ...
The Naira on Friday weakened further against the U.S. Dollar, closing at N1,475.35 at the official foreign exchange window, according to figures published by the Central Bank of Nigeria (CBN). This marks a N4.32 decline from Thursday’s closing rate of N1,471.02, representing a 0.29 per cent loss, and extends the local currency’s run of mild ...
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced that the apex bank is moving to strengthen its oversight of the fintech sector. Cardoso emphasized that while innovation continues to transform financial services, maintaining strong governance, consumer protection, and effective risk management must remain top priorities for the industry. Cardoso made ...
Wema Bank has completed its second tranche of N50billion capital raise through Special Placement that was subscribed by 100 percent. In addition to the earlier N150billion Rights Issue that was successfully completed in September 2025, the total qualifying capital for Wema Bank is now N264billion, above the N200billion threshold. This implies the bank further surpasses ...
By Sofiyyah Layole The Nigerian Exchange Group (NGX) maintained its bullish run midweek, reflecting sustained investment and renewed activity across key market segments. The performance indicators closed positive across the board, signaling cautious but continued investor optimism. The total market capitalization of the equity segment inched up to ₦93.78 trillion, a marginal 0.02 per cent ...
By Sofiyyah Layole Zenith Bank Plc has recorded an impressive 160 per cent subscription in its recently concluded recapitalisation exercise, marking a significant milestone in its growth and reaffirming investor confidence in the financial giant. This was announced at the closing gong ceremony hosted by the NGX group, yesterday. The successful recapitalisation, supported by the ...
By Seun Ibiyemi The House of Representatives has summoned the Central Bank of Nigeria (CBN) and major commercial banks to provide explanations for the escalating cases of arbitrary and unexplained deductions from customers’ accounts nationwide. The resolution followed the adoption of a motion of urgent national importance moved by Hon. Tolani Shagaya (APC, Kwara) during ...
By Sofiyyah Layole & Seun Ibiyemi A higher average power generation has fueled the revenue growth of Transcorp Power Plc for the third quarter (Q3) ended September 30, 2025. The leading power generation company, a subsidiary of TRANSCORP Group disclosed that its revenue rose by 38 percent year-on-year to ₦308.5 billion in Q3 2025, compared to ₦223.5 ...
By Sofiyyah Layole FCMB Group Plc has launched a massive capital raise, seeking to secure N160 billion through an offer for subscription of 16 billion ordinary shares at N0.50 per share. While the primary goal is to meet the Central Bank of Nigeria's (CBN) new minimum capital requirements, the Group has explicitly earmarked a significant ...
By Seun Ibiyemi Polaris Bank has reiterated its commitment to delivering exceptional customer experience as it concluded activities marking the 2025 edition of the global Customer Service Week themed “Mission: Possible.” The week-long celebration, which ran from Monday to Friday, October 10, featured a series of customer appreciation events and staff recognition initiatives across the ...
By Seun Ibiyemi First Bank of Nigeria has reaffirmed its commitment to promoting sports development across the country through increased investments and strategic partnerships aimed at nurturing young talents and fostering national unity. The Chief Executive Officer of First Bank Group, Olusegun Alebiosu, stated this during the finals of the 2025 Amateur Open Championship sponsored ...
By Seun Ibiyemi BUA Foods Plc, a leading player in Nigeria’s fast-moving consumer goods (FMCG) sector, has sustained its impressive growth trajectory in the first half (H1) of 2025, buoyed by improved operational efficiency, disciplined cost management, and a resilient consumer market. As of June 30, 2025, the company’s market capitalisation stood at N8.26 trillion, ...
By Seun Ibiyemi The Centre for the Promotion of Private Enterprise (CPPE) has issued a cautionary note, asserting that persistent exchange rate volatility is actively eroding the real value of Nigeria's recent fiscal reform gains, despite a nominal surge in government revenues. This assessment comes in the CPPE's latest policy brief, "Nigeria’s Fiscal and Tax ...
Dangote Cement, a subsidiary of the Nigerian conglomerate founded by Aliko Dangote, has officially launched operations at its new cement plant in Attingué, in Côte d'Ivoire,approximately 30 kilometers from Abidjan. The announcement was made by the Managing Director of Dangote Cement Côte d'Ivoire, Serge Gbotta, during a press briefing held at Novotel Abidjan-Marcory. The state-of-the-art ...
By Seun Ibiyemi Nigerian businessman and philanthropist Tony Elumelu has called on investors in European countries not to be scared-off from investing in Africa, warning that the continent’s future could be shaped instead by China and Gulf nations if Europe remains passive. Elumelu, recognized as one of Africa’s wealthiest and most influential figures, amassed his fortune ...
Zenith Bank Plc, on Friday, October 10, 2025, made good on its promise as it paid a total interim dividend of N51.3 billion to its shareholders for the Half Year (H1) 2025, at N1.25 per share. This significant payout represents over 60% increase from the N31.4 billion paid in H1 2024, demonstrating the bank's commitment ...
By Seun Ibiyemi The Nigeria Deposit Insurance Corporation (NDIC) and the Chartered Institute of Bankers of Nigeria (CIBN) have pledged to strengthen collaboration in addressing emerging issues in the country’s financial system, particularly in areas of digital banking, cybersecurity, and risk management. The Managing Director and Chief Executive Officer of NDIC, Mr. Thompson Oludare Sunday, ...
By Seun Ibiyemi The World Bank has projected that Nigeria’s debt as a share of its Gross Domestic Product (GDP) will decline in 2025, marking the first such reduction in over a decade. The Washington-based institution attributes this optimistic outlook to stronger economic growth and a more stable exchange rate. According to its latest Nigeria ...
Stanbic IBTC Pension Managers has officially launched the fourth edition of its FUZE Talent Show 2025, a nationwide platform dedicated to celebrating and promoting creativity among young Nigerians across the fields of music, dance, fashion, and technology. This year's edition, branded as "The Ultimate Show," aims to spotlight emerging talents and provide crucial empowerment for ...
The Emerging Tax Audit (OTA–ETA) team, a unit of the Federal Inland Revenue Service (FIRS), is celebrating Customer Service Week 2025 with a renewed commitment to the theme, “Mission Possible.” As a proud winner of the Outstanding Performance Award for both 2023 and 2024, the OTA–ETA team reaffirmed its dedication to the FIRS Management, stating ...
