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Dr Armstrong Takang, the Managing Director, Ministry of Finance Incorporated (MOFI) says Nigerians risk losing the wealth created by the digital economy unless they invest in and own technology businesses. Takang made the assertion on Thursday in Lagos at the Gulf Information Technology Exhibition (GITEX) Nigeria, a forum focused on the intersection of technology, finance ...
Transcorp Power Plc has appointed Mrs. Maryam Bala Shehu as an Independent Non-Executive Director on its Board of Directors. The company noted that the appointment is however subject to statutory approval from the Nigerian Electricity Regulatory Commission (NERC). Mrs. Shehu arrives at the power generation major with more than three decades of experience spanning energy ...
Renewed bargain hunting in Seplat Energy Plc and UPDC Real Estate Investment Trust (UPDCREIT) lifted the Nigerian Exchange (NGX) All-Share Index (ASI) higher by 15 basis points on Thursday, returning the domestic equities market to positive territory. The benchmark index appreciated by 0.15 percent to close at 246,388.22 points, adding approximately N238.37 billion to aggregate ...
The National Insurance Commission (NAICOM) has unveiled the Insurance Sector Strengthening Programme (ISSP) to advance insurance penetration, financial inclusion, and innovation within Nigeria’s insurance ecosystem. The Commissioner for Insurance, Mr. Olusegun Omosehin, speaking during the launch on Thursday in Abuja, said the programme offers a strategic framework to accelerate growth and ensure stability across the ...
The African Union (AU) will officially launch the African Credit Rating Agency (AfCRA) on October 7, 2026, in Port Louis, Mauritius, in a move aimed at changing how African economies and companies are assessed in global financial markets. President Bola Ahmed Tinubu in a post on Thursday welcomed the planned launch, describing AfCRA as another ...
The Bank of Industry (BOI) has signed the transaction documents for its ₦274.1868 billion Series 1 Development Bond, a 17.60 percent, five-year fixed-rate bond due in 2031. The signing marks the completion of a landmark domestic capital market transaction that was initially launched as a ₦250 billion offer and closed oversubscribed within five working days. ...
The Centre for the Promotion of Private Enterprise (CPPE) has urged the Federal Government to ensure that Nigeria’s 4.43 per cent economic growth in the second quarter of 2026 translates into increased employment, higher household incomes and improved living standards. In a policy statement on Tuesday, the policy think-tank said the growth, which accelerated from ...
The Nigerian equities market closed the month of August on a bearish note, shedding N587 billion in market capitalisation. This is due to weak investor participation and disruptions associated with the transition to a new settlement structure. The market capitalisation, which opened the month at N158.326 trillion, declined by 0.37 per cent to close at ...
Nigeria is targeting a $1 trillion economy by 2030 as economic growth accelerated to 4.43 per cent in the second quarter of 2026, according to the Federal Ministry of Finance. The ministry, in a statement issued on Tuesday, said the Q2 2026 growth was higher than the 4.23 per cent recorded in the corresponding quarter ...
President Bola Ahmed Tinubu welcomed the encouraging news on Monday from the National Bureau of Statistics, which shows that Gross Domestic Product for the second quarter of 2026 grew by 4.43 per cent, up from 4.23 per cent in the second quarter of 2025. The report also shows growth in agriculture, manufacturing, the oil and ...
The National Institute of Credit Administration (NICA) has urged Nigerian businesses to become credit-ready and creditworthy to access funding in the emerging liberal economy. Prof. Chris Onalo, Registrar and Chief Executive Officer of NICA, made the call in a statement issued on Sunday in Lagos. NICA is the statutory professional body for the control, supervision ...
The Ogun State House of Assembly, through its Committee on Finance and Appropriation, will on Monday, 31 August 2026, commence the appraisal of the 2026 budget performance of government ministries, departments, and agencies in the state. The exercise, according to a press release by the Clerk and Head of Legislative Service, Mr. Sakiru Adebakin, is ...
...as company raises N5.3bn Series 1 funding ThriveAgric has completed an oversubscribed debut commercial paper issuance, raising about N5.3 billion after strong institutional demand pushed the company above its initial N5 billion target. The technology-driven agricultural company said the Series 1 issuance marks its first foray into Nigeria’s debt capital markets and follows approval from ...
The Awgu Egbeli Development Union (AEDU) has appealed to the member representing Awgu/Oji River/Aninri Federal Constituency, Mr. Anayo Onwuegbu, to support efforts to establish a Deposit Money Bank (DMB) in Awgu town. The appeal is contained in a letter written by a former Deputy Director of the Central Bank of Nigeria (CBN) and Chairman of ...
Africa's Global Bank, United Bank for Africa (UBA) Plc, has graduated and inducted 374 young professionals into its workforce, marking the completion of Cohort 21 of its Graduate Management Accelerator Programme (GMAP), the Bank's flagship talent development scheme. The ceremony, which was held at Landmark Events Centre in Lagos on Thursday, August 20th, 2025, celebrated ...
Moniepoint Microfinance Bank has rolled out an enhanced suite of flexible savings products alongside its new "One Step Ahead" campaign, headlined by Nollywood superstar Funke Akindele. The initiative directly tackles the reality of Nigerian household finances, where internal research reveals that unexpected expenses disrupt nearly 73% of savings plans and irregular income impacts over half ...
The Centre for the Promotion of Private Enterprise (CPPE) has commended the Minister of Finance for presenting the nation’s economic reform scorecard, describing the disclosure as a vital step toward transparency and reform credibility. In a statement issued by the CPPE Chief Executive Officer Dr. Muda Yusuf welcomed the administration's balanced assessment of both macroeconomic ...
Shareholders’ associations have kicked against the remittance of unclaimed dividends into the Unclaimed Funds Trust Fund (UFTF), managed in conjunction with the Debt Management Office (DMO). The associations, while speaking with newsmen in separate interviews on Sunday, described the directive as an encroachment on investors’ funds and a threat to public confidence in the capital ...
...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 ...
By Firdaus Jibril Nigeria’s real estate market is projected to grow from $32.2 billion in 2025 to $40 billion by 2030, according to a report by Next Move Strategy Consulting. The market was valued at $29.2 billion in 2024 and is expected to expand at a compound annual growth rate of 4.5 per cent between ...
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 ...
