Author: Gift Ifeanyi

Lagos, Nigeria — A profound transformation is unfolding in Nigeria’s oil sector, as indigenous companies step up to claim control of the nation’s energy assets, reshaping a landscape long dominated by international giants. Heirs Energies, under the leadership of CEO Osayande Igiehon, is among the local firms leading this charge. Raised in the heart of Nigeria’s oil-rich regions and once an executive at Shell, Igiehon believes this local insight gives Heirs a unique edge in an industry undergoing radical change. “The former operators lost their connection with host communities,” Igiehon noted. “We’ve built meaningful relationships that let us operate freely…

Nigeria’s capital market is witnessing a significant shift, as 11 companies listed on the Nigerian Exchange (NGX) have now crossed the $1 billion valuation mark, signaling a strong surge in investor confidence and market performance. This milestone, reached by the end of April 2025, reflects a sustained rally that has elevated some of the country’s largest and most influential companies—popularly referred to as SWOOTs (Stocks Worth Over One Trillion Naira). At an average exchange rate of ₦1,550 to $1, each of these companies now exceeds ₦1.55 trillion in market capitalization, marking a rise from nine such firms a year ago.…

Nairobi, Kenya — Africa’s wealthiest man, Aliko Dangote, has entered Kenya’s tourism industry with a high-profile investment in Pollman’s Tours and Safaris, the country’s oldest and most iconic tour operator. The acquisition was made through Alterra Capital, a private equity firm backed jointly by Dangote and American billionaire David Rubenstein, marking a bold move into one of Kenya’s most vital economic sectors. The investment is part of a broader stake in ARP Africa Travel Group, which owns Pollman’s. The deal, finalized in February 2025, signals growing investor confidence in East Africa’s booming travel and hospitality market. No Market Disruption, Jobs…

Abuja, Nigeria The federal government, under the leadership of President Bola Tinubu, has unveiled plans to launch a bold overhaul of Nigeria’s electricity distribution sector, beginning with a pilot intervention targeting two of the nation’s underperforming Distribution Companies (DisCos). The initiative, scheduled to kick off between May and August 2025, will focus on one DisCo in the northern region and another in the south, marking a significant shift in the government’s approach to tackling long-standing inefficiencies in power distribution. Announcing the development, Minister of Power, Adebayo Adelabu, revealed that a comprehensive evaluation had exposed major flaws within the DisCos —…

Abuja, Nigeria — Vice President Kashim Shettima has declared that the administration of President Bola Tinubu is forging a new digital future designed to carry Micro, Small, and Medium Enterprises (MSMEs) beyond national borders into the expansive African market. Speaking at the inauguration of the oversight committee for Nigeria’s hosting of the upcoming 4th African Union MSME Forum, Shettima emphasized that the government is laying “digital bridges and highways” to boost cross-border trade and innovation-driven growth for Nigerian entrepreneurs. The forum is scheduled to take place June 23–27 in Abuja, bringing together stakeholders from across Africa to chart a path…

The Pan-African Payment and Settlement System (PAPSS) has applauded the Central Bank of Nigeria (CBN) for introducing a streamlined transaction policy that promises to simplify and accelerate trade payments across Africa. The move is seen as a major step forward in boosting Nigeria’s participation in the African Continental Free Trade Area (AfCFTA), particularly for Small and Medium Enterprises (SMEs). In a circular issued on April 28, 2025, the CBN outlined a new framework that reduces documentation requirements for PAPSS transactions. This policy significantly lowers barriers for individuals and businesses, enabling quicker, more affordable cross-border payments within the African continent. Under…

As global cocoa prices soar to $9,187 per ton on the New York Commodity Exchange, Nigeria is seizing the opportunity to pivot from its heavy dependence on oil revenues toward agricultural exports—particularly cocoa. With investors turning their focus to cocoa amid tightening global supply, Nigeria is doubling down on its position in the global market. According to data from the United Nations Food and Agriculture Organization (FAO), Nigeria ranked as the seventh-largest cocoa producer in 2023, yielding over 280,000 metric tons. Now, with a bold target of 500,000 metric tons set for the 2024–2025 season, the country hopes to climb…

The Central Bank of Nigeria (CBN) recorded a steep drop in income from its overdraft arrangement with the Federal Government, earning just N3.1 billion in 2024, a dramatic fall from N1.6 trillion the previous year. This income stems from the Ways and Means facility—an emergency overdraft extended by the CBN to the government during fiscal shortfalls. The earnings were listed under “loans and receivables” in the apex bank’s newly released audited financial report. According to the CBN, the interest charged on the overdraft is calculated using the Monetary Policy Rate (MPR) plus three percent. The 99.8% year-over-year decrease in earnings…

Nigeria is intensifying diplomatic efforts to recover a $75 million gas debt owed by Ghana, while also pushing for stronger collaboration on a major regional energy project—the Atlantic Gas Pipeline. During a recent West African Gas Pipeline (WAGP) Committee of Ministers gathering in Accra, Nigeria’s Minister of State for Petroleum Resources, Ekpo Ekperipe, held strategic talks with Ghanaian President John Dramani Mahama to address the long-standing financial dispute. The Nigerian minister emphasized that the debt, which stems from natural gas supplied months ago under the WAGP framework, remains unpaid due to administrative bottlenecks, particularly unresolved documentation. Ekperipe called for prompt…

First Asset Management Limited has reaffirmed its commitment to advancing Nigeria’s financial sector as it crosses a major milestone—over ₦1 trillion in assets under management (AUM). Managing Director Ike Onyia described the achievement as a testament to the company’s unwavering dedication to delivering top-tier investment performance and unparalleled client service. “This accomplishment reflects the deep confidence our clients and partners have in our vision and capability. It highlights our consistent ability to achieve strong investment results while fulfilling our core mission,” Onyia said. A Legacy of Trust and Growth Onyia attributed the firm’s success to the continued support of its…

The Lagos Chamber of Commerce and Industry (LCCI) has emphasized the importance of aligning Nigeria’s newly adopted Nigeria First Policy with regional and continental trade frameworks, particularly the African Continental Free Trade Area (AfCFTA). In a statement signed by Chinyere Almona, Director General of LCCI, the Chamber commended the policy’s vision but warned that its implementation must prioritize strategic diplomacy and global competitiveness—not protectionism. Balancing National Priorities with Continental Commitments Approved by the Federal Executive Council (FEC), the Nigeria First Policy aims to boost local production, reduce import dependency, and empower domestic businesses. According to LCCI, the policy has the…

President Bola Ahmed Tinubu has extended heartfelt birthday wishes to Chief Dipo Eludoyin, a prominent entrepreneur and close ally, as he turns 77. Eludoyin, a respected prince from Ile-Ife, Osun State, and the Chief Executive Officer of Paragon Holdings Limited, was praised by the President for his lasting impact on business, society, and national development. In a statement issued on Sunday by Presidential aide Bayo Onanuga, Tinubu acknowledged Eludoyin’s significant contributions to Nigeria’s economic landscape, as well as his philanthropic endeavors and employment creation through Paragon Holdings and other ventures. “Through his enterprises, Chief Eludoyin has not only transformed physical…

In a dynamic showcase of culture and enterprise, the second annual Naija Trade Fair drew a diverse crowd in Winnipeg, highlighting the entrepreneurial spirit of the African and Nigerian communities in Canada. Organized by Nigerians of Winnipeg in collaboration with the Canada Naija Business Hub, the event brought together nearly 100 Black, African, and Nigerian-owned small businesses. Participants exhibited a variety of handcrafted goods, traditional foods, artwork, fashion, and other locally-made products, creating a lively cultural marketplace. A Fusion of Heritage and Enterprise For Toludare Toluwalope, a 43-year-old ceramic artist and recent Canadian citizen, the event was both personal and…

A new industry report, “Project Insight – Global Road Construction Projects (Q1 2025),” has been released by ResearchAndMarkets.com, offering a comprehensive assessment of road infrastructure developments around the world. The report estimates the total value of global road construction projects at an impressive $3.8 trillion, highlighting a robust pipeline of developments across multiple regions. Regional Highlights North-East Asia leads globally, accounting for the largest share with ongoing and planned projects worth $1 trillion. South Asia follows with a project pipeline totaling $571 billion, narrowly ahead of South-East Asia at $502 billion. North America records $405 billion worth of road construction…

Dangote Group, through its salt-producing arm NASCON Allied Industries Plc, has introduced a straightforward four-step process to help Nigerians become distributors of Dangote Salt and earn income by joining its nationwide sales network. This initiative aims to extend the company’s reach while supporting small and medium-scale enterprises with reliable income opportunities. How to Become a Dangote Salt Distributor To register as a distributor of Dangote Salt, interested parties must follow these steps: Express InterestContact NASCON by sending an email to nasconcare@dangote.com or calling the designated support numbers. Complete Distributor ApplicationApplicants will receive a distributor registration form. This form must be…

The League of Airport and Aviation Correspondents (LAAC), Nigeria’s leading aviation media body, has announced its 29th Annual Conference, scheduled for Thursday, August 7, 2025, at the Providence Hotel, GRA Ikeja, Lagos. The event will commence at 9:00 AM. This year’s theme, “Aviation Financing in Nigeria: The Risks, Opportunities and Prospects,” aims to spark meaningful conversations on the future of aviation investment and sustainability in the country. A Strategic Industry Gathering The 2025 edition promises to be a significant moment for Nigeria’s aviation sector. Top-level industry figures—including policy makers, airline executives, regulators, financiers, airport authorities, and insurance experts—are expected to…

PalmPay, a prominent full-service digital bank, has once again reinforced its commitment to revolutionizing the payment landscape in Nigeria by championing the adoption of contactless payment solutions. This was highlighted at the BusinessDay Future of Payment Conference, which focused on “Fintech Evolution: Gateway to Payments.” During his opening remarks, Frank Aigbogun, Publisher of BusinessDay, underscored that the next phase of fintech innovation must not only prioritize speed, security, and simplicity but also trust, inclusion, and accessibility, ensuring that its impact reaches all corners of society. PalmPay’s Role in Digital Payment Evolution In the panel discussion on “The Next Wave of…

Dr. Umaru Kwairanga, Chairman of the Nigerian Exchange (NGX) Group, is set to chair the upcoming SUPERNEWS Nigeria Annual Conference. The event will take place on June 19, 2025, at the Oriental Hotel in Victoria Island, Lagos, starting at 10:00 am. The conference, centered around the theme “Power of AI: Enhancing Efficiency and Customer Satisfaction for Better Financial Services Experience,” promises to be a transformative gathering of key stakeholders in Nigeria’s financial services sector. Johnson Chukwu, Managing Director of Cowry Asset Management Limited, will serve as the keynote speaker for the event. Special Guests and Thought Leadership The conference will…

Lagos’ Victoria Island recently came alive with bustling traffic during the 8th edition of the GTCO Food and Drink Festival, a renowned event celebrated as Africa’s largest food and drink festival. Over the span of three days, people from diverse backgrounds gathered to indulge in the culinary delights at the vibrant festival. The event showcased a variety of cuisines, including both local and international dishes, drinks, and snacks. Attendees could explore an impressive range of offerings such as cocktails, mocktails, handy snacks, street foods, packaged goods, and fresh beverages like palm wine. From 36 vendors serving ready-to-eat meals like smoky…

The Kano State Government has teamed up with Global Sight Nigeria to offer a one-day training program aimed at improving the leadership and business development skills of artisans and technicians in the state. The initiative is focused on empowering leaders of artisan and technician associations to elevate their businesses and correct misconceptions about leadership. The training, which involved participants from 164 associations across Kano, was designed to provide participants with essential leadership skills and knowledge to help them grow their businesses. According to a statement released, the session focused on building stronger leadership qualities that challenge outdated perceptions about leadership…