Author: Gift Ifeanyi

Nigerian crude oil prices soared to their highest level of 2025, closing Friday at $77 per barrel, as geopolitical tensions in the Middle East drove up market volatility. Premium grades like Brass River and Qua Iboe rose slightly higher, reaching $77.20, amidst escalating hostilities between Israel and Iran. This spike places Nigerian oil above the Federal Government’s 2025 budget benchmark of $75, potentially offering the government increased fiscal flexibility as revenue from oil exports improves. Geopolitical Turmoil Fuels Price Surge Concerns over a widening conflict between Israel and Iran have disrupted energy markets, with fears that export routes through the…

For Orekoya Adebisi, entrepreneurship is not merely a profession—it’s a way of life. As the dynamic founder of Busbis Fabrics and Mazel Partners Limited, she has spent over 15 years transforming a humble fabric venture into a thriving multi-business empire spanning fashion, consulting, real estate, and financial services. With roots in Lagos and a mindset shaped by resilience, Adebisi’s journey exemplifies how passion, diversification, and strategic vision can create enduring success stories. Early Beginnings: The Hustle That Funded a Dream Adebisi’s foray into entrepreneurship began while she was a student, sourcing and selling Ankara fabrics from local markets to meet…

In a significant move to advance local skill development and entrepreneurship, Kiara De-Luke Academy (KDA) has signed a Memorandum of Understanding (MoU) with the Self-Employed Artisans Development Association of Nigeria (SEADAN) in Aba, Abia State. The agreement focuses on training in fashion design and garment production, aligning with the Federal Government’s “Nigeria First Policy” which encourages the use of locally made goods and services. A Strategic Collaboration for National Development KDA, a recognized institution offering technical and vocational training across various sectors—including carpentry, electrical maintenance, welding, plumbing, and fashion—seeks to tap into Aba’s vibrant artisan community. Known as a hub…

In celebration of Father’s Day 2025, Nigeria’s leading payment technology firm, BudPay, has launched a compelling documentary series titled “The Legacy Project.” The initiative pays tribute to fathers who have built enduring business empires and successfully nurtured generational leadership within their families. A Tribute to Entrepreneurial Fatherhood The Legacy Project spotlights prominent Nigerian family-run enterprises, showcasing how visionary fathers have either handed over leadership to their children or co-manage thriving businesses with them. Featured organizations include Coscharis Group, Okeyson Group, and Wuyi Adeyemo & Co., among others. According to Unini Campbell, Chief Commercial Officer at BudPay, the series aims to…

In a bold move aimed at reshaping Nigeria’s fuel supply chain, Dangote Petroleum Refinery has announced that it will begin nationwide distribution of Premium Motor Spirit (PMS) and diesel starting August 15, 2025. This strategic rollout will be supported by the deployment of 4,000 brand-new Compressed Natural Gas (CNG)-powered tankers, a dedicated effort to enhance delivery capacity, improve fuel accessibility across the country, and reduce logistics costs. Key Highlights of the Distribution Plan: Start Date: August 15, 2025 Products: Premium Motor Spirit (PMS) and diesel Target Beneficiaries: Fuel marketers, petrol station dealers, manufacturers, telecom operators, aviation companies, and other major…

In March 2025, Nigerian food-tech startup Vendease came under scrutiny following a major restructuring of its pay structure and mounting financial troubles. As first reported by TechCrunch, the company announced sweeping salary cuts that placed all employees on a flat ₦140,000 monthly wage, regardless of their previous earnings. This move was the first phase in a five-step recovery plan, promising a return to full salaries by December 2025, based on performance. However, internal sources revealed to Techpoint Africa that the announcement—made during a February staff meeting—caught employees off guard. Many had assumed the September 2024 layoffs were sufficient to stabilize…

The Nigerian Government has launched a renewed and determined effort to resuscitate the Ajaokuta Steel Company, a long-dormant national asset considered vital to Nigeria’s industrial development and large-scale job creation. As part of this initiative, the government is engaging top Chinese steel manufacturers for technical collaboration, financial backing, and operational partnerships to bring the facility to full capacity. Strategic Investment Mission to China Spearheading this drive is the Minister of Steel Development, Shuaibu Audu, who is leading a high-level federal delegation on a strategic investment mission to China. The delegation includes Mr. Joseph Tegbe, Director-General of the Nigeria-China Strategic Partnership,…

The Nigeria Auto Journalists Association (NAJA) has officially announced the second edition of the Nigeria Auto Industry Summit (NAISU), scheduled for Thursday, July 31, 2025, at the Lagos Chamber of Commerce and Industry (LCCI) Conference Centre, Alausa, Ikeja, Lagos. This year’s summit is themed “Nigeria First: Local Content as Catalyst for Automotive Economy”, reflecting a bold push to prioritize indigenous manufacturing and local capacity development in the nation’s auto industry. Shaping a Locally Driven Automotive Ecosystem Organized in collaboration with the National Automotive Design and Development Council (NADDC), the Nigeria Association of Automotive Manufacturers (NAMA), and the African Association of…

Lagos, Nigeria – In a landmark cross-border move, DisrupTech Ventures, a top Egyptian early-stage fintech fund, has made its first pan-African investment by backing Nigeria’s fast-rising Agri-Tech company, Winich Farms, in its Pre-Series A round. The funding marks a significant milestone in Winich’s growth journey as it works to transform market access and financial inclusion for Nigeria’s smallholder farmers. Revolutionizing Nigeria’s Agricultural Landscape Winich Farms, headquartered in Lagos, is tackling two of the sector’s most persistent challenges: market fragmentation and limited access to finance. Despite agriculture contributing 21% of Nigeria’s GDP and employing the majority of the workforce, smallholder farmers—who…

In a world shifting steadily toward multipolarity, where global power is dispersed rather than concentrated, Nigeria is no longer content to observe from the sidelines. Africa’s most populous nation is stepping into the arena with purpose and confidence—asserting its place in a redefined global order. At the helm of this diplomatic evolution is Ambassador Yusuf Maitama Tuggar, Nigeria’s Minister of Foreign Affairs, whose recent engagements signal a transformative foreign policy direction rooted in ambition, strategic partnerships, and global equity. Brazil Visit: A Diplomatic Statement, Not a Courtesy Call Ambassador Tuggar’s diplomatic mission to Brazil in April 2025 was far more…

Prominent businessman and socialite Ibrahim Dende Egungbohun, popularly known as IBD Dende, continues to exemplify the Islamic virtue of Zakat—a Quranic principle that emphasizes charitable giving as both a moral duty and a spiritual obligation. This deep-rooted belief has been the driving force behind his enduring legacy of generosity and community service. A Life Anchored in Charity and Faith Guided by the teachings of the Quran, IBD Dende has long demonstrated a commitment to uplifting the less privileged. His philanthropic efforts have transformed countless lives, offering hope and tangible support to those in need. His approach goes beyond mere giving—it…

On Friday, June 13, 2025, the Economic and Financial Crimes Commission (EFCC) arraigned two top executives of SunTrust Bank—Halima Buba, the Managing Director/CEO, and Innocent Mbagwu, the Executive Director/Chief Compliance Officer—before Justice Emeka Nwite of the Federal High Court in Abuja. They are being prosecuted on a six-count charge involving alleged money laundering totaling $12 million. According to the charges, Buba and Mbagwu allegedly facilitated large-scale cash transactions outside of financial institutions in violation of the Money Laundering (Prevention and Prohibition) Act, 2022. Key Allegations: Count Two alleges that on March 10, 2025, in Abuja, the defendants aided a $3…

The Nigerian Exchange Limited (NGX) recorded a major boost on Friday, posting a ₦486 billion gain in a single trading day to cap the week on a strong note. This upward movement was primarily fueled by significant gains in key stocks, including May & Baker, Infinity Trust, Stanbic IBTC, MRS, and LivingTrust Mortgage Bank. The market capitalization climbed from ₦72.302 trillion on Wednesday to ₦72.788 trillion on Friday, representing a 0.67% increase. Similarly, the All-Share Index (ASI) rose by 770.43 points to close at 115,429.54, up from 114,659.11. Top Gainers: May & Baker: +10% to close at ₦15.40 Infinity Trust…

Nigeria has received international recognition for making substantial progress in fortifying its financial system and combating illicit financial flows, as confirmed by the Financial Action Task Force (FATF) through its International Cooperation Review Group (ICRG). In a recent announcement, the Nigerian Financial Intelligence Unit (NFIU) revealed that the country has successfully fulfilled key components of its FATF Action Plan, enabling the FATF Africa Joint Group to schedule an on-site assessment. This critical phase will validate not only the implementation of reforms but also their sustainability and political backing. The NFIU, acting as the national coordinator for the ICRG process, commended…

Dr. Mayowa Olusoji, a globally recognised author, speaker, and digital finance expert, has projected a monumental shift in Nigeria’s financial ecosystem by 2035, driven by mass adoption of digital assets, AI, and decentralized finance (DeFi). In a recent interview, Dr. Olusoji forecasted that stablecoins and central bank digital currencies (CBDCs)—such as Nigeria’s eNaira and China’s e-CNY—will account for 50% of global transactions within the next decade, citing data from the Bank for International Settlements (BIS, 2024). He emphasized that Nigeria’s early embrace of CBDCs positions it as a future regional leader—but only if the nation strengthens financial literacy to match…

The Nigerian Naira lost ground against major foreign currencies on Friday, June 13, as it depreciated by ₦11.89 or 0.77% against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), closing at ₦1,551.85/$1, down from ₦1,539.96/$1 in the previous session. This marks the first decline in the official exchange rate after a streak of relative stability. The depreciation follows the Central Bank of Nigeria’s (CBN) intervention, where it reportedly injected $580 million into the market in May to stabilize the currency amid forex inflows from exporters and international oil companies. These inflows had initially supported the Naira, but…

Nigeria’s export sector recorded a solid performance in the first quarter of 2025, reaching ₦20.598 trillion, reflecting a 2.92% increase from ₦20.01 trillion in Q4 2024 and a 7.42% rise year-on-year from ₦19.17 trillion in Q1 2024, according to the National Bureau of Statistics (NBS). Key Export Trends Crude petroleum remained the country’s top export, generating ₦12.96 trillion, which accounted for 62.89% of total exports. Natural gas followed at ₦1.93 trillion, while other petroleum gases added ₦1.78 trillion. Nigeria’s export relationships with India, Italy, and the Netherlands remained strong, reaffirming the strategic importance of these markets. Top 10 Export Destinations…

Former Anambra State Governor and 2023 Labour Party presidential candidate, Peter Obi, has called on Nigeria’s political elites to actively support homegrown businesses, stressing that such enterprises are vital to the nation’s economic progress and job creation. Obi made the statement via a post on X following his recent experience aboard Air Peace’s Lagos–London flight. Commending the airline for its professionalism, consistency, and competence, he emphasized the need for deliberate support and protection of indigenous companies operating in challenging economic conditions. “I use this opportunity to appeal to Nigerian elites and political leaders to give strong and deliberate support to…

In a bold move to strengthen food security and drive economic growth, Dangote Fertiliser Limited, a subsidiary of the Dangote Industries Limited, has launched a nationwide agricultural empowerment programme that has already trained over one million farmers across Nigeria. This comprehensive initiative is part of the company’s larger commitment to supporting small-scale agriculture, enhancing productivity, and creating employment opportunities. The training program, which incorporates field demonstrations, soil sampling, and modern fertiliser application techniques, is designed to equip farmers with the practical knowledge and tools they need to increase crop yields and adopt sustainable farming practices. Speaking at the 2025 Nasarawa…

A United Kingdom-based railway infrastructure engineer, Bosun Odunlami, has called on the Managing Director of the Nigerian Railway Corporation (NRC), Dr. Kayode Opeifa, to engage Nigerian railway professionals in the diaspora to transform the nation’s rail sector. Speaking on Monday, Odunlami emphasized the wealth of Nigerian talent contributing to the advancement of London’s transport system and highlighted the potential for similar achievements back home—if the right framework is put in place. Odunlami, a key member of the Balfour Beatty Rails project team working on the Metronet/BCV rail reconstruction on London’s Victoria and Central Lines, revealed that a significant number of…