Author: Gift Ifeanyi

President Bola Tinubu declared on Thursday that Nigeria was on the brink of bankruptcy before his administration swiftly removed the fuel subsidy and implemented crucial economic reforms. Speaking at the State House in Abuja, while receiving a delegation of former National Assembly colleagues from the aborted Third Republic, Tinubu explained that his actions were necessary to secure the country’s future. “For 50 years, Nigeria was spending the money of generations yet unborn while also subsidizing fuel for the West African sub-region. It was becoming increasingly difficult to plan for our children’s future,” he said. His Special Adviser on Information and…

March 13 – Shell (SHEL.L) announced on Thursday that it has officially completed the sale of its Nigerian onshore subsidiary, Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance. Renaissance, a consortium of five firms—including four Nigerian exploration and production companies alongside an international energy group—now holds a 30% stake in the SPDC joint venture.

New estimates suggest that Nigerian entrepreneur Tony Elumelu has officially joined the ranks of billionaires, with his net worth now estimated at $2.15 billion. According to MoneyCentral, Elumelu’s financial standing has seen significant growth, largely due to his investments in Heirs Holdings Limited, Transnational Corporation of Nigeria (Transcorp), and United Bank for Africa (UBA). Breaking Down His Business Holdings Through HH Capital Limited, Heirs Holdings Limited, and other personal and family assets, Elumelu holds a substantial stake in Transcorp. As of 2024, his family’s shareholding stands at 35.93%, amounting to 3.65 billion shares. Additionally, he indirectly owns 68.39 million shares…

As part of World Consumer Rights Day 2025, the Save the Consumers Initiative (SCI) is bringing together key stakeholders to promote transparency in product and service terms. The event aims to ensure that consumers fully understand the conditions of what they purchase before making a decision. World Consumer Rights Day is observed annually on March 15, and this year’s theme is “Transparent Information—Responsible Consumption.” According to Aliyu Ilias, Executive Director of SCI, the conference will highlight consumer rights, protection, and empowerment in Nigeria. Scheduled for March 14, 2025, the event will also address the fight against fake and substandard products,…

Nigeria’s oil and gas company, Seplat Energy, is setting its sights on transforming the country’s energy sector by ramping up offshore oil and gas production in 2025. Speaking at an industry event, Seplat Energy’s Chief Executive Officer, Roger Brown, emphasized the company’s commitment to leveraging Nigeria’s vast energy resources to drive national transformation in collaboration with the government. Brown highlighted that Seplat Energy’s extensive gas resources provide a significant opportunity to enhance Nigeria’s electricity generation and accelerate economic development. Following its acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil in December 2024—subsequently rebranded as Seplat Energy Producing Nigeria Unlimited…

The National Information Technology Development Agency (NITDA) and the Jigawa State Government are collaborating to provide Almajiri and out-of-school children with essential digital skills. This initiative was announced during a meeting between NITDA’s Director General, Kashifu Inuwa, and the Executive Secretary of the Jigawa State Tsangaya Education Board, Abubakar Maje Hamisu. Hamisu stated that the state government plans to establish three mega schools, each with the capacity to accommodate 4,000 students. These schools will integrate formal education with digital literacy to modernize the Almajiri education system and equip students with essential technological skills. “The initiative aims to bridge the digital…

Attah’ebwa Musa Anzaku, a Nigerian entrepreneur and co-founder of Agroeknor, has emerged as a key figure in Nigeria’s agribusiness sector. Born and raised in Jos, Nigeria, his formative years were shaped by strong parental support, which played a pivotal role in his entrepreneurial journey. In an exclusive interview, Attah’ebwa shared insights into his educational background and business inspirations. “I was fortunate to receive unwavering support and encouragement from my parents,” he said. “They were both shrewd businesspeople, and their drive and resilience have always inspired me.” Attah’ebwa’s academic path began in Jos, where he completed his primary and secondary education…

Access Bank PLC recently convened top policymakers, business executives, and industry leaders in Cape Town for the inaugural Africa Trade Conference. This high-level gathering addressed the evolving global trade landscape, emphasizing Africa’s need to strengthen regional cooperation and develop robust financial and trade infrastructure to drive sustainable growth. Africa Must Take Control of Its Economic Destiny In his keynote address, Roosevelt Ogbonna, Managing Director/CEO of Access Bank PLC, stressed the urgency of Africa taking charge of its economic future. He highlighted the increasing fragmentation of global trade, with rising nationalist policies and supply chain disruptions disproportionately affecting the continent. These…

The Managing Director and CEO of Nigerian Communications Satellite (NIGCOMSAT) Limited, Jane Nkechi Egerton-Idehen, advocated for the transformative role of satellite technology in bridging the digital divide during a high-level panel discussion at the SATELLITE 2025 Conference & Exhibition in Washington, DC. Speaking on the theme “Viable Business Strategies to Resolve the Digital Divide with Satellite Connectivity,” Egerton-Idehen emphasized the potential of satellite solutions in expanding global connectivity and fostering digital inclusion. She underscored the need for strategic investments, public-private partnerships, and innovative business models to enhance internet access in underserved and remote areas. During the discussion, Egerton-Idehen highlighted NIGCOMSAT’s…

The African Industrial and Development Conference and Awards (AIDCA) is set to host the finals of the Entrepreneurship Pitch Competition (EPC) in Abuja, Nigeria, in collaboration with SeedsPad, Qatar and Keystone Bank. The event will bring together the top 100 startups from across Nigeria, providing them an opportunity to compete for a total prize pool of 100 million Naira. In addition to financial support, participants will engage in business-to-business meetings with angel investors. Finalists, selected from a pool of over 200 applicants via www.AIDCA.Africa, have already demonstrated their capabilities in national competitions and undergone comprehensive training at a global boot…

First City Monument Bank (FCMB) is supporting entrepreneurial growth across Nigeria through its Business Empowerment Sustainability and Training (BEST) masterclass program. The initiative spans the Southeast, South-South, and parts of Northern Nigeria, equipping start-ups and existing entrepreneurs with essential skills to expand and sustain their businesses. Building on its impact, the next phase of the BEST masterclass is set to take place from March 12 to 21 in Ogun, Oyo, Kwara, Osun, and Ondo states. Participants will receive training on key aspects of business management to enhance their competitiveness and long-term viability. The program includes interactive workshops led by experienced…

As Nigeria navigates the evolving cryptocurrency landscape, the government aims to balance innovation with regulation, fostering a secure and inclusive digital economy. Nigeria has become one of the most active crypto markets in recent years. From tech hubs in Lagos to grassroots communities in smaller cities, many young Nigerians turn to cryptocurrencies as a means to hedge against inflation, access global markets, and participate in a financial system beyond traditional banking constraints. The rise of digital assets, blockchain technology, and cryptocurrency has significantly impacted Nigeria’s economy. These technologies are no longer on the periphery but are becoming integral to financial…

A recent report titled “Cement Market in Nigeria: 2019-2024 Review and Forecast to 2029” provides a comprehensive analysis of the cement industry in Nigeria. The report presents an in-depth examination of supply and demand trends, price fluctuations, and key industry developments over the past five years, with projections extending to 2029. This study serves as a valuable resource for those seeking detailed insights into Nigeria’s cement market. It offers a combination of qualitative analysis, numerical data, and graphical representations to present a clear picture of industry trends. Scope of the Report Evaluation of the current state, historical trends, and future…

First City Monument Bank (FCMB) has equipped 44,278 entrepreneurs with essential skills and strategies to scale and sustain their businesses for long-term success since 2018. In a statement released on Wednesday, the bank highlighted its commitment to supporting small and medium enterprises (SMEs) in Nigeria through its Business Empowerment Sustainability and Training (BEST) Masterclass, a nationwide initiative. The program provides both financial and non-financial support, with a strong focus on women-led businesses. Speaking on the initiative, FCMB Managing Director, Yemisi Edun, stated: “We are fostering sustainable business success in Nigerian communities by bridging entrepreneurial skill gaps. This initiative will drive…

Flutterwave, Africa’s leading payments technology company, has secured approval from the Bank of Ghana to provide inward remittance services in the country. This milestone reinforces Flutterwave’s commitment to enhancing financial accessibility and efficiency across the continent. Ghana’s financial sector continues to grow rapidly, with mobile money at the forefront of digital transactions. Mobile payments account for 60% of foreign exchange inflows, underscoring the significance of fintech-driven financial services. Additionally, emerging sectors like InsurTech, LendTech, and Buy Now, Pay Later (BNPL) are reshaping how financial products are accessed and utilized. The Bank of Ghana’s regulatory framework and the Ghana Digital Agenda…

Entrepreneurship is a lifeline for millions of Nigerians, with many running small businesses as a means of survival amid widespread unemployment. Many young school leavers are turning to crafts such as art, photography, baking, fashion design, and trading to create sustainable livelihoods. These small businesses form a significant part of Nigeria’s informal sector, a vital component of the economy that employs a large percentage of the population. In this interview with Sunday Aborisade, trader and tech entrepreneur Mr. Nwoke Chibuzo discusses the opportunities available to Nigerians in the informal sector and how technology can help small businesses thrive while ensuring…

The Nigeria Export Promotion Council (NEPC) has trained and supported more than 8,000 women entrepreneurs in digitalization, packaging, labeling, and other essential business skills since 2019, aiming to boost trade and global market access. NEPC’s Director-General and Chief Executive Officer, Mrs. Nonye Ayeni, disclosed this on Tuesday in Abuja during the Hershowcase Event, themed “Trade Beyond Borders.” The event was organized in collaboration with the International Trade Centre (ITC) to foster business networking, market connections, and product exhibitions for women-led businesses. Ayeni emphasized the council’s commitment to empowering women entrepreneurs by providing certifications that grant them access to international markets.…

The House of Representatives on Tuesday advanced a bill seeking to establish a Federal College of Entrepreneurship and Skills Acquisition in Ntigha, Isiala Ngwa North, Abia State, as it passed its second reading. The proposed institution aims to address youth unemployment and foster economic self-reliance by equipping young Nigerians with practical skills. Leading the debate, the bill’s sponsor, Hon. Ginger Obinna Onwusibe, emphasized the urgent need to prioritize vocational and entrepreneurial education as a solution to Nigeria’s rising unemployment crisis. “Nigeria faces a growing youth unemployment challenge, largely due to an overreliance on white-collar jobs,” Onwusibe stated. “To tackle this,…

Between 2020 and 2023, “banking the unbanked” became the go-to slogan for Nigerian fintechs during the country’s fintech boom. Many startups pledged to bring financial services to the 28.8 million unbanked adults in Nigeria—about 36% of the population. Yet, few extended their efforts beyond Lagos, the nation’s financial hub. In 2022, Tobi Arowolo, Samuel Ojerinde, and Isaiah Tokunbo launched Fintava Pay, a Banking-as-a-Service (BaaS) platform designed to close this gap—specifically in Northern Nigeria, where financial exclusion is highest. Unlike conventional fintechs that build direct-to-consumer apps, Fintava Pay enables microfinance banks, cooperative societies, and agent networks to create custom financial products…

At nearly all levels of governance, many developmental initiatives have either turned into white elephant projects or been completely abandoned due to the declining purchasing power of annual budgetary allocations. Government officials often boast about the billions and trillions of naira ‘spent’ on various projects, yet the reality on the ground tells a different story. While several factors contribute to project abandonment, one of the most critical is the rapidly diminishing real value of budgetary provisions. The hyperinflationary trend in Nigeria—triggered by the removal of fuel subsidies and the full floatation of the naira, leading to its sharp devaluation—has made…