Author: Gift Ifeanyi

MTN Nigeria has posted an impressive N1 trillion in revenue for the first quarter of 2025, a 40.5% increase from the N752.9 billion reported in Q1 2024. This surge was driven by the recent tariff adjustment implemented in February 2025, although the full effects of the tariff increase are yet to be fully realized. Return to Profitability The telecom giant has made a remarkable recovery, bouncing back from a loss of N392.7 billion in Q1 2024 to record a profit of N133.7 billion in Q1 2025. The positive financial performance signals the company’s resilience and strategic recovery. In response to…

Nigerian businesses spent a staggering ₦164.4 billion on travel in 2024, as rising airfares, hotel rates, and logistics pushed mobility costs to historic highs. This insight comes from Nairametrics’ analysis of the financial statements of 20 companies listed on the Nigerian Exchange (NGX). But beyond the huge numbers lies a deeper tale of economic strain, FX volatility, and strategic repositioning by major firms. Soaring Airfares and Foreign Exchange Woes Travel costs soared primarily due to the escalating prices of both local and international flights. Airlines such as Air Peace and Ibom Air, along with global carriers, were forced to adjust…

In an insightful conversation, Seyi Asagun, finance veteran and CEO of Entourage Integrated Trust, shares how his journey from banking to micro-lending is transforming small business access to capital in Nigeria. With over 30 years of experience in finance and entrepreneurship, Asagun speaks on the realities of Nigeria’s business environment, the potential of microfinance, and the need for financial literacy. From Kaduna to CEO: The Journey of Seyi Asagun Seyi Asagun’s path into finance is rooted in a classic story of ambition and perseverance. Raised in Kaduna, he studied Mathematics and Statistics at Kaduna Polytechnic, earned a marketing diploma from…

Nigeria has taken a significant step toward solving its persistent power crisis with the commissioning of a new 414-megawatt (MW) gas-fired power plant in Geregu, Kogi State. The plant, officially launched by President Olusegun Obasanjo, is expected to provide a much-needed boost to the country’s national electricity grid, especially after recent generation setbacks. The Geregu power station is one of four major plants initiated in 2002 under Nigeria’s national power development strategy. President Obasanjo announced that the remaining three plants are near completion and will inject an additional 1,174 MW into the grid. Once completed, these projects are expected to…

Nigerian consumers are no strangers to using globally recognized payment cards like Verve, Mastercard, and Visa for daily financial transactions. For years, these international networks have formed the backbone of banking services across the country. However, in 2023, the Central Bank of Nigeria (CBN) introduced an ambitious alternative: the Afrigo card—a homegrown, cost-effective payment solution designed to reduce Nigeria’s reliance on foreign card networks. The initiative was hailed as a step towards financial sovereignty, with a focus on enhancing inclusion and minimizing capital flight due to international transaction fees. Despite its promising potential, Nigerians are still waiting for the full…

TelCables Nigeria, a subsidiary of Angola Cables (www.AngolaCables.co.ao), has announced it will host the Connect Xperience event—an initiative aimed at bringing businesses and strategic partners together to explore how local cloud infrastructure can drive Nigeria’s digital transformation and deliver widespread benefits across multiple economic sectors. Currently, Nigeria’s cloud computing market is estimated at $1.03 billion and is projected to grow to $3.28 billion by 2030. As digital adoption continues to surge across financial, technology, and commercial industries, reliance on cloud-based services is becoming increasingly vital. The Connect Xperience event will spotlight the benefits of utilizing locally hosted cloud services, including…

The Acting Deputy Chief of Mission for the United States in Nigeria, Christine Harbaugh, has affirmed that Nigeria’s recent admission as an associate member of the Global Cross-Border Privacy Rules (CBPR) Forum will help attract foreign investment by reinforcing trust in the country’s digital economy. Harbaugh made this statement at the 2025 African Data Protection Authorities (NADPA/NAPDP) Conference and Annual General Meeting held in Abuja. She emphasized that Nigeria’s participation in the CBPR Forum enhances its appeal as a destination for digital business, stating:“By joining the Global Forum, Nigeria becomes part of an international coalition committed to minimizing data protection…

The Nigerian Gas Association (NGA) has announced that Nigeria will make a prominent appearance at the 2025 World Gas Conference in Beijing, China, led by key government officials and industry leaders. Heading the Nigerian delegation to this triennial global energy event is the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo. According to a statement from the NGA, the minister is also scheduled to speak at the conference alongside other global energy experts. Joining the minister are several notable figures in Nigeria’s energy sector: Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed; Group Chief…

Nigeria is preparing to host the 4th African Union MSME Forum in Abuja, with a spotlight on innovation, market accessibility, and financing solutions. President Bola Tinubu has approved the formation of an Oversight Committee tasked with organizing the country’s hosting of the 4th African Union Micro, Small, and Medium Enterprises (MSME) Forum, scheduled to take place from June 23 to 27 in Abuja. The 2025 edition of the Forum carries the theme: “Building Resilient MSMEs through Digital Innovation, Market Access & Affordable Financing for Africa.” According to a statement released Wednesday by Stanley Nkwocha, Media Assistant to the Vice President,…

The Economic and Financial Crimes Commission (EFCC) has pulled the curtain back on what it describes as a sophisticated web of financial crimes involving popular Nigerian socialite and businesswoman, Aisha Achimugu. Accusations include money laundering, operating a Ponzi scheme, illegal possession of property, and other financial misconducts. Achimugu was arrested in the early hours of Tuesday at the Nnamdi Azikiwe International Airport in Abuja upon her arrival from the UK—just one day after a Federal High Court judge ordered her to submit to EFCC interrogation, despite her pending legal action to prevent it. On Wednesday, she appeared in court where…

Nigeria is at a pivotal moment. With rising inflation, a volatile foreign exchange market, and the economic strain from subsidy removals and inconsistent policies, the nation must ask a crucial question: What path leads to lasting economic stability? As a cocoa entrepreneur and business consultant, I believe the answer lies not in new frontiers, but in rediscovering old strengths. The key to Nigeria’s economic revival is agriculture—specifically, cocoa and its vast, underutilized value chain. Cocoa: Nigeria’s Missed Economic Powerhouse Cocoa is more than just a cash crop; it is a strategic asset. Decades ago, Nigeria stood tall as one of…

In a bold move to empower small and medium-sized enterprises (SMEs) in Nigeria, fintech company Salad Africa has partnered with Glovo, a leading multi-category delivery platform, to launch an innovative financing initiative aimed at closing the credit gap for local businesses. This partnership introduces a first-of-its-kind embedded lending program that provides eligible Glovo partners—primarily restaurants and retailers—with access to flexible working capital at more competitive rates and terms than those offered by traditional banks. The initiative is designed to help SMEs scale faster, launch new services, and increase revenue directly within the Glovo ecosystem. A New Era for SME Lending…

OmniRetail, a Nigerian tech startup revolutionizing supply chains for informal retailers, has raised $20 million in Series A funding to accelerate its growth across Nigeria, Ghana, and Côte d’Ivoire. The company aims to strengthen its footprint in West Africa while expanding its embedded finance offerings, including credit services tailored for small retailers. The funding round marks a significant milestone, with Norfund—the Norwegian Investment Fund for developing countries—making its first-ever direct investment in an African startup. Returning investor Timon Capital, which supported OmniRetail’s earlier round in 2022, also participated. Other notable backers include Ventures Platform, Aruwa Capital, Goodwell Investments via Alitheia…

Nigeria’s Warri Refinery has shut down operations barely a month after it was declared functional, raising alarms over the transparency and effectiveness of its $897.6 million rehabilitation effort. According to a document from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) obtained by The Punch, the refinery failed to produce Premium Motor Spirit (PMS) before being shut down on January 25, 2025, due to safety issues in its Crude Distillation Unit (CDU) Main Heater. The incident has renewed public scrutiny of Nigeria’s refinery management and the government’s handling of oil infrastructure. Industry stakeholders expressed deep disappointment, particularly as the…

The Corporate Affairs Commission (CAC) has issued a strict warning to businesses in Nigeria, urging full compliance with the Companies and Allied Matters Act (CAMA), 2020, or risk facing severe penalties—including up to two years in prison and daily fines. In a public notice released Tuesday, the CAC emphasized that all companies, limited liability partnerships (LLPs), limited partnerships (LPs), and business name operators must strictly adhere to the Act’s provisions, particularly those relating to business registration and the proper display of registration details. “It is a criminal offence under Section 863 of the CAMA, 2020 to carry on business in…

Seplat Energy has reported a significant boost in its quarterly profit, hitting ₦35.4 billion, thanks largely to its $1.3 billion acquisition of ExxonMobil’s onshore business in Nigeria. The landmark deal, finalized in December after nearly two years of regulatory holdup, gave Seplat full ownership of Mobil Producing Nigeria Unlimited, marking a strategic shift as international oil companies (IOCs) increasingly retreat from onshore operations. According to Seplat’s latest earnings report, the ExxonMobil asset contributed nearly 60% of the company’s average production during the quarter, helping to reverse a ₦2.9 billion loss recorded in the same period last year. Revenue and Production…

IBADAN – Governor ‘Seyi Makinde of Oyo State has declared that Nigeria has no reason to be grappling with poverty, emphasizing the need to look beyond crude oil and focus on the future through education, entrepreneurship, and technology. Speaking at the commissioning of a newly built IT Community Centre at Oladipo Alayande School of Science, Oke-Bola, Ibadan—donated by First Lady Senator Oluremi Tinubu in partnership with the National Information Technology Development Agency (NITDA)—Makinde expressed deep appreciation for the initiative and its alignment with his vision for sustainable development. “Thank you, ma, for bringing this ICT Centre to Ibadan. And thank…

ABUJA — The Federal Capital Territory Universal Basic Education Board (FCT-UBEB) has unveiled a bold initiative to embed innovation, technology, and entrepreneurship into Nigeria’s basic education curriculum—aiming to equip young learners with practical skills for self-reliance. This was revealed during a two-day training session for FCT teachers focused on entrepreneurship education, held in Abuja. Representing the Board’s Acting Chairman, Dr. Alhassan Sule, Mrs. Florence Wenegieme, Director of Science, Technology, Innovation, and Entrepreneurship at FCT-UBEB, emphasized that the program is designed to empower pupils to become problem-solvers and productive members of society. “Our vision is clear—we want every child, upon completing…

DUBAI — Amina Bahari’s entrepreneurial success story is a testament to the power of financial literacy and smart spending. After a seven-year relationship ended, Amina relocated from Sudan to Dubai in 2013, uncertain of what the future held. But with two invaluable assets—discipline and a deep respect for money—she quickly turned a lack of clear direction into a thriving business venture. Raised in Lagos, Nigeria, Amina learned early on that money is earned, not given. Her father, the sole breadwinner of the family, ensured that every penny had a purpose. “Before we got any allowance, we had to justify our…

As the US-China trade war intensifies, with both nations slapping tariffs on each other’s goods, Nigerian entrepreneurs may feel the ripple effects. In 2024, 27.8% of imports into Nigeria came from China, and US exports to Nigeria amounted to $4.2 billion. Economist and entrepreneurship researcher Tolu Olarewaju explains how the diversion of Chinese goods from the US to emerging markets like Nigeria could impact local businesses—and how entrepreneurs can prepare. The Dangers of the Tariff Tensions for Nigerian Entrepreneurs China, the world’s largest manufacturing hub, produces far more than its domestic market consumes. With an almost $1 trillion goods surplus,…