Author: Gift Ifeanyi

The Nigerian Exchange (NGX) saw a significant reversal in gains on Wednesday, April 16, as investors witnessed a loss of N445 billion. This decline was largely attributed to a widespread sell-off in banking stocks, particularly Guaranty Trust Holding Company (GTCO) and Zenith Bank, which drove the market into the red. By the close of trading, the All-Share Index had fallen by 708.14 points, representing a 0.68% decline, settling at 103,851.88 points. This drop also caused the overall market capitalization to decrease from N65.7 trillion to N65.3 trillion, resulting in a N445 billion loss in value. Banking Stocks Lead the Decline…

As the Nigerian fashion industry gains traction, stakeholders are optimistic about its rapid growth, with global investors and designers increasingly eyeing the country due to its local labor capacity, cost-effectiveness, and rising technical standards. Bukola Ajani, the President of the Association of Women in Fashion Tech (AWIFT), revealed in an exclusive interview with The PUNCH that Nigeria is rapidly emerging as a prime destination for garment production and fashion technology. She attributed this rise to recent economic shifts and targeted government policies. Connecting Africa to Global Markets After her recent participation in the Afrikan Wedding Fair in Finland this March,…

The Financial Reporting Council (FRC) of Nigeria has raised the alarm over the severe shortage of actuaries in the country, revealing that just 28 qualified professionals are available to serve the entire nation—far below the 2,000 needed to support Nigeria’s growing financial sector. This was revealed by the FRC’s Executive Secretary and CEO, Dr. Rabiu Olowo, during a one-day Nigerian Actuarial Development Programme (NADP) outreach held at Ahmadu Bello University (ABU) in Zaria, Kaduna State. Themed “Building Capacity for Actuarial Excellence in Nigeria,” the session targeted students to inspire the next generation of actuarial leaders. “Nigeria needs at least 2,000…

Following widespread complaints from Nigerians who lost money through the digital asset trading platform CBEX, the Economic and Financial Crimes Commission (EFCC) has launched a full investigation into the suspected Ponzi scheme. The EFCC confirmed to BBC News Pidgin that it is working closely with the International Criminal Police Organisation (Interpol), the Federal Bureau of Investigation (FBI), and other global agencies to identify those behind the CBEX operation and explore ways to recover stolen funds. This development comes after investors reported being unable to withdraw their funds for several days due to suspended withdrawals. Shortly after, the platform suddenly crashed,…

Nigeria has significantly reduced its reliance on imported petrol, thanks to a sharp rise in local production. According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), daily petrol imports dropped by 29.9 million litres over the past eight months. Farouk Ahmed, Chief Executive Officer of NMDPRA, revealed the figures during a briefing by the Presidential Communications Team at the State House, Abuja, on Tuesday. He explained that petrol imports fell from 44.6 million litres per day in August 2024 to just 14.7 million litres as of April 13, 2025. “This reduction is a direct result of increased local…

Access Holdings, Nigeria’s largest financial group, posted a record N4.9 trillion in gross earnings for 2024, marking a major milestone in its 35-year journey. But despite the revenue surge—up 88% from the previous year—profit after tax inched up by just 3.7%, revealing a tough year behind the headline numbers. The bank managed to convert only 13.2% of its earnings into profit, a sharp drop from the previous year’s 24% margin. This stands in stark contrast to its peers in the Big Five, where GTCO, Zenith, UBA, and First Bank posted significantly stronger profit margins—47.4%, 26%, 24.1%, and 21.6%, respectively. What…

In a fast-evolving economy like Nigeria’s, where consumer expectations shift as rapidly as market dynamics, staying ahead demands more than just great products — it requires innovation, agility, and a deep understanding of local needs. BIC, the globally recognized brand behind everyday essentials like pens, razors, and lighters, is rising to the challenge with fresh strategies tailored for Nigeria’s dynamic market. Anthony Amahwe, General Manager of BIC Nigeria, shares insights into how the company continues to evolve, innovate, and create value across the country’s manufacturing and fast-moving consumer goods (FMCG) sectors. Innovation Rooted in Local Insight “For us, innovation is…

As economic shocks and global uncertainties continue to rattle markets, Nigerian businesses are being urged to get serious about Enterprise Risk Management (ERM) — or risk falling behind. This was the central message at a high-level seminar hosted by Kreston Pedabo in Lagos, which brought together industry leaders, regulators, and academics under the theme:“Spreading Business Resilience: Integrating Enterprise Risk Management for Sustainable Growth.” Despite rising awareness, speakers voiced concern that many Nigerian organisations treat risk management as a formality — not a strategic imperative. Risk Management: Still an Afterthought Olanike Olakanle, Head of Audit, Risk & Internal Control at Lafarge…

A game-changing opportunity is here for young Nigerian women — She Leads Africa (SLA) has officially launched the Young Nigeria Works Program, a powerful initiative aimed at equipping women aged 18 to 35 with the skills, resources, and confidence needed to thrive in the workforce or grow successful businesses. In collaboration with The African Talent Company (TATC), training as Jobberman, the program kicks off this April 2025 and promises free access to expert-led courses, live mentorship, job placement support, business development tools, and funding opportunities — all tailored to the unique challenges faced by women in today’s competitive landscape. Breaking…

The Rivers State Government has announced plans to take legal action against the Nigerian Bar Association (NBA) if it fails to refund ₦300 million ($186,000) that was paid to support the hosting of the 2025 NBA Annual General Conference (AGC). According to the state’s Sole Administrator, Ibok-Ete Ibas, the payment was made with the understanding that the conference would be held in Port Harcourt. However, following the NBA’s decision to relocate the event to Enugu, the Rivers government is now demanding a refund. The NBA, in a statement issued on Monday, described the ₦300 million as a gift, not payment…

The African Private Capital Association (AVCA) says investor confidence in Nigeria is making a strong comeback, as the country sees improved macroeconomic indicators and prepares to host the AVCA’s annual conference in Lagos this April. “When we wrapped up our conference in Johannesburg last year and announced Lagos as our next host city, there was skepticism,” said Abi Mustapha-Maduakor, CEO of AVCA. “At the time, Nigeria wasn’t doing particularly well, and deal activity was low. But now, the sentiment has shifted. With macro stability improving, this is the right time to explore Nigeria.” Signs of a Turnaround Nigeria has posed…

In a landmark move for Africa’s tech ecosystem, Kora, a leading payments infrastructure company, has been unveiled as the headline sponsor for Tech Sales Con 2025—Nigeria’s first and largest conference dedicated exclusively to Tech Sales and revenue professionals. Organized by the Tech Sales & Partnerships Community (TSPC), this groundbreaking event will take place on Saturday, April 19, 2025, at GoMyCode, Yaba, Lagos, under the theme:“Scaling Africa’s Tech Ecosystem Through Revenue Growth.” Redefining the Value of Commercial Talent in Tech This partnership signifies more than just support for a single event—it represents a paradigm shift in how the African tech industry…

Equinix, a global leader in data center services and the company behind the acquisition of Nigeria’s MainOne, has announced plans to invest $140 million to expand digital infrastructure in Southern Nigeria over the next two years. The investment will support the construction of a new data center in Port Harcourt and the expansion of Equinix’s third data center in Lagos. This move marks a significant step toward decentralizing Nigeria’s internet infrastructure, which has long been concentrated in Lagos. Rebalancing Nigeria’s Digital Landscape Equinix’s latest investment comes just five months after the successful integration of MainOne, which Equinix acquired in 2022…

Sir Louis Odumegwu Ojukwu, a man who arrived in Lagos in 1929 with little more than ambition and a dream, went on to become Nigeria’s first billionaire by the time the country gained independence in 1960. Known as the richest man in Nigeria during the pre-independence era, his wealth rivaled that of global elites, and his entrepreneurial journey remains a remarkable testament to resilience, vision, and excellence. From Humble Beginnings to Entrepreneurial Triumph Born in 1909 in Nnewi, Anambra State, Louis Odumegwu Ojukwu was the only son in a modest household. After completing his primary education in Asaba and secondary…

For Ozovehe Blessing, an Abuja-based school teacher, sending money to her brother at Kogi State University has become a costly affair. A recent N5,000 transfer through her mobile banking app attracted a N10 fee. When her brother withdrew the money from an ATM outside his bank’s network, another N100 was deducted. Had he used a POS agent, fees could have reached as high as N500—leaving him with far less than the original amount. This experience is common across Nigeria, where seemingly small banking charges steadily chip away at citizens’ earnings. From ATM fees and card maintenance to transfer costs and…

Thousands of Nigerians are reeling from massive losses after the sudden disappearance of digital investment platform CBEX, which allegedly wiped out over ₦1.3 trillion of investor funds. Reports surfaced earlier this week that the platform had become completely inaccessible. Users initially experienced failed withdrawals—followed shortly by vanishing account balances, raising fears of yet another high-stakes Ponzi-style collapse. The incident has triggered a firestorm across social media, where victims and observers are voicing anger, grief, and bitter lessons. On X (formerly Twitter), one user, #edoPeekeen, captured the shock with a tweet that read, “Even people who had nothing to do with…

Nigeria is at a turning point. With declining revenues, mounting public debt, and increasing pressure on the economy, the country urgently needs to rethink how it generates and manages money. At the center of this crisis is a weak, outdated tax system that’s doing more harm than good. To fuel sustainable economic growth, comprehensive tax reform is not just important—it’s absolutely essential. Why the Current System Isn’t Working Nigeria’s tax structure is riddled with problems: Multiple taxation from federal, state, and local governments Poor compliance due to complex tax rules A narrow tax base, meaning only a fraction of businesses…

As Nigeria targets a $1 trillion economy by 2030, Eze Anaba, Editor of Vanguard Newspaper, has urged Deposit Money Banks (DMBs) to step up and prioritize lending to the real sectors of the economy, particularly agriculture, manufacturing, small and medium enterprises (SMEs), and infrastructure. Anaba made the call during the 36th Central Bank of Nigeria (CBN) Seminar for Finance Correspondents and Business Editors in Abuja, emphasizing the need for banks to stop sidelining these crucial sectors and provide the funding necessary for their growth. Banks Need to Support the Heart of Nigeria’s Economy Anaba expressed frustration that despite Nigeria’s ambition…

The Central Bank of Nigeria (CBN) has granted an official operating license to Ascensia Finance Company Limited, marking a significant step towards enhancing financial inclusion and supporting small and medium-sized enterprises (SMEs) across Nigeria. The approval, confirmed through a letter signed by Dr. Abubakar Shebe, representing the Director of the Financial Policy and Regulation Department of the CBN, aligns with the regulations set forth by the Central Bank of Nigeria Act 2007 and the Banks and Other Financial Institutions Act (BOFIA) 2020. Ascensia Finance Company is now set to play a pivotal role in bridging financing gaps for SMEs, self-employed…

The Governor of Lagos State, Babajide Sanwo-Olu, has once again pledged the state government’s unwavering support for micro, small, and medium enterprises (MSMEs), emphasizing the importance of creating a conducive environment for businesses to thrive. Idris Aregbe, the Special Adviser to Governor Sanwo-Olu on Tourism, Arts, and Culture, made this commitment during the third day of the Lagos Tourism NBC Trade Fair, held from April 11 to April 13, 2025. The event, which was a collaboration between the Lagos State Government and Naija Brand Chicks (NBC), focused on promoting and empowering small businesses, particularly those led by women and youth.…