Author: Gift Ifeanyi

Lagos, Nigeria – Nigeria’s insurance industry is experiencing its golden age, with top firms multiplying profits sixfold since 2019. But behind the champagne celebrations, a looming threat emerges: the country’s cash-flush banks and agile fintech startups are preparing to disrupt the sector’s party. The Profit Surge By The Numbers  N233 Billion: Combined 2024 profits for AIICO, NEM, Custodian, AXA Mansard, Leadway, and Cornerstone 6X Growth: From just N36B in 2019 Top Performer: NEM Insurance’s 20x profit explosion The Secret Sauce  Interest Rate Bonanza: Treasury bill yields fueled 68% of investment income Regulatory Discipline: “No Premium, No Cover” rule slashed defaults by…

Lagos, Nigeria – In a bold challenge to federal policymakers, Nigeria’s manufacturing sector has demanded the immediate privatization of all state-owned refineries, arguing that continued government operation constitutes an economic drain on the nation’s resources. The Hard Numbers Behind the Demand  $25 Billion Wasted: Estimated refinery maintenance costs since 2010 72% Downtime: Average operational capacity of state refineries (2020-2024) 40% Cost Burden: Manufacturers’ energy expenses eating into competitiveness Dangote Effect: The Private Sector Blueprint The 650,000 bpd Dangote Refinery has become the benchmark for success: ✓ 30% reduction in diesel prices since February 2025 ✓ 14 new industrial clusters emerging around…

Nasarawa, Nigeria – In the shadow of Europe’s dairy dominance, Nigeria’s milk producers are facing extinction. A PREMIUM TIMES investigation reveals how fat-filled milk powder (FFMP) imports – a cheap imitation that EU regulations don’t even classify as real milk – are systematically destroying Nigeria’s dairy sector. The Bitter Numbers  1-2 Liters: Daily yield from Nigerian cows vs 30L from European breeds $1.3 Billion: Annual cost of dairy imports (60% of consumption) 80% Closure Rate: Dairy farms folding within 5 years of launch How Europe’s ‘Milk Hack’ Conquered Nigeria • The FFMP Trick: Vegetable fats blended with skimmed milk powder • Price War:…

Lagos, Nigeria – Aliko Dangote is doubling down on his industrial empire with two colossal infrastructure projects that could redefine Nigeria’s economic landscape. Fresh details reveal the African billionaire’s plan to build West Africa’s deepest seaport while constructing an unprecedented gas pipeline network from the Niger Delta to Lagos. The Olokola Mega-Port Blueprint  Location: Ogun State (100km from Dangote Refinery) Specs: 18m depth to accommodate supertankers Capacity: 5M TEUs annually (vs Lekki Port’s 2.7M) Strategic Advantage: Direct integration with Dangote’s: 650,000 bpd refinery 3M tonne fertilizer plant Future LNG export terminal “This isn’t just about my businesses—it’s about creating infrastructure that…

Lagos, Nigeria – In a move set to revolutionize financial operations for Nigeria’s 40 million SMEs, digital banking leader Carbon has unleashed Carbon Nexus – an intelligent payment collection system that gives businesses military-grade control over their cash flow. Unveiled at Lagos Startup Week, the platform addresses the #1 pain point keeping Nigerian entrepreneurs awake at night: payment chaos. Why Carbon Nexus Changes Everything  Virtual Account Magic: Unique IBANs for each customer eliminate reconciliation nightmares Real-Time Tracking: See payments land instantly with payer identification FlexPay Options: Offer installments without risking defaults “Nigerian businesses lose ₦220B yearly to payment ambiguities,” revealed Carbon CEO Ngozi Dozie. “Nexus…

Abuja, Nigeria – As economists begin assessing Muhammadu Buhari’s economic legacy, his 2015-2023 presidency emerges as one of Nigeria’s most transformative – and contentious – periods. From twin recessions to trillion-naira interventions, these eight years fundamentally altered the nation’s economic trajectory. The Defining Moments  Twin Economic Collapses • 2016 Recession: Oil price crash (-1.6% GDP) • 2020 Pandemic Slump: -1.8% contraction • Between them: 15 quarters of sub-2% growth  Oil Sector Upheaval • Production crash to 900,000 bpd (2022) • $3B/year lost to oil theft • NNPC corporatization – revolution or missed opportunity?  Radical Fiscal Moves • Treasury Single Account recovered…

Lagos, Nigeria – At the high-profile Swish Fusion Tech and Media Summit, MTN Nigeria stole the spotlight with groundbreaking revelations about its 5G rollout strategy, positioning itself as the driving force behind Nigeria’s digital transformation. 5G Revolution: MTN’s Three-Phase Masterplan  Phase 1 (2022-2023) • Acquired NCC 5G license • Built core infrastructure in 12 cities • Partnered with Ericsson and Huawei for hardware  Phase 2 (2024) • Activated 5G in Lagos, Abuja, Port Harcourt business hubs • Achieved 1.2Gbps peak speeds in tests • Connected 500+ enterprise clients  Phase 3 (2025) • Expansion to 30 new locations • Focus on industrial…

Nigeria’s premier bank unveils solar financing and women-focused funds at global development conference Seville, Spain / Lagos, Nigeria – In a strategic move to bridge Nigeria’s $100 billion annual SDG financing gap, FirstBank has cemented its partnership with the United Nations Global Compact (UNGC), unveiling innovative funding solutions at the high-profile FfD4 Conference. Green Light for Sustainable Projects  Solar Equipment Financing: • Offers low-interest loans for solar installations • Targets 50,000 Nigerian households/businesses by 2027 • Cuts energy costs by 40% for beneficiaries  FirstGem Fund 2.0: • Collateral-free loans at 8% interest for women entrepreneurs • ₦50B disbursement target across 5…

Nigerian payment infrastructure giant secures rare investment-grade trifecta, reshaping global fintech perceptions Lagos, Nigeria – In a watershed moment for African financial technology, homegrown payments powerhouse Payaza has achieved the unprecedented feat of securing three consecutive investment-grade ratings, culminating in its latest Bbb rating from Agusto & Co. This triple-crown validation positions the Nigerian fintech as a trailblazer in a sector often criticized for prioritizing growth over governance. The Rating Hat-Trick Breakdown  Agusto & Co. (Bbb): Praised capital adequacy and risk management Moody’s-affiliated GCR: Highlighted pan-African expansion success DataPro: Recognized operational transparency and compliance “This isn’t just about Payaza – it’s…

Lagos, Nigeria – In a country where 72% of businesses still rely on paper-based systems, Bloo Cloud Tek Consult is leading Nigeria’s digital transformation charge through its groundbreaking partnership with Oracle NetSuite. The Lagos-based tech firm is bridging the gap between global enterprise solutions and Nigeria’s unique business landscape. The Oracle NetSuite Advantage  All-in-One Cloud Platform: Integrates financials, inventory, CRM and e-commerce Global Standards, Local Expertise: 97% client satisfaction across 50+ implementations Built for Scale: From Kano furniture exporters to Lagos fintechs “We’re not just implementing software – we’re changing how Nigeria does business,” says the Bloo Cloud CEO, whose team has…

Lagos, Nigeria – With oil sector jobs shrinking and public sector opportunities dwindling, Nigerian graduates are increasingly turning to tech freelancing, content creation, and informal entrepreneurship to build sustainable incomes in a rapidly evolving economy. Key Data Points  Sectoral Shifts: Oil & gas contribution to GDP: 6% (2024), down from 9% (2015). ICT sector growth: Now 18% of GDP, surpassing oil.  Employment Trends: Formal sector jobs: 4.1% unemployment rate (NBS Q1 2025) masks underemployment crisis. Freelance earnings: Top Nigerian UI/UX designers earn $2,000–$5,000/month on global platforms.  Creative Economy Boom: Nollywood valuation: $6.4 billion (2025), creating 1 million indirect jobs. Afrobeats industry: Generated $1.2 billion in 2024 royalties and tours. Why This Matters  Economic…

Lagos, Nigeria – The Lagos State Government, in partnership with Sterling One Foundation, has unveiled plans for Invest Lagos 2.0, a high-profile investment summit aimed at accelerating the state’s economic growth. The event will take place on July 9, 2025, at Eko Hotels & Suites, Victoria Island, and will serve as a precursor to the Africa Social Impact Summit (ASIS), scheduled for July 10–11, 2025. Key Highlights  Date: July 9, 2025 Venue: Eko Hotels & Suites, Lagos Theme: “Scaling Action: Bold Solutions Towards Making Lagos a 21st Century Economy” Partners: United Nations System in Nigeria Lagos State Office of SDGs Sterling Bank Arise News What to Expect  Deal Rooms: High-level matchmaking…

Lagos, Nigeria – Over 300 executives, policymakers, and sustainability experts convened at FITC’s inaugural Sustainability ESG Conference to chart a roadmap for responsible business growth in Africa. The June 26 event spotlighted how Nigerian firms can balance profitability with environmental and social impact. Key Takeaways  ESG as Business Imperative FITC CEO Dr. Chizor Malize declared: “ESG isn’t buzzword bingo – it’s the new bottom line.” CBN & NDIC backed mandatory sustainability reporting for financial institutions.  Innovation Spotlights Switch Recycling: 2,800+ digital wallets funded via plastic waste redemption. AgriTech Startups: Solar-powered cold storage reducing 40% post-harvest losses. Climate Insurance: Fintechs protecting smallholder farmers against extreme weather.  Implementation Challenges…

Abuja, Nigeria – The Zumunta Association USA Inc. has unveiled plans for its 35th Annual Convention, set to take place in Lafiya, Nasarawa State, from July 14–23, 2025. The event marks only the second time in its history that the diaspora group will host its gathering in Nigeria, signaling a strategic shift from dialogue to actionable development initiatives. Key Highlights  Date: July 14–23, 2025 Location: Lafia, Nasarawa State Theme: “From Connection to Action: Mobilizing Local Experience and Diasporan Insights for National Development” Partners: NIDCOM (Nigerians in Diaspora Commission) Nasarawa State Government 30+ NGOs Convention Focus: Action Over Talk  Free Medical Outreach (July 14–16) – At Gudi General Hospital ICT Training for 1,000…

Lagos, Nigeria – At the 19th Annual NBA-SBL International Conference, legal and technology leaders issued a stark warning: Nigeria risks falling behind in the global digital economy without immediate reforms to modernize its data protection laws, fintech regulations, and AI governance frameworks. Key Calls to Action 1. Data Protection Overhaul Current Gap: Nigeria lacks a comprehensive Data Protection Act, relying on outdated guidelines. Expert View (Yemisi Diya-Salawu, IHS Towers): “We draft contracts with EU-style data clauses because local laws are inadequate. This is unsustainable.” Urged creation of specialized tech courts to fast-track digital disputes. 2. Fintech & AI Regulation Fragmented Oversight: Misalignment between CBN, SEC, NCC stifles innovation. Oswald Guobadia…

Lagos, Nigeria – The Nigeria Data Protection Commission (NDPC) has imposed a ₦766 million ($501,340) fine on Multichoice Nigeria, operator of DSTV and GOTV, for breaching the country’s data protection laws. The penalty follows a year-long investigation into alleged privacy violations and unlawful cross-border data transfers. Key Details of the Violation  Investigation Findings: “Intrusive & Unfair” Data Processing: NDPC found Multichoice’s collection and handling of subscriber data “unnecessary and disproportionate.” Illegal Data Transfers: Personal information was allegedly shared across borders without proper safeguards. Failed Remediation: Multichoice’s corrective actions were deemed “unsatisfactory” after NDPC directives.  Legal Basis: Fine issued under the Nigeria Data Protection Regulation (NDPR) 2019 and NDPC Act 2023. Multichoice now has 30 days to appeal or pay the penalty.…

Lagos, Nigeria – The Nigerian private sector maintained its expansionary momentum in June 2025, marking six consecutive months of growth, according to the latest NESG-Stanbic IBTC Business Confidence Monitor (BCM). The composite index rose to 113.6 points, up from 109.8 in May, signaling sustained optimism among business leaders despite persistent structural hurdles. Sectoral Performance Highlights  Manufacturing Leads Growth (+9.2 pts to 123.6) Strongest sub-sectors: Textiles/Apparel (+15%), Cement (+12%), Plastics (+10%) Constraints: 78% cite electricity shortages, 65% face forex scarcity  Trade Sector Rebounds (+6.9 pts to 121.0) Retail exits contraction (89.2 → 111.7) on festival demand Wholesale remains robust at 130.3 despite logistics bottlenecks  Agriculture Recovers (+10.7…

Lagos, Nigeria – Internet Service Providers (ISPs) in Nigeria have recorded a 6% decline in active subscribers, dropping from 307,946 in Q3 2024 to 289,369 in Q1 2025, as customers react to recent price increases approved by the Nigerian Communications Commission (NCC). Key Findings  Market Contraction: Top 3 ISPs (Spectranet, Starlink, FibreOne) lost 22,000+ combined subscribers. Starlink’s first decline: Dropped 6,055 users after raising monthly fees to ₦57,000 (from ₦38,000). FibreOne hardest hit: Lost 14,000 customers (42% decline).  Why It’s Happening: 50% tariff hikes make ISPs less competitive vs. mobile networks (MTN/Airtel 5G). Economic pressures: 28% inflation forces households to cut discretionary spending. Top 10 ISPs in Nigeria (Q1 2025) Rank ISP Active…

LAGOS, Nigeria – MTN Nigeria has boldly declared its Dabengwa Data Centre and cloud services as competitive alternatives to global hyperscalers like AWS, Microsoft Azure, and Google Cloud. But with Nigerians questioning MTN’s reliability in connectivity, can the telecom giant truly deliver a world-class cloud platform? Key Features of MTN’s Dabengwa Data Centre  Tier III Certified: 99.982% uptime (45 mins max downtime/year) Modular Design: 96 pre-fab units, scalable from 4.5MW to 20MW Current Capacity: 780 server racks (thousands of virtual machines) Self-Service Cloud: Developers can deploy apps without MTN’s intervention Local Data Sovereignty: Keeps Nigerian data within borders Lynda Saint-Nwafor (MTN Enterprise Chief): “We’re not…

Lagos, Nigeria – In a major push to develop Nigeria’s creative economy, Embroidery Chief, in partnership with Chinese manufacturers Dahao and Futong, is establishing 10 innovation hubs nationwide to train young Nigerians in embroidery and fashion design. Key Highlights of the Initiative  10 State-of-the-Art Hubs – Launching in Lagos, Kano, and eight other states 50 Machines per Hub – High-tech embroidery equipment at subsidized rates 3-Phase Training Program – Covering design, machine operation, and repairs Job Creation Goal – Equipping youth with skills to start profitable fashion businesses Why This Matters  Unlocking Creativity – Many young Nigerians have design talent but lack technical skills. Boosting Local Fashion – Reducing reliance on imported embroidered…