Author: Gift Ifeanyi

The House of Representatives has confirmed that Seplat Production Development Limited and Chorus Energy Limited have remitted a total of N28.7 billion to Nigeria’s Federation Account to clear their outstanding financial obligations. In a statement signed by Rep. Akin Rotimi Jr., Spokesman of the House of Representatives, the Public Accounts Committee (PAC) announced the payments as a major breakthrough in revenue recovery efforts. According to the report, Chorus Energy Limited settled its liability with a payment of $847,623 (N1.2 billion) on March 11, 2025, while Seplat Production Development Limited completed its payment of $18.39 million (N27.6 billion) between March 10…

The World Bank is set to approve up to $1.13bn in loans for Nigeria before the end of March 2025, bolstering efforts to enhance the country’s economic resilience, health security, and education reforms. Key Projects Under Negotiation Three major initiatives are currently in negotiation: Accelerating Nutrition Results in Nigeria 2.0 Programme – Valued at $80m, this project aims to improve nutrition outcomes among vulnerable populations. Approval is expected by March 31, 2025. Community Action for Resilience and Economic Stimulus Programme – With a commitment value of $500m, this initiative is designed to stimulate community-driven economic growth. It is slated for…

Trade between Nigeria and the Niger Republic rebounded strongly in 2024, with Nigerian exports soaring by 77.12% to N82.38 billion, according to the latest National Bureau of Statistics (NBS) data. Total bilateral trade climbed to N91.92 billion in 2024 from N50.48 billion in 2023, despite ongoing diplomatic strains. Export-Driven Trade Growth Nigerian exports to Niger, which accounted for 89.62% of total trade, jumped dramatically from N46.51 billion in 2023 to N82.38 billion in 2024. Imports from Niger also recovered, rising from N3.97 billion to N9.53 billion, signaling a gradual return to economic normalcy. A History of Volatility Trade between the…

Nigeria’s Senate on Wednesday approved a bill to create an asset management company (AMC) designed to absorb non-performing loans and revitalize lending among financial institutions following last year’s $4 billion bailout. Lobbying efforts by the Central Bank of Nigeria have been instrumental in pushing for the AMC. Under the proposed framework, the AMC will purchase bad loans from banks in exchange for government bonds, effectively clearing toxic assets from their balance sheets. “This would effectively take care of and free our banks of the non-performing loans that retard their efficiency,” said Senator Nkechi Nwogu, chairman of the banking committee. Before…

Sycamore, Nigeria’s innovative digital lender with ₦10 billion in assets under management, has secured a fund manager licence from the Securities and Exchange Commission (SEC). This strategic move marks its expansion into asset management—an initiative designed to meet the growing demand for accessible investment options among both retail and institutional investors. A Strategic Pivot Driven by Customer Demand The expansion is fueled by the needs of Sycamore’s 300,000 users, which include freelancers and small to medium-sized enterprises (SMEs). “Securing our SEC license is the culmination of years of building institutional-grade compliance systems,” said CEO Babatunde Akin-Moses. “We’re not pivoting from…

President Bola Tinubu’s economic policies are making waves, with tax reforms designed to boost investor confidence, ease financial burdens on workers, and drive business expansion. A key highlight is the exemption of minimum-wage earners from personal income tax, ensuring relief for low-income Nigerians. Additionally, the proposed VAT increase has been halted at 7.5%, reducing inflationary pressure. Small businesses also benefit, as the tax exemption threshold has been raised from ₦25M to ₦50M in annual turnover, while corporate income tax has been slashed from 30% to 25%, encouraging investment and job creation. Despite opposition from labour unions, analysts argue that these…

First Bank of Nigeria (FBN) Limited has once again reinforced its position as a powerhouse in the banking industry, securing the prestigious titles of Best SME Bank in Nigeria and Best SME Bank in Africa at the 2025 Asian Banker Awards. This marks the second consecutive year the bank has clinched these highly coveted accolades. The Asian Banker Global Excellence in Retail Finance Awards are globally recognized for their rigor, transparency, and prestige, celebrating outstanding achievements in financial services, technology, risk management, and transaction finance. FirstBank’s latest triumph underscores its unwavering commitment to empowering Small and Medium Enterprises (SMEs)—a sector…

Nigeria is on the brink of an economic breakthrough, with inflation expected to decline and industries set to thrive despite ongoing global tariff wars, says the Association of Enterprise Risk Management Professionals (AERMP). Mr. Olayinka Odutola, Director-General and CEO of AERMP, shared this optimistic forecast in an exclusive interview with the News Agency of Nigeria (NAN), highlighting key government reforms driving the nation’s progress. Reforms Fueling Economic Growth Odutola pointed to key policies under President Bola Tinubu’s administration that are already making a significant impact. He cited the drop in food prices—a rarity during the Ramadan period—and increased power generation…

Nigeria’s Economic Paradox: Growth on Paper, Struggles in Reality Nigeria’s economic landscape is caught between two conflicting narratives. On one side, government officials and economic analysts tout impressive progress—exchange rate stabilization, declining inflation, and lower fuel prices. On the other, millions of Nigerians are grappling with rising living costs, weakened purchasing power, and an unrelenting sense of financial hardship. Government’s Optimistic Outlook President Bola Tinubu’s administration has painted a hopeful picture of the economy’s trajectory. Recent policies, they argue, have begun to bear fruit, resulting in a strengthened naira, reductions in fuel costs, and a slight dip in food prices.…

The Nigeria Sovereign Investment Authority (NSIA), Sustainable Energy for All (SEforALL), the International Solar Alliance (ISA), and Africa50 have launched a $500 million fund to develop and finance distributed renewable energy (DRE) projects in Nigeria. Objective of the Fund The DRE Nigeria Fund aims to raise financing through tailored financial instruments to attract private sector capital. It seeks to address key challenges such as: Currency volatility Tariff structures Limited availability of local currency financing According to a statement seen by BusinessDay, the fund will support mini-grids, solar home systems, commercial and industrial (C&I) power solutions, embedded generation projects, and innovative…

Arnold Dublin Green, Chief Investment Officer of Cordros Capital, has attributed the recent depreciation of the naira to the exit of foreign portfolio investors (FPIs) from Nigeria’s financial markets. Speaking on the Drinks and Mics podcast hosted by Ugo Obi-Chukwu, CEO of Nairametrics, Green explained that Nigeria’s heavy reliance on foreign portfolio inflows has left the currency vulnerable to external shocks. “Our heavy reliance on foreign portfolio influence is coming to play because we’ve opened up our market to a volatile global environment. Yes, we are in a weaker dollar situation, which is always a risk to the trade ……

Nigerians are earning more from platforms like Spotify, TikTok, YouTube, and X as digital content creation continues to grow in Africa’s most populous nation. According to Spotify’s 2024 Loud & Clear report, Nigerian artists earned over N58 billion in royalties last year—more than double the amount paid in 2023 and five times more than in 2022. Jocelyne Muhutu-Remy, Managing Director for Spotify Africa, attributed this rise to the growing global demand for Nigerian music and Spotify’s commitment to artist support. “Discovery is an essential feature of streaming, and Spotify helps artists reach new audiences worldwide. Whether you’re in Oslo or…

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…