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Benue govt okays ₦294.53m for malaria chemo-prevention campaign

Finance

Domestic transactions on NGX hit record ₦10.68trn in July

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Why Q1 2026 pension contributions dropped by 38% —

Insurance

Naira strengthens to ₦1,346.90/$ amid surge in FX activity

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Blog

MTN launches microinsurance arm 'Cover by MoMo' in Uganda
News

MTN seeks additional payment licenses for MoMo

MTN Nigeria has applied for Payment Service Solutions Provider and Payment Terminal Service Provider licenses for its fintech subsidiary, MoMo Payment Service Bank, signaling its deepening focus on digital payments in Nigeria. With a PSSP license, MoMo PSB will be able to operate payment gateways, develop financial solutions, and provide services like merchant aggregation and […]

MainOne CEO Funke Opeke resigns
News

MainOne CEO Funke Opeke resigns

Funke Opeke has stepped down as Managing Director of MainOne for West Africa just weeks after the internet connectivity provider completed its post-acquisition integration with Equinix. Opeke, who founded MainOne in 2008, will assume a strategic advisory role for the West African region until March 2026. Wole Abu, currently the CEO of Liquid Intelligent Technologies […]

News

Personal loans to banks fall by 53.9%

Personal loans owed by Nigerians to commercial banks dropped sharply from N7.52 trillion in the first quarter of 2024 to N3.47 trillion in the second quarter, reflecting a 53.9% decrease. This significant decline is largely attributed to the impact of high interest rates, which have made borrowing more expensive and burdensome for many individuals. This […]

News

Nigerians spend $1bn annually to import vehicles – NADDC

The National Automotive Design and Development Council has ramped up efforts to reduce Nigeria’s reliance on imported vehicle components, which costs the country over $1 billion annually. NADDC Director-General, Joseph Osanipin made this disclosure on Monday, during the Midas NFX Software Automotive Design Skills Boot Camp in Abuja. Osanipin lamented Nigeria’s annual expenditure of over […]

News

DAPPMAN rejects Dangote refinery’s claim of inferior petrol importation

The Depots and Petroleum Products Marketers Association of Nigeria has firmly rejected claims made by Dangote Refinery that oil importers selling petrol at lower prices than the refinery are importing substandard products and colluding with international traders to flood Nigeria with low-quality fuel. This follows the refinery’s allegations on Sunday, suggesting that these importers were […]

News

Nigeria needs accurate data for successful energy transition — FG

The Federal Government has highlighted the need for accurate, reliable, and timely energy data to effectively guide and monitor the country’s energy transition process. This was disclosed by the Minister of Innovation, Science and Technology, Chief Uche Nnaji, during the official launch of the computerized National Energy Information System n Abuja on Monday, according to […]

Minister threatens to revoke Kogi-Benin Road contracts
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FG terminates Julius Berger’s N740bn road contract

The Federal Government of Nigeria has terminated the contract for Section 1 of the Abuja-Kaduna-Zaria-Kano dual carriageway project valued at approximately N740 billion being handled by Julius Berger Nigeria Plc. The Ministry of Works and Housing cited the company’s failure to comply with revised project costs, scope, and terms, along with a halt in work […]

Aramco
Oil and Gas

Saudi Aramco records 15% profit drops in 2024 Q3 

Energy giant Saudi Aramco reported a 15 percent year-on-year drop in third quarter profit on Tuesday, citing low oil prices. The fall in net income to $27.56 billion this year from $32.58 billion in 2023 “was mainly due to the impact of lower crude oil prices and weakening refining margins”, the firm said in a […]

News

Food inflation worsen as imported rice prices rise by 144.77%

The price of imported high-quality rice, sold loose, has surged by 144.77% year-on-year, reflecting the growing challenges in Nigeria’s food market. This sharp increase comes as the Federal Government delays the full implementation of its duty-free food policy, which was expected to provide relief to consumers struggling with rising inflation. According to the National Bureau […]

News

Trade minister vows to harness AfCFTA for economic growth

The newly appointed Minister of Industry, Trade, and Investment, Jumoke Oduwole, has pledged to leverage the African Continental Free Trade Agreement to maximize benefits for the country. This was disclosed by the Minister after assuming duties on Monday, following her swearing-in by President Bola Tinubu at the Presidential Villa in Abuja, according to The Punch. […]

News

Protesters storm NNPC Headquarters, demand end to adulterated fuel imports

A crowd of protesters stormed the National Petroleum Company Limited headquarters in Abuja on Monday, demanding an end to the importation of adulterated fuel into Nigeria. Organized by the Citizens and Economic Freedom Rights Activists in Nigeria and the Two Million Man March Against Oil Scam Cabal, the protesters described the situation as a “national […]

Fraud losses decline in Nigerian banks in Q1 2024 - Report
News

Fitch projects rise in Nigerian banks’ non-performing loans

Credit ratings agency, Fitch has projected an increase in non-performing loans among Nigerian banks in 2024, attributing this trend to rising interest rates and inflation. In its latest credit report, Fitch affirmed Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B-‘ with a Positive Outlook. The report noted that the loan books of the banking […]

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