Economy

Naira gains to N1,531 at official window as CBN floats $50m auction

temitope adebayo 30 August 2025 0

The naira strengthened at the official window on Friday, closing at N1,531 per dollar after the Central Bank of Nigeria (CBN) injected $50 million into authorised dealer banks to stem pressure from rising dollar demand. The intervention came after the local currency slid close to N1,539 at the

Economy News

ICAN aviation chapter inaugurates five sub-committees to boost advocacy, engagement

Chukwuemeke Iwelunmo 30 August 2025 0

The Institute of Chartered Accountants of Nigeria (ICAN) Aviation Chapter has inaugurated five new sub-committees as part of efforts to boost member participation, strengthen advocacy, and expand its influence within the aviation sector. The inauguration took place at a well-attended hybrid meeting in Lagos, which drew accountants from across the country. Mr. Ayodele

Economy

Equity Market Index Slips 0.19% as Investors Lose N166bn

temitope adebayo 30 August 2025 0

The Nigerian Exchange (NGX) closed negative on Friday, extending its losing streak as the All-Share Index shed 272.34 basis points or 0.19 per cent to settle at 140,284.90. The downturn erased about N165.63 billion from investors’ wealth, dragging total market capitalisation to N88.77 trillion. The decline was driven by profit-taking in banking, insurance, and oil […]

Economy

How $6bn Local Investments Shift Oil Control to Nigerians

Motolani Oseni 30 August 2025 0

Nigeria’s oil and gas sector is witnessing a historic power shift as more than $6 billion in local investments have moved control of over half of oil production into the hands of indigenous companies, according to the Nigeria Extractive Industries Transparency Initiative (NEITI). NEITI’s Executive Secretary, Dr Orji Ogbonnaya Orji, said the wave of investments, […]

Economy

Economic strain pushes motorists to hybrid insurance options

DailyTimesNGR DailyTimesNGR 20 July 2025 0

BY MOTOLANI OSENI Faced with mounting economic pressure, many Nigerian motorists are downgrading from comprehensive vehicle insurance to more affordable hybrid or third-party policies, prompting underwriters to develop flexible alternatives to retain policyholders and remain competitive. Rising inflation, reduced disposable income, and a high cost of living have forced

Economy

Stanbic IBTC secures CNY800m loan from China Development Bank

DailyTimesNGR DailyTimesNGR 20 July 2025 0

BY TEMITOPE ADEBAYO Stanbic IBTC Bank has secured a landmark CNY800 million (Renminbi) three-year term loan facility from the China Development Bank (CDB), in a major step to strengthen Africa-China financial cooperation and support Nigeria’s growing trade and investment ties with Asia’s largest economy. The facility, signed under the broader strategic partnership between

Economy

Dangote Refinery maintains marketer partnership, restructures scheme over abuse

DailyTimesNGR DailyTimesNGR 20 July 2025 0

The Dangote Refinery has reaffirmed its commitment to working with petroleum marketers despite suspending its discounted fuel supply programme, following widespread abuse of the scheme by affiliate partners. The company announced that while the collaboration remains active, it is being restructured to ensure accountability and protect market stability. The suspension,

Economy

FirstHoldCo N323bn block deal sparks denials from FG, Otedola

DailyTimesNGR DailyTimesNGR 20 July 2025 0

BY TEMITOPE ADEBAYO The Federal Government and billionaire investor Mr Femi Otedola have firmly denied any role in the recent acquisition of a 25 per cent stake in FirstHoldCo Plc, a transaction valued at N323.4 billion. Their responses follow widespread speculation that the deal was facilitated through a government-backed Special Purpose Vehicle (SPV), a claim […]

Economy

MAN pushes indigenous technology to strengthen industrial base

DailyTimesNGR DailyTimesNGR 20 July 2025 0

BY MOTOLANI OSENI The Manufacturers Association of Nigeria (MAN) has urged the Federal Government to prioritise investment in indigenous manufacturing technologies as a strategic move to reduce dependence on foreign solutions, boost economic resilience, and drive sustainable industrial development. Speaking in Lagos ahead of the 2025 Nigeria Manufacturing and Equipment

Economy

Investors’ confidence lifts collective investment schemes to N5.98trn in H1 2025

DailyTimesNGR DailyTimesNGR 20 July 2025 0

BY MOTOLANI OSENI Collective Investment Schemes (CIS) in Nigeria surged to a record N5.976 trillion in the first half of 2025, driven by rising investor confidence, stronger public awareness, and the schemes’ growing reputation as a safe and diversified investment vehicle. Data from the Securities and Exchange Commission (SEC) as at June 27, 2025, showed […]

Economy

Oil prices edge higher as weak dollar drives demand

DailyTimesNGR DailyTimesNGR 13 July 2025 0

BY MOTOLANI OSENI Oil prices ended the week higher in the global commodity market, supported by a weaker US dollar, signs of strong US fuel demand, and fresh geopolitical tensions, despite pressure earlier in the week due to rising US inventories and trade concerns. The international benchmark Brent crude was trading at $68.61 per barrel […]

Economy

DMO dismisses N611bn debt report, confirms March bond service at N67.99bn

DailyTimesNGR DailyTimesNGR 12 July 2025 0

BY MOTOLANI OSENI The Debt Management Office (DMO) has refuted reports claiming that the Federal Government spent N611.71 billion servicing a domestic US Dollar-denominated bond in March 2025, clarifying that the actual figure was N67.99 billion. In a statement released on Thursday, the DMO described the widely circulated figure as “completely inaccurate,” stressing that

Economy

Stanbic IBTC advises Tolaram on Guinness Nigeria takeover offer

DailyTimesNGR DailyTimesNGR 12 July 2025 0

BY TEMITOPE ADEBAYO Stanbic IBTC Capital has successfully facilitated the completion of Tolaram’s mandatory takeover offer (MTO) for Guinness Nigeria Plc, deepening the multinational’s stake in the iconic brewer. The investment banking subsidiary of Stanbic IBTC acted as Sole Financial Adviser to Tolaram—operating through N Seven Nigeria Limited—on the MTO to minority

Economy

Court remands Afriq Arbitrage CEO over $854K, N590m investment fraud

DailyTimesNGR DailyTimesNGR 11 June 2025 0

A Federal High Court in Abuja has ordered the remand of the Chief Executive Officer of Afriq Arbitrage System (AAS), Jesam Michael at the Kuje Correctional Centre over allegations of large-scale investment fraud involving $844,416.36, $10,000, and N590 million. The charges were brought by the Economic and Financial Crimes Commission (EFCC), which accused Michael of […]

Economy

Global report advocates evidence-based approach to tobacco control

DailyTimesNGR DailyTimesNGR 9 June 2025 0

BY MOTOLANI OSENI A report on Tobacco Harm Reduction (THR) by Global Health Focus, an NGO said, and focuses on health consciousness has called on Nigeria to adopt a more evidence-based approach to tobacco control. The report titled, ‘Lives Saved Report: Nigeria & Kenya’ suggested that countries implementing harm reduction strategies, providing smokers with

Economy

PETROAN endorses Petroleumprice.ng to drive efficiency in downstream sector

DailyTimesNGR DailyTimesNGR 9 June 2025 0

BY TEMITOPE ADEBAYO The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has endorsed Petroleumprice.ng as the definitive platform for petroleum pricing, market intelligence, and digital marketplace services in the country’s downstream oil and gas sector. This endorsement follows a detailed evaluation of the platform’s capabilities in enhancing

Economy

Dangote Refinery drives U.S. oil demand as global crude prices rise

DailyTimesNGR DailyTimesNGR 9 June 2025 0

BY MOTOLANI OSENI Nigeria’s Dangote Oil Refinery is significantly boosting demand for U.S. West Texas Intermediate (WTI) crude, reinforcing economic ties between the two nations as global oil prices recorded their first weekly gain since mid-May. The refinery, which has an installed capacity of 650,000 barrels per day, is now purchasing a third of its […]

Economy

Heirs Technologies trains 100 young Africans in cloud, cybersecurity

DailyTimesNGR DailyTimesNGR 9 June 2025 0

BY TEMITOPE ADEBAYO Heirs Technologies has equipped 100 African tech professionals with the skills needed to thrive in the rapidly evolving technology landscape. The company is executing this vision through its dedicated training academy, i-Academy, an in-house talent development platform designed to skill and certify young African professionals. As part of the academy’s

Economy

Ebenezer Obey, KWAM 1 thrill Ijebu audience at Globacom’s Cultural Night

DailyTimesNGR DailyTimesNGR 9 June 2025 0

BY MOTOLANI OSENI The 2025 Ojude Oba festival commenced with a spectacular cultural night tagged “Evening with Glo,” organised by telecommunications giant Globacom and headlined by Juju legend Evangelist Ebenezer Obey Fabiyi and Fuji icon Wasiu Ayinde Marshall, popularly known as KWAM 1. Held on Friday evening in Ijebu Ode, the event marked Globacom’s 20th […]

Economy

Entrepreneurship: The catalyst to achieving Tinubu’s $1trn economy vision

DailyTimesNGR DailyTimesNGR 8 June 2025 0

BY TEMITOPE ADEBAYO As President Bola Tinubu’s administration intensifies efforts to reposition Nigeria’s economy, the ambitious $1 trillion GDP target stands as a bold vision aimed at transforming the country into one of the largest and most competitive economies in Africa. Achieving this target requires more than fiscal reforms and macroeconomic adjustments — it demands