Business Money

PFAs Must Report Pension Payments above $10,000 – PenCom

Motolani Oseni 25 September 2025 0

..PenCom, TUC Deepen Ties to Bolster Workers’ Pension Welfare The National Pension Commission (PenCom) has issued fresh directives to strengthen oversight of the Contributory Pension Scheme (CPS), mandating Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to report foreign

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Naira Weakens to N1,488/$ as Analysts See Reserves Hitting $45bn

Guest Writer 25 September 2025 0

BY SAMUEL MOBOLAJI The naira slipped against the U.S. dollar at the official foreign exchange (FX) window on Wednesday, despite a $52 million intervention by the Central Bank of Nigeria (CBN) aimed at calming volatility. Data from the CBN showed the local currency depreciated by 0.08 per cent to close at N1,488.56 per dollar, compared […]

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FG Blocks TotalEnergies’ $860m Asset Sale

Motolani Oseni 25 September 2025 0

The Federal Government has halted TotalEnergies’ planned $860 million divestment from Nigeria’s onshore oil sector after the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) withdrew its earlier approval for the transaction. The move deals a blow to the French energy giant’s strategy to cut back on ageing, high-cost assets and reduce its swelling debt burden.

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CBN Injects $52m, Naira Holds Steady as Reserves Hit $42.1bn

Motolani Oseni 25 September 2025 0

The Central Bank of Nigeria (CBN) sold $52 million to authorised dealers on Wednesday to stabilise the foreign exchange market, helping the naira firm slightly against the dollar amid steady inflows from oil and exports. Trading data showed the local currency appreciated by 0.08 per cent to close at N1,487.37 per dollar, after fluctuating between […]

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Nigeria Rallies Global Backing for IMO Council Seat

temitope adebayo 16 September 2025 0

Nigeria has intensified its diplomatic push for election into the International Maritime Organisation (IMO) Council Category C, urging member states to support its bid and reaffirming its role as a strategic maritime hub for Central and West Africa. Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, appealed in New York during the 80th Session […]

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FG Targets N3trn Gains with ‘Nigeria First’ Policy Ahead of IMT Summit

temitope adebayo 2 September 2025 0

The Federal Government has pledged to work with industry stakeholders to implement the new National Industrial Policy, projecting that the “Nigeria First” initiative could generate up to ₦3 trillion in the short term while reshaping West Africa’s economic future. This commitment will be a key focus at the West Africa Industrialisation, Manufacturing & Trade (IMT) […]

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Global Demand Lifts Nigeria’s Non-Oil Exports to $3.23bn

temitope adebayo 2 September 2025 0

Nigeria’s non-oil exports rose 19.6 per cent to $3.23 billion in the first half of 2025, buoyed by global demand for cocoa, urea, fertiliser, and cashew nuts, according to the Lagos Chamber of Commerce and Industry (LCCI). The chamber, in a statement titled “Nigeria’s Global Partnerships: From Agreements to Action,” commended the federal government for […]

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CBN Mops up N1.19trn from OMO Bills, Rejects Excess Bids

temitope adebayo 2 September 2025 0

The Central Bank of Nigeria (CBN) raised N1.19 trillion from two open market operations (OMO) auctions last week as it sought to rein in excess liquidity and sustain foreign exchange inflows. The short-term instruments, which offered attractive yields, drew strong interest from offshore investors and local banks, with total subscriptions hitting N1.57 trillion — more […]

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Analysts Warn Nigeria’s N5.2trn Trade Surplus May Not Hold Forex Stable

Motolani Oseni 27 August 2025 0

Nigeria recorded a robust merchandise trade surplus of N5.2 trillion in the first quarter of 2025, but analysts have warned that the country’s external competitiveness is weakening, raising concerns over long-term foreign exchange sustainability. Data from the National Bureau of Statistics (NBS) show that total trade rose 6.2 per cent year-on-year to N36 trillion in […]

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Nigeria Spends $4bn Annually on Steel Imports, Targets $10bn Investment by 2030

Motolani Oseni 25 August 2025 0

Nigeria loses more than $4 billion every year to steel imports, but the Federal Government has set a target of attracting $10 billion in investments into the steel sector by 2030 to reposition the industry as the backbone of industrialisation and job creation. Minister of Steel Development, Prince Shuaibu Audu, disclosed this at the 2025 […]

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CBN Injects $50m to Tame FX Volatility As Reserves Hit $41.08bn

temitope adebayo 25 August 2025 0

The Central Bank of Nigeria (CBN) stepped up its intervention in the foreign exchange market last week, selling $50 million to authorised dealer banks to stabilise the naira amid rising dollar demand. The injection came as the local currency faced renewed volatility pressures, with the naira sliding to N1,535.03 per dollar at the official window […]

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DMO Targets Single-Digit Inflation, Shifts Borrowing Mix by 2027

Motolani Oseni 25 August 2025 0

Nigeria’s Debt Management Office (DMO) has projected that inflation will ease into single digits by 2027 as part of its newly approved Medium-Term Debt Management Strategy (MTDS) 2024–2027, which seeks to curb fiscal risks and ensure debt sustainability. According to the DMO, headline inflation, which averaged 21.4 per cent in 2024, is expected to decline […]

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Stockbrokers Urge Urgent Reforms to Achieve $1trn Nigerian Economy

temitope adebayo 25 August 2025 0

Stockbrokers under the Chartered Institute of Stockbrokers (CIS) have urged the Federal Government to implement urgent economic reforms that would reposition the Nigerian capital market as a central pillar in the country’s quest to achieve a $1 trillion economy. The call was made in a communiqué issued after a one-day workshop in Abuja, themed “Capital […]

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12 Listed Firms Declare N117.86bn Interim Dividend For Shareholders

Motolani Oseni 25 August 2025 0

Twelve listed companies on the Nigerian Exchange (NGX) have rewarded shareholders with interim dividends totalling N117.86 billion for the half-year ended June 30, 2025, underscoring solid earnings performance across key sectors. Leading the pack, Seplat Energy declared N41.61 billion, representing N70.71 per share, in line with its consistent dividend policy. Okomu Oil

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Investors Lose N2.29trn in One Week As NGX Extends Losing Streak

temitope adebayo 25 August 2025 0

The Nigerian equities market closed the week on a sour note, as broad-based selloffs across Banking, Insurance, oil and gas, and Industrial Goods stocks wiped out N2.29 trillion from investors’ wealth, extending losses into a second consecutive week. The benchmark NGX All-Share Index (ASI) slipped 0.77 per cent week-on-week to settle at 144,628.20 points, while […]

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FCMB backs TEHC with $40m loan for $150m Louisville project in Eko Atlantic

DailyTimesNGR DailyTimesNGR 18 July 2025 0

BY TEMITOPE ADEBAYO First City Monument Bank (FCMB) has partnered with TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC) to finance the flagship Louisville Phase 1 residential tower in Eko Atlantic City, Lagos, with a $40 million loan facility. The tower, comprising 157 high-end residential units including two- and three-bedroom apartments,

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Top 10 brokers drive N1.11trn deals in Q2 as investor confidence strengthens

DailyTimesNGR DailyTimesNGR 10 July 2025 0

BY MOTOLANI OSENI Investor confidence continued to surge on the Nigerian Exchange (NGX) in the second quarter (Q2) of 2025, as ten leading stockbroking firms accounted for N1.112 trillion worth of transactions between April and June, representing 56.60 per cent of the total market turnover for the period. According to the NGX Broker Performance Report, […]

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Nigeria’s pension assets climb to N23.32trn, sustaining growth despite economic pressures

DailyTimesNGR DailyTimesNGR 14 June 2025 0

BY MOTOLANI OSENI Nigeria’s pension industry maintained its steady growth trajectory in March 2025, with total assets under management rising to N23.32 trillion. This represents a marginal increase of 0.27 per cent from N23.26 trillion recorded in February, according to the latest figures from the National Pension Commission (PenCom). The sustained growth underscores the

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Equities rebound as investors gain N260bn, ASI up 0.37%

DailyTimesNGR DailyTimesNGR 4 June 2025 0

BY TEMITOPE ADEBAYO The Nigerian equities market, yesterday, halted the prior day’s downtrend, as gains in Dangote Cement Plc and 34 others pushed the overall capitalisation up by N260 billion. The All-Share Index (ASI) gained 411.52 points, representing a gain of 0.37 per cent to close at 112,427.48 points. Also, market capitalisation rose by N260 […]

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Nigeria relaunches NATEP to tap into $1trn outsourcing market

DailyTimesNGR DailyTimesNGR 2 June 2025 0

BY MOTOLANI OSENI Nigeria has relaunched its National Talent Export Programme (NATEP), a strategic initiative aimed at positioning the country as a major player in the $1 trillion global outsourcing industry. Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said the move aligns with President Bola Tinubu’s agenda for digital transformation, economic inclusion