Business

ABAN 2025: Angel investors push for transparency to unlock Africa’s startup capital

Awwal Owolabi 20 October 2025 0

Angel investors at the African Business Angel Network (ABAN) Congress 2025 have called for stronger visibility and transparency across angel investment networks to unlock more local capital for startups on the continent. The call came as investors and members of ABAN highlighted that limited

Business

Nigeria’s debt-to-GDP ratio on the decline, IMF predicts

Awwal Owolabi 16 October 2025 0

The International Monetary Fund (IMF) says Nigeria’s debt-to-gross domestic product (GDP) ratio is expected to decrease to 36.4 percent in 2025 and further to 35 percent in 2026. The projection was made in its latest Fiscal Monitor report, launched at the ongoing 2025 IMF/World Bank annual meetings on Wednesday in Washington DC, where the fund […]

Business

Nigeria’s trade surplus rises to 6% of GDP — Cardoso

Tunde Opalana 16 October 2025 0

Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has said that Nigeria’s trade surplus has risen to six per cent of the nation’s Gross Domestic Product (GDP). Cardoso made this known in a statement issued on Wednesday by the Director of Information and Public Relations at the Federal Ministry of Finance, Mr […]

Business

Nigeria eyes Chinese partnership to reignite Ajaokuta, NIOMCO revival plans

Awwal Owolabi 15 October 2025 0

The federal government has opened discussions with the Republic of China to take over the revival of the Ajaokuta Steel Company Limited (ASCL) and the National Iron Ore Mining Company (NIOMCO) in Kogi state. The Minister of Steel Development, Shuaibu Abubakar, disclosed this on Tuesday at the opening of the 10th edition of the Nigeria […]

Business

Fola Tinubu to chair inaugural summit on Nigeria’s transport infrastructure

Motolani Oseni 15 October 2025 0

The Managing Director of Primero Transport Services Limited, Mr Fola Tinubu, will serve as Chairman at the inaugural edition of the JustAlive Communications Limited Summit, taking place on Wednesday, October 29, 2025, at the Providence Hotel, GRA, Ikeja, Lagos. A seasoned executive, Tinubu holds a BA in Economics and Politics from the University of East […]

Business

ZENITH Bank Chairman, Ovia  Reaffirms Strong Commitment To Shareholders Value At NGX Closing Gong Ceremony  

Tunde Opalana 15 October 2025 0

Zenith Bank Plc’s Founder and Chairman, Dr. Jim Ovia, CFR, accompanied by the bank’s Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, on Tuesday, October 14, 2025, carried out the prestigious closing gong ceremony at the Nigerian Exchange (NGX), marking a significant milestone in the bank’s continued partnership with the capital market and the official

Business

FG finalises N4 trillion bond plan to settle GenCos, gas suppliers’ debts

Promise Eze 15 October 2025 0

The Federal Government has finalised the implementation framework for a N4 trillion government-backed bond designed to settle verified arrears owed to power Generation Companies (GenCos) and gas suppliers. This was disclosed by Mrs Olu Verheijen, Special Adviser to the President on Energy, in a statement posted on X (formerly Twitter) on Tuesday in Abuja. According […]

Business

Innoson to build CNG assembly plant in Bayelsa

Andrew Orolua 14 October 2025 0

Nigeria’s leading automobile manufacturer, Innoson Vehicle Manufacturing (IVM) Limited, has announced plans to establish a Compressed Natural Gas (CNG) assembly plant in Bayelsa State. Innocent Chukwuma, IVM Chairman and CEO, disclosed this on Monday during a visit to Governor Douye Diri in Yenagoa. Chukwuma said the project would enhance Bayelsa’s transport system, create

Business

Cardoso to lead Nigeria’s delegation to World Bank, IMF meetings as Edun falls ill

Promise Eze 13 October 2025 0

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), will lead Nigeria’s delegation to the World Bank and International Monetary Fund (IMF) annual meetings in Washington, DC, United States. This follows the illness of Wale Edun, the minister of finance and coordinating minister of the economy. In a statement issued on Sunday, Bayo Onanuga, […]

Business

MTN Nigeria chairman links telecoms growth to Africa’s economic transformation

Promise Eze 12 October 2025 0

Ernest Ndukwe, Chairman of MTN Nigeria, says the telecommunications sector has become Africa’s “invisible infrastructure,” powering trade, innovation, and financial inclusion across the continent. Ndukwe spoke during a plenary session themed “Titans on the Move: Africa’s Multinationals” at the 31st Nigerian Economic Summit in Abuja. He said the sector’s impact on economic

Business

NERC: Benin, Togo, Niger owe Nigeria millions in unpaid power supply

Promise Eze 10 October 2025 0

The Nigerian Electricity Regulatory Commission (NERC) says international bilateral customers owe Nigeria’s power generation companies (GenCos) $8.5 million for electricity supplied in the second quarter (Q2) of 2025. In its latest quarterly report, the regulator said the customers paid $9.015 million out of a $17.54 million invoice, representing a remittance rate of 51.3

Business

NDIC, CIBN strengthen collaboration on financial sector risks

Promise Eze 10 October 2025 0

The Nigeria Deposit Insurance Corporation (NDIC) and the Chartered Institute of Bankers of Nigeria (CIBN) have pledged closer collaboration to address emerging risks in the country’s financial sector. Oludare Sunday, Managing Director and Chief Executive Officer of NDIC, made the pledge when Pius Olanrewaju, CIBN President, led members of the institute’s governing council

Business

NEITI: Nigeria lost $3.3bn to oil theft in 2022

Promise Eze 10 October 2025 0

The Nigerian Extractive Industries Transparency Initiative (NEITI) has revealed that the country lost 13.5 million barrels of crude oil valued at $3.3 billion to theft and sabotage in 2022. Ogbonnaya Orji, Executive Secretary of NEITI, disclosed this on Thursday at the 2025 Association of Energy Correspondents of Nigeria (NAEC) conference in Lagos. “In 2022 alone, […]

Business News

VFD Group partners Norrenberger on N50.67bn rights issue to fund expansion

Vincent Afolabi 9 October 2025 0

VFD Group Plc has signed an agreement with its lead issuing house, Norrenberger Limited, to launch a N50.67 billion rights issue aimed at boosting its capital base, cutting debt, and supporting expansion into new markets across Africa and the United Kingdom. The signing ceremony, held on Wednesday in Lagos, marked a key step in the […]

Business News

Paul Adalikwu urges stronger collaboration to tackle Africa’s maritime challenges

Vincent Afolabi 9 October 2025 0

Dr Paul Adalikwu, secretary-general of the Maritime Organisation of West and Central Africa (MOWCA), has called for deeper collaboration among African maritime bodies to address safety, security, and environmental challenges confronting the continent’s shipping sector. Speaking at the 15th Port State Control Committee (PSCC) meeting of the Abuja Memorandum of Understanding

Business

‘Audit NNPC, increase health taxes, VAT’ — World Bank tells FG

Awwal Owolabi 9 October 2025 0

The World Bank has urged the federal government to strengthen its ongoing economic reforms by enforcing strict fiscal and monetary discipline to sustain recent stability in Nigeria’s economy. In its latest Nigeria Development Update (NDU) released on Wednesday, the bank commended the progress made through the removal of petrol subsidies and the unification of the […]

Business

NEXIM’s EXCEL initiative targets full potential of Nigerian MSMEs

Tunde Opalana 9 October 2025 0

The Nigerian Export-Import Bank (NEXIM) has highlighted the transformative impact of its EXCEL programme in unlocking the export potential of Micro, Small and Medium Enterprises (MSMEs), which remain the backbone of Nigeria’s economy. Abubakar Bello, NEXIM’s Managing Director and Chief Executive Officer, stated this on Wednesday at the SME Export Finance Sensitisation

Business News

Reps inaugurate committee on illegal mining, vow to end $9bn loss

Msugh Ityokura 9 October 2025 0

The House of Representatives has inaugurated an Ad Hoc Committee on Illegal Mining, pledging to address activities that cost Nigeria an estimated $9 billion annually. Speaking at the inauguration in Abuja on Wednesday, Sani Egidi, the committee chairman, thanked Speaker Tajudeen Abbas for the confidence reposed in him, promising that the committee would work diligently

Business

AfDB to lend $500m to Nigerian government before year-end

Tom Okpe 8 October 2025 0

The African Development Bank (AfDB) has confirmed plans to disburse a $500 million loan to Nigeria before the end of 2025 as part of a $1 billion budget support package. Executive Director representing Nigeria, São Tomé and Príncipe, Dr. Bode Oyetunde, told Reuters on the sidelines of the Nigerian Economic Summit in Abuja that the […]

Business News

ABAN turns 10, sets Lagos agenda to scale local investment in startups

Vincent Afolabi 7 October 2025 0

The Africa Business Angel Network (ABAN) will celebrate its 10th anniversary with the ABAN Annual Congress 2025 in Lagos, Nigeria, from 17 to 18 October, focusing on unlocking more African and diaspora capital for early-stage ventures. The two-day meeting, themed “Accelerating Local Capital Participation,” will bring together early-stage investors, policymakers,