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

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, […]

Business

Access Holdings appoints Innocent Ike as Group CEO

Promise Eze 29 August 2025 0

Access Holdings Plc has appointed Innocent Ike as its substantive Group Managing Director/Chief Executive Officer (GMD/CEO), effective August 29, 2025, following regulatory approval. Niara Metrics reported that the appointment comes just hours after Roosevelt Ogbonna stepped down from the company’s board in line with new corporate governance rules. “I am honoured to take

Aviation

NAAPE decries gagging of workers on union matters by airlines

Chukwuemeke Iwelunmo 29 August 2025 0

The National Association of Aircraft Pilots and Engineers (NAAPE) has condmned the attitude of some airlines preventing their workers from joining unions saying it is clearly against their constitutional rights and the laws of the land. Speaking at the unveiling of NAAPE’s 40th anniversary logo at its secretariat in Ikeja, NAAPE President, Engr Galadima Abednego […]

Business

CBN gives 60-day deadline for geo-tagging of PoS terminals

Promise Eze 27 August 2025 0

The Central Bank of Nigeria (CBN) has issued a directive mandating the geo-tagging of all Point of Sale (PoS) terminals nationwide within the next 60 days. The move is aimed at tackling electronic payment fraud and strengthening regulatory oversight. In a circular dated August 25, signed by Rakiya Yusuf, Director of the Payments System Supervision […]

Money

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 […]

Aviation

NAMA Boosts Air Safety with NCAA-Certified ATC Simulator

Chukwuemeke Iwelunmo 27 August 2025 0

The Nigerian Airspace Management Agency (NAMA) has recorded another milestone in its drive to enhance air traffic management and capacity building with the official presentation of the Air Traffic Control (ATC) Simulator Certificate from the Nigerian Civil Aviation Authority (NCAA). The Certificate was formally presented to the Managing Director/Chief Executive of NAMA,

Real Estate and Environment

Firm sets to ease accommodation challenges in FCT with Garden City

Tunde Opalana 27 August 2025 0

As middle class and low income earners struggle to secure affordable accommodations in the federal capital territory, Abuja and environs, a real estate firm, T Pumpy Concept said it is set to ease the burden by building categories of affordable house for Nigerians. To be cited in Karsana East, Abuja, Akintayo Adaralegbe, Managing Director/Chief Executive […]

Real Estate and Environment

Shared Homes Redefining Affordable Luxury Living in Nigeria

Ihesiulo Grace 26 August 2025 0

In the bustling cities of Lagos, Ibadan, and Abuja, where accommodation scarcity continues to challenge young professionals and students, SharedHomes has emerged as the leading brand for shared apartments and affordable housing solutions. With over 200 houses and more than 2,000 renters, SharedHomes.ng has positioned itself as the number one shared apartment network in

Aviation

Flights resume at Osubi as United Nigeria Airlines reopens Warri routes

Chukwuemeke Iwelunmo 26 August 2025 0

The Osubi Airport Manager, Mr. Winston Ifeacho Egwuatu, has described the resumption of United Nigeria Airlines as a welcome development for the city and its residents. Egwuatu, speaking while receiving the first flight of the day, UN0548, from Nnamdi Azikiwe International Airport, Abuja, Monday, with a traditional water salute and a red-carpet reception for passengers,

Business

Lagos targets $1bn annual income from SMEs in five years

Promise Eze 25 August 2025 0

The Lagos State Government says it is targeting an additional $1 billion in annual income from Small and Medium Enterprises (SMEs) within the next five years. This was disclosed on Monday by Babajide Sanwo-Olu, Lagos governor, who was represented by Adekunle Olayinka, his Special Adviser on Works, at the graduation ceremony of 253 beneficiaries of […]

Money

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 […]

Money

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 […]

Money

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 […]

Money

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 […]

Money

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

Money

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 […]

Business

MTN Expands Karl Toriola’s Role to Drive Francophone Africa Growth

Motolani Oseni 25 August 2025 0

MTN Nigeria Chief Executive Officer, Karl Toriola, has been handed an expanded mandate within the MTN Group as part of a major leadership reshuffle designed to fast-track the execution of the telecoms giant’s “Ambition 2025” strategy. Effective November 1, 2025, Toriola will assume additional responsibilities as Vice President for Francophone Africa, overseeing operations

Business

Driving Nigeria’s Economic Growth: Stanbic IBTC’s Sectoral Support

Motolani Oseni 25 August 2025 0

Nigeria’s economy is powered by a wide range of industries, each with its own challenges, opportunities, and growth potential. From agro-processing to healthcare and education, businesses across these sectors are shaping the country’s future. Stanbic IBTC Bank supports this progress with tailored financial solutions that reflect a deep understanding of each sector’s needs.