Withdrawal of COVID-19 Forbearance pushes banks’ bad loans above CBN limit
By Elizabeth Adegbesan The withdrawal of the Central Bank of Nigeria’s (CBN) COVID-19 regulatory forbearance given to banks has pushed banks’ Non-Performing Loans (NPLs) ratio to 9.94 per cent in the first quarter of 2026 (Q1’26), significantly above the apex bank’s prudential benchmark of 5.0 per cent. The development was disclosed in the CBN’s first quarter […]
GAS: WAPCo forum advances regulatory alignment, energy cooperation
By Udeme Akpan Stakeholders in the Nigeria’s oil and gas sector have agreed to improve the efficiency of the West African Gas Pipeline Company Limited (WAPCo), after a high-level meeting in Abuja. Discussions at the meeting centered on digital transformation, regulatory reforms, and legislative alignment. The event brought together representatives from federal and state institutions […]
Ecobank Nigeria boosts confidence with 50% early Eurobond repayment
By Babajide Komolafe Ecobank has demonstrated strong liquidity and financial resilience by repaying 50 per cent of its Eurobond ahead of the scheduled maturity in February 2026. The repaying was confirmed in a statement, which said, “Ecobank Nigeria Limited has confirmed the success of its ongoing tender and exit consent solicitation in respect to its $300 million […]
ICreate Club, Vitafoam host 2025 inter-school competition, inspiring creativity, innovation
By Peter Egwuatu The iCreate Club, in partnership with Vitafoam Nigeria PLC, has hosted its 2025 annual inter-school competition at the Design Studio, University of Lagos, which brought together students from over 50 schools, showcasing their talents in STEM design thinking, pillow art, and business plan competitions. This year’s competition marked a significant milestone, with […]
FG to borrow N1.76trn through treasury bills sales in Q3’25
The apex bank will issue TBs worth N340 billion on 91 days tenor, N230 billion on 182 days and N1.19 trillion on 364 days
FIRS has made significant progress —IMF
The International Monetary Fund (IMF) has examined the ongoing reforms at the Federal Inland Revenue Service (FIRS) and commended the agency for what it described as significant progress in its core duties. A Senior Economist at the Fiscal Affairs Department of the global body, Paulo Paz, gave the commendation yesterday at the opening of IMF-supported Headquarters Mission […]
FG secures $747m loan for Lagos-Calabar highway
By Emma Ujah, Abuja Bureau Chief The federal government has secured a $747 million loan to finance Phase 1 Section 1 of the Lagos-Calabar highway. The Ministry of Finance announced, yesterday, that the facility was arranged by Deutsche Bank. Phase 1, Section 1 of the Highway is from Victoria Island to Eleko Village. A statement by the […]
Boardroom actions: Nigeria joins global climate governance network
By Cynthia Alo In a move aimed at strengthening climate leadership within Nigeria’s corporate boardrooms, the Climate Governance Initiative (CGI) Nigeria has officially launched, as the 34th chapter of the global Climate Governance Initiative a global network guided by the World Economic Forum (WEF) to drive corporate governance reforms around climate risk and resilience. The Nigerian […]
Insurance sector grows asset by 24.9% in Q1’25
By Rosemary Iwunze Nigeria’s insurance sector recorded 24.9 per cent growth in total assets Year-on-Year, YoY, to N4.2 trillion in the first quarter of 2025, Q1’25, against N3.3 trillion recorded in the corresponding period of 2024. Industry experts are of the view that the sector is demonstrating resilience amidst operational and macroeconomic challenges. According to the first […]
FG plans to implement cost-reflective tariff for power sector — Adelabu
By Obas Esiedesa, Abuja The Minister of Power, Chief Adebayo Adelabu, on Tuesday reaffirmed the Federal Government’s commitment to implementing a cost-reflective tariff in the electricity sector as a key step toward resolving the liquidity crisis in the industry. Speaking at the Mission 300 Stakeholders Engagement meeting in Abuja, Adelabu disclosed that the government is exploring […]
Stanbic IBTC Bank meets CBN’s recapitalisation requirements
By Peter Egwuatu Stanbic IBTC Bank said it has met the recapitalisation requirement of the Central Bank of Nigeria, CBN, following the successful conclusion the Rights Issue of its parent company, which raised N148.7 billion, with an oversubscription rate of 21.9% to achieve N181.4 billion. The parent company of the bank, Stanbic IBTC Holdings, in […]
First Nigerian-owned container vessel docks in Lagos
By Godwin Oritse In a historic milestone for Nigeria’s maritime industry, the first-ever Nigerian-owned container vessel, M.V. Ocean Dragon arrived last Wednesday at Tin Can Island Port, Lagos, carrying over 350 containers. Speaking at the reception ceremony, Mrs. Benedine Eloka, Vice President of Clarion Shipping, highlighted the vessel’s arrival as the result of a long-term vision […]
Naira appreciates to N1,560/$ in parallel market
By Elizabeth Adegbesan THE naira yesterday appreciated to N1,560 per dollar in the parallel market from N1,565 per dollar on Monday.But the Naira depreciated to N1,530.5 per dollar in the Nigerian Foreign Exchange Market (NFEM). Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira rose to N1,530.5 […]
Again, Dangote Petroleum Refinery slashes petrol price to N820/ltr
•As competition heightens in downstream sector By Udeme Akpan, Energy Editor & Favour James Dangote Petroleum Refinery, yesterday, slashed the depot price of Premium Motor Spirit, also known as petrol to N820 per litre from N838 per litre as competition heightens in Nigeria’s domestic market. The adjustment was also due to the drop in crude oil […]
ACAMB stakeholders conference to examine AI and trust
The Association of Corporate & Marketing Communications Professionals in Banks in Nigeria (ACAMB) said it would hold its 4th National Stakeholders’ conference tomorrow in Lagos, with the theme, “AI & the Future of Trust: Reimagining Banking and Financial Services in a Digital-First Era.” The Association in a statement said: “This year’s conference is convening amid a […]
NIN verification portal frustrates banks, telcos as downtime persists
Banks and telecommunication companies (telcos) have expressed frustration over disruption to their services triggered by continuous downtime on the NIN verification portal.
