Chairman of First HoldCo Plc, Femi Otedola, has acquired an additional 95.7 million shares in the financial services group for N12.58 billion, further increasing his ownership of the company. The transaction was disclosed in a regulatory filing submitted to the Nigerian Exchange on Monday August 24 and signed by...
BUSINESS
Nigeria’s 10 largest listed FMCG manufacturers kept their growth streak alive in the first half of 2026, posting over N3.5 trillion in combined revenue in spite of inflation, high energy bills and FX swings. According to financial statements submitted to the Nigerian Exchange, NGX, the group also recorded a...
Bilateral trade between Nigeria and the United Arab Emirates rose by 66.7 per cent to about $5bn in 2025, from $3bn recorded in 2024, as both countries move towards strengthening trade and investment ties. The development was disclosed when the UAE Ambassador to Nigeria, Salem Saeed Alshamsi, paid a...
The Group Managing Director of the Benue Investment and Property Company Limited (BIPC), Dr. Raymond Asemakaha, CFA, has urged youths in Benue State to leverage the newly passed Benue State Startup Act to transform their talents, ideas and innovations into sustainable businesses. Asemakaha made the call while ministering at...
A team of engineers from AL WADI AL AKHDAR OIL MILLS, Asher, Cairo, Egypt, has inspected the Taraku Mills factory in Benue State to assess its readiness for full-scale production. The team, led by Saleh mansury, arrived in the state and conducted an on-site assessment of the facility alongside...
Geregu Power Plc has confirmed the payment of the eighth coupon and part of the principal due under its N40.08 billion Series 1 Fixed Rate Bond. The company disclosed this in a notice filed with the Nigerian Exchange Limited on August 20, and signed by its company secretary, StructureHQ...
*From declining finance to trillion dollar economies as Africa prepares for transformation By ANGEL NWOKOCHA, The First Mail, Abuja Prominent leaders, entrepreneurs, investors, academia and policymakers from across the African continent would be speaking at the 2026 Innovate Africa Global Conference scheduled to start on October 12, in Kigali,...
Federal Government has said it would not publish a specific breakdown of how funds accessed under its $5 billion financing facility with First Abu Dhabi Bank (FAB) will be spent. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this at the media briefing in Abuja...
Recent restrictions on the operations of e-hailing companies, including Uber and Bolt, at major Nigerian airports have triggered a sharp increase in transportation fares for air travellers. The suspension of e-hailing vehicles from designated pickup areas at airports such as the Murtala Muhammed International Airport (MMA), Lagos, and Nnamdi...
Bureau of Public Procurement (BPP) says it has saved the Federal Government about N1.5 trillion in 17 months through tighter procurement controls, improved benchmarking and reforms aimed at reducing waste and manipulation. The Director-General of the BPP, Dr Adebowale Adedokun, disclosed this on Wednesday August 19 in Abuja at...
Federal Government spent N9.39 trillion on wage adjustments, minimum wage increases and allowances for public workers between June 2023 and December 2025, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has disclosed. Oyedele made the disclosure on Wednesday August 19 during a Channels Television media...
Federation account gross revenue rose to a record N4.359 trillion in July 2026, driven by increased collections from oil and non-oil revenue sources. The Federation Account Allocation Committee (FAAC), at its August meeting in Owerri, Imo State, approved the sharing of N3.007 trillion among the Federal Government, 36 states...
Federal Competition and Consumer Protection Commission (FCCPC) says preliminary findings from a three-month investigation into Nigeria’s cement industry have uncovered possible evidence of price manipulation, prompting the commission to deepen its probe into the sector. The findings, contained in a press release issued by the Commission on Tuesday, followed...
United States (US) Coast Guard officially lifted its 12-year-old Condition of Entry on vessels arriving from Nigeria, removing burdensome security restrictions that had impacted Nigerian shipping since 2014. The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced the development on Tuesday August 18, according to the Nigerian Maritime...
Dangote Petroleum Refinery has secured a $1 billion underwriting programme to support its planned initial public offering (IPO), which could become one of Africa’s largest. The underwriting programme, announced on Tuesday August 18 by financial advisers Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group, comprises a completed...
Nigeria’s headline inflation rate declined to 15.43 per cent in July 2026, from 15.91 per cent in June, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Monday August 17. The NBS said the July figure represented a 0.48 percentage-point...
Access Bank Plc has approached the Federal High Court in Lagos to recover N1.34 billion allegedly lost through an unauthorised transfer of funds from four customers’ accounts in what the bank described as a suspected cyber fraud incident. The incident, which raises fresh concerns about the financial and cybersecurity...
Bank of Industry (BOI) has recorded a successful debut in Nigeria’s domestic debt capital market after its inaugural N250 billion Series 1 Fixed Rate Bond attracted subscriptions above the amount offered. According to a news release on the bank’s website on August 17, the bond was issued through BOI...
Nigeria Export Processing Zones Authority (NEPZA) has announced that the $300 million (about ₦426 billion) Abuja Industrial Park will create an estimated 40,000 direct and indirect jobs when it becomes fully operational. The Managing Director of NEPZA, Dr. Olufemi Ogunyemi, disclosed this in a statement on Saturday after inspecting...
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is consulting widely with stakeholders in the industry on the idea of a domestic crude oil and gas swap that would reduce cost and increase availability of products in the country. The Commission Chief Executive, NUPRC, Mrs. Oritsemeyiwa Eyesan, said this during a...