Nigeria recorded an estimated ₦25.85 billion in losses to digital payment fraud in 2025, according to the Central Bank of Nigeria (CBN), despite improvements in the country’s electronic payment security framework. The apex bank disclosed this in its latest assessment of risks confronting Nigeria’s payment system, noting that fraud-related...
BUSINESS
Central Bank of Nigeria (CBN) has said the next stage of fintech development in Nigeria must focus on five important outcomes to achieve sustainable growth of the initiative. Governor, Central Bank of Nigeria (CBN), Mr. Yemi Cardoso, stated this in a goodwill message at the 3rd Business Journal Fintech...
Nigeria National Petroleum Company (NNPC) Limited recorded ₦535 billion profit after tax for the month of June representing 15.8% increase from the ₦462bn in recorded in May. This figure is contained in the company’s monthly financial and operations report for the month of June 2026. According to the report,...
Nigeria National Petroleum Company (NNPC) Limited held the 2026 Energy Business Development Forum on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline, where it unveiled business prospects and opportunities on the project, before investors and energy operators in Minna, Niger State, on Thursday. The event, held at the Government House, Minna, was...
Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, has urged the Federal Government to sustain its macroeconomic reforms while ensuring that ordinary Nigerians benefit through improved living standards, job creation and stronger economic opportunities. Speaking at the opening of the 7th Africa Emerging Markets Forum in Abuja on...
Shell Companies in Nigeria on Tuesday night hosted outgoing Executive Vice President Nigeria and Country Chair, Marno de Jong to a rousing sendforth as former Managing Director of Shell Nigeria Exploration and Production Company Limited (SNEPCo) Elohor Aiboni returns from a foreign posting to take up the role. Stakeholders...
Nigerian Communications Commission (NCC) and the Rural Electrification Agency (REA) have formalised a strategic partnership to accelerate the deployment of sustainable digital infrastructure across Nigeria through the integration of renewable energy solutions and telecommunications infrastructure. The partnership was sealed with the signing of a Memorandum of Understanding (MoU) at...
As part of the Corporate Affairs Commission’s ongoing drive to strengthen corporate compliance and deepen collaboration with key stakeholders, the Registrar-General/CEO, Hussaini Ishaq Magaji, SAN, paid a compliance visit to the headquarters of First Bank of Nigeria Limited at Marina, Lagos. The Registrar-General was received by the Group Managing...
Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, are set to headline the 7th Africa Emerging Markets Forum, scheduled to take place in Abuja. The two prominent economic leaders will feature in a high-level fireside...
Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company (NNPCL) over its “failure to explain and account for ₦211 trillion in oil money recorded in its 2023 audited financial statements as ‘Sundry Receivables’ and ‘Accrued Expenses.’” NNPCL reportedly recorded over ₦211 trillion...
Tesla and SpaceX CEO Elon Musk has predicted that Artificial Intelligence (AI) and robotics will transform the global economy to the point where money may no longer matter by 2036, as advances in technology drive an unprecedented abundance of goods and services. Speaking during an interview with The Economist...
Benue Investment and Property Company (BIPC) has urged citrus farmers in the state to stop the indiscriminate movement and sale of oranges outside Benue, warning that the practice could undermine the state’s drive to industrialise its agricultural sector. The company’s Group Managing Director, Dr. Raymond Asemakaha, said in a...
Benue State has secured three oil and gas blocks in the 2025 Nigerian Upstream Licensing Round, opening a new chapter in the state’s long-standing quest to develop its hydrocarbon resources. The licensing round was conducted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) under the administration of President Bola...
Budget Office of the Federation has explained that it did not issue financial clearance to the Presidential Foreign Investment Promotion Council (PFIPC), saying the council failed to meet the regulatory conditions required for recruitment and expenditure. In a statement signed by its Director-General, Tanimu Yakubu, the Budget Office said...
Nigeria Revenue Service (NRS) has launched the Ideas Gateway Portal, a digital platform aimed at enabling taxpayers, businesses and other stakeholders to submit suggestions for improving Nigeria’s tax administration. The portal, accessible at ideasgateway.nrs.gov.ng, allows users to submit innovative proposals directly to the agency while tracking the progress of...
Chairman of the Benue State Board of Internal Revenue Service (BIRS), Joseph Kwaghgba, has clarified that the board’s constitutional responsibility is limited to generating revenue for the state through tax collection and does not include funding government agencies. Speaking with journalists in his office on Monday, Kwaghgba explained that...
Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) has successfully completed a landmark Private Equity Placement that raised approximately US$2.5 billion in new equity, following a highly successful offering. The transaction, which is believed to be Africa’s largest publicly disclosed primary equity private placement, marks a significant milestone in the...
Nigerian Communications Commission (NCC) has called for deeper collaboration among African Telecommunications and Communications Regulators to strengthen the use of data, evidence and market intelligence in driving more effective and responsive regulation across the continent. Speaking at the Heads of Regulators Roundtable during the African Telecommunications Union (ATU) Conference...
The House of Representatives Committee on Federal Character has strongly condemned what it described as “the continued disregard for the constitutional authority of the National Assembly” by the Executive Chairman of the Nigeria Revenue Service (NRS), Dr. Zacch Adedeji. The Committee also ordered the immediate suspension of recruitment by...
Central Bank of Nigeria (CBN) on Wednesday July 22 defended its monetary and foreign exchange reforms before the Senate, insisting that recent policy measures are yielding positive results despite concerns over inflation, bank lending and the apex bank’s financial operations. CBN Governor Olayemi Cardoso, accompanied by the four deputy...