The Central Bank of Nigeria (CBN) has directed banks, payment service banks, and other financial institutions to immediately freeze accounts and assets linked to six individuals and four bureaux de change (BDCs) recently designated under terrorism and terrorism-financing sanctions. In a circular signed by Olubunmi Ayodele-Oni for the Director of the Compliance Department, the CBN …
The decision by the Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) to require regulatory approval for significant changes in telecom company ownership raises concerns about whether the measure will strengthen market transparency or create fresh hurdles for investors. Under the new framework announced on June 21, any transfer of shares amounting to …
The Nigerian Exchange Limited (NGX) has introduced a major change to the way share prices move on the stock market. The rules have, however, sparked concerns among market participants. Under the revised pricing framework, stocks will now require a minimum volume of shares to be traded before their market prices can change. According to the …
The #EndBadGovernance Movement in Lagos State has condemned the revocation of the bail granted to activist and former presidential candidate Omoyele Sowore. In a statement on Tuesday signed by Hassan Taiwo Soweto and Oloye Adegboyega-Adeniji on behalf of the organising committee of the movement, they described Sowore’s detention in Kuje prison as evidence of growing …
A coalition of community groups and civil society organisations has backed waterfront residents in Lagos seeking the reversal of demolitions and forced evictions carried out in defiance of existing court orders. In a statement issued on Tuesday, the Coalition against Demolition, Forced Eviction, Landgrabbing and Displacement in Lagos State said it stood in solidarity with …
The Securities and Exchange Commission (SEC) has ordered an immediate halt to all marketing and promotional activities relating to a purported initial public offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE, warning that no such offer has been filed with or approved by the regulator. In a public notice issued on Tuesday, the Commission …
Aradel Holdings Plc delivered one of the strongest earnings performances in Nigeria's oil and gas sector in the first quarter of 2026. The company posted a triple-digit growth in revenue, profit and production following the expansion of its asset base. Its revenue surged by 265 per cent to ₦728.5 billion, from ₦199.9 billion a year …
Nigeria's latest Company Income Tax (CIT) figures have exposed a growing imbalance in the economy, with foreign-linked entities contributing significantly more tax revenue than domestic businesses. This worry comes at a time when key productive sectors are showing signs of distress. Data released recently by the National Bureau of Statistics (NBS) showed that total CIT …
The Nigeria Securities and Exchange Commission (SEC) has signed a Memorandum of Understanding with the Capital Market Authority of Rwanda to deepen cooperation and support the development of capital markets in both countries. The agreement was signed in Abuja on Monday and provides a framework for collaboration on investor education, capital market development, information sharing, …
African countries must strengthen domestic revenue collection, improve spending efficiency, and expand alternative sources of financing as foreign aid declines sharply across the region, the International Monetary Fund (IMF) said in a report released on Monday. The IMF warned that official development assistance, which has long been a major source of funding for many countries …
