Mauritius Commercial Bank (MCB) Limited has structured and delivered a $51 million medium-term loan facility to Tolaram, partly refinancing an existing short-term loan linked to the multinational group's acquisition of Guinness Nigeria Plc. The financing will allow Singapore-headquartered Tolaram to replace part of its short-term funding with longer-term financing better aligned with its growth plans, …
The Central Securities Clearing System Plc (CSCS) has cut selected fees and scrapped others in a fresh move to reduce transaction costs, deepen retail investor participation and improve liquidity in Nigeria’s capital market. The revised pricing framework, announced on Wednesday, halves lien fees for retail investors, removes charges for qualifying securities transfers between immediate family …
The House of Representatives has uncovered about 58 bank accounts allegedly linked to Prince Adeniyi Adeyemi, Director-General of the purported Presidential Foreign Intervention Promotion Council (PFIPC), alongside an alleged N400 million transaction that lawmakers said may have involved fraudulent representations. The discovery comes months after Pinnacle Daily reported that Nigeria’s 2026 budget allocated N1.3 billion …
Former Executive Secretary and Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), Jim Osayande Obazee, has accused the Central Bank of Nigeria (CBN) of engaging in what he described as deceptive accounting, fraudulent financial reporting, weak corporate governance and possible earnings management in its 2025 financial statements. Obazee made the allegations on …
Nigeria’s economy is gaining momentum and remains on track towards the Federal Government’s target of becoming a $1 trillion economy by 2030. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said in a statement on Tuesday, following the stronger growth recorded in Nigeria’s gross domestic product (GDP) in the second quarter …
Geregu Power Plc’s recent bond default has raised deeper questions about corporate cash availability, treasury management, and governance, with DataPro Limited arguing that the company’s reported ₦31.77 billion in short-term deposits did not necessarily translate into liquidity when its debt obligation fell due. In its Monthly Rating Brief for September 2026, titled “When Bonds Default: …
The Centre for the Promotion of Private Enterprise has called on the Federal Government to ensure that Nigeria’s strongest quarterly economic growth in five years translates into jobs, rising household incomes and lower poverty. It made the call in a policy brief, issued on Tuesday by the Chief Executive Officer of CPPE, Dr Muda Yusuf. …
The Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, has warned that Nigeria risks allowing external actors to manipulate critical aspects of its economy and society if it fails to develop control over Artificial Intelligence (AI) systems and infrastructure. Inuwa raised the concern at the opening of the 2026 Gulf Information Technology …
Nigeria’s economy expanded at a faster pace in the second quarter of this year, with real gross domestic product (GDP) growing by 4.43 per cent year-on-year. However, the underlying performance of the economy’s major sectors points to a slowdown in industrial activity despite stronger growth in agriculture and services. Data released on Monday by the …
PZ Cussons Nigeria Plc staged a dramatic financial recovery in the year ended May 31, 2026, returning to positive equity and a net cash position through asset sales, foreign exchange gains, a major debt waiver from its UK parent, and strong growth in its core businesses. Pinnacle Daily's analysis of the company's audited financial statements …
