The Bureau of Public Enterprises (BPE) recently hinted at a plan to list two electricity distribution companies (DisCos) and one generation company (GenCos) on the Nigerian Exchange (NGX). Similarly, the Nigerian National Petroleum Company (NNPC) Limited has been nursing this idea since the state-owned oil firm transitioned into a private-driven enterprise. As desirable as their …
The Dangote Petroleum Refinery and Petrochemicals said it has resumed the sale of premium motor spirit (PMS), otherwise known as petrol in naira to oil marketers. The resumption takes immediate effect, the company announced in a statement on Saturday, September 27. "Dear valued customer, following the intervention of the Naira for Crude Technical Committee chairman, …
The National Pension Commission (PenCom) has raised the minimum capital requirement for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to ₦20 billion from ₦2 billion. It said the revised capital requirements are to take effect immediately for new licences, while existing operators have until December 31, 2026, to comply. The commission announced the …
For the first time since the beginning of this year, the Central Bank of Nigeria (CBN) acted dovishly, cutting the benchmark interest rate to rein in inflation as investors' appetite trended northward at the stock and foreign exchange (FX) markets. On Tuesday, September 23, after its two-day bi-monthly Monetary Policy Committee (MPC) meeting, CBN Governor …
TAJBank, a non-interest bank, said it has met the Central Bank of Nigeria’s (CBN) new minimum capital requirement for national non-interest banks. Its Managing Director, Hamid Joda, confirmed this in a statement on Friday, September 26. “I am happy to report that through the leadership of our bank’s board and support of our valued shareholders …
Shareholders have approved the merger of Unity Bank Plc with Providus Bank Limited. They gave their consent at a court-ordered Extraordinary General Meeting (EGM) on Friday, September 26. The approval, expected to enable the banks to consolidate their assets as well as liabilities, represents a major step toward building a larger, more competitive financial institution …
The United Nations (UN) has appointed a Nigerian, Adedoyin Adeleke, as the first African Co-Chair to its Independent Group of Scientists (IGS). Adeleke will co-chair the group, tasked with preparing the 2027 Global Sustainable Development Report (GSDR). The GSDR is the UN flagship, evidence-based publication on the 2030 Agenda for Sustainable Development, mandated by its …
Forty-one African countries experienced over 190 internet shutdowns between 2016 and 2024, a new research by members of the African Digital Rights Network has shown. Convened by the Institute of Development Studies, the report is featured in the book ‘Internet Shutdowns in Africa’. It indicates that the number of internet shutdowns across the continent has …
First HoldCo Chairman Olufemi Otedola has acquired an additional ₦2.01 billion shares, raising his stake to 16.1 per cent to remain the largest individual shareholder of the company. The acquisition now increased his shareholding units to 6,742,471,831 of the company's issued share capital of 41,877,841,590 units. In a corporate disclosure dated Wednesday, September 24, to …
The National Pension Commission (PenCom) has asked Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to report all foreign currency pension contributions above $10,000 to the Nigeria Financial Intelligence Unit (NFIU) within 24 hours of receipt. The directive is contained in the 'Guidelines on Foreign Currency Pension Contributions' released early this week. "In line …
