Nigeria’s capital market contribution to Gross Domestic Product (GDP) has increased to 33 per cent from 13 per cent in April 2024, reflecting its expanding role in the economy. The growth follows a 125 per cent increase in market capitalisation, which rose to N123.93 trillion from about N55 trillion. The Director-General of the Securities and …
The Centre for the Promotion of Private Enterprise (CPPE) said Nigeria’s recent rebound in capital importation may be encouraging, but underlying structural risks threaten its sustainability. The economic think tank group gave the warning in a statement on Sunday, signed by its Chief Executive Officer, Muda Yusuf. It noted that total capital inflows rose to …
Yiaga Africa has identified a series of operational lapses and integrity concerns that marred the Federal Capital Territory (FCT) Area Council elections held on Saturday, February 21, by the Independent National Electoral Commission (INEC). In a preliminary statement on the exercise, the civic organisation cited the late opening of polling units, redistribution of voters without …
All eyes are on the Central Bank of Nigeria (CBN) as its Monetary Policy Committee (MPC) meets February 23–24 to decide whether to cut the benchmark interest rate or maintain its cautious stance amid shifting macroeconomic signals. The decision comes at a delicate moment for policymakers, balancing moderating inflation against concerns about liquidity and financial …
Nigeria’s insurance sector recorded mixed fortunes in 2025 as rising claims and fluctuating loss ratios reshaped profitability across leading firms. A Pinnacle Daily review of the 2025 financial statements of 10 major insurers shows a market driven by large premium volumes, underwriting discipline, and strong investment income. While some firms successfully balanced claims obligations with …
Former chairman of United Bank for Africa (UBA) Israel Ogbue, has passed on at the age of 99. UBA reportedly announced this in a statement released on Thursday. Ogbue was the father of Awele Elumelu, chairman of Transcorp Hotels, and father-in-law to Tony Elumelu, current chairman of UBA Group. The bank described Ogbue as a …
The proposed merger between Unity Bank Plc and Providus Bank Limited has moved closer to completion, with integration efforts progressing steadily and key regulatory milestones already secured. This was contained in a statement on Wednesday. It follows a Court-Ordered Meeting where shareholders overwhelmingly endorsed the transaction, reaffirming confidence in the combination. According to the Managing …
The Federal government has said it will undertake a comprehensive review of MTN Group’s $6.2 billion acquisition of IHS Holding Limited. The Minister of Communications, Innovation and Digital Economy, 'Bosun Tijani, disclosed this in a statement on Tuesday. He noted that the assessment would be conducted in collaboration with relevant regulatory authorities to determine its …
The Nigeria Revenue Service (NRS) has fixed January 2028 as the deadline for the full transition to mandatory electronic invoicing. The move, the agency says, will transform tax administration through real-time transparency, reduced fraud and improved economic planning. Project Manager for the e-invoicing implementation, Mohammed Bawa, made this known on Tuesday at a stakeholders’ workshop …
The Corporate Affairs Commission (CAC) has removed more than 400,000 inactive companies from Nigeria’s corporate register in 2025, marking the largest clean-up exercise in its history. The Registrar-General of the Commission, Hussaini Magaji, disclosed the development in Abuja during activities marking the agency’s 35th anniversary. He explained that most of the affected entities had failed …
