Members of the Indigenous Contractors Association of Nigeria (AICAN) today, setember 3, 2025 blocked the entrance to the Federal Ministry of Finance in Abuja, protesting the non-payment of funds for contracts they executed for the Federal Government. The contractors carried placards demanding immediate payment for projects completed since 2024. READ ALSO: NIPCO’s 65.22% Hike in …
The Nigeria Customs Service (NCS) promoted 3,312 officers and appointed four Deputy Comptroller-Generals (DCGs) along with twelve Assistant Comptroller-Generals (ACGs). The decisions came during the 63rd regular meeting of the NCS Board (NCSB) on September 2, 2025, chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun. The newly appointed …
Venezuela’s government is quietly allowing the use of dollar-pegged cryptocurrencies in private-sector currency exchanges as U.S. sanctions squeeze oil revenues and reduce the flow of foreign currency. U.S. restrictions on oil exports, described by Caracas as “economic war,” have made it harder for businesses to access dollars. Companies seeking raw materials must often exchange bolivars …
Strategy, the tech-focused investment firm, has made a bold move in the cryptocurrency market, acquiring $450 million worth of Bitcoin (BTC). This purchase comes as part of an ongoing strategy to increase the firm’s exposure to Bitcoin and bolster its financial portfolio. With the purchase, Strategy’s total Bitcoin holdings have now reached record highs, positioning …
Pressures are mounting on mid-tier banks in Nigeria to meet the Central Bank of Nigeria's (CBN) mandatory recapitalisation deadline of March 2026. This may force mergers and alliances among the tier-2 banks, as SB Morgen Intelligence, an Africa-focused research firm, documented in its latest report. It listed the leading tier-2 banks to include First City …
Following a recent Court-ordered Meeting, shareholders are to consider and give consent to the merger plan between Unity Bank Plc and Providus Bank Limited. The order was issued by Justice D. I. Dipeolu of the Federal High Court sitting in Lagos. According to an official disclosure on Tuesday, September 2, by Unity Bank, the meeting …
Nigerian private sector business recorded a four-and 19-month high in output and new orders, respectively, in August, but the manufacturing sector remained subdued. The sector is among the four broad sectors, including agriculture, construction, and services, that Stanbic IBTC Bank tracks in its monthly Purchasing Managers Index (PMI) report. The latest report, released on Monday, …
Experts have called for structural reforms to improve the lives of Nigerians and also boost the growth of Micro, Small and Medium Enterprises (MSMEs). At a pre-summit dialogue on “Driving State-led Reforms for MSME Growth”, convened recently by the Nigerian Economic Summit Group (NESG), in partnership with the Federal Ministry of Budget and Economic Planning, …
As the International Monetary Fund (IMF) releases its updated list of countries with the highest outstanding credit as of August 29, 2025, several African nations dominate the top spots. Egypt, Côte d'Ivoire, and Kenya feature prominently, but one major economy is notably absent: Nigeria, Africa's largest economy. Nigeria fully repaid its $3.4 billion IMF loan …
Guaranty Trust Holding Company Plc (GTCO) has injected ₦365.9 billion into its banking subsidiary, Guaranty Trust Bank Limited (GTBank), to comply with the Central Bank of Nigeria's (CBN) new minimum capital requirement for commercial banks with international authorization. This strategic move has pushed GTBank's share capital from ₦138.19 billion to ₦504.04 billion, surpassing the CBN's …
