FCMB Group Plc has completed the capital raise programme for its banking subsidiary, First City Monument Bank Limited, after securing ₦242.8 billion to meet the new capital requirement for an international banking licence. It announced this in a statement issued on Sunday, March 8, and signed by the Group Chief Executive, Ladi Balogun. The financial …
Rising global crude oil prices triggered by the escalating U.S.–Iran war are putting renewed pressure on domestic fuel prices in Nigeria, raising concerns about inflation and the cost of living across the country. Global oil benchmark has surged past the $100 per barrel mark for the first time in years as conflict in the Middle …
The Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, has explained why the existence of domestic refineries does not automatically guarantee cheaper petrol and other petroleum products. Yusuf explained the rationale in a policy brief released on March 9, stressing that global crude oil prices remain the dominant …
Dangote Refinery has halted loading of Premium Motor Spirit (PMS), also known as petrol, fueling speculations of a further increase in its ex-depot price of the product. Tanker drivers who had reportedly queued at the facility have been asked to leave the premises, as all operations are currently suspended. The fear comes from a similar …
Every year on March 8, the world pauses to recognise the courage, creativity, and contributions of women across the world. In 2026, International Women’s Day (IWD) comes under the global campaign theme “Give To Gain,” a reminder that when individuals and societies invest in women with opportunities, resources, skills, mentorship, and unwavering support, everyone benefits …
Despite a steady installation of meters throughout 2025, not less than 5.2 million electricity customers across the country remain unmetered, leaving them subject to the controversial estimated billing system. This figure was revealed in the latest Metering Factsheet released recently by the Nigerian Electricity Regulatory Commission (NERC). This significant metering gap persists even as the …
Nigeria's electricity Distribution Companies (DisCos) generated a total revenue of ₦207.49 billion in December 2025. Despite the substantial income, the sector recorded a significant revenue shortfall of ₦51.17 billion. This is according to the latest Commercial Performance Factsheet released by the Nigerian Electricity Regulatory Commission (NERC). The revenue loss highlights persistent collection inefficiencies even as …
Nigeria’s three major cement producers, Dangote Cement, BUA Cement and Lafarge Africa, posted strong revenue and profit growth in their 2025 audited financial results. But Dangote Cement stood out by making significantly more profit per bag of cement than its competitors. The company recorded the highest gross profit margin in the industry, showing it is …
Thirty banks have already met Nigeria’s new minimum capital requirements ahead of the March 31, 2026 deadline, the Central Bank of Nigeria (CBN) said. The apex bank announced in a statement issued on Friday by its Acting Director of Corporate Communications, Hakama Sidi Ali. The apex bank said lenders across the industry have been actively …
The newly launched advocacy group, Working People United (WPU), has thrown its weight behind President Bola Tinubu, affirming that his economic policies will ensure a stronger and more sustainable Nigeria. Speaking at the WPU unveiling in Abuja on Friday, Comrade Williams Akporeha, Interim National Coordinator, said the group would actively educate Nigerians about government reforms …
