Femi Otedola has significantly increased his stake in First HoldCo Plc after an insider-related company acquired 706.13 million ordinary shares worth about ₦77.6 billion. The new purchase reinforces his position as one of the lender's largest shareholders just days after the company posted record half-year earnings. A regulatory filing by First HoldCo on July 22, …
Rivers State Governor, Siminalayi Fubara, has declared his support for the Rivers Rainbow Coalition, a political movement made up of members of different political parties in the state and led by the Minister of the Federal Capital Territory, Nyesom Wike. The governor announced his decision on Wednesday during the groundbreaking ceremony for the reconstruction and …
Social media activist Martins Vincent Otse, popularly known as VeryDarkMan (VDM), has accompanied operatives of the Nigeria Police Force’s Special Tactical Squad, STS, on a raid of an alleged baby factory in Karshi, Abuja. The operation followed allegations that a seven-day-old baby had been sold at the facility. VDM documented the operation in videos shared …
The outgoing British High Commissioner to Nigeria, Richard Montgomery, has commended the economic reforms of President Bola Tinubu administration, saying the measures, despite causing short-term hardship, would place the country on a stronger footing in the long term. Montgomery spoke on Tuesday during a farewell visit to the Revenue House in Abuja, where he described …
Thirty one companies have emerged winners in the Nigerian Upstream Petroleum Regulatory Commission's (NUPRC) 2025 Licensing Round, with frontier basins capturing unprecedented investor attention for the first time in the nation's oil and gas history. The keenly contested bidding process, which concluded at the Transcorp Event Center in Abuja on Tuesday, saw 143 companies submit …
For many Nigerians, owning property in prime Lagos locations such as Lekki, Ikoyi or Victoria Island remains a lifetime ambition. Rising property prices, however, have placed such investments beyond the reach of most salary earners. But investment analysts say there is an alternative that allows retail investors to gain exposure to income-generating real estate without …
Billionaire investor and Chairman of First HoldCo Plc, Femi Otedola, has seen the value of his investment in the financial services group rise by about $221 million (over ₦330 billion at current exchange rates) in just three weeks, highlighting the rewards—and risks—of long-term investing in Nigeria's equities market. According to an analysis of Nigerian Exchange …
The federal government has said that more than ₦40 trillion of the increase in Nigeria's public debt since 2023 resulted from the revaluation of the country's external debt following the sharp depreciation of the naira, rather than from new borrowing. Minister of Finance and Coordinating Minister of the Economy Wale Edun made the clarification on …
Following the Central Bank of Nigeria's decision to retain its benchmark interest rate, Governor Olayemi Cardoso used the post-Monetary Policy Committee (MPC) briefing on Tuesday to explain the bank's position on some of the country's most pressing financial and monetary issues. Responding to questions from journalists after the two-day MPC meeting, Cardoso defended the CBN's …
President Bola Tinubu has approved the appointment of 26 individuals to the boards and management of 10 federal government agencies and commissions. The appointments, which take immediate effect, were announced on Monday in a statement by the President's Special Adviser on Information and Strategy, Bayo Onanuga. Among those appointed is former Ekiti State Governor, Ayo …
