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 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 …
Despite sweeping reforms that ended Nigeria’s long-standing fuel subsidy regime, many citizens are yet to feel the full economic impact of the policy shift, an economist and energy expert, Kelvin Emmanuel, has said. Mr Emmanuel, who is the co-founder and CEO of Diary Hills, said even though the removal of the fuel subsidy was a …
In a historic shift for Nigeria's downstream oil sector, the Dangote Petroleum Refinery has overtaken importers to become the country's dominant supplier of petrol. In January, the refinery supplied nearly 62 per cent of Nigeria's Premium Motor Spirit (PMS), also known as petrol, significantly reducing the nation's long-standing reliance on imported fuel. The Fact Sheet released by …
Residents and business owners across the Federal Capital Territory, Abuja, and surrounding areas have expressed frustration as the Abuja Electricity Distribution Company (AEDC) has recorded multiple power outages since the start of the year 2026. The residents have been grappling with power supply disruption arising from grid collapses, technical faults and scheduled maintenance. Between January …
Nigeria recorded a sharp rebound in foreign capital inflows in the third quarter of 2025, with total capital importation rising to $6.01 billion, a 380.16 per cent jump from the $1.25 billion posted in the same period of 2024. This is according to a review of the Nigeria Capital Importation report for the third quarter …
Employee corruption and occupational fraud are costing Nigeria’s Micro, Small and Medium Enterprises (MSMEs) between ₦5 trillion and ₦10 trillion annually, according to the Centre for the Promotion of Private Enterprise (CPPE). The organisation said this in a policy brief released by its Chief Executive Officer, Muda Yusuf, on Sunday. It described employee corruption and …
Nigeria’s capital importation rose to $21 billion in the first 10 months of 2025. The figure marks a 75 per cent increase from the $12 billion recorded in the same period of 2024. The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this during the 2026 budget defence before the Joint House of …
Billionaire businessman Femi Otedola has expressed optimism that with the Dangote Refinery operating at its full capacity of 650,000 barrels per day (bpd), the naira will trade below ₦1,000 per dollar before the end of 2026, reflecting the impact of the refinery's operations on Nigeria's foreign exchange market and the economy generally. Otedola stated this …
