Business

A total of eight banks generated an estimated N498.45billion from electronic-banking income in the 2025 financial year, up by 13.2per cent from N440.41 billion reported in 2024.   Electronic banking income represents income taken on transactions processed via electronic channels such as ATM, POS,  mobile banking  as well as credit and debit card transactions. The eight banks are: Zenith Bank Plc,…

United Bank for Africa (UBA) Plc has announced its audited financial results for the year ended December 31, 2025, recording total assets of N33.2 trillion, up by 9.4 per cent from N30.3 trillion declared in  2024. The growth in total assets was driven by customer deposits that moved to N27.2 trillion in 2025, an increase of nearly 12per cent from…

East African countries are discussing plans for a joint oil refinery at Tanzania’s port of Tanga modelled on Nigeria’s Dangote plant, Kenyan President William Ruto said ‌on Thursday. East Africa currently imports all of its refined petroleum products, mainly from the Middle East, leaving the region vulnerable to supply disruptions and price spikes as seen in the fallout of the…

President Bola Ahmed Tinubu has approved a 30 per cent reduction in debts owed by domestic airlines to aviation agencies, in a move aimed at easing financial pressure on operators grappling with rising costs. The Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed this on Thursday, stating that the approval followed communication from the President through his Chief of…

The Nigerian Communications Commission (NCC) has announced that telecom subscribers who have experienced poor network service will begin receiving compensation in the form of airtime, either today or tomorrow, Friday, April 24. The Executive Vice Chairman/Chief Executive Officer of the NCC, Dr. Aminu Maida, disclosed this during the inauguration of a joint committee between the Commission and a media stakeholders’…

The National Information Technology Development Agency (NITDA) has inaugurated a Multistakeholder Coordination Group (MCG) to strengthen collaboration and sustain Nigeria’s growing reputation in digital governance. Speaking at the agency’s headquarters in Abuja, NITDA Director-General, Kashifu Inuwa, described Nigeria’s recent global recognition in digital governance as both an honour and a call to greater responsibility. He warned against complacency, stressing the…

Nigerian Breweries Plc on Thursday declared 14.9 per cent increase in profit before tax to N80.4 billion in the first quarter (Q1) ended March 31, 2026 from N69.99 billion reported in the first quarter ended March 31, 2025. The multinational company closed Q1 2026 with a revenue increase of 7.7 per cent to N413.02billion from N383.98 billion in Q1 2025.…

BUA Cement Plc. has announced the release of its first quarter 2026 unaudited financial statements, reporting a 22.1 per cent increase in revenue to N355 billion from N290.8 billion in the corresponding quarter ended March 2025.  In addition, profit before tax increased by 93.2per cent to N192.7 billion (Q1’2025: N99.7 billion), with profit after tax up by 117.4 per cent…

Unilever Nigeria Plc has announced its unaudited financial results for the first quarter ended March 31, 2026, delivering a 26per cent increase in revenue to N59.2billion, compared to N46.9 billion in the same period last year.  Operating profit rose by 39per cent to N11.5 billion, up from N8.3 billion in the prior year, while net profit increased by 26per cent…

Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has called for stronger regional collaboration and improved communication strategies to enhance social security systems across West Africa. Bagudu made the call on Wednesday while speaking as Special Guest at the 2026 International Social Security Association (ISSA) West Africa Technical Seminar, held in Nigeria and organised by the Nigeria Social Insurance…