Business

Dr. Abdullahi Umar Ganduje, the newly appointed Board Chairman of the Federal Airports Authority of Nigeria (FAAN), paid his inaugural visit to the agency on Tuesday, February 18, 2025. During the visit, FAAN’s Managing Director and Chief Executive, Mrs. Olubunmi Kuku, delivered a detailed presentation on the agency’s operations. She provided an overview of activities across all directorates and presented…

Billionaire Aliko Dangote has seen his wealth nearly double to $23.9 billion, according to Forbes, which ranks the Nigerian entrepreneur as the wealthiest person in Africa and 86th in the world. It would be recalled that Forbes ranked Aliko Dangote as the 144th richest person in the world in 2024 with $13.4 billion. Forbes estimates Dangote’s net worth at $23.9…

Following “Ember”, spending, currency in circulation in the Nigerian banking sector increased to N5.24 trillion in January 2025, according to the Central Bank of Nigeria (CBN). data. The reported N5.24 trillion is the highest since the apex bank has been monitoring currency in circulation in the banking sector. The increasing currency in circulation is on the backdrop of CBN sustained…

The Central Bank of Nigeria (CBN) has mandated commercial banks to comply with stricter insider lending limits within six months or risk regulatory sanctions.   In a letter to banks, the CBN set a 180-day deadline for financial institutions to regularize all insider-related credit facilities that exceed the statutory limits prescribed under the Banking and Other Financial Institutions Act (BOFIA) 2020. …

Africa’s wealthiest man, Aliko Dangote has reflected on the immense risk he undertook in building the Dangote Refinery, a project that has not only redefined his fortune but also reshaped Africa’s energy landscape. The 67-year-old billionaire described the refinery venture as “the biggest risk of my life,” revealing that the final investment exceeded $20 billion, more than double the original…

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, on Monday called for deeper economic ties between Nigeria and the Middle East, emphasizing opportunities for collaboration in infrastructure, tourism, and financial sector development. Speaking in a statement on the sidelines of the inaugural Conference on Emerging Markets Economies in Saudi Arabia, Cardoso met with Talal Al-Humond, Assistant Governor…

The Nigerian equities market started the week’s trading session on a downturn as investors’ investment declined by N72 billion. The Nigerian Exchange Limited All-Share Index (NGX ASI) lost 116.21 points or 0.11 per cent to close at 107,937.74 basis points., while market capitalisation declined by N72 billion to close at N67.346 trillion. The downturn was driven by price depreciation in…

A Kano State High Court has issued an order of perpetual injunction, preventing the Central Bank of Nigeria (CBN) from withholding funds from the Federation Account to the 44 local governments of the state. In a judgment on Monday, the CBN was ordered to disburse funds to the local governments. The applicants, which include the Chairman of NULGE, Ibrahim Muhd,…

President Bola Tinubu has affirmed Dangote Group’s pivotal role in the country’s push towards industrialization, as the company took the center stage at the ongoing Kaduna International Trade Fair. Acting Permanent Secretary in the Ministry of Industry, Trade and Investment, Dr. Dafang Sule, who represented President Tinubu and the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, thanked the…

The National Information Technology Development Agency (NITDA) has expressed its commitment to fostering an innovative ecosystem that balances regulation with industry growth by investing in cloud infrastructure, data classification, and AI applications to solidify its position as a leading African digital hub. The NITDA Director General, Kashifu Inuwa, stated this while speaking as a panellist at the Africa Hyperscalers Digital…