Business

The Economic and Financial Crimes Commission (EFCC) has raised the alarm over alleged negligence and compromise by some banks and fintech companies in two fraudulent schemes that have cost victims a total of N18.74 billion. The disclosure was made in Abuja on Thursday, January 22, 2026, by the Director of Public Affairs of the Commission, Commander of the EFCC, Wilson…

The National Power Grid has recorded its first collapse in 2026 on Friday, barely weeks after a similar incident on December 29, 2025, which had caused widespread power outages across the country. Grid collapses have been attributed to a combination of technical faults, inadequate maintenance of transmission lines, and fluctuations in generation capacity. Electricity generation dropped sharply from over 4,500…

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has charged the management of Moniepoint Microfinance Bank to prioritise strict regulatory compliance in the delivery of its financial services. Olukoyede gave the charge on Thursday, January 22, 2026, when the management of the bank, led by its founder and Chief Executive Officer, Tosin Eniolorunda, paid him…

The Nigeria’s equities market recorded a historic performance in 2025 as total transactions rose sharply to N11.92 trillion, driven by a resurgence in foreign portfolio participation and sustained dominance by domestic investors.  According to the Domestic & Foreign Portfolio Participation in Equity Trading Summary of Transactions as of 31 December 2025, released by the Nigerian Exchange Limited on Thursday, market…

The National Information Technology Development Agency (NITDA) has reaffirmed its commitment to inclusive digital development following the completion of a two-day digital literacy training for persons with disabilities (PWDs) in Abuja. The programme, organised under NITDA’s Digital Literacy for All (DL4ALL) initiative, trained 50 participants in practical digital skills aimed at improving their participation in Nigeria’s growing digital economy. Speaking…

By Kunle Sanni – Shell Plc has indicated plans to invest up to $20 billion in Nigeria’s energy sector over the next few years, according to the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Bayo Ojulari. Ojulari disclosed this on Thursday after a courtesy visit by a Shell delegation to the State House, Abuja, where…

Seplat Energy Plc has appointed Tony Elumelu as a non-executive director on its board, effective 22 January 2026. Elumelu is the chairman of Hiers Energies, an indigenous oil and gas company that recently acquired a 20.07 percent equity stake previously held by a French firm in Seplat Energy Plc. In a corporate filing on Thursday, signed by Edith Onwuchekwa, its…

The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has said Nigeria must deliberately position itself to attract global investors and relocating supply chains in order to create jobs, deepen manufacturing and reduce import dependence. Okonjo-Iweala made the remarks on Wednesday at the Nigeria House during the ongoing World Economic Forum in Davos, Switzerland, while speaking at a…

MoMo Payment Service Bank (MoMo PSB), the financial subsidiary of MTN Nigeria, has expanded its cross-border transfer service, extending outbound coverage to additional African markets (including Kenya and South Sudan), while also deepening inbound remittance capabilities from the United Kingdom, United States, Canada, and Europe. With the latest expansion, MoMo PSB customers in Nigeria can now send money to a…

BUA Cement Plc has signed an agreement with China-based CBMI to construct a new ultra-modern 3-million-tonnes-per-annum cement production line at its Sokoto plant, in a move aimed at expanding capacity and meeting Nigeria’s growing infrastructure demand. The US$240 million project covers the new cement line, a dedicated power plant and other supporting facilities. Upon completion, the investment will raise BUA…