Business

The Central Bank of Nigeria (CBN) has cautioned that the ongoing banking sector recapitalisation could increase concentration risk in Nigeria’s capital market, potentially crowding out non-bank issuers, despite the current bullish momentum in equities.  The warning is contained in the Macroeconomic Outlook for Nigeria, 2026: Consolidating Macroeconomic Stability Amid Global Uncertainty, where the apex bank highlighted emerging vulnerabilities across the…

By Adejayan Gbenga The Ibadan Electricity Distribution Company (IBEDC) has announced that 22 communities in Ibadan, Oyo State, will experience about three hours of daily power outage due to ongoing road construction works. In a statement released on Tuesday via its official Facebook page, IBEDC said the outage is a result of road construction along Foodco Road and Idi Isin,…

Flutterwave, Africa’s largest fintech company, has acquired Nigerian open banking startup Mono in an all-stock transaction valued between $25 million and $40 million. A report by Nairametrics on Monday said the acquisition brings together two major fintech infrastructure players as Flutterwave looks to strengthen its payments stack with open banking, data, and identity capabilities. Under the deal, Mono will continue…

The Director-General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama has announced plans to significantly step up enforcement actions in 2026, following the enactment of the Investments and Securities Act (ISA) 2025, as part of efforts to strengthen investor confidence and market integrity. Agama, disclosed this while outlining the Commission’s regulatory priorities, noting that the new law has expanded the…

…N35m in prizes up for grabs as customers secure their future Following the remarkable success of last year’s campaign, Coronation Insurance Plc and Coronation Life Assurance Limited have launched the second edition of their highly popular customer reward initiative, Insure and Win 2.0. The campaign offers customers another opportunity to secure their financial future while also giving them a chance…

The Central Bank of Nigeria (CBN) disclosed that the Nigerian naira closed 2025 on a stronger note, settling at N1,429 against the dollar on December 31. This represents an improvement from N1,450.01/$1 at the start of December, capping a gradual recovery in the final quarter of the year. The year-end result marked a turnaround from early weakness, with the naira…

The Federal Inland Revenue Service (FIRS) has officially changed its name to the Nigeria Revenue Service (NRS) and unveiled a new corporate logo as part of the country’s transition to a revamped tax framework set to take effect on January 1, 2026. The unveiling took place on Wednesday in Abuja, led by NRS Executive Chairman, Zacch Adedeji, following the enactment…

The Nigerian equities market gained N36.6 trillion in 2025, attributable to reforms in the foreign exchange market and impressive corporate earnings by listed companies on the Nigerian Exchange Limited (NGX). As gathered by WESTERNPOST, the equities market closed for  trading December 31, 2025 at N99.376 trillion, gaining N36.6 trillion from N62.763 trillion it closed for trading December 31, 2024. Also,…

Tony Elumelu’s Heirs Energies has acquired a 20per cent stake in Seplat Energy for $500 million, becoming the single largest shareholder in the company. This landmark achievement was supported by two leading African financial institutions—Afreximbank and Africa Finance Corporation—further demonstrating Africa’s capacity to finance its own deals. It will be recalled that just last week, Heirs Energies closed a $750…

Tony Elumelu’s Heirs Energies has completed a $500 million acquisition of a 20.07 percent equity stake in Seplat Energy Plc, previously owned by French oil company Maurel & Prom S.A. The purchase covers 120.4 million ordinary shares at GBP 3.05 per share. The deal follows Heirs Energies’ recent $750 million loan from Afreximbank and underscores the company’s strategy to strengthen…