Economy
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AMCON recovers N165bn debts in H1 2026, says CEO
The Asset Management Corporation of Nigeria (AMCON) revealed that it recovered approximately N165 billion between January and June 2026, representing a 64 per cent increase from the N107 billion recovered in the corresponding period of 2025. The Chief Executive Officer (CEO), AMCON, Gbenga Alade who spoke over the weekend during an interactive session with senior media executives in Lagos, stated…
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Nigerian bank’s average maximum lending rate depreciates to 33.16% in June 2026, says CBN
As the Central Bank of Nigeria (CBN) retained its interest rate at 26.50 per cent, the Nigerian banking sector’s average maximum lending rate dropped to 33.16 per cent in June 2026 from 34.78 per cent in May 2026. On a Year on Year (YoY), the Money Market Indicators of the CBN revealed that average maximum lending rate was at 29.51per…
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PENGASSAN amends constitution, adopts new leadership succession model
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has amended its constitution to introduce an automatic leadership succession model, a move aimed at ending prolonged succession battles, factionalisation and leadership disputes within the union. PENGASSAN President, Festus Osifo, announced the constitutional amendment on Saturday in Abuja during a day of tributes held in honour of the association’s…
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Credicorp’s consumer credit scheme strengthening local manufacturing, says TSF
The Tinubu Stakeholders Forum (TSF) has commended the Nigerian Consumer Credit Corporation (CrediCorp) for reaching more than 300,000 Nigerians and disbursing over ₦45.2 billion in consumer credit within the first half of 2026, describing the achievement as evidence that President Bola Tinubu’s Renewed Hope reforms are delivering tangible benefits to citizens. In a statement signed by its chairman, Ahmad Sajoh,…
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Governors seek to replicate Benin’s agro-industrial model after GDIZ tour
Six state governors have pledged to replicate key elements of the Glo-Djigbé Industrial Zone (GDIZ) in the Republic of Benin as Nigeria pushes ahead with plans to establish Special Agro-Industrial Processing Zones (SAPZs) aimed at boosting manufacturing, adding value to agricultural produce and creating jobs. The governors made the commitment after accompanying Vice President Kashim Shettima on an inspection of…
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FG inaugurates committee to draft 2026 VAT order, gives six-week deadline
The Federal Government has inaugurated an inter-ministerial committee to develop the 2026 Value Added Tax (VAT) Modification Order, a move aimed at facilitating the implementation of Nigeria’s new tax laws and providing greater certainty for businesses, investors and tax administrators. The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, inaugurated the committee on Friday in Abuja,…
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Tunde Onakoya backs N250m scholarship fund for corps members, graduates
By Folashade Olorunfemi – Nigerian chess master and founder of Chess in Slums Africa, Tunde Onakoya, has backed a N250 million scholarship fund aimed at helping corps members and recent graduates acquire in-demand technology skills. The initiative, launched in partnership with Jobs59 founder Sam Otigba and AltSchool Africa founder HackSultan, will provide N160,000 scholarships for successful applicants to enrol in…
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NCAA threatens to suspend Royal Air Maroc over passenger rights violations
The Nigeria Civil Aviation Authority (NCAA) has threatened to suspend the operations of Royal Air Maroc (RAM) in Nigeria over what it described as persistent consumer protection violations and poor treatment of Nigerian passengers. The warning was issued on Thursday by the NCAA’s Director of Public Affairs and Consumer Protection, Michael Achimugu, who accused the Moroccan airline of repeatedly breaching…
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Lagos Assembly approves N200bn bond, FAAC funding plan
..says funds will remain subject to legislative oversight The Lagos State House of Assembly has approved the state government’s request to participate in the Federation Account Allocation Committee (FAAC) Receivables Discounting Programme. The House also approved the proposed issuance of a ₦200 billion bond under the state’s existing ₦1 trillion Debt and Hybrid Instruments Issuance Programme. The approvals followed the…
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Private sector credit grew by 2.8% to N83trn in June 2026, says CBN
The Central Bank of Nigeria (CBN) has revealed a significant expansion in the country’s financial system, with credit to the private sector rising by 2.8 per cent month-on-month to N83.3 trillion in June 2026, up from the N81 trillion recorded in May 2026. However, the apex bank disclosed that credit to the government dipped marginally by 0.99 per cent to…
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