Economy
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India, Nigeria among 10 top contributors to global GDP growth, says IMF
A new report from the International Monetary Fund (IMF) has listed 10 countries, including India and Nigeria, among the top contributors to global economic growth for 2026. This is consistent with the world’s richest man, Elon Musk, declaring yesterday that “the balance of power is changing.” While the IMF data placed Nigeria at number six with a projected 1.5 per…
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First HoldCo profit in 2025 amid clearing up N748bn bad loans, says Femi Otedola
The Chairman of First HoldCo Plc, Femi Otedola revealed that Holding took a major profit hit to clean up its N748 billion in bad loans. In a post on his X account, Otedola said the decision to clean up the loans was a serious long-term move, even though it caused a sharp fall in the company’s 2025 profit. “At First…
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First Holdco declares worst performance in 2025, as profit drops by 71% to N228.37bn
First HoldCo Plc declared one its worst performance in recent years when it unaudited financial results for the year ended 31 December 2025, with profit before tax dropping by 71 per cent to N228.37billion as against N795.93billion declared in unaudited financial results for the year ended 31 December 2024. Profit after tax also dropped significantly by 92.05 per cent to…
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Femi Otedola holdings in First HoldCo rises to18.12%
Group chairman of First HoldCo Plc, Mr. Femi Otedola has increased his stake in the financial holding company to 18.12 per cent. In First HoldCo’s unaudited consolidated and separate financial statements for the year ended December 31, 2025, released on Friday, Otedola’s combined direct and indirect shareholding stood at 8.02 billion shares. The financial statements were signed by Adebowale Oyedeji,…
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Moniepoint MfB processes N412trn transactions in 2025
With the increasing number of customers and numerous channels to transact, Moniepoint Microfinance Bank has revealed that it processed transactions worth N412 trillion in 2025. This was disclosed by Moniepoint Inc., the bank’s parent company, in its 2025 Year in Review report. The company said loan disbursements were targeted largely at small and medium-sized enterprises, including provision stores, supermarkets, and…
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Ogun partners World Bank on ₦5bn women-focused economic drive
The Ogun State Government and the World Bank Group have jointly invested over ₦5 billion in women-focused empowerment and livelihood initiatives in the past six years, Governor Dapo Abiodun has disclosed. Abiodun made this known while receiving a delegation from the World Bank Group, led by its Vice President, Ms Galina Vincelette, at his office in Abeokuta. He said the…
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Nigeria, MTN discuss telecoms’ role in $1trn economy
The government of Nigeria is collaborating with MTN Group to champion the telecommunication’s sector role in President Bola Tinubu’s $1trillion economy. The Minister of Communication, Innovation and Technology, Dr. Bosun Tijani, in a meeting with Ralph Mupita, President/CEO of MTN Group, Karl Toriola, CEO of MTN Nigeria, and other MTN executives to discuss the strategic development of Nigeria’s telecoms sector.…
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Nigeria targets Africa’s future through inclusion, investment — Shettima
By Kunle Sanni – Vice President Kashim Shettima has reaffirmed Nigeria’s commitment to shaping Africa’s future through inclusive growth, strategic investment, and impactful partnerships, saying the government alone cannot address the continent’s development challenges. Shettima stated this on Wednesday at the Africa Social Impact Summit (ASIS) High-Level Policy Engagement held at the Banquet Hall of the Presidential Villa, Abuja. He…
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Tinubu’s economic reforms on track, strengthening political cohesion, says Bagudu
President Bola Tinubu’s ongoing economic reforms are progressing well and have the unusual outcome of strengthening political consensus in the country, the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, said on Wednesday in Abuja. He spoke at a meeting with officials from the Agence Française de Développement (AFD) Microeconomic Risk Analysis Due Diligence Mission, led by its Country…
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Türkiye targets $5bn trade volume with Nigeria — Erdogan
By Kunle Sanni – President Recep Tayyip Erdogan of Türkiye has reaffirmed his country’s commitment to achieving a $5 billion trade volume with Nigeria, saying discussions towards the target are already underway. Erdogan made this known on Tuesday in Ankara during a joint press briefing with President Bola Tinubu, as part of the Nigerian leader’s state visit to Türkiye. He…
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