Business Archives - Page 3 of 184

CBN revokes licences of 46 microfinance banks

July 2, 2026July 2, 2026 Aminu Imam

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs) across the country over their failure to comply with regulatory requirements necessary for continued operations. The apex bank announced the decision in a statement issued yesterday by its Acting Director of Corporate Communications, Hakama Sidi-Ali, stating that the revocation took effect from July 1, 2026. According to the CBN, the action was taken pursuant to Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, which empower the regulator to…

FG approves ₦286bn maritime projects to boost ports, Blue economy

July 1, 2026July 1, 2026 Aminu Imam

The Federal Government has approved four maritime projects worth ₦286 billion to modernise port operations and strengthen Nigeria’s blue economy. The Federal Executive Council (FEC) cleared the acquisition of pollution control vessels, pilot cutter boats, and firefighting boats, alongside the dredging of the Escravos Channel to improve navigation and maritime safety. Officials say the projects will enhance pollution control, emergency response, and efficiency in port channels across the country.

‘FG earns ₦20.2tr from crude oil exports in 5 months’

June 30, 2026June 30, 2026 Aminu Imam

The Federal Government earned an estimated ₦20.22 trillion from crude oil exports between January and May 2026, as higher global oil prices offset lower export volumes despite concerns over domestic crude supply. The earnings underscore the continued importance of crude oil to the country’s economy and foreign exchange inflows, despite ongoing efforts to diversify revenue sources and strengthen local refining capacity. Industry data indicate that global crude prices remained relatively firm during the period, driven by geo-political tensions, supply management measures by major oil-producing countries, and resilient demand in key…

EFCC recovers ₦38.66bn in refineries rehabilitation probe

June 30, 2026June 30, 2026 Aminu Imam

The Economic and Financial Crimes Commission (EFCC) has recovered cash and assets valued at about ₦38.66 billion in an ongoing investigation into the alleged diversion of funds earmarked for the rehabilitation of Nigeria’s state-owned refineries. The anti-graft agency is probing the utilisation of approximately $2.79 billion released between 2021 and 2023 for the rehabilitation and turnaround maintenance of the Port Harcourt, Warri and Kaduna refineries. According to investigators, the huge financial investment failed to produce corresponding improvements in the operational status of the facilities, prompting allegations that substantial portions of…

Tinubu authorises free CAC registration for 250,000 MSMEs

June 29, 2026June 29, 2026 Aminu Imam

President Bola Ahmed Tinubu has officially approved the free formalization and corporate registration of 250,000 Micro, Small, and Medium Enterprises (MSMEs) across the thirty-six states of the federation and the Federal Capital Territory. The major announcement was made public on Saturday at the State House in Abuja during the prestigious 8th ‘National MSME Awards 2026’. This extensive intervention is targeted at removing financial bottlenecks for nano, micro, and small scale entrepreneurs, effectively integrating them into Nigeria’s formal banking and regulatory ecosystem. Under this newly approved presidential directive, the beneficiaries will…

“Only 20% of PoS operators are registered” – CAC, EFCC

June 27, 2026June 27, 2026 Aminu Imam

The Economic and Financial Crimes Commission (EFCC) and the Corporate Affairs Commission (CAC) have expressed concerns over risks being posed to businesses and national security by the activities of unregistered Point of Sale (PoS) operators. The concerns were expressed in Abuja on Thursday, when the Board Chairman of CAC, Senator Ibrahim Idah paid a courtesy visit to the Executive Chairman of the EFCC, Ola Olukoyede at the corporate headquarters of the Commission. Idah, who came with some management staff of the CAC, sought EFCC’s support in enforcing compliance among PoS…

FG discovers major platinum, lithium deposits in Kaduna

June 25, 2026June 25, 2026 Aminu Imam

The Federal Government has announced the discovery of a world-class polymetallic mineral province in Kaduna State containing significant deposits of platinum group metals, gold, nickel, copper, lithium and rare earth elements. Minister of Solid Minerals Development, Dele Alake, disclosed this at the ‘African Natural Resources and Energy Investment Summit 2026’ in Abuja, describing it as one of the most important mining discoveries in recent years. According to Alake, the discovery was made by a private company and verified by the Nigerian Geological Survey Agency, positioning Nigeria as an emerging destination…

Stock market slumps further, as investors lose ₦9tr in 3 weeks

June 22, 2026June 22, 2026 Aminu Imam

Nigerian equities extended their downward trend in June, with investors losing about ₦9 trillion in market value within the first three weeks of the month as bearish sentiment continued to dominate trading activities. Latest data from the Nigerian Exchange (NGX) showed that the All-Share Index (ASI) and market capitalization declined by 3.59% during the week to close at 235,941.27 points and ₦151.327 trillion respectively. The sharp decline translated to a loss of ₦5.69 trillion in market value within a week, effectively wiping out the ₦4.59 trillion gain recorded by the…

“My actual wealth may exceed $38bn estimate” – Ɗangote

June 22, 2026June 22, 2026 Aminu Imam

Africa’s richest man, Aliko Ɗangote, has suggested that his actual wealth may be significantly higher than estimates by global wealth trackers, citing the fact that many of his major business interests are not publicly listed. Ɗangote made the remarks during a street interview with James Dumoulin, of School of Hard Knocks, where he discussed his business empire, personal wealth and legacy. Responding to a question about the highest amount of money he had made in a year, the billionaire industrialist said his companies generated approximately $10 billion in the first…

Nigeria’s forex reserves hit $51.04bn

June 21, 2026June 21, 2026 Aminu Imam

…Highest level since 2009 Nigeria’s external reserves have climbed to $51.04 billion, reaching their strongest level in nearly 17 years amid sustained foreign exchange inflows and improving conditions in the foreign exchange (forex) market. Data obtained from the Central Bank of Nigeria (CBN) showed that the country’s gross external reserves stood at $51.04 billion as of June 18, 2026. The figure represents the highest reserve level recorded since January 20, 2009, when reserves were approximately $51.07 billion. The latest development highlights the continued strengthening of Nigeria’s external position, following notable…