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The Business NG - May 16, 2025

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In this issue

BusinessNG Editorial Focus – May 16, 2025

Today’s editorial examines the painful impact of the recent 50% hike in telecom tariffs, a move sanctioned by the Nigerian Communications Commission (NCC). While telecom operators cite inflation, high diesel costs, and forex instability as justification, the timing—amid widespread poverty—has triggered outrage. From Kano to Lagos, Nigerians like Zainab Idris, a food vendor, and Fatima Yusuf, a university student, share stories of exclusion, hardship, and lost opportunities. The increase, which pushed the cost of 1GB of data from ₦300 to over ₦500, is deepening the digital divide. BusinessNG calls attention to this growing crisis and urges a policy rethink.

Lawyer Sues JAMB, Education Minister for N10bn Over 2025 UTME Failures

UTME Failures

1 mins

Wema Bank's Rights Issue Raises Dilution Concerns Amid Regulatory Pressure

Wema Bank Plc's ongoing Rights Issue of 14.29 billion shares at N10.45 each has sparked concerns among some shareholders and market watchers about potential equity dilution and urgency in meeting regulatory capital thresholds.

1 mins

2023 Dangote-NASCON Merger Collapses

When Dangote Sugar Refinery (DSR) proposed a high-stakes merger in August 2023 with NASCON Allied Industries and the dormant Dangote Rice, it appeared to be a strategic consolidation—combining sugar, salt, and rice into a streamlined consumer goods empire.

1 mins

CBN Warns Public Against Fraudsters, Fake Contracts

The Central Bank of Nigeria (CBN) has issued a fresh warning to the public, distancing itself from fraudulent claims involving fake contracts, grants, and loans allegedly issued in its name.

1 mins

The urgency of an emergency

I was out of town last Saturday when a sudden phone call shattered my plans for the weekend.

3 mins

Fidelity Bank Supports Maternal Health in Lagos Community

Fidelity Bank Plc has extended vital support to expectant mothers in Satellite Town, Lagos, by donating maternity kits to the Primary Health Centre in Oriade Local Council Development Area (LCDA).

1 mins

Wema Bank's N149bn Rights Issue Triggers Dilution Fears, CBN Pressure Looms

Wema Bank Plc’s ongoing N149.4 billion Rights Issue has drawn scrutiny from investors and analysts, raising concerns over potential dilution of shareholder value and the urgency driving the capital raise ahead of regulatory deadlines.

1 mins

Moniepoint's Growth Spurs Fintech Diplomacy with African Diaspora

Moniepoint, Africa's largest business payments platform, is redefining fintech diplomacy by extending its services to the global African diaspora, a move that builds on its explosive growth recognized once again by the Financial Times.

1 mins

We Have FIRS To Thank For Fiscal Stability Of Nigeria — RMAFC

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has described the Federal Inland Revenue Service (FIRS) as the cash cow responsible for the fiscal sustainability of the three tiers of government.

1 mins

Stanbic IBTC, IFC Fund $80m Solar Deal to Power Millions in Nigeria

Sun King, one of the world's largest off-grid solar companies, has secured an $80 million (over N80 billion) local currency debt facility to expand its solar footprint in Nigeria.

1 mins

Nigeria's Pension Assets Hit N23.26 Trillion in February

Nigeria's pension fund assets rose to N23.26 trillion in February 2025, marking a continued upward trajectory for the industry, according to the latest figures released by the National Pension Commission (PenCom).

1 mins

Stakeholders Demand Unified Pension System Now

A strong call for pension reform echoed at the 2025 Pension Industry Leadership Retreat in Lagos, where regulators, lawmakers, and pension fund operators demanded a standardized national pension system and strict enforcement against non-compliant states.

1 mins

RAAC Committee Seeks Rex Insurance's Support for 2025 Retreat

The Risk, Audit, and Compliance Committee (RAAC) of the Nigerian Insurers Association (NIA) has sought the support of Rex Insurance Limited for its upcoming 2025 Annual Retreat, scheduled for August 14-16 in Abeokuta, Ogun State.

1 mins

NAICOM Pushes for Public Buildings Database to Boost Insurance Enforcement

The National Insurance Commission (NAICOM) has called for the creation of a comprehensive database of public and those under construction as part of efforts to strengthen enforcement of mandatory insurance coverage in Nigeria.

1 mins

Osun Approves N4 Billion Bond for Retirees

Governor Ademola Adeleke of Osun State has approved a N4 billion bond to settle outstanding entitlements of retirees under the state's contributory pension scheme. The announcement was made during the 2025 Workers Day celebration held at Fakunle High School, Osogbo.

1 mins

Tax Tension Grips Insurance Industry

As Nigeria's insurance sector pushes for deeper market penetration and operational efficiency, a looming tax reform may disrupt its fragile momentum.

1 mins

Airtel Launches $55m Buyback After Profit Surge

Airtel Africa Plc has launched the second tranche of its $100 million share buy-back programme, reinforcing investor confidence on the back of a return to profitability.

1 mins

Nigeria's Inflation drop to 23.71% in April, First Decline in Months

Nigeria's headline inflation rate eased slightly to 23.71% in April 2025, marking a 0.52 percentage point decline from the 24.23% recorded in March. This is according to the latest figures released by the National Bureau of Statistics (NBS) on Thursday.

1 mins

Which Consumer Goods Stock Offers the Best Value in 2025?

The first quarter of 2025 marked a strong comeback for Nigeria’s leading consumer goods companies after a challenging 2024 filled with volatile exchange rates and rising interest costs. BUA Foods, Nestlé, NASCON, Cadbury, and Dangote Sugar all posted improved financial results, but investors face a key question: which of these companies currently offers the best value?

1 mins

Solana Climbs Above $180, Highest Since February, Fueled by DeFi Surge

Solana (SOL) has surged past the $180 mark, reaching its highest price since mid-February 2025. Over the past week, SOL's price rose by 22%, with a 6% increase in the last 24 hours, signaling renewed investor confidence.

1 mins

UK Bans Overseas Recruitment for Social Care Jobs in Sweeping Immigration Reform

In a major overhaul of its immigration system, the United Kingdom has banned overseas recruitment for social care roles, ending the visa route that had previously allowed thousands of foreign workers to fill essential positions in the sector.

1 mins

Reps Push for Compulsory Voting in Electoral Act Amendment

A bill seeking to amend the Electoral Act 2022 to make voting compulsory for all eligible Nigerians has passed second reading in the House of Representatives.

1 mins

Lagos Debunks Training Default Claims, Clarifies Study Leave Issues

The Lagos State Government has refuted recent media reports suggesting that 30 percent of its civil servants failed to return after attending government-sponsored overseas training programmes, calling such claims misleading and inaccurate.

1 mins

Caterers Protest Exclusion from Gateway Games Contracts

With just a day to the commencement of the much-anticipated Gateway Games 2025, tension flared outside the MKO Abiola Stadium in Abeokuta as dozens of caterers, mostly women, staged a peaceful protest over their alleged exclusion from catering contracts for the event.

1 mins

Nigeria Launches $500m Climate Investment Platform to Spur Green Growth

In a strategic push to advance its green economy agenda, the Federal Government of Nigeria has inaugurated the Nigerian Climate Investment Platform (NCIP), a major initiative designed to mobilize up to $500 million in climate finance for infrastructure development, resilience building, and climate adaptation projects.

1 mins

Ogun Assembly Probes Odogbolu LG Chair Over Alleged Financial Misconduct

The Ogun State House of Assembly has summoned top officials of Odogbolu Local Government, including Chairman Hon. Tunde Diya, over alleged financial irregularities uncovered by the House Committee on Local Government and Chieftaincy Affairs.

1 mins

Jet Mover Sets Pace in Transport

Jet Motor Company, founded in 2017, is disrupting Nigeria's automotive market with its electric and CNG-powered Jet Mover vehicles. The company's focus on hybrid vehicles, cost-efficiency, and local solutions has made it the preferred choice for transporters seeking alternatives to rising fuel prices. Abiodun JIMOH writes that Its growing popularity among governments and businesses signals a shift toward sustainable transportation in Nigeria, challenging the dominance of established global brands.

5 mins

IFC, Canada Back Husk Nigeria with $5m to Expand Solar Mini-Grids

The International Finance Corporation (IFC), with support from the Government of Canada, has committed $5 million to Husk Power Systems Nigeria to expand access to renewable energy across underserved communities in Northern Nigeria.

1 mins

Seme Customs Foils Explosives Smuggling, Generates N847.6m in April

The Nigeria Customs Service (NCS), Seme Area Command, recorded a significant operational breakthrough in April 2025, generating N847,580,079 in revenue and intercepting a major consignment of suspected explosive materials smuggled into the country.

1 mins

Investment Nigeria Joins EBRD as Edun Leads Delegation to London

In a major step toward strengthening Nigeria's access to international finance and accelerating private sector-led growth, the country has been formally admitted as a member of the European Bank for Reconstruction and Development (EBRD).

1 mins

No 'Poisonous Rice' in Ogun, Says Government and Customs

The Ogun State Government and the Nigeria Customs Service (NCS) have dismissed widespread rumours about the circulation of poisonous rice allegedly responsible for deaths in the state.

1 mins

Apapa Customs Generates N3.3tn in 16 Months

The Apapa Area Command of the Nigeria Customs Service has achieved a historic revenue milestone, collecting a total of 3.3 trillion between January 2024 and early May 2025, under the leadership of Comptroller Babatunde Olomu.

1 mins

Nnaji Urges 100,000MW Target to Break Nigeria's Power Deadlock

Former Minister of Power, Professor Barth Nnaji, has warned that Nigeria must scale up its installed power generation capacity to at least 100,000 megawatts if it intends to meet the the energy needs of its growing population and economy.

1 mins

Dangote, NNPC Align on Energy Goals

The President/Chief Executive Officer of Dangote Group, Aliko Dangote, has dismissed any notion of rivalry between his $20 billion refinery and the Nigerian National Petroleum Company Limited (NNPC Ltd), describing their relationship as complementary rather than competitive.

1 mins

Pemex Reports New Offshore Pipeline Leaks in Tabasco

Mexico's state-owned oil giant, Pemex, has reported two fresh leaks from a pipeline linking the offshore Akal-C platform to the Dos Bocas maritime terminal in Tabasco state.

1 mins

Seplat Declares N111 Dividend as Production, Profits Surge

Seplat Energy Plc has announced the exchange rate for its combined final and special dividend payout for the 2024 financial year, setting it at N1,609.6357 per US dollar, in line with the CBN's official rate as of May 8, 2025.

1 mins

APC Forum to Gov Sule: Stop Playing Double Game, Declare Loyalty to

The North-Central All Progressives Congress (APC) Forum has called on Nasarawa State Governor, Abdullahi Sule, to clarify his political allegiance and declare openly whether he supports President Bola Tinubu or is aligned with forces working against the president's administration.

1 mins

Tension in Lagos as APC Holds LG Primaries to Fortify Tinubu's Base for 2027

Security was tight and tempers high on Saturday as the All Progressives Congress (APC) conducted its local government primaries at the party's state secretariat in Ogba, Lagos, with hundreds of aspirants and supporters jostling for access amid heightened political stakes.

1 mins

PDP Scrambles to Stop Three Senators from Defecting to APC

The Peoples Democratic Party (PDP) in Kebbi State is in crisis mode as it scrambles to prevent the imminent defection of three serving senators to the ruling All Progressives Congress (APC).

2 mins

Kwankwaso Blasts Defectors, Labels Move to APC 'Ultimate Betrayal'

Former presidential candidate of the New Nigeria Peoples Party (NNPP), Senator Rabiu Musa Kwankwaso, has lambasted party members who recently defected to the All Progressives Congress (APC), describing their action as \"the worst political sin.

1 mins

Amorim Confirms De Ligt and Yoro to Miss Chelsea Clash

Manchester United manager Ruben Amorim has confirmed that defenders Matthijs de Ligt and Leny Yoro are likely to miss the upcoming Premier League match against Chelsea on Friday.

1 mins

Ola Aina Nears New Long-Term Deal with Nottingham Forest

Ola Aina is close to signing a new long-term contract with Nottingham Forest, securing his future at the Premier League club.

1 mins

Seaman Blasts Carragher Over Rice Exit Claims

Former Arsenal goalkeeper David Seaman has criticized Liverpool legend Jamie Carragher for suggesting that Declan Rice could leave the Gunners in 2026.

1 mins

Chelsea to Keep Maresca Despite Missing Champions League

Chelsea has decided to stand by manager Enzo Maresca even if the team fails to qualify for next season's UEFA Champions League, BusinessNG reports.

1 mins

Capello Warns Xabi Alonso Ahead of Real Madrid Appointment

Former Real Madrid manager Fabio Capello has issued a word of caution to Bayer Leverkusen's outgoing head coach, Xabi Alonso, as the Spaniard prepares to take charge of Los Blancos this summer.

1 mins

Flying Eagles Injury Boost for U-20 AFCON Semi-final

Midfielder Divine Oliseh has been given the green light to play for Nigeria's Flying Eagles in their upcoming semi-final clash against South Africa at the 2025 Africa U-20 Cup of Nations, BusinessNG reports.

1 mins

Finidi Confident Rivers United Will Secure Champions League Spot

Rivers United technical adviser Finidi George is confident his team will secure a spot in next season's CAF Champions League by finishing strong in the ongoing 2024-25 Nigeria Premier Football League (NPFL) season.

1 mins

Unpacking Nigeria's Economic Growth: The GDP Dilemma

The recent debate over Nigeria's Gross Domestic Product (GDP) numbers, particularly concerning discrepancies in data, has stirred significant discussion across economic and political circles.

6 mins

Read all Stories from The Business NG

The Business NG Description:

Publisher: Tuns-Media-&-Comm-Enterprise

Category: Newspaper

Language: English

Frequency: Weekly

The BusinessNG, a leading business news publication across Nigeria and WestAfrica With a strong team of 30 staff members and a weekly print circulation of over 10,000 copies, we are poised for growth and report all political relating to business news at all level