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The Business NG - May 26, 2025

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In this issue

SEC: Listed Firms Declared N1.1trn in Dividends in 2024

The Securities and Exchange Commission (SEC) has revealed that companies listed on the Nigerian Exchange declared a combined N1.1 trillion in dividends to shareholders in 2024. Out of this amount, N1 trillion has already been disbursed, a development the Commission attributes to growing market confidence and stronger investor returns.

Speaking during the Q1 2025 Capital Market Committee (CMC) meeting in Lagos, SEC Director-General, Dr. Emomotimi Agama, said the surge in dividend payouts reflected a resilient and increasingly attractive capital market environment.

“In 2024 alone, we approved new issues totaling N3.68 trillion,” Agama disclosed. “This includes N59.82 billion in fixed income and N3.62 trillion in equity issuances, which points to robust investor appetite, particularly in equities.”

For the first four months of 2025, the Commission has so far approved N446.38 billion in new capital raises. Of this, N265.90 billion came from fixed income instruments while N180.48 billion was mobilized through equities

UTME Resit: Students Celebrate High Mark After JAMB Error

Candidates who sat for the recently rescheduled 2025 Unified Tertiary Matriculation Examination (UTME) are jubilant, sharing significantly improved scores on X (formerly Twitter), just hours after the Joint Admissions and Matriculation Board (JAMB) released the new results.

1 mins

Nigeria's Treasury Bill Auction Oversubscribed Amid Stable Yields

The Federal Government of Nigeria (FGN) held a Treasury Bill auction where it offered N500 billion worth of debt instruments to investors, receiving a total subscription of N1.17 trillion.

1 mins

Lagos Named World's Fastest-Growing Tech City in 2025

Lagos has emerged as the world's fastest-growing -tech ecosystem in 2025, topping a global index released by Netherlands-based research firm, Dealroom.co.

1 mins

Nigeria's Broadband Penetration Reaches 48.15% in April 2025, Far from 70% Target

Broadband penetration in Nigeria inched up slightly to 48.15% in April 2025, from 47.73% recorded in March, according to the latest data from the Nigerian Communications Commission (NCC).

1 mins

Nigeria's governors: Halfway to where? (2)

According to Kolapo Olatunde, the Nigeria Labour Congress (NLC), Ekiti State Chairperson, Oyebanji's achievements include prompt salary payments, pension defrayment, and welfare initiatives like car and housing loans for primary school workers.

5 mins

Nigeria's Debt Servicing Soars 49% Amid Rising Fiscal Pressures

Nigeria's debt servicing payments have surged by nearly 50 percent in the first four months of 2025, reaching $2.01 billion compared to $1.34 billion in the same period last year, according to recent data from the Central Bank of Nigeria (CBN).

1 mins

Nigerian Remittances Soar on CBN Policy Changes in 2024

Nigeria saw a big rise in money sent home by Nigerians living abroad through International Money Transfer Operators (IMTOs) in 2024. According to the Central Bank of Nigeria (CBN), these remittances increased by 44.5%, reaching $4.76 billion — up from $3.3 billion in 2023.

1 mins

Nigeria's Fiscal Deficit Narrows in February but Remains High

The Central Bank of Nigeria (CBN) reports a month-on-month reduction in Nigeria's fiscal deficit for February 2025, falling to N972.7 billion from N1.1 trillion in January.

1 mins

Guaranty Trust, 5 Others Spark Nigerian Stock Market Growth in 2025

Six Nigerian stocks valued at over one trillion naira have recorded gains exceeding 20% in 2025, playing a key role in sustaining positive momentum for the Nigerian Exchange's All-Share Index (ASI).

1 mins

Wema Bank Declares Dividend, Approves N50 Billion Capital Raise at 2024 AGM

Wema Bank Plc held its 2024 Annual General Meeting (AGM) virtually on May 22, 2025, where shareholders approved key resolutions aimed at strengthening the bank's financial position and corporate governance.

1 mins

Court Backs Workers, PenCom in Pension Recovery Drive

Employers who fail to remit or under-remit pension contributions are strictly liable under Nigerian law and have limited legal defences when challenged in court, Hon. Justice Olufunke Yemi Anuwe of the National Industrial Court has declared.

1 mins

Blockchain Offers $750bn Lifeline for Nigerian Insurers

Nigeria's insurance industry, long hampered by low market penetration, limited public trust, and sluggish claims processes, is being urged to explore blockchain infrastructure and decentralized finance (DeFi) as tools to modernize operations and tap into the $750 billion global reinsurance market.

1 mins

Prudential Zenith Life Appoints Tokunboh Ishmael as Chair, Funmilayo Omo as CEO

Prudential Zenith Life Insurance Limited (PZL) has announced the appointment of Tokunboh Ishmael as its new Board Chair and Funmilayo Abimbola Omo as Managing Director and Chief Executive Officer.

1 mins

Brokers Gear Up for New Insurance Reform Act

The Nigerian Council of Registered Insurance Brokers, Lagos Area Committee (NCRIB-LAC), has taken proactive steps to prepare its members for the imminent changes expected from the Nigerian Insurance Industry Reform Act.

1 mins

PenCom to Enforce Pension Compliance Through Vendor and Investment Restrictions

In a major step to boost compliance and expand the coverage of the Contributory Pension Scheme (CPS), the National Pension Commission (PenCom) has directed all Licensed Pension Fund Operators (LPFOs)—including Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs)—to stop engaging with vendors or service providers that fail to remit pension contributions for their employees.

1 mins

Sanwo-Olu Touts Capital Market as Lagos Growth Engine

Lagos State Governor, Babajide Sanwo-Olu, says strategic investments in the capital market are accelerating infrastructure development and revenue growth in the state.

1 mins

Fidelity Bank to Pay Ex-Staff N162.2m - Court

After nearly eight years of litigation, the National Industrial Court (NIC) sitting in Lagos has ordered Fidelity Bank Plc to pay N162.2 million in unpaid retirement benefits to nine former employees who resigned from the bank in 2016 after serving for over 15 years.

1 mins

REDSTAREX, UPL Lead Gainers as Market Slips

The Nigerian equities market closed lower on Thursday, May 23, 2025, with the All-Share Index falling by 155.31 points to end the session at 109,028.62.

1 mins

Dangote Cement Holds N7.4trn Value as N30 Dividend Approaches

Dangote Cement Plc has maintained a market capitalisation of N7.424 trillion on the Nigerian Exchange (NGX) ahead of its proposed N30 per share dividend payout scheduled for June 23, 2025.

1 mins

Barclays Recommends Shift to Nigeria's Shorter-Dollar Bonds

Barclays has advised global investors to shift their exposure from Nigeria's longer-dated sovereign dollar bonds to shorter-dated issues, noting that the mid-section of the yield curve now offers more attractive returns.

1 mins

Rape Cases Surge in Niger State as Families, Authorities Demand Justice

Rape cases are reportedly rising in Niger State, with some of the victims as young as four years old.

1 mins

Police Declare Five Wanted for Alleged Homosexuality

The Nigeria Police Force has declared five men wanted for allegedly engaging in homosexual activity, which is a criminal offence under Nigerian law punishable by up to 14 years in prison.

1 mins

Japa: FMC MD Olomu Urges Better Pay, Perks to Curb Doctors' Exodus

The Medical Director of the Federal Medical Centre (FMC), Abeokuta, Prof. Musa Olomu, has said that poor remuneration and lack of incentives are fuelling the mass departure of Nigerian doctors and other medical professionals to developed countries.

1 mins

NNPC Announces Planned Shutdown of Port Harcourt Refinery Starting May 24

The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a scheduled maintenance shutdown of the Port Harcourt Refining Company (PHRC), set to begin on May 24, 2025.

1 mins

HIV-Discordant Couples in Kano Face Crisis as U.S. Ends PrEP Support

The Save Lives Sustainable and Counselling Initiative, a Kano-based NGO, has raised alarm over the growing emotional and medical crisis among HIV-discordant couples following the suspension of US. support for Pre-Exposure Prophylaxis (PrEP) across Nigeria.

1 mins

Bauchi Denies Claim Governor Discredited Western Education

The Bauchi State Government has firmly denied media reports suggesting that Governor Bala Mohammed dismissed western education as unimportant, describing such claims as deliberate distortions of his remarks.

1 mins

Delayed Obstetric Care Fuels Fistula Recurrence – Jigawa Official

Delayed access to emergency obstetric care remains a leading cause of recurring obstetric fistula among Nigerian women, Dr. Abubakar Said Kanya, Director of Family Health at the Jigawa State Ministry of Health, has warned.

1 mins

Kano Tops Global TB Per Capita Cases - KIRCT DG

Kano State now ranks as the region with the highest per capita tuberculosis (TB) cases globally, accounting for nearly 30% of Nigeria's total TB burden, according to Professor Hamisu Salihu, Director-General of the Kano Independent Research Center Trust (KIRCT).

1 mins

SSANIP Threatens Strike over Demotion, Unpaid Allowances at NILEST

The Zaria chapter of the Senior Staff Association of Nigeria Polytechnics (SSANIP) has warned of a looming industrial action at the Nigerian Institute of Leather and Science Technology (NILEST) over alleged staff victimization and unpaid entitlements.

1 mins

N58.85Bn Disbursed to Nigerian Students in One Year - NELFUND Addresses Missing Funds Controversy

The Nigerian Education Loan Fund (NELFUND) has disbursed 58.85 billion over the past 12 months, providing tuition and upkeep support to more than 550,000 students nationwide, the agency confirmed on May 24, 2025. This announcement coincides with the one-year anniversary of NELFUND's establishment by President Bola Ahmed Tinubu on May 24, 2024.

1 mins

Nigeria Customs, Cross River Forge Alliance for Economic Revival

The Nigeria Customs Service (NCS) and Cross River State are strengthening collaboration to spur economic development, as revealed during a high-level meeting between Comptroller-General of Customs, Adewale Adeniyi, and Governor Bassey Otu at the Customs Headquarters in

1 mins

Third-Party Insurance Gains Push as Nigeria Launches Awareness Drive

Nigeria’s insurance industry has kicked off a nationwide awareness campaign to promote third-party motor insurance and improve road safety, following a February 1, 2025 directive by the Nigeria Police making such insurance mandatory for all vehicle owners.

1 mins

Tinubu's Reforms Drive Customs Boom

Nigeria's Customs revenue hit a historic milestone in the first quarter of 2025, with collections surging to N1.3 trillion, more than double the N600 billion recorded in Q1 2023.

2 mins

Apapa Customs Seizes N3.25bn Codeine, Fake Drugs, Stolen Cars

The Apapa Area Command of the Nigeria Customs Service (NCS) has seized six containers filled with contraband goods valued at 3.25 billion.

2 mins

500 Polytechnic Students Begin CNG Conversion Training in Lagos

No fewer than 500 students from polytechnics across South-West Nigeria have commenced a Compressed Natural Gas (CNG) conversion training programme in Lagos.

1 mins

Russian Oil Giant Rosneft Diversifies into Rare Earth Mining

Rosneft (MCX: ROSN), Russia's largest oil producer, is making a significant move to diversify its business by acquiring Tomtor, the country's largest rare earth deposit.

1 mins

OPEC+ Considers Big July Production Boost to Regain Market Share

The Nigerian National Petroleum Company Limited (NNPC Ltd) has commenced a scheduled maintenance shutdown of the Port Harcourt Refining Company (PHRC) starting May 24, 2025. While this routine exercise is expected to last about a month, concerns are already swirling over a possible fuel shortage and price hike.

1 mins

Activist Investor Elliott Takes Key Seats in Phillips 66 Boardroom Battle

Phillips 66 (NYSE: PSX), the US refining giant, has become the center of a fierce corporate battle in 2025 after activist investor Elliott Investment Management secured two seats on its executive board. This development sent Phillips 66's stock tumbling by 6% immediately following the announcement.

1 mins

Egypt Scrambles to Secure LNG Amid Rising Gas Shortfall

Egypt is urgently seeking to boost its natural gas supply as domestic production declines, triggering concerns over meeting the country’s growing energy needs, especially during the peak summer period.

1 mins

Iraq Condemns US-Kurdish Oil Deals as Unconstitutional

Iraq's Oil Ministry has strongly condemned recent oil agreements between smaller US companies and the semi-autonomous Kurdish Regional Government (KRG), labeling the deals as unconstitutional.

1 mins

Fuel Shortage Fears Loom as NNPC Shuts Port Harcourt Refinery for Maintenance

1 mins

Nigerian Stock Market Soars on Strong Trades, Investor Optimism

The Nigerian stock market surged in the week ending May 23, 2025, driven by investor optimism and increased appetite for risk assets. Abiodun JIMOH reports tbat NGX recorded a 17.29% increase in volume, with Financial Services, Services, and Consumer Goods sectors leading the rally, fueled by strong corporate earnings and government reforms.

4 mins

COOU Honours Mrs Soludo as Varsity Marks 25 Years

Chukwuemeka Odumegwu Ojukwu University (COOU) marked a major milestone over the weekend as it held its combined 11th to 15th convocation ceremonies, celebrating 25 years of academic excellence.

1 mins

Stanbic IBTC, Customs Ease B'Odogwu Transition for Traders

Stanbic IBTC Bank has partnered with the Nigeria Customs Service (NCS) to host a two-day workshop aimed at helping businesses adopt the new B'Odogwu unified customs management system.

1 mins

Oyebanji Extends Career Ceiling for Ekiti Bursars

Ekiti State Governor, Biodun Oyebanji, has approved the extension of the terminal salary grade for bursars in public secondary schools from Grade Level 14 to 15, effective May 1, 2025.

1 mins

JMG, Mitsubishi Mark 10 Years of Powering Nigeria

JMG, a leading provider of power solutions in Nigeria, has celebrated 10 years of strategic partnership with Mitsubishi Turbocharger and Engine Europe B.V., part of the Mitsubishi Heavy Industries Group.

1 mins

JAMB Releases Results for Rescheduled 2025 UTME

The Joint Admissions and Matriculation Board (JAMB) has released the results of the rescheduled 2025 Unified Tertiary Matriculation Examination (UTME).

1 mins

Financial markets must integrate innovation and efficiency to fulfill potential

- SEC DG Agama

2 mins

Why Andre Onana Missed Man Utd's Final Game & What's Next

Manchester United goalkeeper Andre Onana was left out of the squad for the club's final Premier League game of the season against Aston Villa.

1 mins

Newcastle Clinch Champions League Spot Despite Final-Day Defeat

Newcastle United have secured qualification for next season's UEFA Champions League, sealing a top-five finish in the Premier League despite a disappointing 1-0 home defeat to Everton on the final day of the campaign.

1 mins

Colwill Fires Chelsea Into Champions League

Chelsea secured their return to the UEFA Champions League with a gritty 1-0 win over Nottingham Forest on the final day of the Premier League season.

1 mins

Raya, Sels Share Golden Glove Honour

Arsenal’s David Raya and Nottingham Forest's Matz Sels have been confirmed as joint winners of the Premier League Golden Glove award for the 2024/25 season, after both goalkeepers kept 13 clean sheets.

1 mins

Salah Wins Golden Boot and Playmaker Award

Mohamed Salah has capped off a sensational season by winning both the Premier League Golden Boot and Playmaker of the Season awards, having led Liverpool to the league title under new manager Arne Slot.

1 mins

Amad Shines as Man Utd End Turbulent Season with Controversial Win Over Villa

Manchester United closed out their worst-ever Premier League campaign on a positive note, beating Aston Villa 2-0 in a chaotic and controversial clash at Old Trafford - a match that saw Amad Diallo emerge as a rare bright spark for the Red Devils.

1 mins

Defections, Denials, and EFCC: Politics on Trial

In Nigeria's politically charged atmosphere, where shifting allegiances can make or break power blocs, every defection is a headline—and every meeting, a potential conspiracy.

5 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