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The Business NG - June 16, 2025

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In this issue

BusinessNG Editorial Focus – June 16, 2025

The June 16, 2025 edition of BusinessNG takes a deep dive into the economic and geopolitical shifts currently shaping global and domestic markets. At the center is the resurgence of geopolitical risk following Israel’s airstrikes on Iran, which have driven oil prices upward and reignited instability in global supply chains. The editorial examines the implications of these tensions for Nigeria’s crude oil exports, trade balance, and fiscal planning. It also assesses the broader impact of Donald Trump’s tariff war on African economies, particularly Nigeria’s export competitiveness and macroeconomic stability. Domestically, the edition highlights strategic shifts in key industries, such as Dangote Refinery’s direct distribution model and its implications for fuel pricing and logistics. The editorial also spotlights corporate leadership developments, including Fidelity Bank’s Kevin Ugwuoke’s appointment as CRMI president, and reflects on the growing concerns over democratic consolidation as mass defections threaten multiparty politics. Overall, it emphasizes resilience, reform, and strategic adaptation.

Moniepoint Gets Nod to Acquire Nigerian Bank

Moniepoint, the Nigerian fintech unicorn valued at $1 billion as of October 2024, has received regulatory approval to acquire a Nigerian bank—a major milestone in its ambitious expansion strategy and a first in its corporate history.

1 mins

Sixth State for South-East Gains Senate Backing

Hopes of correcting Nigeria's long-standing geopolitical imbalance gained traction this week as the Senate passed a bill seeking to create a sixth state in the South-East through its second reading.

1 mins

EFCC Declares Fargo Petroleum MD Wanted Over N976 Million Oil Subsidy Scam

The Economic and Financial Crimes Commission (EFCC) has declared Seun Ogunbambo, Managing Director of Fargo Petroleum and Gas Limited, wanted over an alleged 976.6 million oil subsidy fraud.

1 mins

Youths Block Abuja-Makurdi Highway Over Killings in Benue

Tensions flared in Benue State on Sunday as angry youths staged a major protest, blocking the Abuja-Makurdi highway in response to the recent killings in the state.

1 mins

The underdevelopment of Ijebu-Jesa, my Native Nazareth (2)

Presidential Aide Alubankudi's gracious response to the first part of this intervention reflects the significance of roots, responsibility, and collective effort in nation-building.

5 mins

FCMB Rewards Young Minds, Fuels Future Creativity

First City Monument Bank (FCMB) reaffirmed its commitment to youth empowerment and educational advancement with the grand finale of its National Essay and Drawing Competition, held to commemorate Children's Day on May 27, 2025.

2 mins

CBN to Raise N162bn via Treasury Bills Auction

The Central Bank of Nigeria (CBN) has announced plans to auction 162.02 billion worth of Nigerian Treasury Bills (NTBs) in a scheduled primary market auction on Wednesday next week.

2 mins

UBA Lights Up Nigeria's POS Market with RedPay Surge

A silent transformation is sweeping through Nigeria's payment landscape, and it's wearing red.

1 mins

Naira Weakens as Dollar Demand Rises, FX Reserves Dip

The Nigerian naira lost ground in the foreign exchange market on Friday, snapping a nine-day streak of gains due to a resurgence in dollar demand for external payments.

1 mins

Mobile Banking Boom: App Downloads Soar as Nigerians Embrace Digital Finance

Nigeria's banking landscape is undergoing a sweeping digital transformation as mobile banking apps become indispensable tools for everyday financial transactions. As of May 2025, download figures from the Google Play Store reveal a dramatic rise in mobile banking adoption, with several bank apps hitting the 10 million mark.

1 mins

REITs Rebound as Pension Funds Diversify Real Estate Holdings

Nigeria's pension fund administrators are rethinking their real estate strategies, with fresh data showing a sharp rebound in investments in Real Estate Investment Trusts (REITs) alongside continued strong interest in direct real estate assets.

1 mins

CIIN Launches Nationwide Insurance Week with Rewards and Roadshows

The Chartered Insurance Institute of Nigeria (CIIN) has unveiled a packed lineup of events for its upcoming Insurance Industry Week, a nationwide initiative aimed at boosting insurance awareness and rewarding Nigerians who have contributed to growing the culture of insurance.

1 mins

Heirs Insurance Makes Insurance Cool with Hit Web Series

What if insurance could be as exciting as your favourite TV show?

2 mins

OAK, FCMB, GT Lead Nigeria's Best Performing Pension Funds in May 2025

Nigeria’s pension industry delivered another month of resilient performance in May 2025, with all Pension Fund Administrators (PFAs) recording positive returns across all Retirement Savings Account (RSA) fund categories, despite economic headwinds and market volatility.

1 mins

Underwriter Using Entertainment to Promote Insurance Education in Africa

Heirs Insurance Group is demonstrating its commitment to deepen insurance penetration and woo more Nigerians; young and old, rich or poor, to embrace insurance policy through its first-of its-kind deployment of entertainment tool to disseminate insurance messages.

1 mins

Dangote, Cutix, SKLD Lead N100bn CP Rush as Abbey Bank Eyes N100bn Equity Raise

ABIODUN JIMOH

1 mins

NASD OTC Inches Up as Investor Confidence Grows

The NASD Over-the-Counter (OTC) Securities Exchange closed the week on a high, as its benchmark index, the NASD Securities Index (NSI), advanced by 0.12% to 3,341.22 points, from 3,337.24 points recorded at Wednesday's close.

1 mins

Naira Weakens at BDC Window as NAFEM Holds Steady

The Nigerian naira depreciated at the Bureau De Change (BDC) segment of the foreign exchange market, sliding by 1.56% to close at ₦1,595 per US dollar, down from ₦1,575/USD recorded earlier in the week.

1 mins

Nigerian Stocks Rally, Investors Gain N486 Billion as All-Share Index Rises

The Nigerian Exchange (NGX) closed the week on a bullish note as the All-Share Index (ASI) surged by 67 basis points on Friday, settling at 115,429.54 points—up from 114,659.11 in the previous session.

1 mins

Atiku Condemns Benue Killings, Calls It a National Tragedy

Former Vice President Atiku Abubakar has condemned the recent massacre in Benue State that reportedly claimed over 200 lives, describing it as a senseless act of violence and a grim reflection of Nigeria's worsening security crisis.

1 mins

Mass Defections to APC Threaten Democracy - CHRAN Warns

The Center for Human Rights and Accountability Network (CHRAN) has raised the alarm over the growing wave of defections by opposition politicians to the ruling All Progressives Congress (APC), describing it as a dangerous trend that undermines Nigeria's democracy.

2 mins

Zulum Leads Revolt as APC Endorses Tinubu Without Shettima for 2027

A fresh crisis is brewing within the All Progressives Congress (APC) following the controversial endorsement of President Bola Tinubu for a second term — without Vice President Kashim Shettima — by top party leaders in the North-East.

1 mins

Edo Battles Diphtheria as NCDC, Delta Govt Donate 90 Vaccine Doses

Amid a growing diphtheria outbreak in Edo State, health authorities are ramping up emergency response efforts, with 90 doses of anti-diphtheria vaccine donated by the National Centre for Disease Control (NCDC) and the Delta State Government.

1 mins

Sugary Diets and Processed Meats Driving Cancer Surge - UI Professor Warns

Professor of Oral and Maxillofacial Surgery at the University of Ibadan, Victor Ifeolu Akinmoladun, has raised alarm over the growing cancer burden in Nigeria, linking it to lifestyle choicesparticularly diets rich in sugary drinks, refined carbohydrates, fried foods, and processed meats.

1 mins

FG Screens 30,000 Students for Technical Colleges to Tackle Skills Gap

The Federal Government on Saturday conducted nationwide entrance examinations into its Technical and Vocational Education and Training (TVET) programme, with over 30,000 students vying for admission into Federal Technical Colleges across the country.

1 mins

Some People Are Genetically Resistant to HIV - Nigerian Doctor Reveals

Nigerian medical doctor, Dr. Iyayi Osifo, has drawn widespread attention to a rare genetic mutation that renders certain individuals resistant to HIV infection, offering new insight into how genetics can influence disease vulnerability.

1 mins

Bring Music Back to Schools, Nigerian Govt Urged at National Competition

The Nigerian government has been called upon to reinstate music education in schools to nurture young talent and promote creativity among students.

1 mins

Man Caught With Eight Human Skulls in Ondo

A 37-year-old man, Yusuf Adenoyin, has been arrested by operatives of the Ondo State Police Command after being found in possession of eight human skulls during a routine highway stop-and-search operation.

1 mins

Port Corruption Killing Freight Forwarders – NCJTFLCA President

The President of the National Compliance Joint Task Force of Licensed Customs Agents (NCJTFLCA), Dr. Basil Nwolisa, has raised a disturbing alarm over deep-rooted corruption at Nigeria's seaports, alleging that more than 200 freight forwarders have died due to the relentless stress and frustration stemming from systemic failures and institutional sabotage.

1 mins

Customs Spokesperson Champions Data-Driven PR at APRA Conference in Kenya

The Nigeria Customs Service (NCS) has reiterated its commitment to cutting-edge public communication by advocating data-driven public relations at the 26th Annual Conference of the African Public Relations Association (APRA), held from June 9 to 13, 2025, in Mombasa, Kenya.

1 mins

Adeniyi Hails Ogun II Customs for 40% Revenue Surge

The Comptroller-General of Customs (CGC), Adewale Adeniyi, has applauded the Ogun II Area Command for achieving a remarkable 40% increase in revenue generation, commending the team for its dedication and professionalism.

1 mins

Akabanga Lagos Secures Exclusive Rights to Rwanda's Iconic Chili Oil in Nigeria

Akabanga Lagos has officially become the sole distributor of Rwanda’s legendary Akabanga Chili Oil in Nigeria, following its 100% acquisition of Akabanga 4U Limited. This milestone marks a bold step in the brand's expansion into West Africa’s largest consumer market.

1 mins

Nigeria's Crude Oil Export Drops 16% to N12.95 Trillion in Q1 2025

Nigeria's crude oil export earnings dropped significantly to N12.95 trillion in the first quarter of 2025, marking a 16.34% decline from the N15.49 trillion recorded during the same period in 2024.

2 mins

Oil Prices Spike to $75 as Israel-Iran Tensions Reignite Geopolitical Risk

Geopolitical risk has returned to the global oil market in full force, with ICE Brent crude futures surging to $75 per barrel following Israel's latest airstrikes on Iran.

1 mins

Dangote Refinery Cuts Out Marketers, Begins Direct Fuel Supply to Major Users

In a landmark shift that could redefine Nigeria's fuel supply chain, Dangote Refinery has announced it will begin direct distribution of premium motor spirit (PMS) and diesel to large-scale consumers, bypassing traditional petroleum product marketers.

2 mins

Chain Reactions Africa Dominates SABRE Awards Again

In another commanding display on the continental stage, Chain Reactions Africa has reaffirmed its leadership in the communications space, emerging as Nigeria's most celebrated Public Relations firm at the 2025 SABRE Africa Awards held in Mombasa, Kenya.

1 mins

Chaos in Benue as Police Teargas Protesters Over Yelewata Massacre

Tensions flared in Benue State on Sunday as police officers fired teargas to disperse protesters demanding justice for the brutal killing of over 200 residents in Yelewata, a community in Guma Local Government Area.

1 mins

Lagos Seals Okota Building for Discharging Raw Sewage Into Public Drain

The Lagos State Government has sealed a residential building located at No. 59, Ajoke Okusanya Street, off Ago Palace Way in Okota, for illegally discharging raw sewage into a public drainage system.

1 mins

Be Patient, Wait Your Turn – Retired Ogun Civil Servant, Pastor Soremekun, Urges Junior Officers

Retired civil servant and minister-in-charge of Success Gate C & S Church Int'l Inc., Kemta, Idi-Aba, Abeokuta, Pastor Dr. Olufemi Olusola Soremekun, has advised junior officers in the Ogun State civil service to remain patient and respectful towards their senior colleagues.

2 mins

Man United Eye Eze, Semenyo as Mbuemo Bid Stalls

Manchester United are reportedly lining up alternative transfer targets, including Crystal Palace’s Eberechi Eze and Bournemouth’s Antoine Semenyo, after their initial bid for Brentford forward Bryan Mbuemo was turned down.

1 mins

Messi's Inter Miami Held by Al Ahly in Club World Cup Opener

Lionel Messi's Inter Miami were unable to break down a resolute Al Ahly side as the 2025 FIFA Club World Cup kicked off with a goalless draw at the Hard Rock Stadium in Miami on Saturday.

1 mins

Talisca: Ronaldo's Impact Will Stay With Me for Life

Former Al Nassr star Anderson Talisca has spoken warmly about his time playing alongside Cristiano Ronaldo, describing the experience as life-changing and unforgettable.

1 mins

Arsenal Set to Abandon Gyokeres Deal Over Sporting's Price Hike

Arsenal are reportedly prepared to pull out of negotiations for Sporting CP striker Viktor Gyokeres after the Portuguese club dramatically raised their asking price, according to a report by Record.

1 mins

FIFA Rejects Barcelona's Late Bid for Club World Cup Spot

Barcelona have reportedly been turned down by FIFA after making a late appeal to be included in the 2025 Club World Cup, according to Daily Post sources.

1 mins

Osimhen Sets Star Power Condition for Galatasaray Stay

Victor Osimhen has reportedly laid out clear conditions for staying with Turkish champions Galatasaray, with the signing of marquee players chief among them.

1 mins

AMCON Burden Hits Bank Salaries

A new report has revealed that Nigerian commercial banks are paying their staff significantly less than their counterparts in other African countries—despite managing comparable asset sizes—largely due to the financial burden of regulatory levies such as those imposed by the Asset Management Corporation of Nigeria (AMCON).

3 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