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The Business NG - June 20, 2025

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In this issue

BusinessNG Editorial Focus – June 20, 2025

BusinessNG’s editorial focus for June 20, 2025, spotlights consumer protection and regulatory enforcement, following the dramatic shutdown of TLSContact’s Abuja office by the Federal Competition and Consumer Protection Commission (FCCPC). The action, prompted by allegations of assault, obstruction of investigation, and failure to provide paid visa services, underscores rising concerns over accountability in outsourced international service centres. With exclusive on-ground monitoring, BusinessNG examines the broader implications of FCCPC’s clampdown, the role of regulatory compliance in foreign-affiliated operations, and the growing need for consumer redress mechanisms in Nigeria’s expanding service economy.

Standard Bank, BNY Mellon Launch First Naira Global Depository Notes

In a landmark move aimed at deepening foreign participation in Nigeria's capital markets, Standard Bank Group has partnered with Bank of New York Mellon (BNY Mellon) to launch the world’s first Global Depository Notes (GDNs) backed by Nigerian sovereign debt denominated in naira.

1 mins

Natasha Arraigned for Defamation, Gets N50m Bail

Suspended Senator representing Kogi Central, Natasha Akpoti-Uduaghan, was on Thursday arraigned before the High Court of the Federal Capital Territory, Abuja, over alleged defamation of Senate President Godswill Akpabio and former Kogi State Governor Yahaya Bello.

1 mins

FG Embarks on Overhaul of Public Finance with REV-OP

In a bold step aimed at plugging revenue leakages and enhancing fiscal transparency, the Federal Government has launched the Revenue Optimization and Assurance Project (REV-OP)—a flagship reform initiative that promises to transform Nigeria's public financial management systems and boost economic growth.

1 mins

Makinde’s 2027 Presidential Posters Emerge in Jigawa

Barely two years to Nigeria's next general elections, political tensions are already building as campaign posters of Oyo State Governor, Engineer Seyi Makinde, surfaced across major parts of Dutse, the capital of Jigawa State.

1 mins

Investors Rush: Banking Stocks Hit N677bn Gain Despite CBN Dividend Suspension

Banking stocks were at the heart of this rally.

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

From Vision to Action: WAES 2025 Unfolds

WAES 2025 signals a defining moment in West Africa's economic journey-and in this special analysis, ABDULLAHI MUSBAU, Head of Editorial, BusinessNG, Abuja, explains why it matters. Written during a chat with ALKASIM ABDULKADIR, Special Assistant on Media and Communications Strategy to the Honourable Minister of Foreign Affairs and Lead, Media and Communications for WAES 2025, the piece highlights how strategic leadership, youth inclusion, and private sector investment can transform the region. More than a report, it is a call to action-a push to rethink West Africa's future as a unified, self-driven economic powerhouse.

6 mins

FG Hails Shell's $5bn Energy Push, Backs Bonga North Project

The Federal Government has applauded Shell's renewed investment drive in Nigeria's oil and gas sector, describing it as a strong vote of confidence in the country's economic reforms and energy policy direction.

1 mins

Bank Stocks Rebound as CBN Clarifies Forbearance Rule

Nigeria's banking stocks staged a strong recovery on Wednesday, June 18, 2025, as investor confidence returned following clarifications by deposit money banks and the Central Bank of Nigeria (CBN) on the recent regulatory forbearance directive.

1 mins

FG, States, LGs Share N1.7trn as May Revenue Surges

The Federation Account Allocation Committee (FAAC) has disbursed a total of 1.659 trillion to the federal, state, and local governments for the month of May 2025, reflecting a significant boost in government revenue inflows.

2 mins

Access Bank to Exit CBN Forbearance by June 30

Access Bank has confirmed its readiness to exit the Central Bank of Nigeria's (CBN) regulatory forbearance framework by June 30, 2025, as the lender moves to assure investors of continued dividend payments and regulatory compliance.

1 mins

UBA, Access Lead as Nigerian Banks Earn N1.7trn Abroad in 2024

Nigerian banks recorded impressive gains from their foreign operations in 2024, earning a combined ₦1.695 trillion in pre-tax profits from offshore subsidiaries—a figure that accounted for 33.5% of the total group pre-tax profit of ₦5.060 trillion declared by the top five banks.

1 mins

PenCom Hikes Monthly Pension Payout to N11.9bn

The National Pension Commission (PenCom) has announced a significant increase in monthly pension payments under the Contributory Pension Scheme (CPS), raising the total disbursement from N8.3 billion to N11.9 billion.

1 mins

Coronation Deepens Broker Ties with South-South Hangout in Port Harcourt

Coronation Insurance Plc and Coronation Life Assurance Limited have reaffirmed their commitment to deepening stakeholder engagement across Nigeria by hosting an exclusive networking event, “Hangout with Coronation,” for insurance brokers in the South-South region.

1 mins

SUNU Assurances Delivers N3.59bn Profit, Pays N3.28bn in Claims

SUNU Assurances Nigeria Plc has reported a profit after tax of N3.59 billion for the 2024 financial year and paid N3.28 billion in claims, signaling strong growth and commitment to policyholders.

1 mins

FG Pays N8.6bn Pension Arrears, Vows Full Settlement

The Federal Government has disbursed N8.6 billion in pension arrears to 148,625 retirees under the Defined Benefit Scheme (DBS), as part of the implementation of the N32,000 pension increment approved by President Bola Tinubu in 2024.

1 mins

FG Deepens Life Cover for Civil Servants

The Federal Government has intensified efforts to strengthen the implementation of Group Life Assurance for civil servants through a strategic training workshop jointly organised by the National Insurance Commission (NAICOM) and the Office of the Head of the Civil Service of the Federation (OHCSF).

1 mins

Total Energies' Q1 Profit Tanks 93% as White Product Sales Plunge

Total Energies Marketing Nigeria Plc is grappling with a harsh start to 2025 after reporting a staggering 93% drop in pre-tax profit for the first quarter, falling from N16.2 billion in Q1 2024 to just N1.12 billion.

1 mins

FCMB Moves to Calm Investors, Vows to Sustain Dividends Despite CBN Clampdown

FCMB Group Plc has moved to reassure its shareholders following the Central Bank of Nigeria's (CBN) new directive suspending dividend payments for banks with unresolved forbearance-related loans or violations of the Single Obligor Limit. The bank confirmed that it had slashed its forbearance-linked loan exposure by more than 60%, reducing it from N538.8 billion in September 2024 to N207.6 billion as of May 31, 2025.

1 mins

Stocks Hit New High as Investors Eye Sector Picks

The Nigerian equities market rebounded impressively last week, defying midweek holidays for Eid-el-Kabir and Democracy Day to close at a historic high.

1 mins

Euro, Pound Slide as War Fears Roil Markets

The euro and the British pound took a hit in early Friday trading as investors fled to the safety of the US dollar, spooked by escalating military tensions between Israel and Iran.

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

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

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

CBN Tightens Grip on Banks as Analysts Warn of Dividends Drought

The Central Bank of Nigeria's suspension of dividends and bonuses for banks under forbearance marks a shift to stricter oversight. In this analysis, MARY AFOLABI examines how the policy aims to restore prudence, strengthen capital buffers, and the growing concerns it raises over liquidity, recapitalisation, and investor confidence.

6 mins

Ogun Customs Seize Contraband Worth N344.8 Billion in Major Crackdown

The Ogun 1 Area Command of the Nigeria Customs Service (NCS) has intercepted multiple truckloads of contraband goods valued at ₦344,853,244, including smuggled rice, arms, cannabis, and fuel. The seizures were made within weeks of Comptroller Godwin Otunla assuming leadership of the command.

1 mins

Customs Backs Data-Led PR at APRA Conference

The Nigeria Customs Service (NCS) has called for a shift toward data-driven public relations, as it joined communications professionals from across the continent at the 26th Annual Conference of the African Public Relations Association (APRA) held in Mombasa, Kenya, from June 9 to 13, 2025.

1 mins

Ibrahim's Vigilance at Onne Port Boosts Revenue, Fights Smuggling

In a bid to consolidate its gains in revenue generation and clamp down on illegal trade, the Onne Seaport Command of the Nigeria Customs Service (NCS) took a strategic step in 2024 by appointing Assistant Comptroller Mohammed Ibrahim as the Officer in Charge of the Federal Ocean Terminal (FOT) Gate.

1 mins

Why Nigeria Customs Named Its Trade Tech 'B'Odogwu'

A growing number of stakeholders in Nigeria's maritime and logistics sector have been asking one question: why did the Nigeria Customs Service choose the name B'Odogwu—an Igbo phrase for its groundbreaking indigenous trade technology platform?

1 mins

Customs Probes Alleged Extortion at Lagos Airport

TEUNS A ERS

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

Stakeholders advocate Al-powered research for productivity

With the rate of artificial intelligence technology application is revolutionising business, finance, manufacturing, agricultural sectors and social services globally, stakeholders at the Nigeria Market Research Association (NIMRA) international conference 2025 in Lagos said the time has come to move from the traditional market research as artificial intelligence has come to be a tool that is improving productivity.

1 mins

TCN Raises Alarm Over N457bn Debt, Warns of Power Grid Risks

The Transmission Company of Nigeria (TCN) has raised concern over a staggering N457 billion debt owed to it by other operators within Nigeria's power sector, a financial burden it says is threatening the stability of the electricity value chain.

1 mins

Tinubu’s Two Years Disappointing, Say Citizens — Ex-Minister Adeniran

Former Minister of Education, Professor Tunde Adeniran, has said that President Bola Ahmed Tinubu's administration has not lived up to the expectations of many Nigerians, two years into its term.

1 mins

Dangote Refinery Marks Nigeria's Industrial Breakthrough – Naira-for-Crude C'tee

The $20 billion Dangote Petroleum Refinery & Petrochemicals has been described as a monumental achievement that signals the beginning of Nigeria's industrial revolution and economic liberation.

1 mins

Barcelona to Offload Seven Players to Register New Signings

Barcelona may be forced to sell up to seven players this summer in a bid to register new goalkeeper Joan Garcia and top transfer target Nico Williams, amid ongoing financial constraints.

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

Man City Fined £1m for Repeated Kick-Off Delays

Manchester City have been fined £1 million by the Premier League for breaching Rule L.33 on nine separate occasions during the 2024/25 season.

1 mins

Madueke Linked with Surprise Arsenal Switch

Chelsea winger Noni Madueke could be on his way to rivals Arsenal in a surprise summer transfer move, according to The UK Telegraph.

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

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