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The Business NG - May 28, 2025

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BusinessNG Editorial Focus (May 28, 2025): The naira weakened to N1,590 per dollar at the official market, reflecting sustained volatility in Nigeria’s foreign exchange landscape. This comes amid declining external reserves and the Central Bank of Nigeria’s (CBN) intensified reforms aimed at curbing forex malpractices and improving transparency in the market. While the parallel market recorded marginal gains, overall pressures on the exchange rate persist, driven by tepid capital inflows, sluggish export earnings, and growing import demand. The continued instability underscores the urgent need for structural economic reforms and investor confidence to restore equilibrium and ensure long-term exchange rate sustainability.

Nigeria Launches New Air Corridor to Boost Intra-African Trade

Nigeria has officially opened a new air route connecting it directly with Kenya, Uganda, and South Africa, a major step under the Africa Continental Free Trade Area (AfCFTA) initiative aimed at cutting intra-African export costs by up to 75 percent.

1 mins

Foreign Investors Pull Back, NGX Inflows Fall to N26.6bn

Foreign portfolio investment into Nigeria's equities market plunged by 92.39% in April 2025, falling to N26.64 billion from N349.97 billion in March.

1 mins

Kano Govt Bans Farming in Grazing Reserves to Curb Clashes

The Bichi Local Government Area (LGA) in Kano State has imposed a total ban on farming activities within grazing reserves and along official cattle routes.

1 mins

Tinubu at Two: Nigerians Split on Reforms

As President Bola Ahmed Tinubu marks two years in office, Nigerians remain sharply divided over the impact of his administration's sweeping economic reforms, with many grappling with deepening hardship, while others cling to cautious optimism.

1 mins

Suicide Bombing Attempt at Abuja Army Barracks Foiled – NEMA

The National Emergency Management Agency (NEMA) has confirmed that the explosion that shook Abuja on Monday afternoon was caused by a suicide bombing attempt targeting the Mogadishu Army Cantonment along the Mararaba-Nyanya expressway.

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

Analysts Project 43% Upside for Zenith Bank as Valuation Rises

Zenith Bank Plc gained strong strong upward momentum in the equities market, lifting its market capitalisation to N1.98 trillion following improved investor sentiment and bullish target upgrades by top investment firms.

1 mins

Court to Decide NIBSS-CBN BVN Dispute July 4

The Federal High Court in Abuja has scheduled July 4, 2025, for judgment in a pivotal suit filed by the Nigeria Inter-Bank Settlement System (NIBSS) against the Central Bank of Nigeria (CBN), the Attorney-General of the Federation, and the Digital Rights Lawyers Initiative (ITDRLI), over control of the Bank Verification Number (BVN) database.

1 mins

Union Bank Empowers Deaf Students Through Maths

Union Bank of Nigeria, through its UnionCares initiative, has sponsored a mathematics competition for hearing-impaired students, reinforcing its commitment to inclusive education.

1 mins

Access Bank Deepens Diaspora Inclusion with NRRBVN Rollout

Access Bank Plc has reaffirmed its commitment to promoting financial inclusion for Nigerians living abroad, following the successful launch of the Non-Resident Bank Verification Number (NRBVN) platform by the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS).

1 mins

Food Insecurity in Africa Rises by 60% Despite Agricultural Gains – W' Bank

Despite major improvements in agricultural output across the continent, Africa's food-insecure population has grown by 60% over the past decade, according to a new World Bank report titled Transport Connectivity for Food Security in Africa: Strengthening Supply Chains. Authored by Charles Kunaka, Megersa Abera Abate, Théophile Bougna Lonla, and Kisanet Haile Molla, the report highlights a troubling paradox: while agricultural production has increased significantly, food insecurity continues to worsen.

1 mins

Leadway Group Launches 3rd ‘Pages to Places' to Inspire 10,000 Children

Leadway Group, a leader in non-banking financial services, has rolled out the third edition of its transformative Pages to Places initiative, a nationwide book reading and donation drive designed to spark a lifelong love for reading among 10,000 Nigerian children.

1 mins

Employers Face Full Liability for Pension Defaults-Justice Anuwe

Employers in Nigeria are strictly liable for the non-remittance or under-remittance of pension contributions and have few legal defenses in court, Hon. Justice Olufunke Yemi Anuwe of the National Industrial Court has declared.

1 mins

Stanbic IBTC co-sponsors Business Day's 2025 Insurance Conference

Stanbic IBTC Insurance Limited proudly co-sponsored the Insurance Industry Conference 2025, organised by Business Day at the Four Points by Sheraton, Victoria Island, Lagos. This year’s theme, “Resilience and Growth in Uncertainty,” served as an essential starting point for discussions, bringing together key players from across the insurance sector to address the challenges and opportunities that lie ahead.

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

Osnon Capital Acquires Additional Stake in VFD Group with N211.2m Investment

VFD Group Plc has confirmed that its majority shareholder, Osnon Capital Limited, has acquired an additional 13.2 million ordinary shares of the company, bringing its total stake to over 255 million shares.

1 mins

Custodian, GTCO Lead Market in Volume and Value as Investors Trade Actively Across Sectors

Custodian Investment Plc emerged as the most actively traded stock by volume on the Nigerian Exchange, accounting for 9.18% of total transactions, as investor activity intensified across key sectors of the market.

1 mins

Nigerian Stocks Rise as ARADEL, BUAFOODS Lead Charge Toward 110,000 Index Milestone

The Nigerian Exchange closed in positive territory on May 26, 2025, with the All-Share Index (ASI) climbing by 856.31 points to settle at 109,884.93. This marks a 0.79% day-on-day gain from the previous close of 109,028.62, putting the index within striking distance of the 110,000 mark. The rally was driven by strong performances from ARADEL and BUAFOODS, the latter being the second-most valuable stock on the exchange.

1 mins

Shareholders Smile as Listed Firms Declare N1.1trn in Dividends

TheinDrities 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.

1 mins

NASD OTC Index Advances 0.56% on Moderate Trading Activity

The NASD Securities Index (NSI) sustained its upward momentum, closing 0.56% higher at 3,205.45 points compared to the previous day's 3,187.48 points. This marks another positive session for Nigeria's over-the-counter (OTC) market, reflecting continued investor confidence in unlisted equities.

1 mins

NGXASI Surges Past 110,000 as Nigerian Stocks Rally, BDC Rate Slides to N1,615/US$

The Nigerian equities market continued its bullish momentum on Tuesday, crossing the 110,000-point mark as the NGX All-Share Index (NGX-ASI) gained 1.57%, closing at 111,606.22 points from Monday's 109,884.92 points. This lifted the year-to-date return to 8.43%.

1 mins

Tinubu at Two: Progress, Pain and the Price of Reform

As President Bola Ahmed Tinubu's administration clocks two years, the Nigerian economy reflects a complex blend of ambitious reforms, mounting hardships, and cautious optimism. From fuel subsidy removal to naira floatation, bold policies have reshaped the economic landscape-spurring revenue growth but deepening inflation and poverty. In this detailed review, NIYI JACOBS examines the price Nigerians have paid, what gains have emerged, and what the next two years must urgently deliver.

5 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 U.S. 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 Officia

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.

1 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

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

FIRS Prepares Oil and Gas Sector for July Launch of E-Invoicing System

The Federal Inland Revenue Service (FIRS) has intensified engagement with Nigeria's oil and gas stakeholders ahead of the planned launch of its electronic invoicing (e-invoicing) system on July 25, 2025. The initiative aims to streamline tax processes, improve compliance, and enhance transparency in fiscal transactions.

1 mins

Malami Criticizes APC for Endorsing Tinubu Instead of Tackling Economic Hardship

Abubakar Malami, former Attorney-General of the Federation, has faulted chieftains of the All Progressives Congress (APC) for prioritizing the endorsement of President Bola Tinubu's 2027 re-election bid over addressing Nigeria's pressing economic challenges.

1 mins

Lagos Court Remands Two Bankers, Five Others Over Alleged N8.5bn Fraud

A Federal High Court sitting in Ikoyi, Lagos, has ordered the remand of two bankers and five others over an alleged N8.5 billion fraud involving conspiracy and obtaining money under false pretence.

1 mins

Nigeria Welcomes CONVIASA Airlines, Sets Stage for New International Flight Routes

Nigeria has taken a significant step toward expanding its international air connectivity with the welcome of CONVIASA Airlines.

1 mins

Tinubu, NCSP Review China Deal, Fast-Track Priority Projects

President Bola Ahmed Tinubu on Monday received the Director-General and Global Liaison of the Nigeria-China Strategic Partnership (NCSP), Mr. Joseph Tegbe, at the Presidential Villa for a high-level briefing on the progress of Nigeria's comprehensive strategic engagement with China.

1 mins

Financial markets must integrate innovation and efficiency to fulfill potential – SEC DG Agama

The Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has emphasized that for financial markets to fulfill their full potential, they must continuously integrate innovation and efficiency.

1 mins

Man United Beat Chelsea to £30m Delap Deal from Ipswich

Manchester United have struck a deal to sign Ipswich Town striker Liam Delap, fending off interest from Premier League rivals Chelsea, according to a report by ESPN.

1 mins

Arokodare Wins Belgian Golden Boot on Away Goal Edge

KRC Genk striker Tolu Arokodare has claimed the top scorer award in the Belgian Pro League for the 2024/25 season, edging out STVV's Adriano Bertaccini based on away goals.

1 mins

Mbappe Wins Pichichi, Seals Dominant Debut LaLiga Season

Kylian Mbappe has crowned his debut season in LaLiga with the prestigious Pichichi Trophy, finishing as the league's top scorer for the 2024/2025 campaign.

1 mins

Ronaldo Clinches Second Straight Golden Boot in Saudi League

Cristiano Ronaldo has claimed the Saudi Pro League Golden Boot for a second consecutive season, reaffirming his dominance in front of goal at age 40.

1 mins

Osimhen, Lookman Missing? No Problem – Russia's Mostovoy Talks Tough Ahead of Nigeria Clash

Russia midfielder Andrei Mostovoy has dismissed concerns over the absence of key Nigerian stars, insisting that the Super Eagles will still be a worthy opponent despite missing top names like Victor Osimhen, Ademola Lookman, and Alex Iwobi.

1 mins

Juventus, Napoli Lead Race for Lookman as Arsenal Rule-Out Emerges

Nigerian forward Ademola Lookman is set to leave Atalanta this summer, but a move to Premier League side Arsenal is off the table, according to transfer market expert Matteo Moretto.

1 mins

Unity Cup: Nigeria vs Ghana 'Not Just a Friendly' – Addo Declares War Ahead of Clash

Ghana head coach Otto Addo has stoked the flames of one of Africa's fiercest football rivalries, declaring that the upcoming Unity Cup match against Nigeria's Super Eagles is far from a friendly encounter.

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. This reality came to the fore once again following allegations by Paul Ibe, the longtime media aide to former Vice President Atiku Abubakar, who accused Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), of holding a secret meeting with two governors just before their dramatic defection to the ruling All Progressives Congress (APC).

5 mins

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The Business NG Description:

الناشر: Tuns-Media-&-Comm-Enterprise

فئة: Newspaper

لغة: English

تكرار: 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