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The Business NG - May 30, 2025

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Editorial Focus – BusinessNG | May 30, 2025

Nigeria’s Debt Trap: A Ticking Time Bomb

The African Development Bank’s projection that Nigeria will spend 75% of its federal revenue on debt interest payments in 2025 is a fiscal red flag. While the country’s debt-to-GDP ratio appears moderate at 47%, the true danger lies in the disproportionate share of revenue consumed by debt servicing. This signals a deepening structural imbalance in public finance, threatening Nigeria’s capacity to invest in growth, infrastructure, and social welfare. With limited fiscal room, urgent reforms are needed: widen the tax base, curb wasteful spending, and shift from debt-fueled budgeting to sustainable revenue generation.

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

Rivers State: Emergency Rule Faces Possible Extension as Crisis Deepens

Concerns are growing that the state of emergency declared in Rivers State may extend beyond the initial six months, as political tensions and administrative actions fuel uncertainty.

1 mins

Nigeria's High MPR Could Hamper Credit, Investment- Financial Experts

At its 300th Monetary Policy Committee (MPC) meeting on May 20, 2025, the Central Bank of Nigeria (CBN) maintained a firm monetary stance by holding the Monetary Policy Rate (MPR) at a high 27.50%, alongside a stringent Cash Reserve Ratio (CRR) of 50% for commercial banks.

1 mins

DMO's Series VII Sukuk Oversubscribed by a Historic 735%

The Debt Management Office (DMO) has recorded a landmark subscription for the Federal Government of Nigeria's (FGN) Series VII Sovereign Sukuk, with total bids reaching an unprecedented N2.21 trillion-oversubscribed by 735% against the N300 billion target.

1 mins

Banks Dominate Capital Market with Over N600bn Fresh Offers

Nigeria's financial markets witnessed a flurry of activity this week as leading banks and corporates flooded the debt and equity space with commercial paper (CP) issuances and capital-raising initiatives-underscoring their aggressive push to meet the Central Bank of Nigeria's (CBN) new capital requirements.

1 mins

Amnesty International Blasts Nigeria Over Security Crisis as 10,217 Dead, 672 Villages Razed in Two Years

Amnesty International has sharply condemned the Nigerian government for failing to protect its citizens amid a worsening security crisis that has claimed at least 10,217 lives and led to the destruction of 672 villages in the past two years.

1 mins

UBA Rights Issue Oversubscribed, Raises N240bn

United Bank for Africa (UBA) has successfully raised N240 billion from its recently concluded rights issue, which was oversubscribed by N251 billion.

1 mins

First HoldCo Advances N350bn Private Placement After Oversubscribed Rights Issue

First Bank Holdings Plc (First HoldCo) is moving forward with a N350 billion private placement, marking the next phase of its capital-raising initiative.

1 mins

Abbey Mortgage Bank to Raise N100bn for Commercial Banking Transition

Abbey Mortgage Bank Plc has unveiled plans to raise N100 billion through a combination of equity and debt instruments as part of its strategy to upgrade from a primary mortgage bank to a regional commercial bank.

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.

2 mins

Mauritania's Sidi Ould Tah Succeeds Adesina as AfDB President

Mauritania's former Minister of Economy, Dr. Sidi Ould Tah, has been elected as the new President of the African Development Bank (AfDB), taking over from Nigeria's Akinwumi Adesina whose decade-long leadership ended this week.

1 mins

Wema Bank Hits Recapitalisation Target, Plans Extra N50bn Raise

Wema Bank Plc has successfully completed its Rights Issue of 14.29 billion ordinary shares at N10.45 per share, which closed on May 21, 2025. The offer marks a significant step in the bank's effort to meet the Central Bank of Nigeria's (CBN) recapitalisation mandate.

1 mins

Heirs Insurance Drives Insurance Awareness with Essay Competition

In its to drive financial inclusion, insurance awareness among students and leading the digital insurance play in Nigeria, Heirs Insurance Group, Nigeria's fastest-growing insurance group, has opened applications for the fourth edition of its annual Heirs Insurance Essay Championship, targeted at Junior Secondary School students nationwide.

1 mins

Don't Buy Insurance for Claims Alone

A top Nigerian insurance company once celebrated as Best Insurance Company of the Year in Claims Payment is now under fire, with policyholders lamenting months of unpaid claims. The backlash has sparked fresh warnings: don't be swayed by claims payout announcements alone when buying insurance.

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

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

Sanlam, Allianz Hint at Nigeria Merger with Joint Digital Push

Two of the world’s largest insurance and non-banking financial giants, Sanlam and Allianz, have sparked fresh speculation in Nigeria's insurance sector following a wave of coordinated digital communications, strongly suggesting that a long-anticipated merger of their Nigerian operations may be imminent.

1 mins

Zenith Bank Hits N614bn Capital After 160% Offer Subscription

Zenith Bank Plc has successfully met the Central Bank of Nigeria's (CBN) recapitalisation requirement, following a 160% oversubscription to its combined Rights Issue and Public Offer.

1 mins

Access Holdings Meets CBN’s N500bn Capital Rule Early

Access Holdings Plc has become the first Nigerian bank to meet the Central Bank of Nigeria's (CBN's) minimum capital requirement for banks with international authorisations, ahead of the March 2026 deadline.

1 mins

Oil Slips as Traders Eye OPEC+ Decision, U.S. Sanctions

The global commodity market traded largely mixed as of 2:22 PM GMT on Thursday, with precious metals edging higher while crude oil prices weakened amid geopolitical uncertainties.

1 mins

Unity Bank Recapitalisation Status Tied to Providus Merger Talks

Unity Bank Plc has yet to disclose the status of its recapitalisation efforts as it remains engaged in on-going merger discussions with Providus Bank.

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

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

NGX Slips as Investors Lose N53.3bn on SEPLAT, OANDO Selloffs

The Nigerian stock market ended Thursday's trading session in the red, snapping a three-day winning streak as the NGX All-Share Index (ASI) dipped 8 basis points to 111,818.08, down from 111,902.61. Consequently, the year-to-date return fell to 8.64%, while investors lost 53.30 billion

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

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 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

CRFFN Seeks Inclusion in National Single Window Scheme

The Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) has raised concerns over its continued exclusion from the National Single Window (NSW) platform, despite the critical role freight forwarding plays in international trade.

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

FG Donates 3,500 Life Jackets to LASWA, Targets Safer Waterways

In a determined effort to reduce fatalities on Nigeria’s waterways, the Federal Government, through the Ministry of Marine and Blue Economy, has donated 3,500 life jackets to the Lagos State Waterways Authority (LASWA).

2 mins

Maritime Unions Threaten Port Shutdown Over Arrest of NPA Workers by Lagos State Officials

Yesterday, Thursday May 29, 2025, organised labour under the Senior Staff Association of Statutory Corporations and Government Owned Companies (SSASCGOC) Maritime Branch and the Maritime Workers' Union of Nigeria (MWUN) issued a 12-hour ultimatum to the Lagos State Government to release three Nigerian Ports Authority (NPA) workers recently arrested by state officials at Barracks bus stop, Apapa, Lagos.

1 mins

Hapag-Lloyd Docks in Onne, Boosts Nigeria's Global Trade Links

In a move set to strengthen Nigeria's maritime sector, West Africa Container Terminal (WACT) - APM Terminals Nigeria has officially welcomed global shipping giant Hapag-Lloyd to Onne Port, marking the liner's debut service in Eastern Nigeria.

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

Finance Ministry Launches Employee Performance System to Boost Economic Growth

The Federal Ministry of Finance has launched a new Employee Performance Management System (EPMS) to enhance public sector efficiency and drive economic development.

1 mins

Jollof+ Marks One Year with Nearly N10 Billion in Savings

Just shy of its first anniversary, digital savings platform Jollof+ is celebrating a major financial milestone—helping Nigerians save close to 10 billion in under 12 months.

1 mins

Herdsmen Attack Benue Community, Residents Flee Amid Chaos

Panic erupted in Agan, a suburb of Makurdi in Benue State, on Thursday evening as suspected herdsmen launched a violent attack, leaving several people feared dead and many others injured.

1 mins

Soludo Nears Completion of 4.5km Oko-Ogboji Road, Deepens Infrastructure Push

Governor Charles Chukwuma Soludo's administration has recorded another milestone in Anambra State's infrastructure drive, as the 4.534-kilometre Pal Junction Oko to Ogboji road nears completion.

1 mins

Court Transfers Rite Foods' N1.6bn Trademark Suit Against Mamuda for Reassignment

The Federal High Court in Abuja has transferred the N1.6 billion trademark infringement case filed by Rite Foods Limited, makers of Fearless Energy Drink, against Mamuda Beverages Nigeria Limited, producers of Pop Power Energy Drink, back to the Chief Judge for reassignment.

1 mins

NCC Commissions e-Health Project in Akure to Revolutionise Healthcare Delivery

In a significant push to integrate digital innovation into Nigeria's healthcare system, the Nigerian Communications Commission (NCC) on Thursday commissioned an e-Health Project at the State Specialist Hospital, Akure, Ondo State.

1 mins

"Sign CR7!" - Madrid Fans Urge Ronaldo's Return at 40

Real Madrid fans have sparked fresh transfer speculation after unfurling a bold banner outside the club's Valdebebas training complex, urging President Florentino Pérez to re-sign Portuguese legend Cristiano Ronaldo.

1 mins

Pellegrini: Injuries, Chelsea's Left Flank Blitz Sank Betis

Real Betis manager, Manuel Pellegrini, has attributed his side's crushing 4-1 defeat to Chelsea in the Europa Conference League final to second-half tactical shifts and untimely injuries that disrupted their momentum.

1 mins

Amad Dismisses Garnacho Rift Rumours

Manchester United winger Amad Diallo has played down speculation of a rift between teammate Alejandro Garnacho and head coach Ruben Amorim, assuring fans that “everything is good now\"at Old Trafford.

1 mins

Chelsea Trigger £30m Clause for Delap

Chelsea are poised to secure the signing of Ipswich Town striker Liam Delap after agreeing to activate the 22-year-old’s £30 million release clause, transfer expert Fabrizio Romano has reported.

1 mins

Kola Oredipe seeks SWAN Partnership

The founder of SamKay Athletics Club, Dr. Kola Oredipe has solicited for the support of the Sports Writers Association of Nigeria (SWAN) as he seeks for the south-south zonal position in the board of Athletics Federation of Nigeria

1 mins

Gateway Games 2024: Team FCT Golf Shines with 8 Medals, Seeks Increased Support from Minister

The Federal Capital Territory Golf Association has commended the impressive performance of its golfers at the ongoing 22nd National Sports Festival Games in Ogun State, where they won a total of 8 medals, including 2 gold, 4 silver, and 1 bronze, and 1 other medal.

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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