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The Business NG - June 27, 2025

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In this issue

Business NG Editorial Focus – June 27, 2025

In our June 27 edition, Business NG spotlights the extraordinary resilience of Nigeria’s banking sector, which defied 2024’s economic headwinds to expand total assets by 40%, reaching N170.02 trillion. This milestone, revealed in the 2025 State of Enterprise (SOE) Report, underscores the sector’s pivotal role in Nigeria’s economy—now accounting for 63% of GDP.

Despite the naira’s plunge from N450 to N1,600 per dollar due to FX unification, banks demonstrated adaptability and deepened financial intermediation. We examine how asset growth—partly nominal—also reflects genuine structural expansion and the banks’ strategic response to inflation and currency volatility.

This edition also probes the Senate’s ultimatum to NNPCL over N200 trillion in unaccounted funds, drawing attention to the urgent need for transparency in public finance.

Amid rising money market rates and pension asset projections nearing $25bn by 2030, Business NG connects the dots between regulatory reform, fiscal integrity, and financial market depth—framing the Nigerian financial system as both a driver of economic stability and a mirror of its vulnerabilities.

ASIF 2025: Africa Launches $50bn Fund to Drive Development

The 2025 edition of the Africa Sovereign Investors Forum (ASIF) concluded in Abuja with a bold commitment to transform the continent through the strategic use of its sovereign wealth assets.

1 mins

Tinubu Signs Landmark Tax Reform Bills into Law

President Bola Tinubu has signed four major tax reform bills into law, marking what he described as the beginning of a bold new era in Nigeria’s economic governance.

1 mins

Money Market Rates Soar Above 32% Amid Liquidity Crunch

Short-term interest rates in Nigeria's money market have surged above 32.5% as a tightening liquidity environment continues to pressure the financial system.

1 mins

TGI Deepens Rural Banking with Cocoa Farmer Drive

Tropical General Investments (TGI) Group has taken another step toward bridging Nigeria's rural financial gap with the launch of the Osun Financial Inclusion Drive (OFID), a grassroots initiative aimed at connecting underserved cocoa farmers to formal banking and digital financial services. Implemented through WACOT Limited, a TGI subsidiary, the program reflects the company's growing commitment to inclusive development across Nigeria's agricultural communities.

1 mins

Reflections on Naira-for-Crude

The Naira-for-Crude initiative has ignited a profound debate in Nigeria's economic landscape, yielding tangible results, such as the consistent drop in petrol prices. It is a development warmly received by many citizens.

5 mins

Cardoso Calls for African Unity as Afreximbank Assets Hit $40bn

The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has called for greater strategic unity among African nations as the African Export-Import Bank (Afreximbank) reached a historic milestone of $40 billion in capital assets at the end of 2024.

1 mins

91% of Forex Liquidity Hidden from Official System, Say BDC Operators

Over 91% of Nigeria's dollar liquidity is circulating outside the formal financial system, Bureau De Change (BDC) operators have revealed, raising fresh concerns about the Central Bank of Nigeria's (CBN) ability to stabilize the volatile foreign exchange market.

1 mins

DMO Settles Oversubscribed N100bn FGN Bond

Nigeria’s Debt Management Office (DMO) has concluded settlement for a 100 billion Federal Government bond following a highly successful auction that drew robust investor interest and oversubscription.

1 mins

Stable FX Demand, Supply Keeps Naira at N1,549

The Nigerian naira remained stable against the U.S. dollar on Tuesday, closing at 1,549.26/$1 in the official market, supported by balanced foreign exchange (FX) demand and sustained dollar supply. This reflects only a marginal movement from the previous rate of 1,549.04/$1, according to data from the Central Bank of Nigeria (CBN).

1 mins

Nigeria's Eurobond Yields Drop to 8.80% on Renewed Investor Confidence

Nigeria’s sovereign Eurobonds recorded a sharp drop in average yield, closing at 8.80% in the international market, as global investors increased their appetite for emerging market debt amid signs of economic recovery and a dovish stance by the U.S. Federal Reserve.

1 mins

Two PFAs Dominate Nigeria's Informal Pension Market as Others Lag Behind

Nigeria's pension industry is showing a worrying imbalance in its drive to capture the informal sector, with two Pension Fund Administrators (PFAs) — AccessARM Pensions and Stanbic IBTC — accounting for nearly 70% of all new Micro Pension Plan (MPP) registrations in Q4 2024, according to data from the National Pension Commission (PenCom).

1 mins

CITN Commends NGF's Elimination of Illegal Roadblocks and Harmonization of Levies

The Chartered Institute of Taxation of Nigeria (CITN) has welcomed and commended the recent resolution of the Nigeria Governors' Forum (NGF), made at its meeting held on Wednesday, 18th June 2025, to eliminate illegal roadblocks and harmonise levies imposed on the transportation of agricultural produce across Nigerian states.

1 mins

Pension Funds Post Strong Growth Across All Categories in Q1 2025

Nigeria's Contributory Pension Scheme recorded robust performance across all Retirement Savings Account (RSA) fund categories between December 2024 and March 2025, highlighting investor confidence and increasing asset diversification in the pension industry.

1 mins

PenCom Urges Pension Funds to Embrace Alternative Assets, Diversify Beyond Bonds

The National Pension Commission (PenCom) has called on Pension Fund Administrators (PFAs) to diversify their investment portfolios by increasing allocations to alternative assets such as infrastructure and private equity.

1 mins

Insurers Inject N622bn into Economy Through Claims in 2024

Nigeria's insurance industry paid out a total of N622 billion in claims in 2024, providing a major boost to the national economy and supporting individual and corporate policyholders in times of need.

1 mins

GCR Affirms RMB Nigeria Rating, Upgrades Outlook to Positive

CR Ratings has affirmed the national scale longand short-term issuer ratings of Rand Merchant Bank Nigeria (RMBN) at AA-(NG) and A1+(NG), respectively, while revising the outlook from stable to positive.

1 mins

NGX Index Slips on Profit-Taking in Banking, Industrial Stocks

The Nigerian Exchange (NGX) All-Share Index recorded a decline during Thursday's intraday trading session, driven by heavy selloffs in banking, cement, telecom, and brewery stocks as investors took early profit.

1 mins

Oando Grows Gross Profit 172% in Q1 2025 on Rising Production, Expands African Footprint

Oando Plc has reported a 172% year-on-year increase in gross profit for the first quarter of 2025, hitting N85 billion compared to N31 billion in the same period of 2024.

2 mins

NGX Index Breaks 120,000 Barrier as Dangote Sugar, Oando Lead Gainers

The Nigerian stock market soared to a historic high on Wednesday, June 25, as the All-Share Index (ASI) surged past the 120,000 mark for the first time ever.

1 mins

SEC Sets 2030 Target for Inclusive Investment, Warns of Worsening Inequality

The Securities and Exchange Commission (SEC) has called for urgent steps to deepen financial inclusion through investment, warning that Nigeria must tap into its population's economic potential by 2030 or risk deepening poverty and inequality.

1 mins

Suswam Confirms Exit Plans from PDP Amid Crisis

Former Governor of Benue State, Senator Gabriel Suswam, has confirmed that he is considering leaving the Peoples Democratic Party (PDP), citing the deepening internal crisis currently engulfing the main opposition party.

1 mins

Opposition Coalition Led by Tired, Complicit Politicians – Sowore

Human rights activist and former presidential candidate, Omoyele Sowore, has criticised the recently formed anti-Tinubu opposition coalition, describing its leaders as “tired individuals” who are partly responsible for Nigeria's current challenges.

1 mins

Senate Sparks Uproar Over Non-Indigene as Rivers Electoral Chief

A major uproar erupted in the Senate on Wednesday following the confirmation of Dr. Michael Odey, a non-indigene from Cross River State, as the Chairman of the Rivers State Independent Electoral Commission (RSIEC).

1 mins

Edo PDP Slams Gov Okpebholo, Assembly Over N100bn Loan Approval

The Edo State chapter of the Peoples Democratic Party (PDP) has strongly condemned Governor Monday Okpebholo and the State House of Assembly over the recent approval of a N100 billion loan facility from First Bank of Nigeria Plc.

1 mins

Crisis Deepens in PDP as NWC Rejects Damagum’s Decisions

Fresh confusion has engulfed the Peoples Democratic Party (PDP) following a sharp disagreement between the National Working Committee (NWC) and the party's Acting National Chairman, Ambassador Umar Damagum, over key party decisions.

1 mins

Bond Yields Fall as Investors Pile Into Naira Assets

The benchmark yield on Nigerian Federal Government bonds dropped by 19 basis points to 18.64% on Thursday, driven by strong demand in the secondary market as investors continue to reposition ahead of next week' bond auction.

1 mins

PZ Cussons Exits, Presco Reclaims

Two major developments in Nigeria's agro-industrial sector are highlighting a shift in the country's investment landscape.

1 mins

Fertiliser Revolution: Nigeria Turns $277m Imports Into $400m Exports

Nigeria's fertiliser industry is undergoing a remarkable transformation, flipping from a heavy import-dependent sector to a promising export hub. Until recently, the country imported an estimated $277 million worth of fertiliser annually. But with the rise of local mega-production capacity, Nigeria is positioning itself as a net exporter.

1 mins

Nigeria's Green Bond Oversubscribed by 183%, Hits N91.42bn

Nigeria’s third Sovereign Green Bond issuance has recorded strong investor demand, closing with total subscriptions of N91.42 billion—an impressive 183% of the initial N50 billion offer.

1 mins

Domestic Gas Sales Slide Despite Production Surge

Despite a steady increase in Nigeria's gas output, domestic gas sales fell by 10.61% month-on-month in May 2025, marking the second consecutive decline and raising concerns over supply to the local market.

1 mins

InfraCredit's Q1 Profit Plunges 95% Despite Strong Revenue Growth

InfraCredit Plc, the infrastructure guarantee company listed on the NASD, posted a sharp 95% year-on-year drop in first-quarter profit to N1.8 billion, down from N33.3 billion in Q1 2024.

1 mins

12 LGAs in Borno, Yobe Still Unvaccinated – UNICEF

The United Nations Children’s Fund (UNICEF) has raised alarm over the continued lack of vaccination in 12 local government areas across Borno and Yobe States, describing the situation as deeply concerning.

1 mins

Niger Govt Shuts Down IBB University Over Security Breaches

The Niger State Government has ordered the immediate closure of the Ibrahim Badamasi Babangida University (IBBU), Lapai, following recent security breaches that reportedly led to the loss of lives within the university community.

1 mins

Abia Panel Submits Report on Suspended College Provost

The panel of inquiry set up by the Abia State Government to investigate the suspended Provost of the Abia State College of Education (Technical), Arochukwu, Professor Vincent Onwe, has submitted its report to the state government.

1 mins

Global Drug Use Climbs to 316 Million in 2023 - UN

The number of drug users globally surged to 316 million in 2023, representing 6% of the world’s population aged between 15 and 64, according to the 2025 World Drug Report released by the United Nations Office on Drugs and Crime (UNODC) on Thursday.

1 mins

700 Youth Trained in Digital Skills by PIN

Over 700 young people across 11 African countries have been equipped with vital digital, financial, and entrepreneurial skills through Paradigm Initiative’s (PIN) flagship LIFE Legacy programme, the organisation revealed in its 2024 Annual Impact Report.

1 mins

MWUN Urges Government to Tackle Seafarer Harassment Onboard Vessels

The Maritime Workers' Union of Nigeria (MWUN) has called on the federal government and the National Assembly to work more closely with organised labour unions in tackling the persistent harassment of Nigerian seafarers on board vessels operating within the country's territorial waters.

1 mins

B’Odogwu Will Revolutionize Customs – Tincan Port CAC Onyeka

The Area Controller of the Tincan Island Port Command of the Nigeria Customs Service (NCS), Comptroller Frank Onyeka, has declared that B'Odogwu, the indigenous unified customs management system, has come to stay, describing it as a game-changer for trade facilitation in Nigeria.

1 mins

Reps Approve N1.132 Trillion Budget for Customs

The House of Representatives Committee on Customs and Excise has approved a N1.132 trillion budget for the Nigeria Customs Service (NCS) for the 2025 fiscal year, marking a major push to enhance revenue generation, trade facilitation, and anti-smuggling efforts.

1 mins

Nigeria, India Deepen Customs Ties at WCO Meeting

The Nigeria Customs Service (NCS) has reaffirmed its commitment to strengthening strategic cooperation with the Indian Customs Administration, as both sides advanced key bi-lateral engagements on the sidelines of the 92nd Session of the World Customs Organisation (WCO) Policy Commission.

1 mins

Cargo Ship Carrying 800 EVs Sinks in Pacific After Fire

A cargo ship that caught fire earlier this month in the Pacific Ocean has sunk, its manager, Zodiac Maritime, confirmed in a statement.

1 mins

Seme Customs Generates N3.57bn in Five Months, Earns Zonal

The Seme Area Command of the Nigeria Customs Service (NCS) has received high commendation from the Zonal Coordinator, Zone A Lagos, Assistant Comptroller General (ACG) Charles Orbih, after recording 3.57 billion in revenue between ween January January and May 2025.

1 mins

Ogun, Lagos, Abia, Others Honoured by CIPM for HR Excellence

Ogun State and four others — Lagos, Osun, Abia, and Akwa Ibom — have been recognised by the Chartered Institute of Personnel Management of Nigeria (CIPM) for their outstanding commitment to professional human resource development in the public sector.

1 mins

Defections Won't Stop PDP Victory in 2027 – Ogun Chairman Tella

The Ogun State Chairman of the People's Democratic Party (PDP), Comrade Abayomi Tella, has confidently declared that the party will defeat the ruling All Progressives Congress (APC) in the 2027 governorship election, despite a wave of recent defections by some of its prominent members.

1 mins

Dangote Is the Pride of Nigerian Capital Market - NGX Group Chairman

The Chairman of the Nigerian Exchange Group (NGX Group), Alhaji (Dr.) Umaru Kwairanga, has hailed Africa's richest man, Aliko Dangote, as the pride of Nigeria's financial market for his game-changing contributions to the capital market and broader private sector development.

1 mins

Flavour to Headline Grand Opening of Africa's Largest Fun City in Anambra

Anambra-born music superstar, Chineadu Okoli, popularly known as Flavour, will lead a lineup of performers, including highlife duo Umu Obiligbo, at the grand opening of Solution Fun City, Africa's largest recreational park, on Saturday, June 28, 2025.

1 mins

NCC Unveils Landmark Regulatory Impact Assessment to Reform Telecom Laws

The Nigerian Communications Commission (NCC) has presented the outcome of its first-ever Regulatory Impact Assessment (RIA) on Subsidiary Legislation 2024, setting the stage for comprehensive reform of Nigeria's telecom regulatory environment.

1 mins

Defence Chief Seeks Benue Monarchs' Support to Tackle Insecurity

The Chief of Defence Staff (CDS), General Christopher Gwabin Musa, on Thursday held a strategic meeting with the Benue State Traditional Council and prominent elders in Makurdi as part of his nationwide peace and security engagement.

1 mins

Culture Must Drive Modern Marketing – Fasakin

Executive Chairman of CMRG Limited and former President of the Nigeria Market Research Association (NIMRA), Lanre Fasakin, has emphasized that culture is inseparable from marketing, especially in the evolving landscape of consumer engagement.

1 mins

Wike Doesn't Own PDP – Bode George Warns Ahead of NEC Meeting

Peoples Democratic Party (PDP) chieftain, Chief Bode George, has declared that the party will take decisive action against members sabotaging its unity and interests, insisting that Minister of the Federal Capital Territory, Nyesom Wike, does not own the party.

1 mins

Makinde Renames Polytechnic Ibadan After Late Gov. Olunloyo

Governor Seyi Makinde of Oyo State has renamed The Polytechnic Ibadan in honour of the late former governor of the old Oyo State, Dr. Victor Omololu Olunloyo.

1 mins

Bandits Seize Kankara LGA in Katsina, Ban Farming

Armed bandits led by notorious kingpin Babaro have reportedly taken full control of Kankara Local Government Area in Katsina State, escalating fears among residents and sparking urgent calls for government intervention.

1 mins

Mbappe Sues PSG Over Alleged Extortion, Harassment

Real Madrid star Kylian Mbappe has taken legal action against his former club, Paris Saint-Germain (PSG), accusing them of attempted extortion and moral harassment.

1 mins

Ex-Chelsea Midfielder Anjorin Set to Dump England for Nigeria

Former Chelsea midfielder Faustino Anjorin is set to switch his international allegiance from England to Nigeria, Daily Post has learnt.

1 mins

Pereira Tips Arda Guler as Modric's Successor at Real Madrid

Wolves manager Vitor Pereira has named Turkish midfielder Arda Guler as the ideal long-term replacement for Luka Modric at Real Madrid.

1 mins

Leboeuf Criticizes Messi's Comments on PSG

Former Chelsea defender Frank Leboeuf has expressed disappointment over Lionel Messi’s recent remarks about his time at Paris Saint-Germain (PSG).

1 mins

Ederson Dismisses Man City Exit Rumours as 'Fake News'

Manchester City goalkeeper Ederson has dismissed widespread speculation suggesting he could leave the club this summer, labelling the reports as \"fake news.

1 mins

Ronaldo's £712m Al-Nassr Deal Includes Ownership, 16 Staff

Cristiano Ronaldo has signed a jaw-dropping new contract with Saudi Pro League club Al-Nassr that will keep him at the club until 2027, with financial terms that further cement his status as the highest-paid athlete in the world.

1 mins

Why Recapitalisation Alone Won't Save Nigerian Banks

Nigerian banks are increasingly showing signs of strain, beset by internal capacity constraints that are now eroding service quality, undermining consumer confidence, and raising serious questions about the sustainability of recent regulatory reforms. Although the Central Bank of Nigeria (CBN) has introduced an ambitious recapitalisation programme—demanding that international banks raise their capital base to ₦500 billion and national banks to ₦200 billion—the sector's deeper problems run beyond finance. Infrastructural decay, mass talent flight, ageing technology, and poor staff morale continue to gnaw at the foundations of the industry, threatening to unravel gains from the capital expansion effort.

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