President Bola Tinubu has signed a new Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order aimed at unlocking up to $50 billion in investment in Nigeria’s deepwater oil sector, beginning with the approximately $10 billion Bonga South West project. But the bigger question is not whether the incentives will attract investors. It is…
Jigawa State has approved a ₦3.5 billion interest-free loan for its Pilgrims Welfare Board to secure early deposits for 466 intending pilgrims ahead of the 2027 Hajj. The state government says the decision is necessary to meet deadlines set by the National Hajj Commission of Nigeria and Saudi authorities, allowing Jigawa to secure its allocated…
Billionaire investor and First HoldCo Chairman Femi Otedola has significantly increased his stake in the financial services group after acquiring an additional 1.779 billion shares valued at approximately ₦222.2 billion. The transaction, disclosed in a regulatory filing submitted to the Nigerian Exchange (NGX), was executed through Otedola’s investment vehicle, Calvados Global Services Limited. The latest…
Africa’s richest man, Aliko Dangote, plans to donate one-third of his fortune to charitable causes as part of a long-term succession strategy designed to preserve his philanthropic legacy for generations. The revelation was made by his daughter, Halima Dangote, a trustee of the Aliko Dangote Foundation, during an interview with Bloomberg. According to Halima, Dangote…
Nigeria’s naira remained relatively stable on Tuesday, supported by the country’s strong external reserves, even as the Nigerian stock market slipped into negative territory on renewed profit-taking by investors. The Central Bank of Nigeria’s external reserves currently stand at $52.73 billion, helping to sustain confidence in the foreign exchange market. On the official Nigerian Foreign…
The United States has approved a $1.96 billion weapons package for Saudi Arabia, reinforcing the kingdom’s air defense capabilities as regional tensions escalate with Yemen’s Houthi movement. The sale, approved by the U.S. State Department, includes up to 20,000 Advanced Precision Kill Weapon System (APKWS) II laser-guided rockets and related support equipment. According to the…
Nigeria’s pension industry has reached a new milestone, with total pension assets rising to ₦31.48 trillion following recent reforms by the National Pension Commission (PenCom). The Commission also disclosed that 938,229 new contributors joined the Contributory Pension Scheme (CPS) over the past two years, bringing total membership to 11.32 million. Speaking at a State House…
A coalition of 12 U.S. states, led by California Attorney General Rob Bonta, has filed a lawsuit seeking to block Paramount Skydance’s proposed $110 billion acquisition of Warner Bros. Discovery, arguing the deal would create an unlawful media monopoly and significantly reduce competition across the entertainment industry. The lawsuit contends that the merger would combine…
Nigeria’s stock market has climbed to the top of the global rankings after overtaking South Korea to become the world’s best-performing equity market in 2026, delivering another strong trading session that added ₦962 billion to investors’ wealth. The Nigerian Exchange (NGX) extended its remarkable rally as renewed buying interest in major banking, consumer goods and…
Nigeria has secured a $1.25 billion financing package from the World Bank aimed at accelerating economic reforms, creating jobs and unlocking private sector-led growth under a new long-term partnership framework. The funding forms part of the World Bank’s new Country Partnership Framework (CPF) for 2026–2032, which is designed to support Nigeria’s efforts to stimulate investment,…
