Nigeria’s upstream oil sector has recorded a major rebound, with the number of active oil rigs rising from eight in 2021 to 46 as of July 2025, according to new figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Mr Gbenga Komolafe, NUPRC’s Chief Executive, revealed the data on Wednesday at the opening of a…
Stanbic IBTC Holdings Plc has successfully concluded its Rights Issue, raising N148.7 billion—exceeding the Central Bank of Nigeria’s (CBN) recapitalisation requirement. In a statement issued on Tuesday, the bank said the offer recorded an impressive oversubscription rate of 21.9 per cent, underscoring strong investor confidence and shareholder support. The capital raise, described as a strategic…
Nigeria’s Central Bank has instructed banks to submit comprehensive Capital Restoration Plans by 14 July 2025, formally ending financial relief measures that were introduced to cushion the sector during the COVID-19 pandemic. In an official circular dated 20 June 2025, signed by Director of Banking Supervision Dr Olubukola Akinwunmi, the CBN set out a clear…
The Managing Director and CEO of the National Agricultural Insurance Corporation (NAIC), Hon. Yazid Shehu Danfulani, has pledged full support for the Federal Government’s efforts to revitalise the livestock sector under President Bola Ahmed Tinubu’s Renewed Hope Agenda. Danfulani made the commitment following a strategic meeting with the Minister of Livestock Development, Dr. Idi Mukhtar…
Renaissance Africa Energy Company Limited has announced that it is taking actionable steps to address electricity and clean energy shortages in Nigeria and across Africa. Mr Tony Attah, Managing Director of Renaissance, made the remark in a statement issued by the company’s spokesperson, Mr Michael Adande, in Port Harcourt on Wednesday. According to the statement,…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that Nigeria attracted investment of as much as $16 billion in the two years spanning 2023 to 2025. The Commission Chief Executive (CCE), Gbenga Komolafe, stated this in an address themed: “Strategic Imperatives for Advancing Investments Through Upstream Petroleum Regulations“ at the Nigeria-China Sustainable Bilateral Business,…
The Nigerian Agricultural Insurance Corporation (NAIC) has expressed its readiness to collaborate with the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) to advance agricultural development and sustainability across Nigeria. This was made known on Tuesday during a courtesy visit by ICRISAT representatives to NAIC’s head office in Abuja, where both parties explored areas…
Investor appetite for Nigeria’s sustainable finance instruments remained strong as the Federal Government’s third Sovereign Green Bond recorded subscription of N91.42 billion—significantly above its N50 billion offer size. The Debt Management Office (DMO), which announced the result in a statement issued Thursday in Abuja, said the offer closed on Wednesday, June 18, 2025. This latest…
Nigeria’s foremost capital market entities have unveiled strategic initiatives aimed at bolstering cross-border investments, particularly between Nigeria and China. The Nigerian Exchange Group (NGX Group) and the Securities and Exchange Commission (SEC) have indicated that their ongoing engagements in China are part of a broader strategy to enhance Nigeria’s integration with global financial markets and…
The Standard Organisation of Nigeria (SON) has condemned the surge of substandard products in Nigerian markets, primarily caused by importers. The organisation also alerted local manufacturers to cease the production of inferior goods for local consumption. During a workshop entitled “Growing Businesses Through Standardisation” in Abakaliki, Ebonyi State, Dr Ifeanyi Okeke, SON’s Director General, highlighted…
