Author: Ogochukwu Ndubuisi

Nigeria Customs Introduces One-Stop-Shop for Cargo Clearance The Nigeria Customs Service (NCS) says it has officially introduced its ‘One- Stop- Shop (OSS)’ initiative aimed at reducing cargo clearance time to 48 hours. NCS’s spokesperson, Abdullahi Maiwada, made this known in a statement on Sunday in Abuja. Maiwada said the initiative was unveiled recently during a meeting between NCS management and Customs Area Controllers chaired by the Comptroller-General(C-G), Adewale Adeniyi in Abuja. He said the meeting deliberated on the service’s modernisation agenda and the role of leadership in driving reforms across commands. Maiwada quoted the C-G as describing the OSS as…

SEC Raises Alarm over AI-Generated Investment Scams The Securities and Exchange Commission (SEC) has warned citizens against the rising wave of Artificial Intelligence (AI)-driven scams. SEC, in a statement on Sunday, said the commission had adopted an advanced surveillance system to detect fraudulent activities in real time. SEC said scammers were targeting unsuspecting investors with promises of guaranteed profits and fake celebrity endorsements. The commission said that fraudsters were increasingly turning to fake videos and AI-generated content to lure victims. The commission said that the manipulated videos featuring politicians, celebrities, and TV hosts were being shared through Facebook advertisements, Instagram…

Dangote Refinery: PENGASSAN Declares Nationwide Strike The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has directed its members nationwide to withdraw their services following the sack of over 800 Nigerian workers at the Dangote Refinery. Mr Lumumba Okugbawa, PENGASSAN’s General Secretary, announced this in a statement made available to newsmen in Abuja on Sunday. He said the directive was issued after an emergency meeting of the union’s National Executive Council (NEC) held on Saturday in Abuja. Okugbawa described the refinery’s action as a violation of Nigeria’s labour laws, the Constitution, and international conventions. According to him, “the…

NGX Key Indicators Surge, Equities Investors Gain N216bn Amidst fluctuation in stocks prices, the Nigerian Exchange (NGX) key indicators surged week on week as investors equities portfolio value gained about N216 billion. The market had opened the week on negative note but bull made strategic entry into the local bourse, and last momentum bargain hunting altered downward trend. The bullish sentiment dominated trading despite cautious profit-taking and mixed investor reactions to the continued release of H1 bank earnings. The All-Share Index advanced by 0.20% week-on-week to close at 142,133.02 points, reflecting renewed interest in some bellwether stocks. At the close…

Unity Bank Shareholders Approve Merger with Providus Shareholders of Unity Bank Plc have approved the proposed merger with Providus Bank Limited, marking a major milestone in the business combination of the two financial institutions. At the Court-Ordered Meeting held on September 26, 2025, at the OOPL Hotel in Abeokuta, Ogun State, 295 shareholders participated and deliberated on all items in the Scheme of Merger. Of these, 293 shareholders representing 99.32% of total shareholding (₦4.4 billion in value) voted in favour of the resolutions, while 2 shareholders representing 0.68% voted against. As part of the Scheme Consideration, Unity Bank shareholders will…

Equities Investors Gain N618bn in Nigerian Stock Market Boosted by interest in mid and large cap stocks, equities investors gained N618 billion in Nigerian stock market on Friday due to buying interest that cut across sectoral indexes. The positive sentiment lifted Nigerian Exchange (NGX) market capitalisation up by N618 billion or 0.7 per cent, closing at N89.960 trillion from N89.342 trillion on Thursday. Similarly, the All-Share Index increased by 983.99 points or 0.7 per cent to close at 142,133.03 from 141,149.04 recorded previously. Also, the market breadth closed positive with 36 gainers and 23 losers. Thomas Wyatt Nigeria led the…

Shareholders Approve Providus, Unity Bank Merger Deal Shareholders and Boards of Directors of Providus Bank and Unity Bank have approved the merger of the two institutions. The approval was given at a court-ordered Extraordinary General Meeting (EGM) held on Friday. In a joint statement, the two banks commended the Central Bank of Nigeria (CBN) for its foresight and commitment to building a stronger and more resilient financial system. They said the merger would reinforce confidence in the banking industry and align with the CBN’s vision of a sector that is customer-focused and capable of supporting Nigeria’s transition into a trillion-dollar…

Naira Appreciates to N1,480 on Sufficient Dollar Liquidity The Nigerian naira official exchange rate appreciated to N1480 per dollar at the end of the trading session on Friday in the absence of significant pressure in the forex market. The local currency strengthened against the US dollar on the back of sufficient FX liquidity amidst sustained FX intervention by the Apex Bank and rising external reserves. Updated FX from the Central Bank showed that the naira hit an intraday low of N1471, reflecting a positive exchange rate outlook. Foreign inflows boosted liquidity, and corporate FX demand was sufficiently met at the…

Foreign Investors Dump Nigeria, Ghana, Angola Eurobonds Foreign portfolio investors (FPIs) dumped African issuer notes across tenors in a portfolio rebalancing effort as key adjustment in market fundamentals. The U.S. Federal Reserve rate cut and then improved employment in America fueled the sell sentiment, which affected the oil-rich African issuers’ yield curve. Offshore investors significantly loaded their book due to higher return offerings from African names before the emergence of heated externalities that raised borrowing costs. African sovereign names had earlier witnessed foreign asset managers circling on relative short-dated note in Ghana, Angola, and Nigeria in particular. Similar, Egypt sovereign…

TAJBank Surpassed CBN’s Minimum Capital Requirement TAJBank, one of Nigeria’s non-interest banks, says it has met the Central Bank of Nigeria’s (CBN) new minimum capital requirement for national non-interest banks. The Managing Director of the bank, Mr Hamid Joda, confirmed the capitalisation feat in a statement on Friday in Abuja . “I am happy to report that through the leadership of our bank’s board and support of our valued shareholders and investors, TAJBank has fulfilled the mandatory recapitalisation requirement. “The bank is now fully prepared for a more customer friendly, innovative banking services delivery to our growing customers nationwide,” he…