Author: Ogochukwu Ndubuisi

Transcorp Hotels PLC Graduates 16TH Cohort of Business Empowerment Programme for Women Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc, has graduated the 16th cohort of its Business Empowerment Programme for Women (BEPW), strengthening its commitment to creating opportunities, empowering communities, and driving inclusive economic growth. The BEPW is one of Transcorp Hotels Plc’s flagship sustainability initiatives, reflecting the Company’s commitment to creating long-term social, economic, and environmental impact. The Corporate Social Responsibility (CSR) programme provides young women with hands-on tailoring training, as well as skills in business, financial management, marketing, and customer service. Established in 2016 in…

Banking and Insurance stocks wiped about N878 billion from the Nigerian equities…

CBN Withdraws Licences of 46 Microfinance Banks The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs), citing their failure to meet regulatory requirements for continued operation. In a statement on Wednesday by Hakama Sidi-Ali, acting director of corporate communications, the apex bank said the revocation took effect from July 1, 2026, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020. The CBN said the action was approved by Olayemi Cardoso, the apex bank governor, as part of efforts to safeguard the stability of the financial…

Sell pressures in Dangote Cement, Aradel Holdings and other decliners halted Nigerian Exchange

EU Cuts Steel Import Quotas to Protect Industry The European Union Commission has unveiled new steel import quotas to reduce duty-free imports, protect the bloc’s steel industry and boost production capacity. The new rules, which take effect on Wednesday, reduce annual tariff-free steel import quotas by 47 per cent to 18.3 million metric tonnes. They commission also imposed a 50 per cent duty on imports exceeding the quotas across 26 categories of steel products. It said the measures were designed to raise steel production capacity utilisation in the European Union to 80 per cent. The commission said the rules would…

NCC Pushes Faster Fibre Rollout, Says Broadband Key to $1trn Economy The Nigerian Communications Commission (NCC) has urged accelerated Fibre-to-the-Home (FTTH) deployment, saying faster broadband expansion is critical for Nigeria to achieve its $1 trillion economy ambition. The NCC Executive Vice Chairman, Dr Aminu Maida, made the call virtually on Tuesday at the Association of Telecommunications Companies of Nigeria’s (ATCON’s) Critical Conversation Forum on FTTH in Lagos. The forum, organised by ATCON, had the theme: “Addressing Challenges, Strengthening Standards and Ensuring Sustainable FTTH Deployment in Nigeria.” Maida said internet connectivity had become essential for education, healthcare, commerce, governance, financial services…

FG to Launch Platforms to Enhance Transparency, Track Performance of MDAs Federal Government will, on July 14, officially launch three new digital platforms designed to enhance transparency and track the performance of Ministries, Departments, and Agencies (MDAs). This is contained in a statement issued by ​Mr Aliyu Umar Aliyu, the Head of Communication and Strategy at the Bureau of Public Service Reforms (BPSR), on Wednesday in Abuja. ​The initiative is aimed at tackling the age-old issues of institutional corruption, missing files, and fragmented tracking of government promises across Ministries, Departments, and Agencies (MDAs). ​According to Aliyu, the official unveiling will…

Tax: Lagos Chamber of Commerce Seeks One-Month CIT Filing Extension, Waiver The Lagos Chamber of Commerce and Industry (LCCI) has urged the Nigeria Revenue Service (NRS) to grant a one-month extension for the filing of Company Income Tax (CIT) returns. The appeal followed widespread technical glitches that occurred on the newly introduced Rev360 tax platform. Director General, LCCI, Dr Chinyere Almona, made the appeal on Wednesday in Lagos via a statement. She also appealed to the NRS to waive penalties for companies that were unable to file their returns by the Tuesday statutory deadline due to the portal’s failure. Almona…

Oil Prices Increase on US, Iran Back-and-Forth Negotiations Oil prices increased on Wednesday as the lack of progress in negotiations between the US and Iran reinforced concerns over potential supply disruptions in the Middle East, despite continued recovery in tanker traffic through the Strait of Hormuz. International benchmark Brent crude traded at $73.02 per barrel at 10.06 a.m. local time (0706 GMT), up around 0.1% from the previous close of $72.95. US benchmark West Texas Intermediate (WTI) rose about 0.1% to $69.57 per barrel, compared with $69.50 in the previous session. Oil prices found support after talks aimed at reaching…

BOI, Kuramo Capital Sign Deal on $170m iDICE Funds Management The Bank of Industry (BOI) has signed a 170.06 million dollars Fund of Funds management contract with Kuramo Capital Management under the Federal Government Investment in Digital and Creative Enterprises (iDICE) Programme. In a statement on Wednesday in Abuja, the BOI Managing Director, Dr Olasupo Olusi, said the Fund of Funds had a minimum size of 170.06 million dollars making it the largest fund under the 617 million dollars iDICE Programme. Olusi said, “Kuramo Capital emerged as the manager of the Fund of Funds component of the iDICE programme. With…