Don Pedro Aganbi, veteran media entrepreneur, filmmaker, and Tech/Nollywood advocate, has officially declared his candidacy for the position of Director, Policy & Implementation in the forthcoming Actors Guild of Nigeria (AGN) National Elections. At a media parley with entertainment editors in Lagos, Aganbi, who has been cleared by the AGN National Electoral Committee, outlined his vision to strengthen the Guild through effective policy formulation and consistent implementation. A long-standing member of the Guild since 2003, Aganbi is renowned for his advocacy for professionalism and innovation in Nollywood. He has held several key positions, including PRO and Chairman Emeritus of AGN…
Author: Elvis Eromosele
Nigeria’s leading palm oil producers, Okomu Oil Palm and Presco Plc, are on track for record profits amid a looming global supply crunch triggered by Indonesia’s expanded biofuel policy. The world’s top producer plans to raise its biodiesel blend from 40 per cent to 50 per cent, diverting more palm oil to energy use and reducing export volumes. In Nigeria, where local demand far outstrips supply, producers are cashing in. Okomu Oil reported ₦60.3 billion in profit for the first nine months of 2025, a 50 per cent jump, while Presco saw profits soar over 4,000 per cent compared to…
Geometric Power, Nigeria’s foremost integrated electricity group, has suffered its first blackout in 60 days. The blackout started at 4.33 am, according to Edise Ekong, the Senior Brand and Communication Manager of Aba Power Electricity Company Ltd, the distribution subsidiary of the group. Ekong, in a statement in Aba early this morning, attributed the power failure to a lack of gas supply from the Geometric Power business partner, Heirs Energies, operator of the Nigerian National Petroleum Company Ltd (NNPL) joint venture with Heirs Energies on the Oil Mining Lease (OML) 17 at Owaza in Ukwa West Local Government Area (LGA)…
The cost of registering a new car in Nigeria has surged in 2025, now ranging between ₦115,000 and ₦140,000, up from ₦80,000–₦105,000 last year. Industry experts attribute the spike to new regulatory fees, inflation, and informal charges that have pushed up administrative costs nationwide. According to auto industry sources, processing a change of vehicle ownership now costs even more, ₦130,000 to ₦150,000, compared to about ₦90,000 in 2024, due to added verification and documentation steps. A breakdown of the new charges shows steep increases: Number Plate: officially ₦30,000, but often up to ₦50,000 via agents. Vehicle Licence: ₦5,000–₦15,000 depending on…
Nigeria’s economy continued its steady growth streak for the 11th consecutive month in October 2025, as the Central Bank of Nigeria’s (CBN) Composite Purchasing Managers’ Index (PMI) rose to 55.4 points, up from 54.0 points in September. The CBN report showed that 25 of 36 subsectors recorded expansion, reflecting stronger business confidence and sustained output growth across the economy. In the industrial sector, the PMI climbed to 54.2 from 51.4, signalling renewed activity and improved performance in 9 of 17 subsectors. The services sector maintained its leadership in non-oil growth with a PMI of 55.6, marking nine straight months of…
Nigeria recorded a massive $94.53 billion digital trade deficit between 2005 and 2024, spending nearly $10 on imports for every $1 earned from exports, according to new World Trade Organisation (WTO) data. Over the 20-year period, Nigeria imported $105.34 billion worth of digitally delivered services, such as software, cloud computing, and remote business processes, while exports totalled just $10.81 billion. The deficit peaked in 2019 when imports reached $12.36 billion. Despite a 38-fold increase in exports since 2005, when earnings stood at just $40 million, Nigeria remains a net consumer in the global digital economy. “We are consumers, not creators,”…
The Senate has approved President Bola Tinubu’s request to borrow ₦1.15 trillion from the domestic debt market to help finance part of the ₦14.10 trillion deficit in the 2025 national budget. The approval followed the adoption of the report by the Senate Committee on Local and Foreign Debt during Wednesday’s plenary. According to the committee, the 2025 Appropriation Act provides for a total expenditure of ₦59.99 trillion, representing an upward review of ₦5.25 trillion from the initial ₦54.74 trillion presented by the Executive earlier. The committee noted that ₦12.95 trillion had already been approved for borrowing, leaving an outstanding funding…
Shareholders of Legend Internet Plc have approved plans to raise up to ₦150 billion in new capital to support the company’s national expansion and acquisition drive. The approval came at the firm’s 2nd Annual General Meeting (AGM) held in Abuja on November 7, 2025. The capital raise, to be executed through a mix of debt and equity, follows the company’s April 2025 listing on the Nigerian Exchange (NGX). According to a disclosure filed on November 11, shareholders also endorsed a share capital increase of up to 10 billion ordinary shares, ranking pari passu with existing shares. Expansion and Acquisition Strategy…
Nigeria’s data centre market is poised for massive expansion, with total installed capacity projected to surge from 56.1 megawatts (MW) in 2025 to more than 218MW by 2030, according to a new report by Estate Intel. The forecast represents nearly a fourfold growth within five years, underlining the country’s emergence as one of Africa’s fastest-growing digital infrastructure hubs. The report highlights that the data centre sector has maintained steady growth since the COVID-19 pandemic, reinforcing its resilience and critical role in Nigeria’s digital transformation. “Between 2025 and 2030, Nigeria is expected to grow from 56.1MW in data centre capacity to…
Nigeria’s retail sector is primed for an artificial intelligence transformation, says Juliet Anammah, Founder and CEO of CG&R Strategy LLC. Speaking at the Africa Retail Congress 2025 held at Lagos Business School, the former Jumia Nigeria CEO declared that the industry is “ready for agentic AI.” “Retail has long been seen as an offshoot of manufacturing, banking, or logistics. It’s time to view it as a standalone asset class,” Anammah said, noting that Nigeria’s informal yet dynamic retail network is uniquely positioned to benefit from emerging AI innovations. She described Nigerians’ natural conversational culture as a strength, adding, “We are…