Nestlé Nigeria Plc has bounced back to profitability, recording a net profit of N72.5 billion for the first nine months of 2025. This is a sharp turnaround from the N184.3 billion loss posted during the same period in 2024. The company’s revenue rose by 33 per cent year-on-year to N884.5 billion, supported by higher product prices and improved market demand. Despite a 21.5 per cent increase in the cost of sales to N557.7 billion, Nestlé’s gross margin strengthened to 37 per cent, up from 31 per cent last year. A key driver of the recovery was a N20.8 billion foreign exchange gain,…
Author: Elvis Eromosele
Nigeria’s state governments are accumulating increasing financial burdens on their citizens. According to the latest “State of States” report by BudgIT, the national average debt per citizen, the debt-per-capita, rose slightly from N40,469 in 2023 to N41,766 in 2024. States with Highest Debt Burden The report, titled ‘A Decade of Subnational Fiscal Analysis,’ revealed that 12 states exceeded the national average. Highest Debtors: Lagos and Edo states stood out significantly, with their debt-per-capita figures both surpassing N100,000. Other States Above Average: States including Kaduna, Cross River, Ogun, Ekiti, Bayelsa, Bauchi, Abia, Enugu, Ebonyi, and Adamawa also carried debt burdens higher than…
Nigeria’s financial credibility received a major boost this week after the Financial Action Task Force (FATF) officially removed the country from its grey list. The decision, which follows nearly three years of increased scrutiny over deficiencies in combating money laundering and terrorist financing, was immediately celebrated by the CEOs of Nigeria’s leading fintech companies. Impact on Fintech and the Economy The delisting signals renewed global confidence in Nigeria’s financial governance, paving the way for easier international transactions and increased foreign investment. Olugbenga Agboola, CEO of Flutterwave, emphasised the operational benefits. He stated that the grey listing had previously made cross-border…
The Lagos State Government has reintroduced an Amnesty on Planning Permits for existing completed buildings erected without the necessary regulatory approval. This new window will run for 61 days, encouraging property owners to quickly regularise their assets. Amnesty Period and Benefit Timeline: The amnesty begins on November 1, 2025, and ends on December 31, 2025. Incentive: The primary benefit is that property owners can obtain a Planning Permit (building approval) for their completed structures without paying the usual statutory penalty associated with illegal development. Purpose: This initiative, similar to one offered 17 months ago, aims to encourage compliance and contribute…
Nigeria recorded an astounding $50 billion in cryptocurrency transactions between July 2023 and June 2024, according to Dr. Emomotimi Agama Director-General of the Securities and Exchange Commission (SEC). This massive volume of digital asset activity, which translates to about N75 trillion, underscores the significant risk appetite of Nigerian investors, a demographic the traditional capital market has largely failed to attract. The Capital Market Paradox Speaking at the Chartered Institute of Stockbrokers annual conference, the SEC DG lamented a severe paradox in Nigeria’s financial ecosystem: Low Market Participation: Fewer than four per cent of Nigeria’s adult population actively invests in the formal capital…
The Nigerian Railway Corporation (NRC) has announced that the Warri–Itakpe Train Service (WITS) will resume operations on Wednesday, October 29, 2025. The service had been temporarily suspended for several weeks to allow the NRC to conduct comprehensive maintenance and safety checks. Suspension Details and Safety Measures Reason for Suspension: The temporary halt was necessary to carry out critical repairs, maintenance, and system checks on the track and rolling stock, ensuring passenger comfort, reliability, and safety. Extended Checks: The NRC initially suspended the line in April following a technical disruption, which included multiple engine failures. While the core issues were fixed…
Portuguese superstar Cristiano Ronaldo continues his remarkable career surge, moving within 50 goals of a potential 1,000-goal milestone, a feat currently unachieved in the modern era of football. Recent Achievement and Current Tally Ronaldo recently scored for Al Nassr in their 2-0 victory over Al Hazem. That goal pushed his incredible career total to 950 goals across all competitions. The five-time Ballon d’Or winner celebrated the achievement on Instagram, noting his continued “hunger for more.” The forward’s impressive scoring form, with six goals in six appearances, has powered Al Nassr to a flawless start in the 2025/26 Saudi Pro League season, where they…
The Federal Government has reaffirmed its commitment to strengthening indigenous airline operators, highlighted by the flag-off of Air Peace’s maiden direct flight from Abuja to London Heathrow on Sunday. Government’s Mandate Festus Keyamo, Minister of Aviation and Aerospace Development, who led the flag-off ceremony, stated that the milestone aligns with President Bola Tinubu’s drive to empower Nigerian carriers and enhance their global competitiveness. Keyamo noted that his mission is to end the cycle of over $\text{100}$ local airlines failing in the past four decades by creating a supportive environment for sustainable growth. Policy Interventions Allen Onyema, Air Peace Chairman, praised…
By Moses Braimah Out of curiosity, I decided to spend some time today exploring the @OPay app – not just for its regular transfers or bill payments that most of us are familiar with, but to see beyond the obvious. Frankly, I was flummoxed, flabbergasted, and totally astonished. The people behind this platform have gone far beyond what we traditionally understand as fintech. They have practically built a financial super ecosystem that touches almost every aspect of daily life in Nigeria. Beyond the regular transfers, airtime top-ups, and bill payments, I found integrations that span: E-commerce: Direct links to AliExpress…
MTN Group has become the first African telecom operator to reach 300 million subscribers across its markets. Ralph Mupita, Group President and CEO announced the milestone at the annual Ambassadors’ Appreciation Dinner. Driven by Ambition 2025 Strategy Hitting the 300 million figure was a core objective of MTN’s “Ambition 2025” strategy. The company reached the landmark by adding millions of new customers in quick succession: The group added 6.2 million new customers in 2024. An additional 6.7 million customers were acquired in the first half of 2025 alone, pushing the total past 300 million. The majority of these subscribers are concentrated in three key…