The Central Bank of Nigeria (CBN) injected an estimated N447 billion into the banking system after repaying N2.99 trillion in maturing Open Market Operations (OMO) bills, despite issuing N2.54 trillion in fresh OMO securities at its latest auction. Financial data released by the apex bank on Tuesday showed that N2.97 trillion in OMO bills matured on July 14, while an additional N17.05 billion was paid in primary market repayments, bringing total repayments over Monday and Tuesday to N2.987 trillion. After sterilising N2.54 trillion through fresh OMO issuances on July 13, the CBN effectively injected a net N447 billion into the…
Author: Elvis Eromosele
Abia State Governor, Alex Otti, has launched a farmers’ support programme that will provide improved agricultural inputs to 18,634 verified farmers, as part of efforts to boost commercial farming, strengthen food security and drive economic growth. The programme, flagged off at the Umuahia Township Stadium, follows a statewide registration and verification exercise aimed at ensuring that government support reaches genuine farmers. Speaking at the launch, Otti said accurate data is central to the success of the state’s agricultural interventions. “We started with data gathering because we wanted to map every farmer to a farm. We now have a comprehensive database…
Volkswagen Group is considering cutting as many as 100,000 jobs worldwide as it battles falling profits, weakening demand in key markets and intensifying competition from Chinese automakers. The proposed cuts, confirmed by Chief Executive Officer Oliver Blume, are double the 50,000 job reductions previously announced for Germany by 2030. The Volkswagen Group owns brands including Volkswagen, Porsche, Audi, Skoda and Seat. In a memo to employees, Blume said the company’s operating costs are about 20% higher than those of key competitors, making deeper cost reductions unavoidable. “We need to become more efficient, more robust and simpler. We must reduce our…
PalmPay has appointed Samuel Oluyemi as Chief Operating Officer (COO) for its Nigeria business as the fintech strengthens its leadership team to deepen financial inclusion and enhance the security and reliability of its digital payment services. The appointment takes immediate effect and comes as PalmPay seeks to expand its reach among underserved communities while supporting the ongoing modernisation of Nigeria’s financial services sector. As COO, Oluyemi will oversee the company’s operations in Nigeria, where PalmPay provides a range of digital financial services to individuals and businesses. He will also work closely with regulators to ensure the company’s growth aligns with…
The Federal Government has shut down an illegal gold mining site in Osun State and intensified efforts to track down and prosecute the financiers behind illicit mining operations across the country. Dele Alake, Minister of Solid Minerals Development, announced the development on his official X account, saying a joint task force, working with security agencies, raided the illegal mining site at Ileki Ijesa in Osun State. The operation led to the arrest of two suspects, the seizure of mining equipment and the closure of the site. Alake said investigators are using information provided by the arrested suspects to identify the…
Shareholders of Chemical and Allied Products Plc (CAP Plc) have approved a final dividend of N4.00 per 50 kobo ordinary share for the 2025 financial year, following a strong earnings performance that saw profit before tax rise by 51 per cent. The dividend, valued at N3.26 billion, was approved at the company’s 61st Annual General Meeting (AGM) in Lagos. The payout represents a 67 per cent increase from the previous year’s dividend, reflecting the company’s improved financial performance. The strong results were driven by higher revenue, improved operational efficiency, cost optimisation and an expanded product portfolio. CAP Plc reported revenue…
Business confidence among Nigerian firms weakened slightly in June 2026 as rising operating costs and persistent macroeconomic challenges tempered optimism, according to the latest Business Expectations Survey (BES) released by the Central Bank of Nigeria (CBN). The survey showed the Business Confidence Index (BCI) fell to 7.2 points in June, down from 7.9 points in May, indicating that while businesses remain optimistic about the economy, confidence has softened. The CBN’s Statistics Department said businesses in the formal sector continued to express confidence in the economy, driven largely by ongoing government reforms and efforts to diversify economic activities. “The Business Confidence…
FIFA President Gianni Infantino has signalled that football’s governing body will assess the possibility of expanding the men’s World Cup to 64 teams after the successful staging of the first 48-team tournament. Speaking to Swiss broadcaster Blue Sport, Infantino said FIFA’s priority is to make the World Cup a truly global competition by giving more countries the opportunity to qualify. “We will examine all these issues after the World Cup,” he said when asked about the prospect of a 64-team tournament. “When organising a World Cup, it’s important to organise it for the whole world, not just Europe and South…
A new premium ready-to-drink non-alcoholic beverage, Ikoyi Chapmans, has officially launched in Nigeria following a strategic partnership between Nigerian investment firm CAADES Group and two British entrepreneurs of Nigerian heritage. The partnership, unveiled at CAADES Group’s headquarters in Lekki, Lagos, aims to transform Nigeria’s iconic Chapman drink into a globally recognised beverage brand, with expansion plans across Africa. Speaking at the signing ceremony, Dr Chima Anyaso, Chairman of the CAADES Group, described the venture as the culmination of years of planning to elevate a uniquely Nigerian beverage into an internationally competitive consumer brand. According to him, the partnership extends beyond…
The Federal Government has concluded a series of high-level engagements with the world’s leading aircraft manufacturers as it seeks to secure favourable aircraft acquisition and financing deals for Nigeria’s indigenous airlines. The initiative forms part of a broader strategy to modernise the country’s aviation industry, strengthen the capacity of local carriers and improve their competitiveness in regional and international markets. The latest engagement saw Festus Keyamo, Minister of Aviation and Aerospace Development, lead a Nigerian delegation on a working visit to Bombardier’s Laurent Beaudoin Completion Centre in Montréal, Canada. The visit completed a strategic outreach programme that also included meetings…