Daily Business Reporter

Nigeria Signals Possible Rejection of World Bank Loans Over Delayed Disbursements

Economy /

Nigeria may begin rejecting World Bank loan facilities if prolonged approval and disbursement delays continue, according to the Accountant-General of the Federation (AGF), Dr. Shamseldeen Ogunjimi, who warned that extended bureaucratic timelines could undermine the government’s willingness to proceed with future financing arrangements. The warning was disclosed in a statement issued by the Director of […]

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NCDC Intensifies Disease Surveillance as Global Hantavirus Outbreak Raises Health Concerns

News /

The Nigeria Centre for Disease Control and Prevention (NCDC) has intensified disease surveillance measures across the country following growing international concern over a recent Hantavirus outbreak linked to cruise ship travel involving multiple countries. Director-General of the NCDC, Dr. Jide Idris, disclosed this in a public health advisory issued on Friday, reassuring Nigerians that there

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FirstHoldCo Targets ₦1 Trillion Capital Base With Planned ₦253 Billion Raise

Economy /

  FirstHoldCo Plc has unveiled plans to raise up to ₦253 billion in fresh capital as part of a strategic move to grow its total share capital and share premium to ₦1 trillion. The proposal, disclosed ahead of the company’s Annual General Meeting (AGM), positions the financial services group — owner of FirstBank — to

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From Protection to Prosperity: How Life Insurance Is Evolving Beyond Death Benefits

Editors Pick, Insurance /

On a rainy Thursday morning in Lagos, Seye sat in his financial advisor’s office discussing his options. The real estate business he started in 2024 was doing exponentially well. As a result, he was earning more and wanted to invest aggressively. When his financial advisor mentioned life insurance, he stared at her, a confused expression

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Naira Strengthens to ₦1,357/$ as CBN Interventions Boost Official FX Market

Economy /

  Nigeria’s currency recorded fresh gains against the US dollar in the official foreign exchange market, with the naira appreciating to ₦1,357/$ on Wednesday amid sustained interventions by the Central Bank of Nigeria and stronger demand for the local currency. The official exchange rate improved from about ₦1,375.5/$ at the beginning of May to ₦1,357/$,

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Urban Network Congestion Threatens Telecom Service Quality Despite Rural Connectivity Gains

Corporate /

  Fresh industry insights have revealed that Nigeria’s telecom sector is facing increasing pressure in major urban centres, with network congestion threatening service quality in areas such as Ikeja and Gwarinpa despite notable improvements in rural connectivity. The findings were contained in two reports produced by Ookla on behalf of the Nigerian Communications Commission: “Connectivity

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Senate Reverses Parts of Amended Standing Orders Over Constitutional Concerns

News /

  The Senate of Nigeria has reversed parts of its recently amended Standing Orders following concerns that some provisions could conflict with the 1999 Constitution. The reversal came just two days after the Senate amended sections of its rules to restrict eligibility for principal offices — including the Senate Presidency — to lawmakers serving a

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Nigeria Police Arrest, Repatriate Chinese Fugitive Over Alleged $245m Ponzi Scheme

Economy /

  The Nigeria Police Force, through the INTERPOL National Central Bureau Abuja, has arrested and repatriated a Chinese fugitive, Xu Qing, over his alleged involvement in a $245 million Ponzi scheme. According to a statement issued by the police, Chinese authorities had declared Xu Qing wanted for allegedly masterminding a large-scale financial fraud involving the

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OPay Partners CBN to Promote Financial Literacy Among Nigerian Students

Economy /

  OPay partnered with the Central Bank of Nigeria during the Global Money Week 2026 Financial Literacy Fair and Exhibition held at the CBN headquarters in Abuja to promote financial awareness and responsible money management among young Nigerians. The event, themed “Smart Money Talks,” brought together students from several secondary schools across the Federal Capital

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Nigeria Intensifies Crackdown on Prison Contraband, Destroys 1,167 Mobile Phones

Economy /

  The Nigerian Correctional Service (NCoS) has escalated its fight against contraband in custodial centres, publicly destroying 1,167 confiscated mobile phones and other prohibited items in a nationwide enforcement drive. Controller-General Sylvester Nwakuche, who led the exercise, said the destroyed items included smartphones, iPhones, and basic feature phones recovered during coordinated operations over the past

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