Economy/Business

Economy/Business

Seplat completes conversion of onshore assets to PIA fiscal regime

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Seplat Energy has successfully transitioned its major onshore assets to Nigeria’s new Petroleum Industry Act (PIA) fiscal regime, a strategic move covering 31% of its production. This conversion, finalized with regulatory bodies, is projected to unlock enhanced profitability and cash flow by providing a more stable and investment-friendly framework. The company has strategically integrated these anticipated financial benefits into its medium-term guidance, signaling confidence in improved operational efficiency and growth. Seplat now aims to replicate this value-driven transition for its

Economy/Business

Cross River’s festive glow amid deepening poverty

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Cross River State presents a stark paradox where urban festive displays mask a severe rural crisis, with over 75% of its population trapped in multidimensional poverty. The core failure is a persistent, decades-long neglect of basic rural infrastructure—roads, electricity, water, and healthcare—which cripples economic opportunity and perpetuates intergenerational deprivation. This deep inequality, where urban beautification projects contrast with the plight of 3,000 marginalized communities, reveals that superficial development cannot substitute for foundational investments. The state’s

Economy/Business

Naira gains N7.93 against dollar at official market

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The Nigerian Naira opened the trading week on December 22, 2025, with a notable appreciation, strengthening to N1,456.56 against the US Dollar in the official market. This gain of N7.93 represents a 0.5% increase from the previous trading session, marking a positive reversal from the depreciation trend observed in the prior week. The data, officially released by the Central Bank of Nigeria, indicates a period of regained stability for the local currency. This movement is

Economy/Business

Coalition backs Tinubu’s public procurement reforms

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A coalition of Nigerian civil society groups is championing President Tinubu’s public procurement reforms as a critical, system-wide overhaul to combat entrenched corruption and inefficiency in government spending. The reforms aim to replace opaque, discretionary processes with a rules-based system featuring stricter oversight, standardized procedures, and enforceable sanctions to ensure value for money. Recognizing that these changes threaten established interests and will face resistance, the coalition advocates for evidence-based public support while explicitly rejecting sponsored misinformation campaigns aimed at derailing the agenda. Ultimately,

Economy/Business

Guinea Insurance shareholders approve N15bn capital raise

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Guinea Insurance Plc has secured shareholder approval to raise N15 billion in new equity, a strategic recapitalization essential for restoring its statutory capital and enhancing underwriting capacity. This move, driven by both regulatory requirements and a transformative growth strategy, aims to rebuild the company into a more resilient and competitive market player. Management emphasizes that the funds will be deployed transparently to create sustainable value for all stakeholders. The overwhelming shareholder endorsement reflects strong confidence in the board’s plan to ensure long-term viability and deliver

Economy/Business

TCN records 5,801.84MW peak in 2025-MD

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Nigeria’s power grid achieved a historic milestone in 2025, transmitting a record peak of 5,801.84 MW, driven by significant infrastructure investments that have expanded the system’s wheeling capacity to 8,700MW. This progress is attributed to the strategic rehabilitation of assets and the addition of over 8,500 MVA in new transformer capacity. However, these gains remain critically threatened by persistent infrastructure vandalism, with 131 incidents recorded in a single year, jeopardizing grid

Economy/Business

LASUCO: FG hails Lafiagi community’s support for sugar project

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The Federal Government identifies community engagement, led by traditional institutions, as the critical success factor for large-scale agro-industrial projects, exemplified by the Lafiagi Sugar Company (LASUCO). This model of proactive peace and support from host communities, as demonstrated by the Emir of Lafiagi, is a unique and replicable advantage that directly enables operational stability and progress. The government is now prioritizing this community-first approach in its national strategy to unlock the sugar industry’s full potential, signaling that investor-

Economy/Business

Federal backing key for Auctioneers' professionalisation, economic growth — CIAN

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The Certified Institute of Auctioneers of Nigeria (CIAN) is advocating for federal government certification to professionalize the auctioneering industry, which it identifies as a misunderstood yet high-potential engine for economic growth. CIAN argues that formal regulation would curb unprofessional practices, ensure assets are sold at their true market value, and unlock significant revenue and employment opportunities currently lost to undervaluation and informal operations. By positioning auctions as a transparent tool for price discovery—not merely distress sales—the institute

Economy/Business

Capital gains tax may rise to 30% in 2026, says advisory coy

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Veriv Africa’s 2026 macroeconomic outlook for Nigeria forecasts a transformative fiscal shift, headlined by a potential tripling of the Capital Gains Tax from 10% to 30%, which would significantly alter investor returns. This major adjustment is set against a backdrop of a resilient non-oil sector and anticipated Naira stabilization, while decentralized energy emerges as a key investment frontier. The report synthesizes these critical signals to equip leaders with forward-looking, strategic insights for navigating policy reforms and market volatility. Its

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