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Banks raise lending rates for top borrowers despite CBN cuts
business

Banks raise lending rates for top borrowers despite CBN cuts

*Raise prime rates in 8 sectors, cut maximum rates *Agric, construction, manufacturing face higher rates *Analysts warn of delayed impact of CBN rate cuts By Babajide Komolafe, Economy Editor Despite interest rate reductions by the Central Bank of Nigeria (CBN), banks have raised average prime lending rates in several key sectors of the economy, defying expectations of cheaper loans for businesses across the country. Uneven transmission of rate cuts Commenting on the development, Tunde Abioye, Head, Equity Research, Quest Merchant Bank, said the divergence between the Monetary Policy Rate…

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African lenders formally establish $5 billion energy bank
business

African lenders formally establish $5 billion energy bank

The African Export-Import Bank and the African Petroleum Producers’ Organisation have ​formally established the Africa Energy Bank, ‌according to a statement from Afreximbank on Saturday. The bank’s inaugural general meeting, held in Abuja, Nigeria, appointed Helmy Ghazi as ​its first president and formed ​its first board of directors The continent’s energy investment ‌needs ⁠are estimated at $200 billion, according to the announcement The bank will support projects across the energy value chain, including exploration ​and production, ​refining ⁠and distribution Reuters reported in February…

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Thousands of jobs at Virgin Media O2 to be cut
business

Thousands of jobs at Virgin Media O2 to be cut

Thousands of Virgin Media O2 staff face redundancy risk as the telecoms firm seeks to cut costs amid billions of pounds in debt and tougher competition. VMO2 has billions in debt on its balance sheet and is facing competition from both smaller providers and giants like BT, which has agreed to acquire rival TalkTalk, a move VMO2 has firmly opposed.

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I wasted my first earnings from music – Don Jazzy
business

I wasted my first earnings from music – Don Jazzy

Veteran record producer and music executive Michael Collins Ajereh, popularly known as Don Jazzy, revealed that he spent his first major earnings on frivolities rather than investing or using them wisely. Don Jazzy said, “The first big money I got from music, I lavished it.

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Bad money habits that keep people poor
business

Bad money habits that keep people poor

Wealth creation goes beyond earning a higher income; it demands disciplined spending, waste reduction, regular savings and prudent financial decisions. Breaking costly habits can help individuals build lasting wealth and achieve financial security, writes JIDE AJIA Many people dream of becoming wealthy, owning homes, raising successful families, travelling abroad, running profitable businesses and retiring comfortably.

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Solid minerals revenue hits N101bn in nine months
business

Solid minerals revenue hits N101bn in nine months

Nigeria’s solid minerals revenue rose by 95.2 per cent to N101.11bn in the first nine months of 2026, compared with N51.79bn recorded in the corresponding period of 2025, as increased mineral royalty payments boosted government receipts from the sector. Data from the Central Bank of Nigeria’s solid minerals revenue collection report, analysed on Sunday, showed

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LASACO ownership structure shifts after N18.5bn rights issue
business

LASACO ownership structure shifts after N18.5bn rights issue

LASACO Assurance Plc has undergone a significant change in its ownership structure after an N18.47bn rights issue, which strengthened the financial position of the insurer. The capital-raising exercise has given Ibile Holdings Limited, an investment company owned by the Lagos State Government, majority

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Linkage Assurance grows assets to N100.8bn as profit surges
business

Linkage Assurance grows assets to N100.8bn as profit surges

Linkage Assurance’s profit after tax rose by 31 per cent to N4.09bn in the nine months ended September 2026, supported by stronger investment and other income despite rising insurance-related costs. The company’s unaudited financial results filed with the Nigerian Exchange Limited showed that profit after tax increased from N3.12bn in the corresponding period of 2025

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Epicure Insurance Brokers marks decade with growth, digitisation ambitions
business

Epicure Insurance Brokers marks decade with growth, digitisation ambitions

Epicure Insurance Brokers Limited has outlined plans to expand its scope of services, accelerate digitisation and deepen insurance penetration in Nigeria as the company marks its 10th anniversary at a gala in Lagos. Managing Director and Chief Executive Officer of Epicure Insurance Brokers, Oyinpreye Aigbogun, said the company’s next phase of growth would focus on

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VFD Group nine-month profit jumps 96% to N13bn
business

VFD Group nine-month profit jumps 96% to N13bn

VFD Group Plc has reported a 96 per cent year-on-year increase in profit after tax to N13.00bn for the nine months ended 30 September 2026, up from N6.63bn recorded in the corresponding period of 2025. According to the group’s unaudited financial results approved by its Board of Directors, profit before tax rose 92 per cent

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Haldane McCall profit jumps 30% on asset expansion
business

Haldane McCall profit jumps 30% on asset expansion

Haldane McCall Plc has reported a 30.2 per cent increase in net profit to N540.87m for the nine months ended September 2026, driven by revenue expansion and increased investments in its property development portfolio. The real estate firm disclosed this in its latest financial results, revealing that revenue rose 59.4 per cent to N2.90bn from

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Fidelity Bank repays $400m Eurobond after five years
business

Fidelity Bank repays $400m Eurobond after five years

Fidelity Bank Plc has repaid its $400m Eurobond at maturity after five years, with the repayment reportedly financed entirely from the bank’s internal liquidity resources. The development was disclosed in a statement issued on Sunday by the Chairman and Chief Executive Officer of Air Peace, Allen Onyema, who congratulated the bank on meeting its debt

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Personal loans hit new high N1.99tn
business

Personal loans hit new high N1.99tn

Nigerians’ outstanding personal loans increased by an estimated N58.5bn in the second quarter of 2026, reaching N1.99tn at the end of June, as households faced persistent inflationary pressures and high borrowing costs. An analysis by The PUNCH of the Central Bank of Nigeria’s Second Quarter 2026 Economic Report showed that personal loans rose by 3.03

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Economic growth must improve livelihoods – New NESG chairman
business

Economic growth must improve livelihoods – New NESG chairman

The incoming Chairman of the Nigerian Economic Summit Group, Omoboyede Olusanya, has called for a shift in Nigeria’s economic policy priorities from achieving impressive growth figures to delivering measurable improvements in employment, incomes, productivity and living standards. Olusanya said the country’s economic performance should be assessed by its impact on ordinary Nigerians rather than macroeconomic

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Banks face pressure to turn N4.65tn recapitalisation into business loans
business

Banks face pressure to turn N4.65tn recapitalisation into business loans

Nigerian banks are facing pressure to translate the N4.65tn raised through the recapitalisation exercise into increased lending to businesses, particularly manufacturers, following concerns that stronger capital bases have yet to deliver the financing needed to expand domestic production. The Chief Executive Officer of the Nigerian Economic Summit Group, Tayo Aduloju, said bank credit to manufacturers

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MTN Ghana pays GH¢9bn to state, earns GH¢7.8bn profit in first 9 months of 2026
business

MTN Ghana pays GH¢9bn to state, earns GH¢7.8bn profit in first 9 months of 2026

MTN Ghana paid GH¢9 billion in direct and indirect taxes to the state in the first nine months of 2026, surpassing its profit after tax of GH¢7.8 billion for the same period, according to the company’s latest unaudited financial statements. Although the tax outlay exceeded the bottom line, MTN Ghana still delivered robust profitability, with profit after tax up 43.0 per cent year-on-year to GH¢7.8 billion.

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Fitch Solutions maintains nearly 6% growth rate for Ghana in 2026, but expects economy to lose momentum in 2027
business

Fitch Solutions maintains nearly 6% growth rate for Ghana in 2026, but expects economy to lose momentum in 2027

Fitch Solutions has maintained its Gross Domestic Product (GDP) forecast of nearly 6.0% for Ghana in 2026. According to the UK-based firm, the Ghanaian economy has remained largely insulated from global developments over the past year, supported by elevated gold prices, low domestic inflation, and the transmission of the Bank of Ghana’s (BoG) 1,400 basis points easing cycle.

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All nine people aboard business jet that crashed in Florida have died
business

All nine people aboard business jet that crashed in Florida have died

Aircraft had departed Austin-Bergstrom international airport and was headed to the Bahamas when it crashed All nine people have died who were aboard a business jet that crashed in a Florida neighborhood on Sunday, Sean Duffy, the US transportation secretary, said. Duffy posted on X on Sunday that the Learjet 60 crashed in Palm Beach county at 12.50pm and called it a “horrific tragedy”.

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