Nigerian market news and social signals.
Market Snack archive11761 stories
GCR Ratings has affirmed MeCure Industries Plc's long-term issuer rating at BBB(NG) and short-term rating at A3(NG). The rating action is supported by the company's accelerated financial growth recorded during the first half of the year.
Nigeria has generated over $120 million in digital Value Added Tax following the implementation of tax reforms targeting foreign digital service providers. The revenue milestone reflects the government's ongoing efforts to expand the national tax net and boost non-oil revenue.
The Nigerian equities market began July on a bearish note, losing approximately N2.39 trillion in investor wealth. The downturn was driven by significant profit-taking across key sectors, including banking, industrial, consumer goods, and oil and gas.
The Central Bank of Nigeria has introduced new guidelines that restrict the suspension of payment, delivery, and termination rights under financial contracts governed by the Banks and Other Financial Institutions Act to a maximum of two business days.
The Lagos Chamber of Commerce and Industry has called on the tax authority to extend the Company Income Tax filing deadline by one month. This request follows technical issues with the newly deployed Rev360 tax portal, which have hindered businesses from submitting their returns.
A Federal High Court in Lagos has directed the Central Bank of Nigeria, the Nigeria Inter-Bank Settlement System, and other parties to explore an amicable settlement in a ninety-eight point five billion Naira patent infringement lawsuit.
The International Monetary Fund reported that the Federal Government omitted public expenditure worth approximately N8.8 trillion from recent national budgets. Representing about two percent of Nigeria's GDP, this omission has created discrepancies between the country's reported fiscal deficit and its actual financing needs.
A Federal High Court has advised the Central Bank of Nigeria, the Nigeria Inter-Bank Settlement System, and other parties to seek an amicable out-of-court settlement in a ninety-eight point five billion Naira patent infringement lawsuit.
Access Bank UK has announced plans to use its upcoming Polo Day in Windsor to raise global support and funds for the education of less privileged children, drawing together figures from business, philanthropy, and royalty.
The federal government of Nigeria has introduced tax and import waivers to attract international tech hardware manufacturers. Announced by the Nigerian Communications Commission, the initiative aims to establish local manufacturing hubs by November 2026 through direct presidential intervention.
eTranzact Plc Managing Director Niyi Toluwalope has advocated for the adoption of Digital Public Infrastructure to support economic reforms in Nigeria. Speaking at the Nigeria Employers’ Summit in Abuja, Toluwalope emphasized the role of technology infrastructure in facilitating broader national economic development.
NNPC Limited reported a profit after tax of ₦462 billion for May 2026, representing a decline from April. The drop in profitability occurred despite the state-owned oil firm achieving its highest crude oil and condensate output in a year, alongside improved gas production.
Nigeria has secured a 1.25 billion dollar support package from the World Bank to boost job creation and deepen economic reforms. The funding will target key sectors including agriculture, power, the digital economy, and capital markets to help unlock private investment.
Wema Bank has launched the seventh edition of its flagship innovation competition, Hackaholics. The initiative introduces three tracks and seven verticals, offering millions of Naira in grant prizes to foster technological solutions and support Nigerian digital innovators.
The Nigerian Naira appreciated against the United States dollar in the parallel market, trading at N1,385 per dollar. This represents a gain from the rate of N1,390 per dollar recorded in the previous trading session.
The Nigerian National Petroleum Company Limited announced a remittance of 4.8 trillion Naira to the federation within five months, despite a twelve percent decline in May revenue. The state-owned oil firm reported a profit drop of 3.9 percent to 462 billion Naira.
State Primary School, Rumueme, in Rivers State has won the 2025 Oando Foundation Primary School STEAM Competition. The educational initiative is part of the corporate social responsibility efforts of the foundation to support science, technology, engineering, arts, and mathematics.
The Central Bank of Nigeria has revoked the operating licences of 46 microfinance banks across the country. The apex bank cited persistent regulatory violations and failure to meet regulatory requirements as the primary reasons for the enforcement action.
The modernisation of the Nigerian capital market has introduced shorter equities trading times, creating unexpected operational friction for international asset managers and foreign investors navigating the local exchange.
Stakeholders have called on the federal government to initiate a fresh competitive bidding process for the 243-million-dollar Amukpe-Escravos Pipeline stake. This appeal comes amid efforts to resolve ownership and operational structures for the critical energy infrastructure asset.
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