Category: Business

FIRS names 16 tech firms for e-invoicing onboarding

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FIRS Begins Fresh Recruitment Exercise - [See How To Apply]

16 tech businesses have been announced by the Federal Inland Revenue Service as service partners to help taxpayers join its e-invoicing platform. At a two-day workshop in Lagos on Thursday, the tech companies—certified by the National Information Technology Development Agency as access point providers and system integrators—were introduced to assist taxpayers with the onboarding, system integration, and invoice transmission processes. The National E-Invoicing Solution (Merchant-Buyer Model), as defined by the FIRS, is a computerized record of transactions between buyers and suppliers that essentially replaces conventional paper or electronic documents like…

Foreign investors sell off N576bn Nigerian stocks in six months

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Between January and June 2025, foreign investors sold out N576.09 billion worth of stocks on the Nigerian Exchange, an increase of 84.97% over the N311.41 billion that was taken out during the same time period in 2024. Over the course of the six months, the net negative foreign portfolio position was N16.84 billion since the outflows were more than the foreign inflows, which totaled N559.25 billion. Foreign trading activity has increased in comparison to the same period last year, according to data from the NGX’s June 2025 Domestic and Foreign…

First HoldCo Plc set to dispose shares after Otudeko’s exit

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Plans have been revealed by First HoldCo Plc to sell a 25% stake in the business that was recently transferred to RC Investment Management Ltd., a special purpose organization. During a recent investor conference call in Lagos, Wale Oyedeji, the managing director of First HoldCo, revealed the development, according to Bloomberg. “Those shares will be disposed of, and we have a variety of options,” Oyedeji stated. Without providing a timeframe, he continued, “In the end, you will see that those shares will be disposed of in the market.” About 10.43…

Afreximbank leads $4 Billion Refinancing Deal for Dangote Refinery

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Dangote Industries Limited is the beneficiary of a $1.35 billion credit arrangement inked with Afreximbank. The credit is a component of a broader $4 billion syndicated financing agreement for Dangote Industries Limited, in which Afreximbank served as the Mandated Lead Arranger, according to a statement from the continental bank. This financing will refinance capital spent on building the Dangote Petroleum Refinery and Petrochemicals Complex, the largest single-train refinery in the world with a capacity of 650,000 barrels per day. It is one of the largest syndicated loans in recent African…

‘Cabals’ still fighting against our refinery — Dangote

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The President of Dangote Group, Alhaji Aliko Dangote, says he is still fighting for the survival of his $20bn refinery, stressing that the fight is not yet finished. Dangote expressed optimism that he would win the fight for the refinery, stating his determination to fight on. According to Semafor, an international news medium, Africa’s richest man spoke at an investor forum in Lagos on Friday. The report stated that Dangote pointed out that some individuals who “for a very, very long time” have “made a lot of money from” government-subsidised…

Interest boom: Nine local banks generate N14tn from loans

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Nine Nigerian banks raked in a combined interest income of N14.26tn in 2024, an analysis of the audited financial results of the financial institutions shows. As the banks made trillions of naira from the interest on loans given to customers during the review period, manufacturers counted their losses, groaning under the weight of soaring borrowing costs totalling N1.3tn for the same period. An analysis of the audited financial results of First Holdco, Guaranty Trust Holding Company, Zenith Bank Plc, United Bank for Africa, FCMB Group, Fidelity Bank, Stanbic IBTC Holdings,…

Naira shed 2.6% in March despite $668m CBN intervention

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The naira depreciated by 2.4 per cent and 2.6 per cent in March at both the Nigerian Autonomous Foreign Exchange Market window and the parallel market compared to the previous month. According to the latest Afrinvest Monthly Market Report titled ‘Analysing Global and Nigerian Economies & Financial Markets’, the naira dropped to N1,536.82/$ and N1,530.00/1.00 at the NAFEM window and parallel market, respectively. AIICO Capital, in its monthly macroeconomic market report in March, also confirmed that the naira came under a lot of demand pressure despite interventions by the Central…

CBN’s $10.50m funding not loan but grant – World Bank

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The World Bank has clarified that the planned $10.50m financing to the Central Bank of Nigeria is a grant, not a loan. According to a source at the World Bank who spoke to our correspondent under the condition of anonymity on Friday, the amount is being provided under the Finance for Development Multi-Donor Trust Fund as part of a partnership between the World Bank and the CBN. It was earlier reported that Nigeria had approached the World Bank for a $10.50m loan to enhance the CBN’s technical capacity and modernise the…

Nigeria’s public debt hits N144.67tn

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Nigeria’s total public debt rose to N144.67tn ($94.23bn) as of December 31, 2024, representing a 48.58 per cent increase compared to N97.34tn ($108.23bn) recorded at the end of December 2023. The Debt Management Office disclosed this in its latest report on the country’s public debt profile. The report also revealed a quarter-on-quarter rise of 1.65 per cent from the N142.32tn ($88.89bn) recorded at the end of September 2024, highlighting the continuous increase in the nation’s debt burden during the final quarter of the year. An analysis of Nigeria’s public debt on…

South Africa calls for WTO reforms after US tariffs

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South Africa called Friday for the reform and reinforcement of the World Trade Organization after US President Donald Trump imposed sweeping tariffs, saying all nations need to abide by the rules of global trade. The tariffs, including 31 percent on US imports from South Africa, “will significantly disrupt trade across the board”, Trade Minister Parks Tau told journalists. They also effectively nullify the African Growth and Opportunity Act deal that provides beneficial duty-free access for products from about 30 sub-Saharan African countries, he said. AGOA is up for renewal in…