Abuja, Nov. 24, 2025 – The Office of Auditor-General of the Federation has uncovered N61.1 billion fraud in the Nigerian National Petroleum Company Limited (NNPCL) allegedly perpetrated through payments under questionable circumstances. The report alleged that the frauds were committed through multiple breaches of financial regulations and weak internal controls. The audit report uncovered 28 major financial irregularities involving N30.1 billion $51.6 million, £14.3 million, and €5.17 million perpetrated in questionable payments, undocumented expenditures, and breaches of financial regulations. All amounted to N61.1 billion when converted. The allegation is …
IMPI links Nigeria’s PMI to inflation decline, insists on 14% year-end projection
Abuja, Nov. 22, 2025 – The Independent Media and Policy Initiative (IMPI), a think tank, has linked the steady increase in Nigeria’s Purchasing Manager’s Index (PMI) to the declining inflation rate in the country for the seventh consecutive month. The think tank made the observation in a statement signed by its Chairman Dr Omoniyi Akinsiju. The group said the Nigeria’s PMI, which reflects the state of the health of the economy, has recorded eleventh consecutive month of expansion since the beginning of 2025. The IMPI statement reads: …
Q3 2025: Fidelity Bank grows interest income by 33%, fee income by 47%
Lagos, Nov. 22, 2025 – Fidelity Bank Plc, a leading financial institution, has released its unaudited financial statements for the third quarter ended September 30, 2025. The results show impressive performance across key income lines and operational metrics. According to the statements published on the Nigerian Exchange Group (NGX) portal on Nov. 21, 2025, the Bank reported Gross Earnings of ₦366.1 billion for Q3 2025. This represents an 8 percent increase over the ₦338.9 billion recorded in Q3 2024. The growth was driven by strong interest income and sustained momentum …
UK borrowings hit 17.4bn pounds
London, Nov. 21, 2025 – The UK government borrowed more than expected in October, official figures show, in the final snapshot of the public finances before Rachel Reeves’s crunch budget. The Office of National Statistics said borrowing – the difference between public spending and income – was £17.4bn last month. That was lower than the same month last year, but still the third highest October deficit on record. It was also above the £15bn City economists had forecast. In the fiscal year so far, borrowing is running at £116.8bn – …
Naira slides at official market Thursday, closing at N1,459.95 to dollar
Lagos, Nov. 21, 2025 – The Nigerian currency, lost N8.95 to the dollar at the official foreign exchange on Thursday, closing at N1,459.9500 to the dollar. The naira exchange rate at the market on Wednesday was N1,451.0000 to the dollar. Bid rates quoted by dealers in the market on Thursday ranged between N1,465.0000 and N1,475.00 to the dollar. Meanwhile, the currency is being traded at the black market in Lagos at N1,465 and N1,475 to the dollar.
Scaling Women’s Impact: Development Bank of Nigeria, Sterling One Foundation host WIRA Demo Day
Lagos, Nov. 20, 25 – The Development Bank of Nigeria (DBN) with support from Agence Française de Development (AFD) and Sterling One Foundation is hosting the Women Investment Readiness Accelerator (WIRA) Demo Day on Nov. 21, 2025. The Demo Day is to showcase innovation and growth potential of women-led enterprises in Nigeria. The Day will also serve as the final stage of the WIRA program, providing women entrepreneurs who have undergone weeks of hands-on business development training, mentorship, and investment readiness coaching the opportunity to pitch their businesses to …
FAAC shares N2.094trn monthly allocation to FG, states, LGs
Abuja, Nov. 20, 2025 – The Federation Account Allocation Committee (FAAC) has shared N2.094 trillion among the three tiers of government as their monthly allocations Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, disclosed this in a statement. The statement said that the allocations were released after the FAAC meeting in Abuja on Wednesday. According to the communiqué of the committee, total gross revenue collected in October was N2.934 trillion from which N2.094 trillion was deducted as distributable revenue. …
17 states adopt contributory pension scheme
Benin, Nov. 20, 2025 – The National Pension Commission (PenCom) says only 17 states have adopted the Contributory Pension Scheme. Omolola Oloworaran, its Director-General, said this in Benin on Wednesday. She said 12 states had not started the scheme at all, while seven states were at various stages of establishing the scheme. Oloworaran, who was represented by Samuel Uwandu, the Pencom Commissioner for Inspectorate, said the success of the scheme depended on the states adopting the CPS/Contributory Defined Benefit Scheme (CDBS) She commended the states that had adopted the …
Naira appreciates to N1, 451 to the dollar at official market Wednesday
Lagos, Nov. 22, 2025 – The Nigerian currency, the Naira, appreciated to N1,451 to the dollar at the official foreign exchange market on Wednesday. The currency had closed at N1,458 to the dollar in the market on Tuesday. Bid rates offered by dealers at the official market on Wednesday ranged between N1,449.96 and N1,460.50 to the dollar. Meanwhile, the naira is currently being exchanged at between N1.,460 and N1,470 to the dollar at the black market in Lagos.
Gov. Abba Yusuf of Kano presents N1.368trn budget to state assembly
Kano, Nov. 19, 2025 – Abba Kabir Yusuf, the Governor of Kano State, on Wednesday presented a N1.368 trillion budget estimate for 2026 to the State House of Assembly. Sunusi Dawakin Tofa, the Chief Press Secretary to the Governor, disclosed this in a statement on Wednesday. According to the statement, the budget is made up of 68% capital expenditure, amounting to N934.6 billion and 32% recurrent expenditure, totaling N433. Billion. The Education sector has the highest allocation of N405.3 billion, and followed by the infrastructure which has N346.2 billion, while …