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…Year-on-year Group Profit increases 89% in FY25, 52% in Q1 ’26 Lagos, May 18, 2026, – Sterling Financial Holdings Company has announced its audited financial results for the year ended December 31, 2025, alongside its unaudited results for the first quarter ended March 31, 2026. According to statement by Adebimpe Olambiwonnu, the Group CFO, the group’s gross earnings for FY2025 increased by 44.4% to ₦486.8 billion, representing the strongest performance in the Group’s modern history. Profit Before Tax rose by 89.2% to ₦86.8 billion, while profit after tax increased by …

Abuja, May 8, 2026 – The Bank of Industry (BOI) has secured a $200 million sovereign-guaranteed facility from African Development Bank to expand long-term financing for small and medium-scale enterprises. The loan was approved by the Board of Directors of the African Development Bank Group at the weekend. The loan will help provide medium and long-term funding for businesses in critical sectors like infrastructure and transport, agro-food processing, health and pharmaceuticals, and green industrialisation. Olasupo Olusi,  the Chief Executive of BOI, said the bank welcomed the renewed partnership with the …

London, May 18, 2026 – Oil swung between gains and losses with new questions emerging from both the US and Iran on the progress of peace negotiations aimed at reopening the critical Strait of Hormuz. West Texas Intermediate futures traded near $106, with Iran’s semi-official Tasnim news agency reporting that Tehran says US conditions for a deal are still excessive despite changes in a latest draft proposal. The comments indicate the logjam over the war and the Strait of Hormuz aren’t imminently easing. Over the weekend, US President Donald Trump …

Abuja, May 18, 026 – The Debt Management Office (DMO) on Monday auctioned N600 billion reopened Federal Government bonds with elevated yield as high as 22.60%. It has also rolled out two previously issued instruments carrying coupon rates of 22.60% and 16.2499%, with settlement due May 20, 2026. The bonds offer semi-annual interest payments and bullet repayment at maturity, positioning the sale as a strategic reopening across two key tenor buckets — 10-year and 20-year. The N600 billion reopened bond auction is being facilitated by a consortium of Primary Dealer Market Makers (PDMMs) …

Lagos, May 18, 2026 – Union Bank of Nigeria has visited the CMS Grammar School in Lagos as part of its activities to mark the 2026 International Day of the Boy Child and in furtherance of its corporate social responsibility commitments. The school is one of the country’s oldest and most prestigious boys’ secondary schools. During the visit, a delegation from the Bank, led by Head of Corporate Banking and school alumnus Ali Kadiri, engaged with the school management and students to explore partnership opportunities and support for their educational …

Abuja, May 16, 2026 – Nigeria’s headline inflation gas risen to 15.69% in April 2026, from 15.38% in March. The National Bureau of Statistics (NBS) disclosed this in the latest edition of its Consumer Price Index (CPI) report released on Friday. It reported that the April headline inflation rate was an increase of 0.31% over the March inflation rate. The NBS said on a month-on-month basis, the inflation rate in April 2026 was 2.13%, which was 2.05% lower than the rate recorded in March 2026 (4.18%).  “This means that in …

Lags, May 15, 2026 – Mrs. Amaka Onwughalu, the Chairman of the Board of Directors of Fidelity Bank Plc, has emerged winner in the “Women on Bank Boards” category at the Africa Women in Banking and Finance Conference and Awards (AWBFA 2026). The event, themed “Redefining Women’s Leadership in African Finance”, held at the Lagos Marriott Hotel Ikeja on Friday, 8 May 2026, is a platform established to celebrate women driving leadership and impact across Africa’s financial services ecosystem. It also spotlights professionals whose contributions are often overlooked, while advancing …

Abuja, May 15, 2026 – The National Pension Commission (PenCom) has granted approval to Pension Fund Administrators (PFAs) to invest in the Initial Public Offering (IPO) of Dangote Refinery. The approval is contained to in a circular issued by Pencom to the PFAs dated May 13, 2026. PenCom described the approval as a one-off waiver in recognition of the strategic importance of the Dangote Refinery to Nigeria’s economy and the strong investment fundamentals underpinning the project. PFAs are restricted from investing in companies without a proven profitability and dividend payment history. …

Beijing, May 15, 2026 – Presidents Donald Trump and Xi Jinping wrapped up critical talks on Friday, claiming important progress in stabilizing U.S.-China relations even as deep differences persist between the world’s two biggest powers on Iran, Taiwan and more. Xi welcomed Trump at his official residence, Zhongnanhai, on Friday for their final engagement of the summit before the U.S. leader’s return to Washington. The leaders took a short walk through the grounds that feature ancient trees and Chinese roses, and strolled through a covered passageway with green columns and archways …

Lagos, May 15, 2026 – The Nigerian currency, Naira, depreciated at the official foreign exchange market on Thursday, closing at N1,371 to the dollar. The naira exchange had closed at N1,368.9500 to the dollar on Wednesday, from N1,373.0000 on Tuesday. Bid rates offered by dealers in the market on Thursday ranged between N1,369.50 and N1,372 to the dollar. Meanwhile, the naira is being traded at the black market in Lagos between N1,380 and N1,400 to the dollar.