Nigeria’s banking sector may be losing about N2.5 trillion annually in potential earnings due to the Central Bank of Nigeria’s (CBN) high Cash Reserve Ratio (CRR), according to a new report by investment banking and research firm Chapel Hill Denham. The report, titled “The Nigerian Banking Paradox: High Returns, Deep Discounts,” said Nigerian banks continue to trade at significant discounts compared to peers in countries such as South Africa and Morocco despite posting some of the strongest returns on equity in Africa. According to the analysts, investor concerns over macroeconomic instability and restrictive regulations are weighing heavily on market valuations.…
Author: Newsdesk
The National Agency for Food and Drug Administration and Control (NAFDAC) has clarified issues surrounding a controversial bread product that trended online over claims it did not develop mould after more than two weeks. The clarification was contained in a statement signed by the Director-General of NAFDAC, Prof. Mojisola Adeyeye, and issued to journalists on Sunday in Abuja. Adeyeye said the controversy started on April 13 when a social media user alleged that a loaf of bread supplied to her for sale remained free of mould for more than two months. Although the complainant did not mention the brand or…
The Lagos State Consumer Protection Agency (LASCOPA) has warned residents against consuming spoilt or fungus-infested tomatoes, popularly known as ‘Ata Esha’, saying it could pose serious health risks. Afolabi Solebo, the agency’s General Manager, issued the warning in a statement signed by the Assistant Director of Public Affairs, Mr. Adesile Rufai, on Sunday in Lagos. Solebo urged consumers to avoid purchasing or consuming tomatoes with visible white, green, or black fungal growth. “Fungi found on spoiled tomatoes may produce harmful toxins, including aflatoxins, which can lead to severe health complications such as liver damage,” he said. Speaking on the importance…
Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted consignments of cocaine and various opioids concealed in the walls of cartons used to package clothes and other items destined for the United Kingdom and Australia. The two seizures were made at a courier company in Lagos on Friday, May 15, 2026, during the examination of outbound shipments. A total of 170 grams of cocaine, sealed in cellophane parcels and hidden inside the walls of a carton of clothes heading to Australia, were recovered. From another carton destined for the United Kingdom, operatives recovered various opioids comprising 200 ampoules…
Experts say China’s zero-tariff policy on goods and services from 53 African countries will boost Africa-China trade relations and improve market access for Nigerian products. The experts made the remark on Sunday in Abuja while reacting to China’s removal of tariffs on goods from 53 African countries. Chinese President Xi Jinping announced the zero-tariff policy on February 14, 2026, during the 39th African Union Summit in Addis Ababa. The policy took effect on May 1. Chief Emeka Obegolu, President of the Abuja Chamber of Commerce and Industry (ACCI), said the policy offers Nigeria significant new export opportunities. He noted that…
The Nigerian Association of Master Mariners (NAMM) has described the recently repassed Nigerian Port Economic Regulatory Agency Bill as a critical step toward addressing gaps in the port governance framework. Capt. Femi Amusa, a Master Mariner, made this known in an interview with reporters on Sunday in Lagos. Amusa said the bill, which had undergone several legislative cycles and a previous presidential rejection, highlighted both its importance and lingering concerns over mandate clarity, scope, and regulatory overlap. According to him, the proposed legislation seeks to institutionalise economic regulation in the port sector and strengthen the role previously performed in a…
A health expert, Mrs. Remilekun Akinfenwa, has urged women to prioritise regular medical screenings to prevent complications that could lead to sudden death. Akinfenwa, Director of Nursing at the Federal Medical Centre, Keffi in Nasarawa State, gave the advice at the Peculiar Good Women Fellowship 20th Anniversary of the Cherubim and Seraphim Movement Church, Daki-Biyu District, Kubwa, Abuja. The event, which started on Saturday, concluded on Sunday with a thanksgiving service themed “Mystery of Grace.” While delivering a lecture during the event, Akinfenwa urged women to take good care of their health, eat nutritious meals, and seek medical attention whenever…
Nigerian celebrities and designers have continued to export “Afrofashion” to the world, transforming African style from a localised aesthetic into a dominant global force. Through bold fusions of traditional heritage and modern luxury, they have elevated indigenous textiles such as Adire, Aso-Oke, and Akwete at international events, turning cultural heritage into luxury statements. In the past, Nigerian artistes and celebrities largely copied Western styles due to the dominance of American and British trends in the global entertainment industry. Today, the narrative has shifted. Nigerian creatives are now confidently embracing their roots and setting global standards rather than merely following them.…
The Executive Secretary of the National Sugar Development Council (NSDC), Mr. Kamar Bakrin, says Nigeria’s sugar sector has the potential to generate about one million jobs across its value chain. Bakrin made the statement during a strategic meeting between the NSDC and the Nigeria Customs Service (NCS) at the Customs Headquarters in Abuja. He said a fully developed sugar industry could transform rural communities, boost industrialisation, and reduce insecurity through large-scale employment opportunities for youths. “If Nigeria succeeds in developing a proper sugar sector, we would convert an annual outflow of over one billion dollars into jobs, security, and industrialisation.…
The Niger Delta Power Holding Company (NDPHC) says it is ready to supply an additional 1,500 megawatts (MW) of electricity to Lagos State to help address the state’s widening power deficit. NDPHC Managing Director and Chief Executive Officer, Mrs. Jennifer Adighije, disclosed this during a courtesy visit to the Managing Director of the Lagos State Electricity Regulatory Commission (LASERC), Mrs. Temitope George. The development was made known in a statement issued on Sunday in Lagos by Mr. Emmanuel Ojor, Head of Corporate Communications and Public Relations at NDPHC. Adighije said the company currently has about 2,000MW of stranded generation capacity…