Coronation Merchant Bank has completed its recapitalisation programme, raising its paid-up capital to N50.26 billion, in compliance with the N50 billion minimum capital requirement set by the Central Bank of Nigeria for merchant banks. The bank said the exercise was executed through a combined rights issue and private placement, which generated more than N32.09 billion in new equity capital. The recapitalisation received strong backing from existing shareholders and strategic investors, strengthening the bank’s balance sheet and positioning it for the next phase of growth across its key business segments. ALSO READ Recapitalisation: 31 banks meet CBN capital requirements [FULL LIST]…
Author: Newsdesk
When it comes to practical farming technology built for African conditions, PFS Power Factor Systems has quietly been doing something rather impressive. Since setting up shop in Nelspruit, Mpumalanga back in 1998, the company has grown into a trusted name across the continent, serving farmers in countries ranging from South Africa and Zambia to Kenya, Angola and beyond. At the heart of what PFS offers is the VSD Starter, a variable speed drive designed and built entirely in-house and purpose-made for irrigation systems. It is not a generic piece of kit adapted for farm use. Every feature on this machine…
Several passengers were injured on Monday after a train operating on the Kaduna–Abuja rail corridor derailed during its journey to the Federal Capital Territory. The incident reportedly occurred near Asham station along the rail line linking Kaduna and Abuja, causing panic among passengers on board. Officials of the Nigerian Railway Corporation (NRC) confirmed the incident, attributing it to a technical problem involving the locomotive and one of the passenger coaches. According to the NRC, the fault disrupted the train’s movement, leading to the derailment and injuries to some passengers. Emergency response teams were immediately mobilised to the scene, while injured…
Kenya’s agricultural exports to China will begin entering the Chinese market duty-free starting May 1, 2026, a move expected to significantly boost export opportunities for Kenyan farmers and agribusinesses. Mutahi Kagwe, Cabinet Secretary for Agriculture and Livestock Development, announced the milestone following a meeting with Chinese Ambassador to Kenya Guo Haiyan. He said the development marks the implementation phase of trade agreements secured during William Ruto’s state visit to China. According to Kagwe, the removal of tariffs forms part of broader commitments between Kenya and China to deepen agricultural trade and expand market access for Kenyan products. “This is the…
More than 60 U.S. agricultural organisations are urging major domestic fertilizer producers to withdraw support for duties on imported phosphate fertilizers, warning that current policies are contributing to high input costs for farmers already facing economic pressure. In a letter dated March 13, 2026, a coalition of 64 farm and commodity groups, including the National Corn Growers Association, called on executives at The Mosaic Company and J.R. Simplot Company to help lower fertilizer prices by renouncing support for countervailing and antidumping duties on phosphate imports from Morocco. The letter was addressed to Mosaic Bruce Bodine and Simplot Garrett Lofto. In…
MTN Group has reported strong operational and financial performance for the 2025 financial year as service revenue jumped by nearly 25% to R218 billion. The telecom giant said the results marked the final year of its Ambition 2025 strategy, with strong commercial outcomes driven largely by its operations in MTN Nigeria and MTN Ghana. The group also recorded strong free cash flow, improved returns, and announced a 45% increase in dividend payments to shareholders. According to the company, its total customer base rose to more than 307 million across 16 markets as of December 31, 2025. This includes 172 million data users and 70…
Nigeria imported petrol worth N84.69 billion from Togo in the fourth quarter of 2025, according to newly released foreign trade statistics. Data published by the National Bureau of Statistics (NBS) shows that petroleum products accounted for the bulk of Nigeria’s imports from the West African country during the period. The figures highlight Nigeria’s continued reliance on imported fuel to meet domestic demand despite ongoing efforts to expand local refining capacity. Nigeria’s petrol imports from Togo accounted for the overwhelming share of goods purchased from the country in the final quarter of 2025. According to the NBS foreign trade report, Nigeria’s total imports…
Authorities in the United Arab Emirates have introduced a temporary measure allowing certain residents whose visas expired while they were outside the country to return without facing penalties, offering relief to those stranded abroad due to recent travel disruptions. The policy, announced by the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), provides eligible residents with a limited window to re-enter the United Arab Emirates even if their residence visas expired while they were overseas. Under the directive, the special arrangement will remain in effect until March 31, 2026, after which the country’s standard immigration procedures will resume.…
The African Development Bank (AfDB) Group has approved a $5.52 million grant to strengthen tax administration and improve domestic revenue mobilization in Nigeria and other West African countries. The development was disclosed in a statement published by the AfDB Group over the weekend, announcing the signing of the grant agreement between the bank and the West African Tax Administration Forum (WATAF). The initiative is expected to help participating countries modernize tax administration, strengthen governance systems, and improve revenue collection to support development priorities across the region. The African Development Bank said strengthening tax administration remains critical for West African countries seeking to increase domestic revenue and reduce dependence on external borrowing.…
Patients visiting hospitals across Nigeria are increasingly finding it difficult to distinguish nurses from other health workers as colored scrubs and varied uniforms replace the once-distinctive traditional white nursing attire. For decades, the white dress and cap symbolized the nursing profession in Nigeria, making nurses easily recognizable in hospitals and reinforcing a professional identity associated with discipline, care, and service. However, that longstanding tradition is gradually giving way to colored scrubs and varied uniforms now widely adopted across many health facilities, reflecting changing workplace practices, global trends, and institutional preferences. The Registrar of the Nursing and Midwifery Council of Nigeria…