Business

Abbey Mortgage Bank has emerged as the best-performing mortgage stock on the Nigerian Exchange (NGX), delivering a 20% year-to-date (YtD) gain as of March 20, 2025. This builds on its impressive 35% return in 2024, marking a 291% rally over five years—from N0.92 in 2019 to N3.60. With a dividend yield of 1.11% (N0.04 per share), Abbey’s total return now …

The Niger Delta Development Commission (NDDC) has provided financial support to 300 rice farmers across the region, equipping each beneficiary with starter packs worth N200,000 to boost rice production. The initiative was announced in a statement on Saturday by NDDC Managing Director, Dr. Samuel Ogbuku, and released by the commission’s Director of Corporate Affairs, Mrs. Seledi Thompson-Wakama. The starter packs …

Benue State Governor, Rev. Fr. Hyacinth Alia, has urged the Federal Government to enact national legislation banning open grazing, advocating for modern ranching practices to boost Nigeria’s livestock industry. Governor Alia emphasized the transformative potential of livestock development in tackling food insecurity, generating wealth, and contributing to Nigeria’s GDP. He praised President Bola Ahmed Tinubu for establishing the Federal Ministry …

Samsung Electronics has unveiled its latest mid-range smartphones the Galaxy A56 5G, Galaxy A36 5G, and Galaxy A26 5G—in Nigeria, marking the first time AI-powered features have been introduced to its Galaxy A series. As competition in the AI-driven smartphone market intensifies, especially against Transsion, Nigeria’s leading phone brand, Samsung aims to gain ground with its new “Awesome Intelligence” feature …

The Minister of Solid Minerals Development, Dr. Dele Alake, has revealed that Nigeria’s intensified war against illegal mining has led to the arrest of 327 offenders and the recovery of 98 illegal mining sites within the past year. Speaking at a press conference in Abuja to mark the first anniversary of the Mining Marshals, Alake attributed this success to the …

The Federal Government of Nigeria and the Canadian government have signed a code-sharing agreement aimed at enhancing efficiency and connectivity in the aviation industry. Announcing the development on Friday, Gbenga Saka, Special Adviser on Digital Media to the Minister of Aviation and Aerospace Development, Festus Keyamo, stated that the agreement would allow airlines from both countries to sell seats on …

Edo State Deputy Governor, Dennis Idahosa, has reaffirmed the state government’s commitment to agricultural development, assuring farmers of strong government support and security. Speaking in Benin City while hosting executives of the All Farmers Association of Nigeria (AFAN), Edo State Chapter, Idahosa highlighted the Okpebholo-led administration’s focus on agriculture as part of its five-point agenda. “For the first time in …

FirstHoldCo Plc has successfully concluded its Rights Issue, achieving an impressive 25% oversubscription. Following the capital verification exercise by the Central Bank of Nigeria (CBN), the Group announced that it raised N187.6 billion—exceeding the initial target of N150 billion in the first phase of its capital raise initiative. Speaking on this milestone, Adebowale Oyedeji, Group Managing Director of FirstHoldCo Plc, …

Alitheia Capital and Goodwell Investments have announced their successful exit from Baobab Nigeria, marking the first-ever exit from their joint uMunthu Fund after over 12 years of investment. The firms described the exit as a testament to Baobab Nigeria’s transformation, from a single-room microfinance institution (MFI) to a top-three nationally licensed MFI, underscoring the power of patient capital in delivering …

Ekiti State Governor, Biodun Oyebanji, has launched the construction of dormitories in farm settlements across the state as part of efforts to achieve food security and make agriculture more appealing to young people. Speaking at the foundation-laying ceremony for the Renewed Hope Dormitory in Eporo Ekiti, Emure Local Government Area, the governor represented by his deputy, Chief Monisade Afuye emphasized …