John Ugbe is out as MultiChoice Nigeria's CEO, with Kemi Omotosho set to take over. Ugbe leaves after a long tenure steering the company through major industry changes. His successor brings decades of leadership experience from the media, telecom, and digital sectors across Africa. Omotosho previously held senior customer management roles within the MultiChoice Group, most recently as a Regional Director.
Omotosho will now guide the company's strategy, operations, and stakeholder relationships. She acknowledged Nigeria as a key strategic market for the group. Her stated goals include deepening consumer relationships and supporting the local creative economy. She also aims to build a sustainable organization for the future.
The...
AltBank is pushing non-interest banking as a tool for inclusion, not just a niche product. Executive Director Korede Demola-Adeniyi stated the sector remains underpenetrated, holding a small fraction of total banking assets despite growing demand. She emphasized the model serves everyone, not only a single religious group, with a focus on transparency and shared risk.
Stronger advocacy and public education are needed to unlock its potential, according to Demola-Adeniyi. She cited required product innovation and clearer regulatory frameworks to enable these banks to transform the economy. The current growth strategy targets high-impact sectors like healthcare, agriculture, renewable energy, and transportation.
The bank also explores...
Power just got cut to four hours a day for some Lagos customers. Eko Disco downgraded seven feeders from its top service band, confirming the move on its social media page. The affected areas now receive significantly less electricity under the service-based tariff structure. This system groups users by daily power supply hours, with the lowest band guaranteeing only four.
The downgraded feeders include Palace Road on Lagos Island and Army Resettlement in Mushin, both dropped to the lowest Band E. Other areas moved down to Band C include Badore in Ajah, Beecham in Agbara, and Chevy View in Lekki. New Yaba in Akoka, Old Niger in Ajele District, and NAFDAC Isolo were also included in the downgrade.
Efforts to get clarification from the...
That airport terminal is finally tackling its peak time chaos with a formal slot system. Operators at Murtala Muhammed Airport Terminal Two introduced the measure to balance flight demand with terminal capacity. The system aims to improve coordination for aircraft movements and reduce congestion during busy periods. It should also boost airline punctuality and help ground handling companies plan better.
The move follows a high-traffic travel season where the terminal coordinated closely with airlines and service providers. Operations extended beyond normal hours to accommodate delayed or late-night flights. Additional ground support measures were deployed to ensure smooth passenger processing and baggage handling during this period...
Power distributors collected over two hundred billion naira in revenue for a single month. The Nigerian Electricity Regulatory Commission reported that the twelve distribution companies gathered two hundred ten billion naira in October. Their total billing for the period reached two hundred fifty-five billion naira, leaving forty-five billion uncollected.
The total cost of energy supplied to these companies was three hundred three point eight five billion naira. The allowed tariff stood at one hundred sixteen naira per kilowatt-hour, but the actual collected average was ninety-five naira. This difference represents a government subsidy of twenty naira per unit.
Federal government absorption of costs totaled forty-eight point six six...
Depositors from that shuttered bank are getting another major payout. The Nigeria Deposit Insurance Corporation declared a twenty-four point three billion naira second liquidation dividend for Heritage Bank customers. This payment goes to people whose account balances exceeded the insured limit of five million naira when the bank closed. The corporation stressed this is just the second payment, with more expected as additional assets get sold.
A first dividend of forty-six point six billion naira was paid earlier. Both payments result from the corporation selling the failed bank's physical assets and recovering outstanding debts. The latest dividend will be applied to uninsured balances at a rate of five point two kobo for every naira...
A Nigerian broker just smashed the two trillion naira mark in a single period. CardinalStone Securities recorded that transaction value on the local exchange, becoming the first firm to hit that milestone. Their activity represented over eighteen percent of the total value traded, securing the top rank. Chapel Hill Denham and Stanbic IBTC Stockbrokers were among the other leading firms.
The top ten brokers together executed about seven point three trillion naira in trades. This collective activity accounted for roughly sixty-two percent of all exchange value. The achievement followed the firm's earlier crossing of the one trillion naira threshold within the same timeframe.
Group Managing Director Micheal Nzewi called it a defining...
The federal budget includes a massive proposal for retiree benefits. A total of one point three seven six trillion naira is allocated for pensions and gratuities across government sectors. This reflects an effort to meet growing obligations and clear longstanding arrears for former public servants.
Military pensions receive the largest single share at four hundred eighty-six billion naira. This portion covers regular payments, death benefits, and arrears for former defense personnel. The Pension Transitional Arrangement Directorate follows with an allocation of two hundred eighty-five billion naira for legacy scheme obligations.
Civilian pensions under the Office of the Head of Civil Service are set at ninety-four point five four...
A state bank is trying to power up schools with solar panels and internet loans. The People's Own Savings Bank partnered with the education ministry on a digital inclusion project. Their new loan facility provides funding for clean solar energy and high-speed Starlink internet to schools nationwide. The initiative specifically targets remote institutions lacking reliable electricity and connectivity.
Education Minister Tonderai Moyo stated that power and internet are now essential learning tools, not luxuries. He argued that without them, students cannot participate in a world shaped by artificial intelligence and automation. This solar and internet combination aims to create digital classrooms that foster creativity and...
