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  • Tinubu Approves Free CAC Registration for 250,000 Small Businesses

    President Bola Tinubu has approved the free registration of 250,000 Micro, Small and Medium Enterprises (MSMEs) with the Corporate Affairs Commission (CAC) as part of efforts to support small businesses across Nigeria.

    The approval was announced during the 8th National MSME Awards, with the initiative aimed at reducing the cost of formalising businesses and expanding opportunities for entrepreneurs.

    Application through SMEDAN portal

    Eligible entrepreneurs are required to submit their applications through the official Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) portal.

    The registration exercise is expected to help more small businesses gain legal recognition, improve access to government support programmes and strengthen their participation in the formal economy.

    SMEDAN-registered businesses qualify automatically

    According to the announcement, businesses already registered on the SMEDAN database but without Corporate Affairs Commission registration will automatically qualify for the waiver.

    The initiative forms part of the Federal Government’s efforts to promote entrepreneurship, support MSMEs and encourage business growth across the country.

    You can apply through portal.smedan.gov.ng

     

  • Femi Otedola Breaks Silence After Nestoil Dispute, Hosts Abdul Samad Rabiu in London

    Billionaire businessman Femi Otedola has reacted indirectly to criticism surrounding his legal dispute with Nestoil by sharing a social media post showing him hosting fellow billionaire Abdul Samad Rabiu in London.

    The development comes days after influencer Kenesgloww, daughter of Nestoil founder Ernest Azudialu-Obiejesi, publicly criticised Otedola over First Bank’s debt recovery efforts against the oil and gas company.

    Nestoil Legal Battle Draws Public Attention

    The dispute stems from attempts by First Bank, under the leadership of FirstHoldco PLC Chairman Otedola, to recover an alleged $1 billion debt owed by Nestoil and its subsidiary, Neconde.

    The bank initiated legal proceedings aimed at enforcing debt recovery and securing control over the OML 42 oil block.

    However, Nestoil recorded a major legal victory after the Supreme Court reportedly set aside previous orders freezing its assets and directed police operatives to vacate the company’s Lagos headquarters.

    Influencer Criticises Otedola

    Following the court ruling, Kenesgloww took to social media to criticise Otedola, accusing him of attempting to take over a business built by her father.

    In a series of posts, she questioned the billionaire’s business record and argued that genuine success comes from building enterprises from the ground up rather than acquiring what belongs to others.

    Her comments generated widespread reactions online as supporters of both businessmen weighed in on the controversy.

    Otedola Shares London Dinner Photo

    Amid the debate, Otedola appeared unfazed by the criticism as he shared a photograph of himself with Abdul Samad Rabiu in London.

    In the post, he described Rabiu as his neighbour in London and one of the wealthiest Black men in the world.

    “Yesterday evening my honour to have the 2nd richest black man in the world (and my London neighbour) over for dinner. The one and only Abdul Samad Rabiu,” Otedola wrote.

    The post quickly attracted reactions from followers, many interpreting it as his first public response since the controversy gained attention.

    Debt Recovery Efforts Remain a Key Issue

    The dispute between First Bank and Nestoil has remained one of the most closely watched corporate battles in Nigeria’s oil and financial sectors.

    Industry observers note that the case gained prominence due to concerns over the impact of non-performing loans on First Bank’s financial position and the significance of the assets involved.

  • Femi Otedola Reportedly Buys £53m London Mansion Amid Luxury Property Boom

    Nigerian billionaire businessman Femi Otedola has reportedly acquired a luxury mansion in London valued at £53 million, approximately N96 billion.

    According to a report by Bloomberg, the 10-bedroom property is located in the prestigious St John’s Wood district near Regent’s Park in London.

    Luxury Mansion Features Cinema, Spa

    Reports indicated that the mansion was built in 2016 and comes with several luxury facilities including a private cinema, spa and cigar room.

    The property was reportedly listed for sale in 2020 with an initial asking price of £75 million before the recent acquisition.

    A filing in the United Kingdom was also said to have confirmed the purchase, although representatives of the billionaire businessman reportedly declined to comment on the deal.

    London Luxury Market Still Attracting Billionaires

    The acquisition comes amid continued activity in London’s luxury housing market despite increasing taxes and policy changes affecting foreign residents.

    According to reports, sales of properties valued above £5 million reportedly declined by 28 percent in the first quarter of 2026 compared to the same period in 2025.

    Despite the drop, several mega property deals above £20 million have still been completed this year.

    Earlier in 2026, businessman Suneil Setiya reportedly acquired a Chelsea mansion owned by Nick Candy for more than £270 million.

    John Aylward also reportedly purchased a Belgravia mansion valued at £35 million.

    Otedola’s Expanding Investments

    Otedola is widely known for investments spanning finance, power generation, shipping, storage and insurance brokerage.

    He currently serves as chairman and largest shareholder of First HoldCo Plc.

    Reports also recalled that Roosevelt Ogbonna, the Chief Executive Officer of Access Bank Plc, reportedly purchased a £15 million property in London’s Hampstead area, popularly called “Billionaires’ Row,” in 2025.

    Social Media Reactions Trail Purchase

    The reported acquisition has continued to spark reactions online, with many Nigerians sharing mixed opinions about the billionaire’s latest investment.

    While some users congratulated Otedola, others questioned why wealthy Nigerians continue investing heavily abroad instead of channeling more resources into local development projects.

  • Dangote Reveals Why He Refused to Buy Arsenal Despite Longtime Interest

    Africa’s richest man, Aliko Dangote, has revealed why he abandoned his long-standing ambition of purchasing Arsenal, despite coming close to making a move for the club.

    Dangote disclosed this during an interview with Nicolai Tangen, where he explained that he chose to focus his resources on completing the massive Dangote Refinery project instead.

    ‘I Nearly Bought Arsenal’

    The billionaire businessman said Arsenal was valued at around $2 billion at the time he seriously considered acquiring the club.

    According to him, he had to make a difficult decision between investing heavily in football ownership or concentrating on completing the refinery project, which later became one of Africa’s biggest industrial investments.

    “I’m a big Arsenal fan, yes, I nearly bought the team,” Dangote said.

    “When I was focused on buying Arsenal, I was also focused on the refinery getting to its completion. At the time, Arsenal was worth about 2 billion dollars, so I asked myself: should I put my 2 million dollars in Arsenal and allow the business to suffer, or continue the business and continue to remain a very big supporter of Arsenal?”

    Why He Chose Business Over Football

    Dangote said he eventually decided that remaining a loyal supporter of Arsenal made more sense than taking over ownership of the North London club.

    He added that his passion for the club remains strong, noting that he still follows their matches closely and proudly wears Arsenal jerseys whenever they play.

    “So I decided to continue to support them, watch their games. Any time Arsenal plays, I always wear the jersey. I am a fan, it is better I remain as a fan and continue to fund my business,” he said.

    Arsenal Now Too Expensive

    The billionaire also admitted that Arsenal’s current valuation has made any future takeover attempt less appealing financially.

    According to him, the club’s market value has risen sharply over the years, changing the economics of any potential deal.

    “And today they are worth billions, it is not worth the while,” he added.

    Dangote has repeatedly expressed admiration for Arsenal over the years, with previous comments about his interest in owning the club generating attention among football fans and business observers alike.

     

  • IGP Disu bans POS operators near police stations nationwide over bribery concerns

    The Inspector-General of Police, Tunji Disu, has ordered an immediate nationwide restriction barring Point-of-Sale (POS) operators from operating within 200 metres of police stations and formations across Nigeria.

    The directive was contained in an internal police wireless message circulated to commands and formations nationwide, with the police leadership warning that violations would attract disciplinary consequences for senior officers in affected jurisdictions.

    Police cite corruption concerns

    According to the internal communication, the Nigeria Police Force expressed concern over what it described as the “alarming proliferation” of POS operators around police facilities across the country.

    The police authorities stated that the increasing presence of POS agents near stations had become linked to complaints of bribery, illegal transactions and unofficial financial dealings involving officers and civilians.

    The message noted that the development was undermining ongoing reform efforts targeted at improving transparency, accountability and public confidence in policing.

    “The Force leadership observed with utmost dismay the growing trend of POS operators clustering around police formations,” part of the signal reportedly stated.

    200-metre restriction takes effect

    Following the development, the Force Headquarters directed that no POS operator should be allowed to function within a 200-metre radius of any police station, divisional headquarters or police formation nationwide.

    The directive also placed responsibility for compliance on senior officers, warning that Assistant Inspectors-General of Police, Commissioners of Police and heads of formations would be held “vicariously liable” for any breach recorded within their areas of supervision.

    The police authorities stressed that the order should be enforced immediately across all commands.

    Move linked to extortion allegations

    Security analysts have linked the new directive to longstanding allegations of extortion and unofficial cash collection involving some police personnel.

    Human rights groups and civil society organisations have repeatedly raised concerns over the close proximity of POS operators to police stations, arguing that some officers allegedly force suspects or civilians to make instant transfers or withdrawals through nearby agents during arrests or interrogations.

    The development is seen as part of broader efforts by the current police leadership to curb corruption allegations and restore public trust in the Nigeria Police Force.

  • Dangote Targets London Listing as Cement Giant Plans Global Expansion

    Africa’s richest man, Aliko Dangote, has revealed plans to list Dangote Cement on the London Stock Exchange later this year as the company pushes for expansion and fresh international investment.

    The proposed move would see Dangote Cement secure a secondary listing in the United Kingdom, while also selling about 10 per cent of its shares to outside investors.

    Dangote confirms London plans

    Speaking to the Financial Times, Dangote said discussions around a dual listing had been ongoing for years but recent changes in the UK market made the move more attractive.

    “We want to do a dual listing. We’ve been thinking about it for seven to 10 years,” Dangote said.

    He added that London became a preferred option after the UK relaxed some of its listing requirements.

    “We ended up saying London is good as they have brought down the minimum listing requirements,” he stated.

    Dangote Cement currently has a market valuation of nearly $13 billion on the Nigerian Exchange.

    Banks reportedly selected

    According to reports, the cement company has already selected major financial institutions to advise on the planned listing.

    The banks reportedly include Citigroup, JPMorgan Chase and Standard Bank.

    The listing is expected to take place around September, depending on market conditions and investor interest.

    This would revive earlier attempts by Dangote Cement to enter the London market after previous plans failed to materialise.

    Expansion drive gathers pace

    Dangote also disclosed that the company plans to increase its annual cement production capacity from 60 million tonnes to 100 million tonnes by 2030.

    He said new plants are already being developed in Nigeria to support export operations.

    “In Nigeria, work had already started on a plant for 6 million tonnes, with another 6 million tonnes of capacity to follow,” he said.

    Dangote Cement currently operates in 11 African countries and remains Africa’s largest producer of building materials.

    The company’s shares have reportedly gained more than 70 per cent this year.

    Refinery boosts wealth

    Dangote’s growing fortune has also been linked to the performance of his refinery business in Lagos.

    Bloomberg recently estimated his net worth at $35.4 billion, making him the richest person in Africa and the only African on Forbes’ list of the world’s 100 richest people.

    The billionaire also revealed plans to sell up to a 15 per cent stake in the Dangote refinery through an initial public offering in Lagos later this year.

    Arsenal dream postponed

    Dangote also revisited his long-standing interest in buying English football club Arsenal.

    According to him, he had to choose between completing his refinery project and pursuing ownership of the London club.

    “I asked myself, do I want to complete these projects or do I want to go and buy Arsenal?” he said.

    “I realised that, look, I have missed the boat.”

  • Mr Eazi Opens Up on £40,000 Business Loss, Family Fallout

    Nigerian singer and entrepreneur Mr Eazi has shared how a failed business venture involving £40,000 led to a fallout between him and his uncle.

    Singer recounts failed business deal

    Speaking during an interview, Mr Eazi revealed that he borrowed the money from his uncle to fund a business, but the venture later collapsed.

    He said the situation became tense when his uncle began demanding repayment after the business failed.

    Family dragged into dispute

    The singer explained that the issue escalated when his uncle involved his parents, a move he described as embarrassing.

    “I remember one time I took money from my uncle to do business; business went south. And then he was chasing me for the money… I was so embarrassed that my dad had to pay,” he said.

    Confrontation over handling of situation

    Mr Eazi said he was displeased with how the matter was handled, especially the decision to bring his parents into it.

    He recalled confronting his uncle and his wife over the incident, expressing frustration at the time.

    “I told two of them that you people just f***ed up. You just lost an opportunity because I’m going to be a great guy and you’re not gonna be able to work with me,” he added.

    Experience shapes outlook on money

    According to the singer, the experience had a lasting impact on his approach to business and financial responsibility.

  • MTN Nigeria Transfers MoMo Control to Parent in ₦95.5bn Fintech Deal

    MTN Nigeria has confirmed a major restructuring of its fintech operations, with its parent company, MTN Group, set to acquire majority stakes in its mobile money businesses in a deal valued at ₦95.5 billion.

    MTN Group takes control of fintech units

    The update, disclosed ahead of the company’s April 30, 2026 Annual General Meeting, shows that MTN Group will acquire 60 per cent stakes in MoMo Payment Service Bank and Y’ello Digital Financial Services.

    The transaction effectively shifts control of both entities to the group level, while MTN Nigeria retains a 40 per cent minority interest.

    This marks a strategic pivot in how the telecom giant manages its fast-growing but capital-intensive fintech segment.

    New structure to centralise operations

    Under the new arrangement, both fintech businesses will be housed within a newly created holding entity known as Fintech HoldCo.

    The structure will be owned 60 per cent by MTN Group and 40 per cent by MTN Nigeria, allowing the parent company to consolidate fintech operations across multiple markets.

    The move is designed to streamline decision-making and align operations under a unified continental strategy.

    Losses drive strategic shift

    The restructuring follows mounting financial pressure from MTN Nigeria’s fintech investments, which recorded a ₦62.56 billion impairment in 2025.

    The impairment reflects ongoing losses within the fintech units, despite years of expansion and market penetration.

    By transferring majority ownership, MTN Nigeria reduces its financial exposure while freeing up capital to strengthen its core telecommunications business.

    Part of wider continental plan

    The move aligns with MTN Group’s long-term ambition to build a unified fintech platform across Africa.

    The company has been gradually restructuring similar operations in other markets, including Ghana and Uganda, as part of a broader consolidation strategy.

    Nigeria’s scale and complexity made it a key piece in this transition, with the latest development marking a significant milestone.

    Future growth and possible listing

    The restructuring also positions MTN Group for future partnerships and potential capital market opportunities.

    With fintech operations now centralised, the group could explore expansion strategies, including collaborations with global payment players and a possible public listing in the future.

    The development signals a shift from fragmented operations to a more coordinated fintech ecosystem across the continent.

  • Police Release Woman Detained Over Viral “Bread Lasted Two Months” Claim

    A businesswoman, Love Dooshima, has been released from police custody after being detained over a viral social media review in which she claimed a loaf of bread stayed fresh for two months.

    Her release was confirmed early Tuesday following hours in custody at the Zone 7 Police Headquarters in Abuja.

    What happened

    According to human rights lawyer Inibehe Effiong, Dooshima honoured a police invitation around midday on Monday but was subsequently detained.

    Her arrest followed a complaint by a bread company, BON Bread, which alleged that her viral video misrepresented its product.

    In the video, Dooshima claimed the bread she purchased remained fresh for two months, sparking widespread reactions online.

    How she regained freedom

    Effiong said he, alongside others, arrived at the police facility late at night after receiving a distress call.

    He disclosed that Dooshima was released at about 12:30 a.m. on Tuesday after intervention from the Inspector-General of Police, Tunji Disu.

    Case not over

    Despite her release, the lawyer hinted that the matter is still ongoing.

    “We will be back by daybreak,” Effiong said, suggesting further legal steps may follow.

    The incident has continued to generate reactions online, with many Nigerians debating consumer rights and corporate accountability.