Business – Page 166 – Rise Africa

CBN Reforms & Oil Prices Boost Nai

05.02.2026

Nigeria’s foreign exchange environment is seeing a notable turnaround as reforms by the Central Bank of Nigeria combine with a fresh rally in oil prices to support the naira, boost external reserves and rebuild confidence in FX markets. SAMI TUNJI examines how stricter FX governance, higher oil earnings and improving capital inflows are influencing exchange-rate...

CardinalStone raises N12.63bn for infrastructure financing

05.02.2026

CardinalStone Asset Management Limited has closed Series 1 of the CardinalStone Infrastructure Debt Fund, securing N12.63bn in investor commitments. According to a statement from the firm on Wednesday, the successful close of the funding round marked an important milestone in CardinalStone’s broader infrastructure ambitions. The firm expects to continue capital raising under the Debt Sub-fund...

Sterling’s Q4 2025 Income Dips to N16.34bn

05.02.2026

Sterling Financial Holdings Company Plc and its subsidiaries recorded a profit of N16.34bn in the fourth quarter of 2025, representing a 23.8 per cent decline from the N21.44bn posted in Q4 2024, according to its unaudited interim financial statements for the period ending 31 December 2025. The drop in quarterly profit was primarily driven by...

Paga & Leadway Offer Doroki Merchants Insurance Solutions

05.02.2026

Paga, the fintech company behind the Doroki merchant platform, has entered into a strategic partnership with Leadway Assurance to provide comprehensive insurance solutions for users on the platform. Leadway Assurance stated on Tuesday that the partnership is designed to help merchants protect their businesses from daily risks and bounce back swiftly from unexpected setbacks. Under...

School Building Refurbished in Anambra

05.02.2026

Fidelity Bank Plc has expressed its commitment to advancing quality education and youth empowerment with the renovation of an administrative building in Community Secondary School, Enugwuabo Ufuma, in the Orumba North Local Government Area of Anambra State. According to the bank, the renovation of the one-storey administrative block was part of its interventions to address...

CardinalStone raises N12.63bn for infrastructure financing

05.02.2026

NAICOM Warns Insurers on Recapitalisation & Disclosures

05.02.2026

The National Insurance Commission has flagged weak financial disclosures, solvency gaps and deficiencies in recapitalisation planning by some insurance companies, warning that the ongoing recapitalisation exercise leaves little room for repeated errors or delays in regulatory approvals. The concerns were raised at a one-day stakeholders’ session jointly organised by the Nigerian Insurers Association and NAICOM...

Vsolaris generates 64 MW from solar power grids in Nigeria

05.02.2026

Renewable energy service company Vsolaris has underscored its role in Nigeria’s decentralised power development, saying the company has a planned total generation capacity of 64 megawatts of electricity. The Group Chief Executive Officer of Vsolaris, Chantelle Abdul, stated this during a recent visit by the Managing Director of the Rural Electrification Agency, Abba Aliyu, to...

Court nullifies revocation of Dawes oil licence

05.02.2026

The Federal High Court in Lagos has nullified the revocation of the Dawes Island Marginal Field licence held by Eurafric Energy Limited, ruling that the action by the Ministry of Petroleum Resources and the Minister of Petroleum Resources was unlawful, procedurally flawed and unjustified. Delivering judgement on Thursday, 29 January 2026, in suit no. FHC/L/CS/628/2021,...

DisCos Lost N72.86bn to Unbilled Power in Nigeria

05.02.2026

Electricity distribution companies failed to bill customers for power worth N72.86bn in November 2025, according to commercial performance data released by the Nigerian Electricity Regulatory Commission. The unbilled amount represents the gap between the N342.29bn worth of energy received by the DisCos and the N269.43bn actually billed to customers within the month, translating to a...