Business

Federal Ministry of Finance Releases Funds to Over 1,240 Local Contractors

Published

1 day ago

June 8, 2026

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The Federal Ministry of Finance has approved payments to more than 1,240 contractors nationwide, delivering critical liquidity support to businesses and underscoring the Federal Government’s commitment to settling verified financial obligations.

According to a press release issued by the Ministry, the approvals were granted by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, following a thorough verification and reconciliation process to ensure only legitimate claims were paid.

The latest batch prioritises contractors with verified claims of ₦100 million or less. The funds are expected to enable businesses—particularly indigenous firms and small and medium-sized enterprises (SMEs)—to resume work on project sites, pay workers, settle suppliers, and sustain operations across various sectors.

“This development reflects the Ministry’s commitment to translating policy objectives into tangible outcomes by resolving inherited obligations in a transparent and fiscally responsible manner,” the statement said.

Over the past few months, the Federal Government has processed more than ₦700 billion in payments to local contractors. In May alone, approximately ₦436.6 billion in transactions were executed, marking a significant acceleration in clearing backlog liabilities.

By focusing on a large number of smaller contractors rather than a few large ones, the government aims to broaden the economic impact of the disbursements, stimulating activity across different regions and sectors of the economy.

The payments are expected to boost confidence among contractors, suppliers, and service providers engaged with government projects. For many beneficiaries, the funds represent more than financial relief—they provide the certainty needed to preserve jobs, complete projects, and support broader economic recovery.The Ministry reiterated its dedication to maintaining fiscal discipline while ensuring timely settlement of legitimate obligations, with the goal of substantially reducing outstanding liabilities and strengthening public confidence in financial management.

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Tony Elumelu’s United Capital Secures approval to operate in Ethiopia

Elumeu lauded the transformational Prime Minister of Ethiopia, His Excellency @AbiyAhmedAli , for promoting economic reforms and regional cooperation, the Director General of Ethiopian Capital Market Authority @CMAEthiopia , Ms. Hana Tehelku, and the team at @UnitedCap on this landmark achievement.

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1 hour ago

June 9, 2026

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United Capital Group has again secured regulatory approvals to commence operations in Ethiopia.

Its Chairman, Tony Elumelu, broke the news on Tuesday, via his official X.

” This development is particularly noteworthy because Ethiopia only recently opened its financial sector to foreign participation, making United Capital’s entry a historic step for both the company and the ongoing integration of African capital markets,” said Elumelu.

Last month, United Capital commenced operations in Rwanda, marking its formal entry into East Africa and reinforcing its ambition to build a leading continental financial services institution.

The Group’s newly established entities include United Capital Trustees Rwanda Limited, licensed to provide trusteeship services, and United Capital Financial Services Rwanda Limited, licensed to offer investment management services, including portfolio management, investment advisory, capital mobilisation, capital market advisory, and fund management solutions.

With this development, United Capital now operates in 11 countries, including Nigeria, with a strong presence in key African markets, a recent expansion into the eight countries within the West African Economic and Monetary Union (WAEMU) region, alongside a growing footprint in East Africa.

According to Elumelu, African institutions are increasingly leading, competing, and succeeding across the continent.

For decades, Africa witnessed foreign capital flowing in while profits largely flowed out.

That narrative is beginning to change.

This is Africapitalism in action — a vision that recognizes the importance of both indigenous and international capital working together to finance Africa’s development and unlock shared prosperity.

Business

Lagos developing world – class new business district —Sanwo-Olu

Sanwo-Olu said Lagos was deliberately building a globally competitive economy driven by innovation, infrastructure and private-sector participation.

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4 hours ago

June 9, 2026

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• Invest Lagos Summit 3.0: Secretary to the Lagos State Government, ‘Bimbola Salu-Hundeyin (right); Member, House of Representatives, Kafilat Ogbara; Commissioner for Innovation, Science and Technology, Tunbosun Alake; Chairman, Commonwealth Enterprise & Investment Council (CWEIC), Lord Jonathan Marland; Vice President Kashim Shettima; Governor of Lagos State, Babajide Sanwo-Olu; his Deputy, Dr. Obafemi Hamzat; Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs Folashade Bada Ambrose-Medebem; Deputy Chief of Staff to the Governor, Sam Egube, Dr Toyosi Akerele-Ogunsiji and members of the State Executives Council at the opening of Invest Lagos 3.0, themed: “Lagos – The Business Gateway to Africa”, in Lagos, yesterday.

Lagos State Governor, Babajide Sanwo-Olu, has disclosed that as part of efforts to deepen access to global capital, his administration is developing the Lagos International Financial Centre (LIFC), envisioned as a world-class financial district that would strengthen the state’s position as a gateway for investment into Africa.

Speaking yesterday at the third edition of the Invest Lagos Summit, attended by Vice President Kashim Shettima, other governors, foreign investors, development finance institutions and business leaders, Sanwo-Olu said Lagos was deliberately building a globally competitive economy driven by innovation, infrastructure and private-sector participation.

Sanwo-Olu said that the state had recorded significant economic progress in recent years through targeted reforms across transportation, digital infrastructure and industrial development.

Highlighting key infrastructure achievements, Sanwo-Olu cited investments in road networks, waterways and rail transportation, describing them as critical enablers of economic growth and investor confidence.

The governor noted that Lagos was increasingly serving as a gateway to African markets and global capital, positioning itself at the centre of continental trade under the African Continental Free Trade Area (AfCFTA).

According to him, Lagos remains one of the continent’s most strategic economic hubs, with a population exceeding 25 million and a gross domestic product steadily approaching the $300 billion mark.