business
Femi Otedola Hails Tinubu’s 15% Fuel Import Tariff, Warns Against Repeating Past Industrial Collapse Billionaire businessman and prominent energy sector investor, Femi Otedola, has publicly thrown his support behind President Bola Ahmed Tinubu’s recent decision to implement a 15 per cent ad-valorem import tariff on petrol and diesel, describing the move as essential for safeguarding […]
Power Grid Bottlenecks SINK GenCos as 2,000MW Remains Stranded Daily Nigeria’s power generation companies (GenCos) have recorded a staggering loss of ₦2.31 Trillion over the past twelve years, a financial catastrophe attributed almost entirely to electricity that was available but could not be delivered to consumers due to the persistent failure of the nation’s transmission […]
Minister Reveals 10,000MW Stranded in Idle Plants, Blames ‘Wasteful’ Transmission Failure Despite Nigeria’s crippling electricity shortages, the Minister of Power, Adebayo Adelabu, has revealed a startling inefficiency in the sector, disclosing that over 10,000 Megawatts (MW) of installed generation capacity is currently stranded and unused across the country. Speaking emphatically at the Nigeria Energy Conference […]
Finance Youth Ideas NOW or Watch Them Flee to ‘Crypto, Virtual’ Economy The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has issued a sharp challenge to Nigeria’s banking sector, urging them to aggressively finance the innovative ideas of young Nigerians to secure economic stability and prevent a migration of talent […]
Lagos Moves to Enforce Compulsory Insurance for ALL Commercial Buildings Above Two Floors The Lagos State Government has formally announced its decision to enforce compulsory insurance for all commercial structures exceeding two floors, marking a major regulatory step aimed at improving safety standards and protecting public interest in Nigeria’s bustling commercial hub. The plan was […]
World Bank’s Mission 300 Lights Up Lives, Connects 32 Million to Electricity Africa’s most ambitious electrification effort, Mission 300, has reached a critical milestone, with the World Bank Group (WBG) announcing today, Sunday, November 2, 2025, that its operations have successfully provided electricity access to 32 million people across the continent. This achievement marks a […]
Cross River Partners World Bank in Massive Teacher Training to Erase Maths, English Learning Deficits The Cross River State Government, in a determined effort to overhaul its basic education sector, has launched a massive, statewide teacher training program in partnership with the World Bank’s Project Hope Education. The ambitious initiative is specifically designed to address […]
UBA Reports 2.47 Trillion Naira Gross Earnings in Nine Months, Posts 537.5 Billion Naira Profit United Bank for Africa (UBA) Plc has demonstrated resilience in a challenging economic climate, reporting Gross Earnings of 2.47 Trillion Naira for the nine months ended September 30, 2025. The unaudited results, filed with the Nigerian Exchange Limited on Thursday, show […]
Public Outcry Looms as 15 per cent Import Tariff Threatens to Push Petrol Price Above One Thousand Naira Mark Nigerian consumers are bracing for another steep hike in the price of Premium Motor Spirit (PMS), popularly known as petrol, as President Bola Tinubu has officially approved a 15 per cent ad-valorem import duty on imported petrol […]
Customs Hands Over Sealed Badagry Petrol Station to NMDPRA for Sanction Over Alleged Fuel Smuggling The Nigeria Customs Service (NCS), through its anti-smuggling task force, Operation Whirlwind, has officially transferred a sealed filling station in Lagos to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for necessary regulatory sanctions. The handover, which took place […]
FCT Minister Wike Arrives in Dubai to Lead High-Level Panel on Urban Development at Global Asia Pacific Cities Summit The Minister of the Federal Capital Territory (FCT), Nyesom Wike, arrived in Dubai, United Arab Emirates, early Monday, October 27, 2025, to attend the 2025 Asia Pacific Cities Summit (2025APCS) and Mayors’ Forum. The global event, […]
Debt Drive: FG Lists N260 Billion FGN Bonds for October Auction, Targeting 5 and 7-Year Maturities The Federal Government of Nigeria (FG), via the Debt Management Office (DMO), has announced the listing of N260 billion in FGN Bonds for subscription at its October 2025 auction. This is the government’s latest effort to raise domestic financing and manage […]
EFCC Warns CBEX Probe is ‘Complex and Multinational,’ Confirms Arrests but Cautions Full One Point Three Trillion Naira Recovery May Be Impossible The Economic and Financial Crimes Commission (EFCC) has described its ongoing probe into the alleged One Point Three Trillion Naira (over One Billion US Dollars) crypto fraud linked to the collapsed CryptoBank Exchange […]
NMDPRA Orders ‘Time-Out’ and Spill Mitigation Measures for Oil and Gas Operators as Imminent Flood Threatens 15 Lagos/Ogun Communities The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued a critical flood warning to oil and gas operators across Ogun and Lagos states, urging them to implement proactive measures, including a complete suspension of […]
Customs Unveils New Verification Platform to Empower Nigerians and Decisively Curb Vehicle Smuggling and Duty Fraud The Nigeria Customs Service (NCS) has launched a significant digital solution, the Customs Verification Management System (CVMS), aimed at decisively curbing vehicle smuggling, customs duty evasion, and fraud across the nation. The platform, which marks a major step in […]
Okomu Oil’s Profit Skyrockets 113% to N60.33Billion in Nine Months on Revenue Surge Okomu Oil Palm Company Plc, a major player in Nigeria’s agro-industrial sector, has reported a spectacular financial performance for the nine months ended September 30, 2025, with its Profit After Tax (PAT) soaring by a massive 113% year-on-year to N60.33 billion. This […]
Enugu Residents to Endure 10-Day Power Outage Starting Wednesday Due to TCN Repairs Residents of the Enugu metropolis are set to experience a 10-day power outage as MainPower Electricity Distribution Limited (MEDL) has announced a significant supply interruption to allow for major maintenance work on the transmission network. The planned power cut, announced yesterday, Monday, […]
Great Nigeria Insurance Reverses N736M Loss to Post N2B Profit, Fueled by Massive Investment Income Great Nigeria Insurance Plc (GNI) has announced a dramatic financial reversal, moving from a loss position of N736 million in 2022 to record a robust Profit After Tax (PAT) of N2 billion for the 2023 financial year. The company’s chairman, […]
‘Professional’ Thieves Steal Priceless Napoleonic Jewels From Louvre’s Crown Gallery in 7-Minute Daylight Raid In a daring and meticulously planned operation, a team of masked thieves successfully executed a daylight robbery at the world-famous Louvre Museum on Sunday morning, making off with eight pieces of the priceless French Crown Jewels collection. The audacious heist, which […]
Soaring Gas Cylinder Costs Force Households Back to Firewood, Undermining Clean Cooking Goals The Managing Director of Eterna Plc, Mr. Olumide Adeosun, has issued a sharp warning that Nigeria’s aspiration for clean cooking may be derailed due to the prohibitive cost of Liquefied Petroleum Gas (LPG) cylinders for consumers. This high barrier to entry, he […]