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...Insists on ₦160/MWh for Band A ...As RMAFC backs decentralised power generation The Enugu Electricity Regulatory Commission (EERC) has asserted that the Nigerian Electricity Regulatory Commission (NERC) does not have legal authority to override tariff decisions made by state-level electricity regulators. Joe Aneke, Special Adviser to the Enugu State Governor on Power, made this known ...
Business
The Federal Government of Nigeria has received Tanzania’s endorsement for its bid into Category C of the International Maritime Organization (IMO) Council. The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola disclosed this in a statement by his Special Adviser on Media and Communications, Dr Bolaji Akinola, on Wednesday in Abuja. Oyetola said Tanzania’s ...
Business
...Global growth projected at 3.0% The International Monetary Fund (IMF) has maintained its forecast for a 3.4 per cent expansion in Nigeria’s real Gross Domestic Product (GDP) for 2025, despite recent changes to the country’s statistical methodology by the National Bureau of Statistics (NBS). The projection comes against the backdrop of global growth forecasts of ...
Business
The House of Representatives Ad-hoc Committee on the Rehabilitation and Operationalisation of the Baro Inland Port has summoned the Minister of Marine and Blue Economy, Adegboyega Oyetola, and the Managing Director of the National Inland Waterways Authority (NIWA), Bola Oyebamiji, to address alleged irregularities surrounding the multi-billion-naira port project. Committee Chairman, Hon. Saidu Abdullahi, issued ...
Business
Nigeria’s foreign exchange reserves have surpassed $39 billion, reaching their highest point in almost three years, according to fresh data from the Central Bank of Nigeria (CBN). The build-up in reserves coincides with a stronger naira, which has continued to appreciate against the US dollar in both the official and parallel markets. The reserves, which ...
Business
Nigeria’s foreign exchange reserves have surpassed $39 billion, reaching their highest point in almost three years, according to fresh data from the Central Bank of Nigeria (CBN). The build-up in reserves coincides with a stronger naira, which has continued to appreciate against the US dollar in both the official and parallel markets. The reserves, which ...
Business
Nigeria stands at a crucial juncture in its economic evolution, undertaking a broad programme of reforms aimed at restoring fiscal credibility, correcting long-standing distortions in its foreign exchange regime, and attracting the level of private capital required to fuel sustainable, inclusive growth. The stakes could scarcely be higher, as the country attempts to rewrite the ...
Finance
Electronic payments in Nigeria climbed by 24.4 percent year-on-year to ₦295.5 trillion in the first quarter of 2025, new figures from the Nigeria Interbank Settlement System (NIBSS) have revealed. The data points to the country’s rapid transition towards a cashless economy. Cashless transactions grew from ₦237.11 trillion in Q1 2024, driven by a marked increase ...
Business
Economist and Convener of The Big Tent, Prof. Pat Utomi, has called on the Federal Government to urgently reassess and potentially abolish the Band A electricity tariff, condemning it as “exploitative” and unfairly draining the resources of Nigerian citizens. Speaking at a news conference on the state of the nation in Lagos on Monday, Utomi ...
Finance
The Nigerian equities market maintained its upward trajectory in the just-concluded trading week, adding ₦1.8 trillion to investors’ wealth as all five sessions closed in positive territory. Market capitalisation rose to ₦85.055 trillion from ₦83.8241 trillion recorded the previous week, while the All-Share Index (ASI) appreciated by 2.18 per cent to close at 134,452.93 points, ...
Business
The Ogun-Oshun River Basin Development Authority (OORBDA) has dismissed recent criticisms surrounding its greenhouse initiatives, firmly restating its commitment to agricultural progress under the leadership of Managing Director and Chief Executive Officer, Engr. Dr Adedeji Ashiru FNSE, FNIMechE, FNIWE During an engagement with our correspondent who sought clarification from the agency before going to press, ...
Business
The Nigeria Civil Aviation Authority (NCAA) has instructed all international airlines operating into the country to fully implement the $10,000 currency declaration requirement for passengers arriving in Nigeria. Travellers carrying cash or Bearer Negotiable Instruments (BNI) above $10,000 must declare them on arrival. Airlines are mandated to make onboard announcements and distribute declaration forms to ...
Finance
Oando Plc will seek shareholder authorisation at its 46th Annual General Meeting on 11 August to raise up to N500 billion, or its equivalent in foreign currency, through the Nigerian and international capital markets. The company will also request approval to issue up to 10 billion ordinary shares of 50 kobo each, either as a ...
Politics
The House of Representatives has opened an investigation into 25 insurance companies over alleged financial breaches that have reportedly resulted in the loss of hundreds of billions of naira in government revenue. Chairman of the House Sub-Committee on Capital Market and Institutions, Hon. Kwamoti Laori, announced the inquiry on Monday during a session with representatives ...
News
...Scrap 1% CISS, 7% collection ...Stakeholders praise for B’Odogwu The Federal Government, through the Comptroller General of Customs, Adewale Adeniyi, has announced plans by the Nigeria Customs Service (NCS) to reintroduce the suspended 4 per cent Free on Board (FOB) levy on imports. Adeniyi made this known at a Town Hall meeting with stakeholders on ...
Business
No fewer than 500 journalists from within and outside Nigeria have undergone training in emerging digital journalism skills, courtesy of Polaris Bank. Management of the bank said the gesture was aimed at equipping the journalists with the skills and knowledge needed to adapt to evolving media trends. Held in Victoria Island, Lagos, the training had ...
Business
Nigeria’s total public debt could rise to N160.6 trillion by the end of 2025, raising new concerns about the country’s deepening fiscal vulnerabilities. This projection is contained in the latest H2 2025 economic outlook report released by CSL Stockbrokers Limited, a subsidiary of FCMB Group Plc. According to the report, the Federal Government may borrow ...
Finance
The Nigerian equities market sustained its bullish momentum, raking in a massive N3.4 trillion profits in four days. The market gained in all four trading sessions of the week as the Federal Government declared Tuesday, July 15, 2025, as a public holiday in honour of the late former president of the Federal Republic of Nigeria, ...
News
The Securities and Exchange Commission (SEC) has announced plans to launch a USSD code system that will enable Nigerians to verify the authenticity of capital market operators using basic mobile phones. The Director General of SEC, Dr Emomotimi Agama, disclosed this development in Abuja over the weekend, stating that the code will be introduced during ...
Crime
The Federal Operations Unit, Zone A of the Nigeria Customs Service (NCS), has revealed that it intercepted six trailer loads of 50kg rice, 304kg of Cannabis Sativa (Indian Hemp), 7,900 litres of Premium Motor Spirit, one 40ft container load of used tyres, and other contraband goods worth ₦1.7 billion across the South-West region of the ...
