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The Dredgers Association of Nigeria (DAN) has called on the Minister of Works, Engr. Dave Umahi, to carefully differentiate between reclamation dredging and industrial dredging, following recent remarks linking dredging activities to the deteriorating state of the Eko and Carter bridges in Lagos. In a statement issued after an emergency meeting in Lagos, the association ...
Money market
The Nigeria Deposit Insurance Corporation (NDIC) has said it would begin the payment of the first tranche of liquidation dividends to depositors of Heritage Bank from April. It would be recalled that Heritage Bank operating licence was revoked by the Central Bank of Nigeria (CBN) on June 3, 2024. The Managing Director of NDIC, Mr ...
Maritime
The Minister of Marine and Blue Economy, Adegboyega Oyetola, says the National Maritime Policy before the Federal Executive Council will create a sustainable economic growth path for the sector. Oyetola stated this during a panel discussion at the third Maritime Transportation Breakfast Meeting in Lagos on Wednesday. The theme of the Breakfast Meeting is, “Prospects ...
Money market
... As external reserves surge to $40.19bn The Central Bank of Nigeria (CBN) has announced a balance of payments (BOP) surplus of $6.83 billion for the 2024 financial year, a significant reversal from a deficit of $3.34 billion in 2023 and $3.32 billion in 2022. The Acting Director of Corporate Communications, Sidi-Ali Hakama, shared ...
Energy
The Federal Government and China Machinery Engineering Corporation (CMEC) on Wednesday signed a contract agreement aimed at improving power supply across the country. The contract, valued at $328,819 million dollars covers Engineering, Procurement, Construction, and Financing for the implementation of transmission lines under Phase 1 of the Presidential Power Initiative (PPI). The Minister of Power, ...
Energy
Global oil prices plunged to their lowest levels since early 2021 on Wednesday, amid growing concerns over a supply glut and weakening demand from major economies. The sharp downturn comes just as U.S. President Donald Trump unexpectedly announced a suspension of newly imposed tariffs on Chinese goods, in a bid to deescalate mounting trade tensions. ...
Business
...As Transcorp reports N94.1bn profit after tax The Chairman of Transnational Corporation Plc (Transcorp), Tony Elumelu, has called on key stakeholders within the federal government to show courage and decisiveness in realising President Bola Ahmed Tinubu’s vision for Nigeria’s electricity sector, cautioning that fear and inertia are stalling much-needed progress. Speaking to journalists in Abuja ...
News
The Council of Maritime Transport Unions and Associations (COMTUA) has raised serious allegations of fraud against the Nigerian Ports Authority (NPA) and its partner, Truck Transit Park Limited (TTP), in connection with the management of the electronic truck call-up system introduced to reduce congestion at Nigerian ports. In a statement signed by its National President, ...
News
Residents and business owners across Ibadan are expressing outrage over what they describe as “crazy bills” issued by the Ibadan Electricity Distribution Company (IBEDC), claiming exorbitant charges for erratic power supply. In recent weeks, several customers have taken to social media and community radio stations to voice their frustration. Many allege that despite receiving electricity ...
News
The National Identity Management Commission (NIMC) has issued a strong warning to the public, particularly residents of Anambra State, against submitting their National Identification Numbers (NIN) to unauthorized individuals or organizations. This follows reports of illicit attempts to collect NINs in exchange for money. In a press statement released by Dr. Kayode Adegoke, Head of ...
Energy
The Federal Ministry of Finance has restated the government’s unwavering commitment to the Crude and Refined Product Sales in Naira initiative during an update meeting held in Abuja today. The session, presided over by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, brought together key stakeholders to assess the ...
Business
The Nigerian Communications Commission (NCC) has announced that telecom consumers will be able to reclaim unused airtime within 12 months of deactivation. This provision is part of the new Draft Guidance aimed at regulating the management of unclaimed and unutilized recharges on deactivated subscriber lines in Nigeria’s telecommunications sector. The announcement was made during a ...
Business
The Federal Government announced on Tuesday in Abuja that it could generate over 200 billion dollars (311.23 trillion naira) annually from the regulation and licensing of space activities. Minister of Innovation, Science, and Technology, Chief Uche Nnaji, made the statement at a one-day sensitisation and stakeholder engagement event on the commencement of space regulation, spectrum ...
Energy
Vice President Kashim Shettima on Tuesday inaugurated the Board of the Nigerian Independent System Operator (NISO) Limited at the State House in Abuja, marking a significant step in the federal government’s ongoing effort to restructure and strengthen Nigeria’s electricity sector in line with the Electricity Act of 2023. The 11-member board, chaired by legal and ...
News
The Federal Government, through Vice President Kashim Shettima, has stated that the removal of fuel subsidies and the introduction of tax reform legislation serve as clear evidence of the government’s commitment to fostering a fiscally responsible federation. He also pointed out that Nigeria’s primary challenge within its federal system does not lie in its structure, ...
Capital Market
Nigeria’s equities market edged up on Tuesday, recording its first positive close of the week with a gain of 0.15 percent, equivalent to around N101 billion. The rebound was largely driven by renewed investor interest in banking and oil & gas stocks, which helped steer the market in a more positive direction. The NGX Banking ...
Money market
The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) has approved a substantial financing package amounting to €230 million and $10 million, aimed at advancing infrastructure development and supporting private sector growth across West Africa. This decision was reached during EBID’s 91st Ordinary Board Meeting, which was held virtually and chaired ...
Maritime
Despite the growing number of boat accidents on local waterways, which has sparked public outcry and scrutiny of the State Waterways Authority, a noticeable shift is underway. The National Inland Waterways Authority (NIWA) has long faced the challenge of boat accidents across Nigeria’s inland waterways. However, under Oyebamiji’s leadership, a distinct change in both narrative ...
Maritime
The Western Naval Command of the Nigerian Navy has restated its dedication to deepening its collaboration with SIFAX Group in protecting Nigeria’s coastal and maritime territory. This reassurance came during a courtesy visit to the SIFAX Group management team by the Flag Officer Commanding (FOC) of the Western Naval Command, Rear Admiral Michael Gregory Oamen. ...
News
…As CGC reaffirms commitment to business-friendly policies The Nigeria Employers’ Consultative Association (NECA) has commended the Nigeria Customs Service (NCS) for the recent policy reforms and operational improvements introduced under the current administration, particularly in the area of trade facilitation. This commendation was given during the week , when the President of NECA, Dr Ifeanyi ...
