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...CIOTA applauds Tinubu for appointing Opeifa as NRC MD The Managing Director of the Nigerian Railway Corporation (NRC), Dr Kayode Opeifa, has stated that the Nigerian government’s substantial investment in railway infrastructure is yielding significant improvements in service delivery and operational efficiency. Speaking during a visit from the leadership of the Chartered Institute of Transport ...
Maritime
The National Inland Waterways Authority (NIWA) has installed several buoys in Niger and Kwara States to improve navigational safety for all water users. NIWA Managing Director and Chief Executive Officer, Mr Bola Oyebamiji, announced this on Tuesday in a statement issued by Mr Suleiman Makama, Assistant General Manager, Corporate Affairs, NIWA. Oyebamiji stated that the ...
News
The House of Representatives on Tuesday directed the Central Bank of Nigeria (CBN) to immediately suspend the implementation of increased ATM transaction charges and the removal of free ATM withdrawals for customers using other banks’ ATMs, as outlined in a recent circular by the apex bank. Adopting a motion of urgent public importance sponsored by ...
Energy
The Eko Electricity Distribution Company (EKEDC) attributed poor power in Lagos to a fault on the 330kV transmission lines supplying power to the region. A statement signed by the company explained that the reduced power allocation from the Transmission Company of Nigeria (TCN) has led to load-shedding across its network. “This is to kindly update ...
Maritime
Lagos Area Manager Engineer Sarat Braimah has won the" most influential woman" award instituted by the Commonwealth Business Women Africa( CBW- Africa). The Award, which is in recognition of her immense contributions to the maritime sector, also highlighted her role model figure for aspiring young female persons in Nigeria and her effectual human resource management ...
Business
...Innovative financing strategies will bridge N14trn budget deficit The Federal Government, through the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, has described the 2025 budget as ‘bold, ambitious, and essential’ for sustaining economic expansion. Speaking in Lagos on Monday after the KPMG Budget 2025 Day, Bagudu stated that the economy is progressing in ...
Business
Nigeria’s petrol imports soared in 2024, more than doubling despite increased local refining capacity, underscoring the nation’s ongoing reliance on foreign fuel supplies. The latest foreign trade statistics report from the National Bureau of Statistics (NBS) indicates that petrol import costs rose by 105.3 per cent to N15.42 trillion in 2024, compared to N7.51 trillion ...
Energy
The House of Representatives has secured the commitment of seven major oil companies to settle a total debt of $37,435,094.52 (approximately ¦ 58 billion) owed to the country before August. This was disclosed in a statement by the Spokesman of the House of Representatives, Rep. Akin Rotimi Jr., in Abuja on Monday. Rotimi named the ...
Energy
The Nigerian Content Development and Monitoring Board (NCDMB) has assured Heritage Energy & Oil Services Limited and its joint venture partners of continued support for their operations on Oil Mining Lease (OML) 30. Heritage Energy, along with Shoreline Natural Resources and NNPC Exploration and Production Limited (NEPL), met with the Executive Secretary of NCDMB, Engr. ...
Energy
The Nigerian Content Development and Monitoring Board (NCDMB) has acquired a 20 per cent equity stake in a 100,000 barrels per day (bpd) refinery project, in collaboration with African Refinery Group Ltd and the Nigerian National Petroleum Company (NNPC) Ltd. The share purchase agreement, formalised last week, integrates NCDMB as a significant partner in African ...
Energy
The Petroleum Technology Association of Nigeria (PETAN) and the Abia State Government have joined forces to establish ABTAN Energy, a strategic partnership aimed at advancing oil exploration and production in the state. This collaboration marks a significant step towards harnessing Abia’s hydrocarbon resources, boosting economic growth, and creating job opportunities within the region’s energy sector. ...
News
The Federal Government, through the Minister of Interior, Dr Olubunmi Tunji-Ojo, has reiterated its commitment to strengthening Nigeria’s internal security through strategic reforms and collaborations. Speaking at a high-level meeting with the Nigerian Army Resource Centre (NARC) in Abuja, the Minister emphasised the urgent need to overhaul the country’s paramilitary structure to tackle evolving security ...
Money market
Transnational Corporation Plc (Transcorp) has published its financial results for the year ending December 31, 2024, reporting a pre-tax profit of N136.6 billion. This marks an impressive 132.41 percent increase from the N58.8 billion reported the previous year, buoyed by a substantial rise in revenue. The group recorded total revenue of N407.9 billion, a 107.07 ...
Capital Market
The Nigerian equities market continued its downward trend in the just-concluded trading week, with investors incurring a total loss of N476 billion on the trading floor of the Nigerian Exchange (NGX). This follows the N421 billion loss recorded in the previous week, reflecting sustained bearish sentiment. Over the course of the week, the market recorded ...
Maritime
The National Inland Waterways Authority (NIWA) has announced that boat operators will now undergo mandatory drug tests before being allowed to operate. This initiative, in collaboration with the National Agency for Food and Drug Administration and Control (NAFDAC), aims to improve safety and reduce accidents on Nigeria’s waterways. NIWA’s Area Manager, Akapo Adeboye, made this ...
Business
The Federal Executive Council (FEC) has approved nearly $100 million (¦ 151.9 billion) to implement a large-scale electric vehicle (EV) transportation project in northeast Nigeria. This initiative aligns with the government’s strategy to reduce carbon emissions, modernise public transport, and promote energy efficiency. Under the scheme, Bluecrest Integrated Concept Limited will supply ten 17-seater electric ...
Business
The National Bureau of Statistics (NBS) has reported that Nigeria generated ¦ 13.78 trillion from crude oil exports in the fourth quarter of 2024. This information was detailed in the bureau’s latest publication, “Foreign Trade Statistics Report 2024 Q4”, which provides insights into the country’s trade performance. The report indicates that Nigeria’s non-oil exports for ...
Business
The Nigerian Maritime Administration and Safety Agency (NIMASA) has expressed concern that, despite the country’s substantial investment in maritime security, Nigeria-bound cargoes continue to attract War Risk Insurance premiums. Speaking on Thursday while receiving a delegation from the Danish Ministry of Foreign Affairs, the Director General of NIMASA, Dayo Mobereola, urged the international community to ...
News
The Lagos State Waterways Authority (LASWA) has introduced a cutting-edge mobility solution at its Five Cowries Terminal Head Office to enhance accessibility for the physically challenged and elderly. LASWA’s General Manager, Mr Oluwadamilola Emmanuel, announced the development in a statement on Thursday in Lagos. According to Emmanuel, the newly installed modern stair lift is designed ...
Capital Market
The Securities and Exchange Commission (SEC) has stated that victims of Ponzi schemes in Nigeria are predominantly women. The Director-General of the SEC, Dr Emomotimi Agama, made this remark on Thursday in Abuja during an event organised by the commission to commemorate International Women’s Day (IWD). Dr Agama highlighted the need to educate and empower ...
