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The Nigerian Railway Corporation (NRC) has assured the Inland Containers Nigeria Ltd. (ICNL), Kaduna, of seamless movement of containers by rail from Apapa Port, to Kaduna and Kano. The NRC Managing Director, Dr Kayode Opeifa, said this in a statement on Wednesday in Lagos. He said this while receiving the management team of the ICNL, ...
Business
The Federal Government of Nigeria, through the Speaker of the House of Representatives, Hon. Abbas Tajudeen, has highlighted the potential for trade relations between Nigeria and the Kingdom of Morocco to generate as much as $2.5 billion annually. Speaking through the House Leader, Prof. Julius Ihonvbere, during a meeting with stakeholders on Nigeria-Morocco trade relations, ...
Health
...Approves N679bn for 13 road contracts ...Considers raising procurement limits to prioritise policy reforms Following the suspension of medical aid from the United States Agency for International Development (USAID), the Nigerian government has approved N10.3 billion to procure diabetes test kits, HIV drugs, and hospital equipment to address urgent healthcare needs. This is even as ...
Business
The Federal Competition and Consumer Protection Commission (FCCPC) has taken legal action against MultiChoice Nigeria Ltd. and its Chief Executive Officer, Mr John Ugbe, for allegedly violating regulatory directives. In a statement issued on Wednesday in Abuja, the FCCPC’s Director of Corporate Affairs, Mr Ondaje Ijagwu, disclosed that the company was also charged with obstructing ...
Business
The United Bank for Africa (UBA) marked the graduation of 1,138 young professionals from its Graduate Management Accelerated Programme (GMAP) during a ceremony held in Victoria Island, Lagos on Wednesday. The graduating class, drawn from Nigeria, Tanzania, Ghana, Cameroon, Zambia, and Kenya, completed a six-month intensive training programme designed to equip them with essential skills ...
Maritime
The Lagos State Government has temporarily suspended the enforcement of the Electronic Call-Up (E-Call-Up) system for petroleum tankers and trucks operating along the Lekki-Epe corridor. This decision follows demands from key transport unions, including the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), the Independent Petroleum Marketers Association of Nigeria (IPMAN), and the Nigerian ...
Maritime
The Managing Director of the National Inland Waterways Authority (NIWA), Mr Bola Oyebamiji, has warned that three major river ports in Nigeria—Baro (Niger State), Oguta (Imo State), and Lokoja (Kogi State)—face the risk of abandonment unless urgent action is taken. Oyebamiji highlighted that the projects, valued at approximately ¦ 9.4 billion, have been stalled due ...
Business
The House of Representatives Committee on Public Accounts has issued a two-week ultimatum to three major oil companies—Chorus Energy, Dubril Oil Company Limited, and Belema Oil—to settle their outstanding debt of $5,543,491.45 owed to Nigeria’s Federation Account. The directive was issued during an ongoing investigation by the committee, following a report from the Auditor General ...
Energy
The Transmission Company of Nigeria (TCN) has announced the country’s power generation reached 5,713.60 megawatts on Tuesday, marking the highest level in four years. In a statement on Tuesday, TCN revealed that the latest figure represents the highest peak generation for 2025 and was successfully transmitted across the grid. The new milestone surpasses the previous ...
Energy
The Federal Government, through the Nigerian Electricity Regulatory Commission (NERC), has reported that the country’s 12 electricity distribution companies (DisCos) failed to collect approximately ¦ 60 billion in electricity bills in December 2024. This information was disclosed in the commission’s factsheet for the month under review. The substantial revenue shortfall raises concerns about the financial ...
News
Lagos State Governor, Mr. Babajide Sanwo-Olu, has reaffirmed his administration’s commitment to fostering a market-driven and innovation-led financial sector. Speaking at a high-level meeting with licensed exchanges and key stakeholders on Tuesday at Lagos House, Marina, the governor highlighted the state’s efforts in positioning Lagos as Africa’s leading financial hub. Sanwo-Olu emphasised that the Lagos ...
News
The House of Representatives Committee on Public Accounts has issued an ultimatum to eight oil companies, demanding that they appear before it within 72 hours to respond to allegations of non-remittance of ¦ 9.4 trillion in royalties to the Federation Account. The companies are among nine firms summoned by a subcommittee investigating unpaid royalties, as ...
Capital Market
As the world marks International Women’s Day soon, the Federal Government has called on Nigerian women to explore investment opportunities in the capital market, emphasising its potential as a strategic pathway to wealth creation. The Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite, made the call in Abuja during the official launch of the ...
Money market
In its recent Monetary Policy Committee (MPC) meeting held on February 20, 2025, the Central Bank of Nigeria (CBN) decided to retain the Monetary Policy Rate (MPR) at 27.5 percent. This decision has significant implications for Small and Medium Enterprises (SMEs), particularly concerning their borrowing costs, operational expenses, and overall growth prospects. Small and Medium ...
Aviation
Omni-Blu Aviation Ltd., has said that the Nigeria Civil Aviation Authority (NCAA) has cleared it of any wrongdoing and reinstated its Air Operators Certificate (AOC) No. OBA/AOC/1 2-15/002. The Chief Executive Officer, Omni-Blu Aviation, Akin Olateru, disclosed this in a statement on Monday in Lagos. According to Olateru, the reinstatement of the company’s AOC followed ...
Capital Market
The Nigerian equities market experienced a significant downturn in the just-concluded trading week, with investors collectively losing N421 billion on the trading floor of the Nigerian Exchange (NGX). This followed a previous week where the market recorded a gain of N196 billion. During the week under review, the equities market posted gains on only two ...
Energy
...NUEE accuse Minister, NERC of prioritising tariff hike over service delivery The Nigeria Labour Congress (NLC) has strongly opposed any proposed increase in electricity tariffs by the Federal Government, warning that it will mobilise mass resistance if such a move is implemented. In addition, the NLC has threatened to take action against telecommunications companies if ...
Business
The Nigeria Customs Service (NCS) and the Central Bank of Nigeria (CBN) have reaffirmed their commitment to improving trade facilitation and boosting revenue generation through automated foreign exchange (FX) transactions. The Comptroller-General of Customs (CGC), Mr Adewale Adeniyi, underscored the importance of seamless integration between Customs and commercial banks to modernise trade-related payments. During a ...
News
President Bola Ahmed Tinubu has signed the historic 2025 Budget of Restoration, marking a significant step in Nigeria’s economic recovery, stability, and growth. With an unprecedented ₦54.99 trillion allocation, the budget prioritizes national security, infrastructure, human capital development, agriculture, and social welfare. Speaking at the signing ceremony, Tinubu highlighted Nigeria’s recent economic progress, citing a ...
Maritime
In a significant move to enhance safety on Nigeria’s inland waterways, the Honourable Minister of Marine and Blue Economy, His Excellency Adegboyega Oyetola, CON, has inaugurated a Special Committee on the Prevention of Boat Mishaps in Nigeria. The event, which was held at the Ministry’s Conference Room in Abuja, a crucial step in addressing the ...
