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By Seun Ibiyemi The National Agency for Food and Drug Administration and Control (NAFDAC) has dismissed as false a viral video circulating on social media alleging that the agency secretly banned the sale and use of Amoxicillin in Nigeria. In a statement issued by the Director-General, Prof. Mojisola Adeyeye, NAFDAC clarified that it has neither ...
Dangote Cement Plc has reaffirmed its commitment to making Africa fully self‑sufficient in cement production, strengthening the continent’s industrial backbone and reducing reliance on imported construction materials. Speaking during a strategic briefing on the company’s expansion drive, the Group Managing Director of Dangote Cement, Mr. Arvind Pathak, emphasised that the company is accelerating its investments ...
By Matthew Denis The Registrar-General of the Corporate Affairs Commission (CAC), Mr. Hussaini Magaji, has revealed that the commission deregistered over 400,000 companies in 2025. Speaking during a "Celebration Walk" in Abuja to mark the commission's 35th anniversary, Magaji explained that the move was necessary to purge the national database of inactive and non-compliant entities ...
Industry experts have moved to debunk viral claims suggesting that fintech platforms like Moniepoint are imposing unauthorized new charges on customers. Speaking with NewsDirect, analysts described the recent public outcry as a product of misinformation, noting that the deductions are strictly in compliance with federal tax enforcement. The core of the matter lies in the ...
The Federal Government has hailed the Corporate Affairs Commission (CAC) as a central pillar of Nigeria’s economic credibility, citing its transition from a manual registry to a digital powerhouse as a major catalyst for the Renewed Hope Agenda. The Minister of Information and National Orientation, Mohammed Idris, gave this commendation on Wednesday while receiving a delegation led ...
The economic landscape of South-East Nigeria is poised for a radical transformation following President Bola Ahmed Tinubu’s approval of the South East Investment Company Limited. Launched by Vice President Kashim Shettima during the South-East Vision 2050 Regional Stakeholders’ Forum in Enugu on Wednesday, the new entity is designed to serve as a high-octane vehicle for mobilizing global capital and infrastructure funding. Unlike traditional administrative bodies, the South East Investment ...
Airtel Nigeria has reaffirmed its long-term commitment to strengthening Nigeria’s digital infrastructure and data access to bridge gaps in connectivity and unlock new opportunities in the country. The company restated this commitment during a recent high-level inspection tour of the Nxtra Data Centre that is being developed through Nxtra by Airtel Africa at Eko Atlantic, ...
The Federation Account Allocation Committee (FAAC) has distributed a total of ₦1.97 trillion among the three tiers of government for December 2025, marking a significant revenue milestone at the start of the 2026 fiscal year. This allocation, finalized during the January meeting in Abuja, was heavily bolstered by a dramatic spike in Value Added Tax ...
On the macroeconomic front, a new assessment by PricewaterhouseCoopers (PwC) indicates that delays in releasing capital funds significantly slowed Nigeria’s investment momentum in 2025. Speaking at an Executive Roundtable on the 2026 Budget, Kenneth Erikume, a Partner at PwC, warned that the weak execution of capital expenditure has created a time reset on Nigeria's ambition ...
By Sodiq Adelakun In a major stride towards food security, Nigeria has launched a locally developed smart storage system aimed at curbing the estimated ₦14.4 trillion lost annually to post-harvest wastage. The innovation, dubbed HarvestHarbor, was unveiled in Ogun State by its developer, Prof. Olubunmi Akinola of the Federal University of Agriculture, Abeokuta (FUNAAB). Designed ...
…targets 50m by year end By Sodiq Adelakun The Federal Government announced on Thursday that it has successfully disbursed conditional cash transfers to over 34 million vulnerable Nigerians, marking a significant step in its efforts to mitigate economic hardship across the country. The Minister of Humanitarian Affairs and Poverty Reduction, Dr. Bernard Doro, disclosed the ...
....as Experts urge stricter oversight, consumer protection By Sodiq Adelakun and Mathew Denis As Nigeria’s digital lenders quietly build customer bases that now run into the millions, financial experts said the Central Bank of Nigeria’s decision to upgrade FinTech licences is a long-overdue response to a sector that has outgrown its original regulatory boundaries. They described the Central ...
The Manufacturers Association of Nigeria (MAN) has strongly condemned the National Agency for Food and Drug Administration and Control (NAFDAC) for its renewed crackdown on the production and sale of alcoholic beverages packaged in sachets and small PET bottles, warning that the agency’s actions threaten the survival of indigenous manufacturers and blatantly defy federal directives. ...
The Central Bank of Nigeria (CBN) on Tuesday took the financial markets by surprise by rejecting all subscriptions tendered at its latest Open Market Operations (OMO) auction, despite receiving a massive N4.9 trillion in bids from eligible market participants. The apex bank had initially floated N600 billion worth of OMO bills across two tenors, aiming ...
By Sodiq Adelakun Nigeria and the United Arab Emirates (UAE) have entered into a landmark Comprehensive Economic Partnership Agreement (CEPA), a deal designed to eliminate tariffs on thousands of products and dramatically expand market access for businesses in both nations. The details of the agreement were disclosed in Abuja on Tuesday by Rep. Sam Onuigbo, ...
In a significant move to strengthen Nigeria’s economic framework, the Minister of State for Finance, Dr. Doris Uzoka-Anite, and the Chairman of the Nigeria Revenue Service (NRS), Dr. Zacch Adedeji, held a high-level strategic meeting with the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso. The working visit to the CBN headquarters ...
The Niger State Government has sealed a landmark partnership with the Islamic Development Bank (IsDB) to construct a 100-megawatt solar power plant, a project valued at $163 million. The agreement was solidified during a visit by the IsDB preparation mission team to the Government House in Minna. Code-named NGA1063, the Niger State Solar Electrification Project ...
For brands, building a sense of community and connection with consumers takes focused effort. It must be earned over time. Terra’s approach in 2025 reflects this understanding, as the brand moved beyond conventional marketing to building genuine connections with consumers. More than just competing for shelf space or market share, Terra has made a deliberate ...
Royal Exchange Plc has appointed Mr Ikeme Osakwe as its new Chairman in a move aimed at strengthening leadership and accelerating the company’s ongoing repositioning strategy. The company announced the appointment in separate notifications to the Nigerian Exchange Ltd. (NGX) and the Securities and Exchange Commission (SEC) on Saturday. Osakwe’s appointment follows the retirement of ...
REA, Lotus Bank partner to launch dedicated renewable energy financing facility The Rural Electrification Agency (REA) and Lotus Bank have reached a strategic milestone in their collaboration to deepen financing for energy access across Nigeria. Following a high-level meeting on Wednesday, the two institutions announced plans to transition from project-based support to a large-scale, dedicated ...
By Seun Ibiyemi The Federal Government, through the Minister of Marine and Blue Economy, Adegboyega Oyetola, has formally opened applications for the Cabotage Vessel Financing Fund (CVFF). Created 23 years ago to provide structured financing for indigenous shipowners, the scheme is finally being operationalized after decades of delays. During the launch, the Director-General of the ...
The Economic and Financial Crimes Commission (EFCC) has leveled serious allegations against the Nigerian banking sector, accusing one new generation bank and six Fintechs of actively aiding fraudsters in schemes that have fleeced Nigerians of over N18.7 billion. The anti-graft agency raised the alarm on Thursday in Abuja, citing a disturbing level of compromise and ...
By Ismail Azeez, Osogbo The Managing Director of Omoluabi Holdings Limited, Taofiq Alimi, has said the company has recovered over N10billion in assets over the past two and a half years. Alimi reveal this on Thursday, in Osogbo explained that his first priority was to restore operations and reclaim all misappropriated assets. According to him, ...
