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...reveals a single bank account is siphoning 5,615 monthly salaries ...as State Gov't accuses firm of inflating figures to claim higher commissions An audit firm, Salivot Consulting Limited has alleged that it has uncovered a massive N13.7bn payroll fraud involving over 8,000 ghost workers and pensioners. The firm’s CEO, Ms. Sadat Bakrin-Ottun, revealed this during an ...
The Chartered Institute of Directors (CIoD) Nigeria has inaugurated a new executive committee for its Young Directors Forum (YDF), charging the leadership to cultivate a new breed of ethical and digitally relevant board leaders. The President of CIoD Nigeria, Mr. Adetunji Oyebanji, represented by the 1st Vice President, Mrs. Amina Oyagbola, underscored the forum’s role ...
...issues executive order approving direct remittance of oil revenues ....suspends NNPC Ltd management fee In a decisive move to halt the hemorrhaging of Nigeria’s primary revenue source, President Bola Tinubu has signed a landmark Executive Order that effectively strips the Nigerian National Petroleum Company Limited (NNPCL) of its controversial multi-billion naira management fees and speculative exploration funds. The directive, which takes immediate effect, aims to correct ...
The persistent pressure on Nigerian dining tables is finally easing as a dramatic harvest of relief pulls headline inflation down to 15.10% in January 2026. This shift, revealed by the National Bureau of Statistics, marks a significant cooldown from the 15.15% recorded in December and a massive retreat from the 27.61% seen just one year ...
Nigeria can transform risks and complexities in the oil and gas industry to opportunities for growth and development if operators and regulators collaborate in a business environment that encourages transparency and governance discipline without late-stage fiscal or regulatory shocks. The remark was made on behalf of the Managing Director of Shell Nigeria Exploration and Production ...
Nigerian Maritime Administration and Safety Agency (NIMASA) and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have reaffirmed their commitment to strengthening Nigeria’s investment climate through enhanced inter-agency collaboration. This formed the core of discussions during a working visit by the Director-General of NIMASA, Dr. Dayo Mobereola, to the Commission Chief Executive of NUPRC, Mrs. Oritsemeyiwa Eyesan, ...
In a swift response to the fire disaster that ravaged Kano’s Singer Market over the weekend, President Bola Ahmed Tinubu has dispatched a high-powered federal delegation, led by Vice President Kashim Shettima, to provide immediate support and financial relief to the victims. The delegation, scheduled to depart for Kano on Monday, underscores the Federal Government's ...
The Federal Government has signaled a definitive end to the era of banks profiting from currency volatility, following a meeting on Friday between President Bola Tinubu and the Chairman of United Bank for Africa (UBA), Tony Elumelu. The meeting marks a strategic pivot in the administration’s economic war room. While previous discussions focused on saving ...
A staggering hidden tax of up to ₦10 trillion is being drained from Nigeria’s economy every year, not by external market forces, but by internal systemic rot. A new policy brief released on Sunday by the Centre for the Promotion of Private Enterprise (CPPE) has sounded the alarm on the deeply corrosive impact of employee ...
The Central Bank of Nigeria (CBN) has intensified its regulatory oversight of the national clearing system by rolling out a revised sanctions framework for banks and accredited cheque printers. The new guidelines, contained in a circular dated February 10, 2026, introduce heavy financial penalties of up to N20 million for infractions, marking a drastic update ...
President Bola Ahmed Tinubu has commended the Bank of Industry (BOI) for achieving a landmark N636 billion in loan disbursements to Nigerian businesses throughout 2025. This figure represents the highest annual financing volume in the institution’s history, a feat the President described as concrete evidence that ongoing macroeconomic reforms are successfully strengthening development finance and ...
By Matthew Denis The Registrar-General of the Corporate Affairs Commission (CAC), Hussaini Magaji, has revealed that the commission has reported 248 fake companies to the Economic and Financial Crimes Commission (EFCC) for alleged fraudulent activities. The disclosure was made on Tuesday during his opening address at the CAC’s 35th-anniversary celebration, themed "Transparency for Development: The ...
The Federal Government of Nigeria, in partnership with Ericsson (NASDAQ: ERIC), is set to launch the ‘Connect NextGen’ Innovation Hackathon in Nigeria, targeted at upskilling Nigerian youths in modern technologies. The four-month programme being overseen by the Office of the Vice President will be launched tomorrow, February 11, 2026, at the Presidential Villa, Abuja. The ...
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 ...
By Seun Ibiyemi Industry leaders, policymakers, investors, and development partners have underscored the importance of the African Continental Free Trade Area (AfCFTA) in transforming the oil and gas sector and driving regional economic integration across the continent. Speaking at the 2026 AfCFTA Summit hosted by the Nigerian Content Development and Monitoring Board (NCDMB), Petroleum Technology ...
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 ...
