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By Seun Ibiyemi The Nigeria Deposit Insurance Corporation (NDIC) has called for the continued support of the judiciary in overcoming legal hurdles that delay the fulfillment of its mandate to maintain public confidence in the banking sector. Acting Managing Director, NDIC, Mrs Emily Osuji made call on Monday at the opening ceremony of a sensitisation seminar ...
By Seun Ibiyemi The Nigerian Ports Authority (NPA) has projected a revenue target of ₦1.28 trillion for 2025, signalling a 40 per cent increase over the ₦894.86 billion recorded in 2024. Managing Director of the NPA, Mr Abubakar Dantsoho, disclosed this on Monday during the 2025 budget defence session held before the House of Representatives ...
The Federal Airports Authority of Nigeria (FAAN) has announced plans to increase tariffs for all service providers operating across its airports, alongside transitioning to a fully automated and cashless payment system. The move is aimed at strengthening revenue generation and improving operational efficiency. The Director of Commercial and Business Development at FAAN, Mrs Adebola Joy ...
By Seun Ibiyemi The House of Representatives Committee on Customs and Excise has directed the Nigeria Customs Service (NCS) to immediately cease the collection of the 1 per cent Comprehensive Import Supervision Scheme (CISS) levy and the 7 per cent cost of collection charge, declaring both as unlawful and unsupported by existing legislation. Chairman of ...
By Seun Ibiyemi In a landmark effort to enhance maritime safety and expand water transportation, the Lagos State Government has partnered with the Maritime Organization of West and Central Africa (MoCA) and Interferry, a global ferry safety body, to host a regional ferry safety conference in Lagos. The Managing Director of the Lagos State Waterways ...
By Matthew Denis The Federal Inland Revenue Service (FIRS) has unveiled a fresh approach to tax administration, focusing on voluntary compliance and the integration of modern technology to foster transparency, efficiency, and predictability within Nigeria’s tax ecosystem. In a statement issued by Collins Omokaro, Special Adviser on Communications and Advocacy to the Executive Chairman of ...
By Seun Ibiyemi At the opening of the maiden West Africa Economic Summit held at the International Conference Centre in Abuja, Nigerian President and ECOWAS Chairperson, H.E. Bola Ahmed Tinubu, delivered a compelling appeal to regional leaders to reject disunity and usher in a new era of economic integration and collective advancement. Addressing a distinguished ...
Peter Obi, the presidential candidate, has condemned what he called the “institutionalised betrayal” of Nigerians following revelations by the Senate that ₦210 trillion in funds linked to the Nigerian National Petroleum Company (NNPC) Limited remain unaccounted for between 2017 and 2023, an amount more than double the country’s total budgets within the same period. The ...
The Federal Government of Nigeria is moving forward with plans to establish a Startup Hub in Abuja, following the confirmation of an $11.2 million grant from the Japan International Cooperation Agency (JICA). This was announced by the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, who described the initiative as a ...
Fitch Ratings has sounded the alarm over mounting risks facing Nigerian banks, citing their heavy exposure to government debt as a major vulnerability. According to the agency, an estimated 35 percent of the banking sector’s total assets are invested in sovereign-related instruments such as treasury bills, bonds, and unremunerated reserves. More strikingly, these exposures amount ...
The Securities and Exchange Commission (SEC) has banned independent directors of public companies from transitioning into Executive Director roles within the same company or group. In a circular to public companies and capital market operators in Abuja on Friday, the Commission said the practice undermined the principle of board independence and weakened the value of ...
The Securities and Exchange Commission (SEC) has issued a stern warning regarding two cryptocurrency products—Zugacoin and Samzuga GPT—stating that they are not licensed to operate within Nigeria’s financial market. In an official statement on Wednesday, the commission disclosed that it became aware of online promotions advertising Zugacoin, including variants such as SZCB and SZCB2, alongside ...
The Federal Government has restated its commitment to strengthening mutual trust and collaboration between the Nigerian Armed Forces and the civilian population, as part of a broader strategy to reinforce national security and cohesion. This position was conveyed by the Honourable Minister of Information and National Orientation, Mohammed Idris, fnipr, during the opening ceremony of ...
By Seun Ibiyemi The Nigerian power sector is facing renewed pressure following a dramatic increase in the vandalism of transmission infrastructure, raising fresh concerns about the country’s electricity supply and the sustainability of ongoing reforms. The Transmission Company of Nigeria (TCN) disclosed that 42 incidents of vandalism were recorded between January and June 2025 alone, ...
The Nigerian Communications Commission (NCC) has stated that all telecom service rates are based on detailed cost analysis to ensure fairness and transparency in the pricing structure. The Executive Vice-Chairman (EVC) of the NCC, Dr Aminu Maida, made this known during an interactive session with the Nigeria Information Technology Reporters’ Association (NITRA) held on Thursday ...
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, on Wednesday, 18 June 2025, arraigned Green Eagles Agri Business Solutions Limited before Justice C.J. Aneke at the Federal High Court sitting in Ikoyi, Lagos. The company faces a two-count charge relating to the operation of a collective investment scheme without a valid licence ...
Fidelity Bank is in its big chest era. You see, when the Central Bank of Nigeria (CBN) came knocking with fresh regulations and tight compliance magic, some of the banks were rattled. Fidelity wasn't. Instead, they doubled down. Raised ₦273 billion from the streets and the streets showed up. Oversubscribed. Twice. No stress. No sweat. ...
By Seun Ibiyemi Fidelity Bank Plc has reiterated its commitment to regulatory compliance and financial resilience in response to the recent circular issued by the Central Bank of Nigeria (CBN) regarding forbearance on the Single Obligor Limit (SOL) and other credit facilities. In an official statement released to shareholders, NGX Regulation Limited (NGX RegCo), and ...
By Matthew Denis A total of N1.659 trillion in Federation Account revenue for May 2025 has been distributed among the Federal Government, State Governments, and Local Government Councils. This was disclosed in a statement released on Wednesday by the Director of Press and Public Relations, Bawa Mokwa. According to ...
By Matthew Denis The Federal Competition and Consumer Protection Commission (FCCPC) on Tuesday held a Market Engagement Forum in four major markets within the Federal Capital Territory,Kuje, Gwagwalada, Kwali, and Abaji, as part of its ongoing nationwide initiative to connect directly with the heartbeat of the Nigerian economy. Addressing traders and market union leaders during ...
The National Pension Commission (PenCom) is partnering with the Office of the Head of the Civil Service of the Federation (OHCSF) to introduce a ₦30 billion annual gratuity scheme for retiring civil servants under the Contributory Pension Scheme (CPS). Director General of PenCom, Omolola Oloworaran, announced the plan during a courtesy visit to the Head ...
The Bank Directors Association of Nigeria (BDAN) (LTD/GTE) has reported a modest 2.6 percent increase in total income for the year 2024, as disclosed during its 28th Annual General Meeting (AGM) held via Zoom teleconference. The AGM, presided over by the Association’s Chairman, Mustafa Chike-Obi, served as a strategic platform to reinforce BDAN’s commitment to ...
The Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun says the rapid proliferation of digital banking, fintech innovation, cryptocurrency and cybercrime require a judiciary that is well informed, agile and proactive. Kekere-Ekun said this at the 23rd National Seminar on Banking and Allied Matters for Judges organised by the Chartered Institute of Bankers of Nigeria ...
