The Federal Airports Authority of Nigeria (FAAN) has ordered the immediate removal of all vehicles parked along the Lagos Airport road, emphasizing the need to maintain safety, ensure smooth traffic flow, and enhance operational efficiency at the nation’s busiest airport. The directive comes amid increasing congestion and safety concerns caused by indiscriminate parking and vehicle obstructions along the airport access routes. FAAN’s Managing Director, Rabiu Yadudu, stated that the authority would no longer tolerate unauthorized parking and loitering of vehicles along the airport road, warning that violators would face strict enforcement actions, including towing and fines. “The safety of passengers,…
Author: Temitope N.
The Enugu Electricity Distribution Company (EEDC) has commenced the rollout of free prepaid meters to residential and small business customers across its network, marking a significant step toward reducing estimated billing and improving revenue collection. The initiative is part of the company’s commitment to enhancing customer satisfaction, increasing transparency, and promoting efficient electricity usage. The distribution company, which serves millions of consumers in the South-East and parts of the South-South, announced that the free metering programme targets both new connections and existing unmetered customers. Under the scheme, eligible consumers will receive prepaid meters at no cost, allowing them to pay…
President Bola Ahmed Tinubu has reiterated the critical role of the power sector in driving Nigeria’s economic growth, job creation, and educational development, stressing that reliable electricity supply is central to achieving the administration’s national development objectives. Speaking at the 2025 National Energy Forum in Abuja, the President described the energy industry as “the backbone of modernisation and industrialisation” and outlined government initiatives aimed at improving power generation, distribution, and accessibility across the country. Tinubu emphasized that a robust and dependable electricity supply is a prerequisite for industrial expansion, increased productivity, and the creation of employment opportunities for Nigeria’s growing…
The Nigerian Electricity Regulatory Commission (NERC) has revealed that the country’s electricity metering coverage has risen to 55 percent, reflecting continued progress in the national metering programme and increased compliance by distribution companies (DisCos). The regulator highlighted that this improvement is part of ongoing efforts to enhance transparency, reduce energy losses, and ensure that electricity consumers are accurately billed for usage. Speaking at a recent energy sector stakeholders’ forum, the Executive Vice Chairman of NERC, Sanusi Garba, stated that the commission has intensified supervision of the metering rollout across all 11 electricity distribution networks in Nigeria. “We have seen significant…
Nigeria’s equities market opened the week on a bearish trend, shedding ₦471.99 billion from its total market capitalisation as investors moved cautiously amidst profit-taking on blue-chip stocks and uncertainty in global commodity markets. The downturn marks a continuation of recent volatility on the Nigerian Exchange (NGX), driven by a mix of macroeconomic concerns and sector-specific developments. At the close of Monday’s trading session, the NGX All-Share Index fell by 0.74 percent, reflecting widespread declines across key sectors, including banking, consumer goods, and energy. Market analysts attributed the loss to profit-taking activities following weeks of strong gains, coupled with cautious positioning by…
The Nigerian Bottling Company (NBC) has awarded ₦2 million in grants to two female-led businesses during the 24th annual Women in Management, Business and Public Service (WIMBIZ) conference in Lagos, a move aimed at empowering women entrepreneurs and supporting inclusive economic growth. The grants, each worth ₦1 million, were presented to Toyibah Shehu Mohammed, founder of FarhM’s Food & Sauce Global Limited, and Helen Gabriel, managing director of Ogy’s Cakes, following their emergence as winners from the WIMBIZ Entrepreneurship Masterclass competition. The WIMBIZ conference, held at Eko Hotels & Suites, Victoria Island, brought together women executives, entrepreneurs, and policymakers from…
The Presidency has signalled a sweeping overhaul of the Nigerian National Petroleum Company Limited (NNPCL), citing concerns over its limited contribution to national crude oil output and the urgency of revisiting asset ownership and governance frameworks. The move comes amid persistent shortfalls in oil production, putting pressure on Nigeria’s energy-dependent economy. In remarks delivered at the recent annual conference of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos, the Special Adviser to the President on Energy, Olu Verheijen, revealed that NNPCL’s state-owned upstream arm currently contributes only around 220,000 barrels per day — a figure accounting for less than…
Petroleum marketers in Nigeria have announced a temporary halt to petrol imports following a significant price reduction by the Dangote Petroleum Refinery, citing uncompetitive cost structures and a shifting downstream landscape. Industry operators indicated that the refinery’s latest drop in ex-depot price has rendered importation unprofitable, prompting marketers to pause further influx of refined Premium Motor Spirit (PMS) into the country. Last Friday, the Dangote refinery slashed its gantry price of petrol to ₦828 per litre, from a prior rate of ₦877—a decrease of ₦49 per litre, representing a 5.6 percent cut. According to the Major Energy Marketers Association of…
In a decisive ruling, a Federal High Court in Lagos has awarded ₦20,732,299,999.21 in favour of Union Bank Plc against petroleum marketer Danium Energy Services Limited and its Chief Executive Officer, Kehinde Elliot Ogbor, demanding full payment and granting the bank exclusive rights over pledged properties. Presiding over the matter, Justice Deinde Dipeolu affirmed that the bank’s loan agreement, supported by a Memorandum of Settlement dated March 6, 2018, and a consent judgment from April 25, 2018, were binding contracts. The court found that Danium Energy and Ogbor had defaulted on their obligations and ruled that the bank could enforce…
United Bank for Africa (UBA) Plc has unveiled an exclusive promotional campaign for its customers in conjunction with the Lagos International Trade Fair (LITF), organised by the Lagos Chamber of Commerce and Industry (LCCI). The bank, serving as headline sponsor of the trade fair for the seventh consecutive year, has opened a dedicated branch on-site at the fair venue where customers who transact will become eligible for a “Lucky Dip” draw with premium prizes up for grabs. The fair, which began on Friday at the Tafawa Balewa Square, Onikan, Lagos and runs until November 17, 2025, has attracted thousands of…
Nigeria’s earnings from crude oil and gas sales have declined sharply by about 43.3 per cent, even as the country recorded an increase in oil production, according to recent figures from the Budget Office of the Federation. The report revealed that gross profit from the crude and gas sector fell to ₦1.08 trillion in 2024, compared to ₦1.90 trillion in 2023, representing a shortfall of about ₦824.66 billion. Despite modest improvements in production, the decline in global oil prices, combined with structural challenges in the sector, eroded much of the potential gains. Nigeria’s total oil and gas revenue before deductions…
Ecobank Nigeria has launched a new initiative aimed at promoting digital learning and inclusion for children living with disabilities, reinforcing its commitment to education, technology, and social responsibility. The programme, unveiled in Lagos, seeks to bridge the technological gap affecting children with special needs and equip them with the digital skills required to thrive in the modern world. The initiative, which forms part of the bank’s Corporate Social Responsibility (CSR) agenda, focuses on providing assistive digital tools, specialized learning software, and inclusive teaching platforms for schools catering to children with visual, hearing, and physical impairments. Ecobank said the goal is…
Revenue generated by electricity distribution companies (DisCos) in Nigeria surged by 43 per cent to ₦1.5 trillion in the first nine months of 2025, compared to ₦1.04 trillion recorded in the same period of 2024, according to the latest industry data released by the Nigerian Electricity Regulatory Commission (NERC). The sharp increase was attributed to improved billing efficiency, aggressive metering initiatives, and upward tariff adjustments that took effect earlier in the year. The report indicated that DisCos are now collecting a greater percentage of the energy they bill, reflecting gradual improvement in sectoral liquidity. NERC’s data revealed that between January…
The Federal Airports Authority of Nigeria (FAAN) has announced the enforcement of a zero-tolerance policy against touting and extortion across all Nigerian airports, reaffirming its commitment to ensuring a safe, seamless, and passenger-friendly travel experience. In a statement issued in Lagos, the Managing Director of FAAN, Mrs. Olubunmi Kuku, said the agency has intensified surveillance and security operations to curb the activities of touts, illegal operatives, and unscrupulous staff involved in extortion and harassment of travellers. She described the move as part of FAAN’s broader reform to restore order and uphold Nigeria’s reputation as a hospitable aviation destination. Kuku stated…
The Minister of Aviation and Aerospace Development, Festus Keyamo, has urged Nigerian airline operators to take advantage of the global aircraft dry leasing opportunities as part of efforts to strengthen the nation’s aviation sector and boost local capacity. Speaking at the Aviation Stakeholders’ Forum in Abuja, Keyamo stated that the aviation industry must adopt innovative financing models to bridge operational gaps and reduce dependence on expensive wet leases that drain foreign exchange. He said dry leasing presents a viable and sustainable alternative for Nigerian carriers seeking to expand their fleets without the heavy financial burden associated with outright aircraft purchases.…
The Nigeria Customs Service (NCS), Port Harcourt Area 1 Command, has announced that it collected a total revenue of ₦33 billion in October 2025, reflecting improved efficiency in port operations, enforcement, and trade facilitation within the command.The Customs Area Controller, Comptroller Babatunde Olomu, disclosed this in a statement issued by the command’s Public Relations Officer, Ifeoma Onuigbo, in Port Harcourt. He said the figure represents a significant increase compared to previous months and underscores the command’s commitment to achieving its annual revenue target. According to Olomu, the impressive revenue performance was achieved despite challenges such as fluctuating import volumes, high…
The Federal Government is in talks with the World Bank to secure a fresh $500 million loan aimed at supporting the growth of Micro, Small, and Medium Enterprises (MSMEs) across the country. The facility, government officials say, is part of efforts to strengthen Nigeria’s economic base, drive job creation, and enhance productivity in critical non-oil sectors. According to sources in the Federal Ministry of Finance, discussions with the global financial institution have reached an advanced stage, with the facility expected to be disbursed under the World Bank’s Nigeria for Women and MSME Competitiveness Programme, which focuses on expanding access to…
The Nigerian Association of Petroleum Explorationists (NAPE) has warned that the nation’s crude oil production could decline significantly in the coming years if urgent efforts are not made to discover new oil reserves and revamp exploration activities. The association cautioned that Nigeria’s failure to replace depleting reserves with fresh discoveries threatens its long-term energy security, export capacity, and fiscal stability. Speaking at a pre-conference media briefing in Lagos ahead of the 42nd NAPE Annual International Conference and Exhibition, the association’s President, Abiodun Ogunjobi, emphasised that Nigeria’s oil reserves are aging while exploration activities have slowed down due to funding challenges,…
The Central Bank of Nigeria (CBN) has reaffirmed that the ongoing banking sector recapitalisation is vital to achieving President Bola Tinubu’s ambitious goal of transforming Nigeria into a $1 trillion economy by 2030. The apex bank noted that strengthening the capital base of financial institutions is essential to enhancing credit growth, boosting resilience against shocks, and supporting sustainable economic expansion. CBN Governor, Olayemi Cardoso, stated this while addressing financial sector stakeholders in Abuja, explaining that the recapitalisation exercise is not merely a regulatory requirement but a strategic move to align the banking industry with Nigeria’s broader developmental vision. Cardoso said…
The United Kingdom’s refined oil exports to Nigeria have surged to £1.5 billion, underscoring the deepening trade relationship between both nations despite ongoing efforts by Nigeria to strengthen local refining capacity and reduce dependence on imported fuel. According to recent trade data from the UK Office for National Statistics (ONS), Nigeria ranked among the top destinations for British refined petroleum products in the first three quarters of 2025. The export figures represent a significant increase compared to previous years, reflecting both the high demand for refined fuels in Nigeria and the shifting dynamics in the global energy market. The ONS…