The Nigerian Maritime Administration and Safety Agency (NIMASA) has announced a major management reshuffle as part of its ongoing efforts to strengthen institutional efficiency, improve service delivery, and align the agency with international maritime standards.The restructuring, which affects several key directorates and departments, is aimed at repositioning NIMASA to better fulfil its statutory responsibilities of regulating maritime safety, security, and shipping development in Nigeria’s territorial waters. The move comes amid renewed calls for transparency, accountability, and strategic reforms in the nation’s maritime sector. In a statement issued by NIMASA’s Director of Public Affairs, Osagie Edward, the agency confirmed that the…
Author: Temitope N.
Nigeria’s oil tax revenue plunged by 53% in the first half of 2025, according to the latest report released by the Federation Account Allocation Committee (FAAC). The steep decline underscores the ongoing challenges facing the country’s petroleum sector despite rising global oil prices and efforts to stabilise domestic production. The FAAC report revealed that oil-related taxes, including Petroleum Profit Tax (PPT) and royalties, fell drastically from over N3.2 trillion recorded in the same period of 2024 to about N1.5 trillion in 2025. This represents a significant shortfall that has impacted the monthly allocations shared among the three tiers of government.…
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a profit of N216 billion for the 2024 financial year, achieved on a turnover of N4.26 trillion. The performance reflects the company’s strengthened financial and operational efficiency under the leadership of its Chief Executive Officer (GCEO), Bashir Bayo Ojulari. The announcement marks another milestone in the company’s ongoing transformation into a fully commercial and profit-oriented entity, following its incorporation under the Petroleum Industry Act (PIA) of 2021. The profit demonstrates the success of reforms aimed at improving transparency, reducing operational costs, and boosting productivity across the oil and gas value…
The Pension Transitional Arrangement Directorate (PTAD) has reiterated its commitment to the revised implementation of the Consequential Pension Adjustment (CPA) for pensioners under the Defined Benefit Scheme (DBS), assuring retirees of timely and accurate payments in line with government directives.In a statement issued on Tuesday in Abuja, PTAD’s Executive Secretary, Dr. Chioma Ejikeme, reaffirmed that the Directorate remains steadfast in ensuring that all qualified pensioners benefit fully from the revised adjustment. She noted that the exercise is part of PTAD’s broader mandate to sustain transparency, accountability, and fairness in the pension administration process. Dr. Ejikeme explained that the Consequential Pension…
The World Economic Forum (WEF) has honoured Schneider Electric for its innovative AirSeT technology, a groundbreaking sustainable design aimed at revolutionising energy management and power distribution. The recognition highlights Schneider’s continued leadership in promoting eco-friendly solutions that support global net-zero targets. In a statement issued by the company, the WEF commended Schneider Electric’s AirSeT for its gas-insulated switchgear (GIS) innovation that eliminates the use of sulphur hexafluoride (SF₆), a potent greenhouse gas widely used in the electrical industry. The AirSeT system replaces SF₆ with pure air and vacuum interruption technology, significantly reducing environmental impact while maintaining high performance and reliability.…
The House of Representatives has expressed concern over the ongoing disagreement between the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the management of Dangote Petroleum Refinery, calling for an urgent resolution to prevent disruptions in the nation’s refining sector.The lawmakers, during a plenary session on Tuesday, resolved to wade into the industrial dispute following a motion sponsored by Hon. Ibrahim Mustapha from Kano State. The motion, which received overwhelming support from members, emphasized the need for immediate parliamentary intervention to maintain industrial peace and ensure the continued operation of the refinery — a critical asset in…
The United Bank for Africa (UBA) has announced the successful graduation of 700 young professionals from its Graduate Management Acceleration Programme (GMAP), an initiative designed to nurture the next generation of leaders in Africa’s financial services industry. The development marks another milestone in the bank’s ongoing investment in human capital development, leadership grooming, and sustainable economic empowerment across the continent. The GMAP, launched by UBA in 2021, serves as a structured training and mentorship platform aimed at equipping young graduates with technical expertise, leadership skills, and practical experience in banking and financial management. The 2025 edition, which took place at…
Energy regulators across West Africa have commenced discussions to establish a unified framework for fuel price harmonisation in the region, a move aimed at stabilising markets, reducing smuggling, and fostering economic integration among member states. The initiative, led by the Economic Community of West African States (ECOWAS) Commission, seeks to address the disparities in petroleum product pricing that have long contributed to cross-border arbitrage and fuel diversion. The harmonisation effort was unveiled at a high-level meeting of energy ministers and regulatory agencies held in Abuja, Nigeria, where delegates from over 15 West African countries convened to deliberate on regional pricing…
The Nigerian Ports Authority (NPA) has reiterated that the electronic call-up system for truck movement into port terminals is a permanent measure designed to sustain order, efficiency, and transparency in port operations. This reaffirmation follows recent criticisms from some clearing agents and truck operators who expressed frustration over the perceived inefficiencies and alleged irregularities in the implementation of the system. In a statement issued by the NPA management, the authority maintained that the call-up system, introduced under the “ETO” platform, has significantly reduced traffic congestion and operational chaos around the Apapa and Tin Can Island ports. The NPA emphasised that…
The governments of Kano, Katsina, and Jigawa states have announced a strategic partnership to create a tri-state electricity market aimed at boosting power generation, distribution, and access across the region. The initiative, a first of its kind in Northern Nigeria, is designed to enhance energy reliability, stimulate industrial growth, and support small and medium-scale enterprises (SMEs) within the three states. The collaboration, officially unveiled at a joint energy summit in Kano, brings together government representatives, private investors, and power sector stakeholders to discuss frameworks for developing an integrated electricity market that will serve millions of residents and businesses. The proposed…
Petrol has emerged as Nigeria’s leading import commodity, with the nation importing an estimated 613.6 million litres of Premium Motor Spirit (PMS) within a single year, according to recent trade and customs data. The staggering volume highlights the country’s continued dependence on imported refined petroleum products despite having one of Africa’s largest crude oil reserves and a growing number of domestic refineries. The data, which covers a 12-month period ending in mid-2025, revealed that petrol imports accounted for a significant share of Nigeria’s total import bill, outpacing other essential commodities such as wheat, machinery, and pharmaceuticals. The surge in petrol…
Transcorp Hotels Plc, one of Nigeria’s leading hospitality brands and a subsidiary of Transnational Corporation Plc, has reported an impressive profit of N22.4 billion for the third quarter (Q3) of 2025, marking a significant increase compared to the same period last year. The company attributed the robust performance to higher occupancy rates, improved cost efficiency, and strategic expansion initiatives that boosted revenue streams across its operations. According to the company’s unaudited financial statements released to the Nigerian Exchange Limited (NGX), revenue for the period rose substantially, driven by stronger performance in its flagship property, Transcorp Hilton Abuja, as well as…
Nigeria’s key revenue collection and allocation agencies have unveiled a coordinated initiative aimed at improving revenue recovery, enhancing transparency, and strengthening fiscal discipline across all tiers of government. The new initiative, announced in Abuja, is expected to boost non-oil revenue generation and ensure more effective distribution of national income to federal, state, and local governments. The move, spearheaded by the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) in collaboration with the Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), and the Office of the Accountant General of the Federation (OAGF), is part of ongoing efforts to plug leakages in…
The Central Bank of Nigeria (CBN) has announced a notable rebound in the value of the naira, attributing the currency’s rally to declining foreign exchange (FX) speculation and improved market stability. The bank confirmed that Nigeria’s external reserves have now surged to $43 billion, their highest level in more than two years, driven by strong oil earnings and renewed investor confidence. In its latest financial update, the apex bank said that recent policy measures to curb speculative trading in the FX market have begun yielding tangible results. These include stricter monitoring of market participants, improved transparency in FX transactions, and…
The Petroleum Training Institute (PTI) has urged African countries not to succumb to global pressure to abandon their crude oil reserves, warning that the continent risks jeopardising its economic stability and development prospects if it hastily transitions away from fossil fuels. Speaking during a recent regional energy conference, the PTI management emphasised that Africa’s estimated 125 billion barrels of crude oil reserves remain a crucial asset for driving industrialisation, energy security, and sustainable growth across the continent. The institute noted that while the global community is increasingly shifting towards renewable energy sources, Africa must pursue a balanced energy transition that…
The Nigerian Exchange Limited (NGX) began the week on a strong note, with investors recording significant gains as market capitalisation rose by N611 billion at the close of trading. The bullish momentum marked a positive start for equities, buoyed by renewed investor confidence and robust performances across key sectors. Data from the exchange revealed that the market capitalisation increased from N93.86 trillion recorded in the previous session to N94.47 trillion, reflecting a 0.65 per cent appreciation. Similarly, the All-Share Index (ASI) rose by 1,075.52 points to close at 166,804.31 points, signaling improved market sentiment among investors. Market analysts attributed the…
Bank customers across Nigeria have expressed strong support for the Central Bank of Nigeria’s (CBN) newly proposed policy mandating commercial banks to refund failed Automated Teller Machine (ATM) transactions within 48 hours. The directive comes as a response to growing public frustration over delayed reversals, missing funds, and unresolved electronic transactions that have long plagued the banking sector. According to the CBN’s draft guidelines released in October 2025, when a customer uses their own bank’s ATM and a transaction fails—referred to as an “on-us” transaction—the reversal must be processed instantly or within 24 hours if manual intervention is required. For…
The Corporate Affairs Commission (CAC) has announced plans to revolutionise Nigeria’s business registration process by reducing the time required to register a company to just 10 minutes. This bold move aligns with the Federal Government’s broader agenda to improve the ease of doing business, enhance digital efficiency, and attract more local and foreign investors to the country. The Registrar-General of the CAC, Hussaini Ishaq Magaji, disclosed the plan during a press briefing in Abuja, explaining that the commission has already made significant strides in automating its operations. He stated that the 10-minute registration target would be achieved through the deployment…
The Forum of Retired Oil and Gas Workers of Nigeria has applauded the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its transformative policies and the steady rise in oil production under the leadership of its Chief Executive, Gbenga Komolafe. The group commended the commission for restoring confidence in the upstream petroleum sector through effective regulatory oversight, operational transparency, and investor-friendly initiatives. In a statement released after its quarterly meeting in Abuja, the forum described Komolafe’s leadership as “visionary and reform-driven,” noting that his efforts have helped reposition Nigeria’s oil and gas industry for sustainable growth. The retired professionals highlighted several…
The Nigerian Bottling Company (NBC) has announced the expansion of its beverage portfolio with the introduction of a new brand, reaffirming its commitment to meeting the diverse tastes and preferences of Nigerian consumers. The move marks another milestone in the company’s strategy to strengthen its position in the competitive fast-moving consumer goods (FMCG) sector and drive innovation within the beverage industry. At a launch event held in Lagos, NBC’s Managing Director, Matthieu Seguin, stated that the new product is part of the company’s long-term plan to diversify its offerings, expand market reach, and cater to changing consumer lifestyles. He explained…