The Dangote Petroleum Refinery has announced a reduction in the pump price of Premium Motor Spirit (PMS), cutting it by N30 per litre in a move aimed at easing the financial burden on Nigerians and supporting economic stability. The new price adjustment, which took effect immediately after the announcement, has been widely welcomed by fuel marketers, transport operators, and consumers. According to a statement from the refinery’s management, the decision was informed by recent operational efficiencies, cost optimisation measures, and the company’s commitment to delivering affordable energy to Nigerians. The management explained that improved crude oil supply arrangements and enhanced…
Author: Temitope Nlewemchi
The Presidency has announced that investments in Nigeria’s Compressed Natural Gas (CNG) sector have reached $980 million, marking a significant milestone in the Federal Government’s efforts to promote cleaner and more affordable energy alternatives. This achievement is part of a broader strategy to reduce the country’s dependence on petrol and diesel, while simultaneously addressing environmental and economic challenges. Chief Executive Officer and Programme Director of the Presidential Compressed Natural Gas Initiative (PCNGI), Michael Oluwagbemi, disclosed the figure on Tuesday in Abuja, noting that the CNG expansion programme is a major pillar of President Bola Tinubu’s Renewed Hope Agenda. He stated…
The Economic and Financial Crimes Commission (EFCC) has announced that approximately 12,000 Nigerian youths are reportedly selling their Bank Verification Numbers (BVNs) and National Identification Numbers (NINs) to fintech companies at a fee of ₦5,000 each. According to EFCC findings, this activity poses serious risks to national security, privacy, and the financial ecosystem. EFCC officials disclosed that many of these youths, often unemployed or underemployed, have turned to monetizing their identity data as a means of quick income. Undisclosed fintech operators—some of which reportedly have questionable credentials—are allegedly purchasing valid BVN and NIN credentials in bulk, using these to onboard…
The Economic and Financial Crimes Commission (EFCC) has launched a full-scale investigation into a Dubai-bound passenger apprehended at the Murtala Muhammed International Airport, Lagos, for failing to declare a cash sum of $49,000 in his possession. The arrest was made in collaboration with the Nigeria Customs Service (NCS) during routine checks on outbound passengers on Monday. According to EFCC sources, the suspect was scheduled to board a flight to Dubai, United Arab Emirates, when officers conducting clearance procedures discovered the large sum concealed in his luggage. Under Nigerian law, any person transporting cash or negotiable instruments above $10,000 is required…
The Nigerian Independent System Operator (NISO) has commended the Kano Electricity Distribution Company (Kano DisCo) for attaining a 100% market remittance rate, describing the achievement as a milestone in the electricity industry’s quest for efficiency, transparency, and financial discipline. The commendation was issued during a recent industry review session, where NISO acknowledged Kano DisCo’s outstanding performance in meeting its full financial obligations to the Nigerian Electricity Market. The recognition, according to stakeholders, highlights the potential of distribution companies to operate sustainably and responsibly, despite the daunting challenges confronting the power sector. The electricity market in Nigeria is characterised by liquidity…
The United States government has given the green light for a possible foreign military sale to Nigeria valued at approximately $346 million, covering a range of advanced precision-guided munitions, rockets, and related equipment. The Defense Security Cooperation Agency (DSCA) announced the development in Washington, stating that the proposed sale aims to bolster Nigeria’s capacity to combat security threats and enhance regional stability. According to the DSCA, the package includes AGM-114R2 Hellfire missiles, Advanced Precision Kill Weapon System (APKWS) II rockets, and associated training, support equipment, and technical assistance. The US agency stressed that the deal would provide Nigeria with critical…
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has revealed that Lagos State recorded the highest volume of Premium Motor Spirit (PMS) distribution in June 2025, while Jigawa State ranked lowest among all states. The figures, which reflect nationwide fuel distribution patterns, show significant disparities in consumption levels across regions, underscoring differences in population density, economic activity, and transportation demand. According to the NMDPRA’s latest petrol evacuation and consumption report, Lagos received the largest share of fuel distributed to states in June, a trend consistent with its position as Nigeria’s commercial hub and most populous state. The…
The Nigerian Economic Summit Group (NESG) has reaffirmed that industrialisation remains the most viable path to unlocking the country’s full economic potential, creating jobs, and lifting millions out of poverty. Speaking at a recent policy dialogue in Abuja, the group emphasised that without a deliberate, sustained push toward manufacturing and value addition, Nigeria’s growth prospects will remain fragile and overly dependent on volatile sectors like oil. In his address, NESG Chief Executive Officer, Dr. Tayo Aduloju, highlighted that industrialisation is not just a pathway to higher GDP but a foundation for sustainable development. He noted that while Nigeria has made…
The Rotary Club of Lagos has issued a powerful call to action, urging both Nigerians and global stakeholders to embrace a culture of service and generosity. As the organization marks its latest efforts to uplift communities and foster social impact, its leaders highlighted the transformative power of selfless action in driving sustainable change. At a recent engagement, Metro Lagos Rotarians emphasized that Rotary’s mission extends far beyond charitable initiatives—it represents a lifelong commitment to serving others. Club officials encouraged individuals from all sectors of society, including international actors, to adopt Rotary’s ethos of compassion and civic responsibility. This call reflects…
The Nigeria Customs Service (NCS) and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) have announced a strategic partnership aimed at improving trade facilitation and strengthening the country’s business environment. This collaboration is designed to address bottlenecks in customs procedures, enhance the ease of doing business, and promote Nigeria as a competitive hub for international trade. Speaking on the development, the Comptroller-General of Customs explained that the NCS is committed to aligning its operations with global best practices. He noted that the partnership with NACCIMA will focus on streamlining customs clearance processes, leveraging technology to improve…
The Nigeria Customs Service (NCS), Federal Operations Unit Zone A, Ikeja, has handed over three truckloads of expired pharmaceutical products valued at N3.7 billion to the National Agency for Food and Drug Administration and Control (NAFDAC) for proper disposal. The event, which took place at the NCS office in Ikeja, Lagos, underscores the growing collaboration between regulatory agencies in tackling the circulation of harmful and substandard medicines in the country. Comptroller Mohammed Shu’aibu, Controller of the Federal Operations Unit Zone A, while handing over the items, said the seizures were made following intelligence-led operations carried out by his officers. He…
The Nigeria Customs Service (NCS), Kirikiri Lighter Terminal (KLT) Command, has announced that it generated a total revenue of ₦89.2 billion in the first half of 2025, marking a significant increase compared to the same period in the previous year. The impressive revenue growth underscores the command’s ongoing reforms, enhanced operational efficiency, and commitment to supporting the Federal Government’s non-oil revenue drive. According to the Command’s Area Controller, Comptroller Eghosa Edelduok, the surge in revenue was driven by tighter compliance enforcement, improved cargo clearance processes, and the deployment of advanced technologies that have reduced leakages and ensured greater transparency in…
The Federal Government has deducted a total of ₦256.5 billion from the Federation Account during the first half of 2025 to fund critical gas infrastructure projects across the country. The deductions were made under the statutory Gas Infrastructure Fund (GIF), which was created to support the development, expansion, and maintenance of gas pipelines, processing plants, and related infrastructure aimed at boosting Nigeria’s energy transition and industrial growth. According to official data obtained from the Federation Accounts Allocation Committee (FAAC) reports, the deductions were carried out between January and June 2025. Analysts note that these withdrawals highlight the government’s increasing focus…
President Bola Tinubu has commended the remarkable growth and resilience of Nigeria’s capital market, highlighting its pivotal role in driving economic expansion and attracting investments into the country. The President made the remarks during a high-level meeting with key stakeholders of the Nigerian capital market, including leaders of the Nigerian Exchange Group (NGX) and the Securities and Exchange Commission (SEC), on the sidelines of his visit to Brazil for an international economic summit. Tinubu applauded the NGX and SEC chiefs for their contributions to the market’s recent gains, stating that their efforts have bolstered investor confidence and strengthened the country’s…
The Central Bank of Nigeria (CBN) has issued a directive to all financial institutions in the country, mandating them to complete the upgrade of their payment systems by October 31, 2025. The apex bank emphasized that this move is crucial to enhance the resilience, security, and efficiency of the nation’s financial infrastructure as part of ongoing reforms to modernize Nigeria’s banking sector. According to senior officials of the CBN, the upgrade will cover a range of critical areas including cybersecurity enhancements, infrastructure modernization, fraud prevention measures, and improved customer service delivery. The directive affects all deposit money banks, payment service…
The Federal Government has unveiled plans to phase out the reliance on diesel-powered generators across military formations in the country, replacing them with solar-powered systems. This move, government officials explained, is part of ongoing efforts to cut costs, reduce carbon emissions, and enhance energy security for critical national defense infrastructure. The initiative, which is being anchored by the Ministry of Defence and Chief of Defence Staff in collaboration with the Rural Electrification Agency (REA) and the Federal Ministry of Power, seeks to provide clean and reliable energy solutions for military operations. According to the government, transitioning to renewable energy in…
A brewing dispute is unfolding in Kano State’s power sector as local manufacturers move to bypass their existing electricity distribution company and purchase power directly from generation sources. This development, according to industry insiders, signals a significant shift in the electricity market and could reshape how industries in Nigeria access energy for production. The Manufacturers Association of Nigeria (MAN) in Kano has expressed deep concerns over the unreliable and expensive electricity supply from the Kano Electricity Distribution Company (KEDCO), noting that persistent outages and high tariffs have continued to cripple production and threaten jobs across the state. Kano, which hosts…
Manufacturers in Kano State are gearing up to terminate their reliance on electricity supply from distribution companies (DisCos) as they explore direct power agreements with the Niger Delta Power Holding Company (NDPHC). This move, which reflects a growing dissatisfaction with the prevailing electricity supply in the region, aims to boost industrial productivity and reduce operational costs caused by erratic power supply and high tariffs. The Manufacturers Association of Nigeria (MAN) in Kano has expressed concerns over persistent electricity shortages, frequent outages, and what they describe as prohibitive billing practices by the regional DisCos. According to industry leaders, these challenges have…
President Bola Ahmed Tinubu’s recent diplomatic engagement in Brazil has paved the way for a new milestone in Nigeria’s aviation sector, with plans underway to commence a direct flight route between Lagos and São Paulo operated by Air Peace. The development follows high-level discussions between Nigerian and Brazilian authorities as part of efforts to deepen bilateral ties, expand trade, and enhance people-to-people connectivity between the two countries. During his visit to São Paulo for economic and trade discussions, President Tinubu highlighted Nigeria’s commitment to improving transportation links as a catalyst for economic growth and foreign investment. He noted that the…
The Lagos Chamber of Commerce and Industry (LCCI) has renewed its call to global investors to take advantage of Nigeria’s growing investment opportunities, stressing that ongoing economic reforms and the country’s expanding market make it a prime destination for foreign capital. Speaking at recent engagements with international business communities ahead of upcoming trade missions and investment forums, LCCI President Gabriel Idahosa and Director-General Dr. Chinyere Almona emphasized that Nigeria’s economic diversification efforts are beginning to yield encouraging results despite lingering challenges. According to Idahosa, Nigeria’s strategic location in West Africa, its population of over 200 million, and its role as…