The Nigerian Senate has called on the Federal Government to cease the disbursement of public funds to electricity distribution companies (Discos), accusing them of mismanagement, inefficiency, and continued exploitation of the Nigerian people despite receiving repeated financial interventions. During plenary on Thursday, lawmakers voiced their frustration over what they described as an unending cycle of government bailouts to the privately-owned power firms, which were unbundled and handed over to private investors during the 2013 electricity sector privatization. Despite the huge sums already injected into the sector, the Senate lamented that there has been little to no measurable improvement in electricity…
Author: Temitope N.
The Economic and Financial Crimes Commission (EFCC) has declared Auwalu Tijjani, a businessman from Kano State, wanted in connection with a high-profile case involving the alleged laundering of $1.9 million. The anti-graft agency made the announcement on Thursday through an official public notice, urging Nigerians with useful information about his whereabouts to come forward. According to the EFCC, Tijjani is being sought for offenses bordering on money laundering, criminal conspiracy, and obtaining money under false pretenses. The Commission alleges that Tijjani was involved in a complex financial scheme designed to conceal the origins and movement of illicit funds totaling nearly…
The Nigerian naira experienced a modest appreciation in the parallel foreign exchange (FX) market, rising to ₦1,550 per United States dollar, up from the previous rate of around ₦1,570. This slight gain, though limited, has sparked cautious optimism among currency traders and financial analysts who have closely monitored the currency’s performance amidst lingering economic headwinds and forex scarcity. Currency dealers in Lagos, Abuja, and Kano confirmed the uptick in value, attributing it to a recent decline in speculative demand and a marginal improvement in dollar supply within the informal market. The parallel market, often referred to as the “black market,”…
The Nigerian National Petroleum Company Limited (NNPC Ltd) is reportedly considering divesting from some of its state-owned refineries, following recent remarks by Africa’s richest man and Chairman of the Dangote Group, Aliko Dangote, questioning the economic viability of rehabilitating government-run refineries. Dangote, whose newly commissioned 650,000 barrels-per-day refinery in Lagos is set to be the largest in Africa and among the biggest in the world, recently voiced concerns about the cost-effectiveness and strategic rationale behind ongoing efforts to revamp Nigeria’s long-dormant refineries. His comments, made during a public engagement in Lagos, sparked renewed debate about the future of the country’s…
The Nigeria Customs Service (NCS) has officially handed over 25 containers filled with confiscated pharmaceutical products to the National Agency for Food and Drug Administration and Control (NAFDAC), in what has been described as one of the largest coordinated anti-smuggling operations involving controlled and unregistered drugs in recent years. The handover ceremony took place at the Tin Can Island Port in Lagos, where top officials from both agencies gathered to witness the transfer of the seized consignments. The containers, which were intercepted by customs officers during routine checks and intelligence-driven operations, were found to contain a range of unregistered, banned,…
Afrinvest, a leading investment and research firm in Nigeria, has upgraded its outlook on the Fast-Moving Consumer Goods (FMCG) sector, citing signs of resilience amid economic pressures and urging companies in the sector to prioritize cost optimisation strategies to sustain profitability. The firm made this announcement in its latest sectoral review report, highlighting both emerging opportunities and persistent challenges facing FMCG companies in the country. According to the report, the FMCG sector, which includes producers of food, beverages, personal care, and household items, is beginning to show early signs of recovery despite the headwinds of inflation, naira depreciation, and rising…
Nigeria’s Minister of Marine and Blue Economy, Adegboyega Oyetola, has intensified efforts to ensure Nigeria’s re-election into Category C of the International Maritime Organization (IMO) Council. This renewed campaign highlights Nigeria’s growing commitment to active participation in global maritime governance, as well as its desire to reinforce its strategic role in shaping international maritime laws, safety regulations, and environmental standards. The IMO Council is the executive organ of the IMO, responsible for supervising the work of the organization. Countries elected into Category C are those with special interests in maritime transport or navigation, and they represent various geographic regions of…
The West African Gas Pipeline Company (WAPCo) has entered into a strategic partnership with key government agencies across several West African nations to strengthen cross-border natural gas distribution. This development is poised to enhance energy security, foster regional economic integration, and stimulate industrial growth throughout the sub-region. At a recent stakeholder meeting held in Lagos, WAPCo announced that it had formalized new collaborative frameworks with the relevant ministries and regulatory bodies in Nigeria, Benin, Togo, and Ghana. These agreements aim to streamline regulatory processes, improve infrastructure, and ensure consistent supply of natural gas across borders using the existing 678-kilometre West African…
The Senate has called on the Federal Government to stop the use of public funds to enrich electricity Distribution Companies (DisCos), warning that the current practice of funding power infrastructure for communities—only to have such assets taken over by private firms—is unjust and unsustainable. During plenary on Thursday, Senator Yunus Abiodun Akintunde, who represents Oyo Central and chairs the Senate Committee on Environment, raised concerns over how government funds are routinely used to purchase transformers and other power equipment for communities, but once the installations are completed, they are handed over to DisCos without any compensation to the government or…
The Nigeria Customs Service has intercepted a massive consignment of donkey genitals hidden inside a 40-foot container, dealing a major blow to an illicit wildlife trafficking network that has been exploiting Nigeria’s transit routes. The dramatic bust, carried out along the Kaduna–Abuja Expressway, has once again put a spotlight on the growing black market trade in animal parts and the efforts of security agencies to clamp down on the illegal trade threatening the country’s biodiversity. The operation, which took place in June but was made public during a press briefing this week, revealed the scale and audacity of traffickers who…
Bureau de Change (BDC) operators in Northern Nigeria have expressed deep concern over the Central Bank of Nigeria’s (CBN) recent directive mandating BDCs to raise their minimum share capital to N2 billion. The new policy, which was unveiled as part of the apex bank’s efforts to sanitise the foreign exchange market and curb speculation, has triggered fears that many small and medium-sized BDCs in the region could be forced out of business. Speaking under the umbrella of the Northern BDC Operators Forum, stakeholders described the recapitalisation policy as “unrealistic and detrimental” to the financial inclusion gains made in Northern states…
Nigeria is set to embark on another round of Gross Domestic Product (GDP) rebasing, a move government officials say is critical for providing clearer fiscal data and restoring investor confidence in an economy grappling with weak growth, high inflation, and mounting debt. According to the National Bureau of Statistics (NBS), the exercise will update the country’s economic calculations by changing the base year from 2010 to 2019, in line with international best practices. For many economic watchers, the upcoming rebase, expected to be completed by early 2025, is long overdue. The last time Nigeria rebased its GDP was in…
Start Innovation Hub has announced a fresh investment of N40 million to support the training of young Nigerians in vital technology skills, marking another step towards closing the country’s digital skills gap and empowering its youth for jobs in the global tech economy. The Uyo-based hub, which has steadily built a reputation as one of Nigeria’s leading private sector drivers of digital talent development, said the fund would cover scholarships and significant discounts for at least 200 beneficiaries in its next training cycle. The Chief Executive Officer of Start Innovation, Hanson Johnson, made the announcement during a briefing with…
After years of delays and operational setbacks, the Niger Delta Power Holding Company (NDPHC) has confirmed that the long-awaited Alaoji Power Plant in Abia State will finally commence operations next month, in what stakeholders hope will give Nigeria’s fragile power sector a badly needed boost. The announcement was made by the Managing Director of NDPHC, Chiedu Ugbo, who disclosed that all critical tests and arrangements have been completed to ensure that the plant will add nearly 500 megawatts to the national grid when it goes live in August. Located near Aba, the Alaoji plant is one of the key…
The Securities and Exchange Commission (SEC) has raised fresh concerns about the rising wave of fraud and scams in Nigeria’s virtual asset space, warning that such activities are steadily eroding investor confidence and threatening the integrity of the financial system. Speaking during an event to mark the African Union Anti-Corruption Day in Abuja, the Director-General of the SEC, Dr. Emomotimi Agama, said the unchecked proliferation of unregulated crypto platforms, fake investment schemes, and Ponzi operations disguised as virtual asset opportunities is putting ordinary Nigerians at risk. In his remarks, Agama stressed that while digital assets and blockchain technology hold great…
Africa’s richest man, Aliko Dangote, has stirred fresh debate about Nigeria’s struggling oil refining industry by declaring that the country’s state-owned refineries may never function properly again despite decades of huge spending on turnaround maintenance. Dangote, whose new mega-refinery in Lagos has begun producing refined petroleum products, made the statement during a recent meeting with business leaders and journalists at the Dangote Refinery complex in Lekki. The business mogul, who built the world’s largest single-train refinery with a capacity of 650,000 barrels per day, pointed out that Nigeria has spent billions of dollars trying to revive the refineries in…
In a significant push towards climate resilience and sustainable urban growth, the Lagos State Government (LASG) has teamed up with the Chinese government to launch a low-carbon development initiative aimed at drastically reducing emissions and positioning Lagos as a model for green cities in Africa. The project, which will be piloted in the Lekki area, is part of a broader plan to address the environmental impact of rapid urbanisation and industrialisation in Nigeria’s most populous city. At the core of this collaboration is the Lekki Low-Carbon Demonstration Zone, an ambitious effort designed to showcase practical solutions that can help Lagos…
The Nigerian Content Development and Monitoring Board (NCDMB) has approved over 440 expatriate quota slots for the country’s oil and gas sector in the first half of 2025, highlighting the delicate balance between sourcing critical foreign expertise and growing local capacity in one of Nigeria’s most vital industries. The latest approval, which covers 448 expatriate positions, is part of the board’s effort to ensure that companies operating in the sector fill only highly specialized roles with foreign workers where no qualified Nigerians are available. According to figures released by the board, 246 slots were granted in the first quarter of…
In a move set to strengthen energy security and boost economic cooperation across West Africa, the West African Gas Pipeline Company (WAPCo) has deepened its partnership with various government agencies to expand and secure cross-border gas distribution through the West African Gas Pipeline (WAGP). The renewed collaboration is expected to drive policy alignment, enhance operational integrity, and position the region for broader access to cleaner energy. The WAGP, which runs from Lagos, Nigeria, through Benin and Togo to Ghana, has long been regarded as a strategic piece of infrastructure connecting key markets and providing natural gas for power generation and…
The Nigerian Senate has called on the Federal Government to halt what it described as the continuous enrichment of electricity distribution companies (Discos) through the injection of public funds into their operations. The Senate made this resolution during plenary after heated deliberations on the state of the country’s power sector, which lawmakers say has failed to deliver a reliable electricity supply despite huge government interventions. The lawmakers expressed frustration that over a decade after the privatisation of the power sector, the expected improvements in electricity generation, transmission, and distribution remain elusive, with ordinary Nigerians bearing the brunt of erratic power…