The Nigeria Customs Service (NCS) has intercepted undeclared foreign currencies amounting to $1.1 million and 135,900 Saudi riyals (SR) at the Mallam Aminu Kano International Airport. The seizure was made during routine checks by customs officers, highlighting ongoing efforts to curb illegal financial movements through the country’s airports. According to customs officials, the foreign currencies were discovered in the luggage of passengers attempting to travel without declaring the funds, as required by financial regulations. The intercepted cash has been handed over to relevant authorities for further investigation, with officials looking into possible violations of anti-money laundering laws. The NCS has…
Author: Temitope N.
The Nigerian Electricity Regulatory Commission (NERC) has granted approval for Plateau State to regulate its electricity market, marking a significant step toward improving power supply and distribution in the state. This move aligns with Nigeria’s ongoing efforts to decentralize electricity regulation, allowing states to take greater control over their energy sectors. With this order, Plateau State now has the authority to oversee electricity generation, distribution, and supply within its jurisdiction. The decision is expected to enhance efficiency, attract investment, and address long-standing challenges in power delivery. It also empowers the state government to create policies that suit its unique electricity…
Kenya Airways has recorded a significant increase in its Nigerian passenger traffic, adding 10,000 more travelers in 2024. The growth reflects the rising demand for air travel between Nigeria and Kenya, as well as the airline’s strategic efforts to enhance connectivity and service offerings in the West African market. According to industry sources, the increase is driven by improved flight schedules, competitive fares, and enhanced passenger experience. The airline has also benefited from growing business and tourism ties between the two countries, with more Nigerians choosing Kenya as a travel destination for leisure, conferences, and business engagements. Kenya Airways’ commitment…
The Dangote Refinery has received fresh crude oil shipments from the Nigerian National Petroleum Company Limited (NNPCL), further strengthening its supply chain as it ramps up production. The latest deliveries underscore the collaboration between the refinery and Nigeria’s state-owned oil company to ensure a steady supply of feedstock for domestic refining. Industry sources indicate that the crude cargoes were sourced from local oil fields and delivered as part of ongoing efforts to support the refinery’s operations. The Dangote Refinery, which has a capacity of 650,000 barrels per day, is expected to play a key role in reducing Nigeria’s reliance on…
A major power outage has hit Rivers and Bayelsa states following the collapse of electricity transmission towers, leaving residents and businesses in darkness. The incident, which occurred along a key transmission corridor, has severely disrupted power supply in the affected areas. According to the Transmission Company of Nigeria (TCN), the collapse was caused by suspected acts of vandalism, structural failure, or adverse weather conditions. Officials have since deployed engineers to assess the damage and begin restoration efforts, but no timeline has been given for the full restoration of power. The blackout has already impacted economic activities, with businesses that rely…
Aero Contractors has announced the expansion of its Maintenance, Repair, and Overhaul (MRO) facility, positioning itself as a one-stop service hub for aircraft maintenance in Nigeria and the wider West African region. The move is aimed at enhancing the airline’s capacity to provide comprehensive maintenance solutions, reducing the reliance on foreign repair facilities and cutting operational costs for airlines operating in the region. The expansion comes as part of Aero Contractors’ strategic plan to strengthen its position in the aviation sector by offering world-class MRO services. With more airlines seeking cost-effective and efficient maintenance solutions, the airline believes its upgraded…
A leading cryptocurrency expert has stated that improved regulatory frameworks will significantly boost crypto investments in Nigeria, making the sector more attractive to institutional and retail investors. The CEO, speaking at a fintech forum, emphasized that clear policies and investor protection measures would foster trust and drive wider adoption of digital assets in the country. Nigeria remains one of the largest crypto markets in Africa, with millions of users trading digital currencies despite regulatory uncertainty. However, inconsistent policies and restrictions on crypto-related transactions by financial institutions have created hurdles for both investors and businesses operating in the space. The CEO…
Cedrus Group has announced a strategic partnership with RusselSmith, a leading integrated oilfield services company, for the issuance of a N3 billion commercial paper. The move is aimed at raising short-term capital to support RusselSmith’s expansion and operational needs, particularly in the energy sector. The commercial paper issuance is part of Cedrus Group’s broader commitment to facilitating access to funding for Nigerian businesses. By leveraging its financial expertise, Cedrus is helping RusselSmith secure cost-effective financing to enhance its service delivery and expand its footprint in the oil and gas industry. The funds raised will be used to optimize operations, invest…
Inflation continues to take a heavy toll on Nigerians, eroding purchasing power, increasing the cost of living, and deepening economic hardship for millions. As prices of essential goods and services soar, many households are struggling to afford basic necessities, pushing more people into financial distress. One of the most immediate impacts of inflation is the rising cost of food. Staple items such as rice, bread, and cooking oil have seen significant price hikes, making it difficult for families to maintain a balanced diet. Many Nigerians now spend a larger portion of their income on food, leaving little room for savings…
The Federal Government, in collaboration with the Nigerian National Petroleum Company Limited (NNPCL) and other key stakeholders, is reviewing the naira-for-crude policy to address concerns over its implementation and impact on the economy. The policy, which was introduced to ease foreign exchange pressures and stabilize fuel supply, has faced challenges in execution, prompting the need for reassessment. According to sources familiar with the discussions, the review aims to refine the framework to ensure that crude oil transactions conducted in naira remain sustainable and beneficial to both the government and private sector players. The policy was initially designed to reduce the…
The Central Securities Clearing System (CSCS) is set to host its annual conference, bringing together key financial market players from Africa and the Middle East. The event aims to foster discussions on market development, investment opportunities, and the role of technology in enhancing securities trading and post-trade services. As one of the leading financial infrastructure providers in Nigeria, CSCS is leveraging the conference to strengthen regional collaboration and promote innovation in capital markets. Experts, regulators, and industry leaders will engage in panel discussions on topics such as digital transformation, risk management, and sustainable finance. A major highlight of the conference…
Global trade is expected to maintain a steady pace in early 2025, according to the World Trade Organization (WTO), despite ongoing geopolitical tensions and economic uncertainties. The organization’s latest projections indicate that trade volumes will see moderate growth, supported by resilient consumer demand and recovering supply chains. While global economic conditions remain unpredictable, the WTO points to easing inflationary pressures and stabilizing commodity prices as key factors that could help sustain trade activity. However, risks such as trade restrictions, geopolitical conflicts, and fluctuations in major currencies may still pose challenges. The forecast comes at a time when many economies are…
The federal government has announced plans to deploy 7,000 telecom towers across the country through a public-private partnership aimed at improving network coverage and bridging connectivity gaps. The initiative is part of ongoing efforts to expand digital infrastructure and enhance mobile and internet services, particularly in underserved and rural areas. According to government officials, the project will be executed in collaboration with private sector investors who will provide funding and technical expertise, while the government facilitates regulatory approvals and policy support. The partnership is expected to accelerate broadband penetration, reduce call drop rates, and improve overall service quality for telecom…
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has issued a warning that it may withdraw its members from upstream oil and gas operations over unresolved industry concerns. The union cited issues such as unfair labor practices, unpaid benefits, and poor working conditions as reasons for the potential industrial action. According to PENGASSAN leadership, several oil companies have failed to address long-standing grievances, including job security, wage disputes, and breaches of collective bargaining agreements. The union expressed frustration over what it described as a lack of commitment from both employers and government regulators in resolving these challenges.…
The Federal Inland Revenue Service (FIRS) has pledged to strengthen tax policies across West Africa, aiming to boost revenue generation, enhance compliance, and create a more transparent tax system in the region. The commitment was made during a regional tax conference, where officials emphasized the need for collaboration among West African nations to improve tax administration and curb revenue leakages. With many economies in the region facing financial challenges, FIRS stressed the importance of harmonizing tax policies to prevent tax evasion, promote cross-border trade, and attract foreign investment. The agency highlighted the digital economy as a key area requiring regulatory…
CrediCorp has launched a N100 billion car ownership credit scheme aimed at making vehicle acquisition more accessible for Nigerians. The initiative is designed to provide flexible financing options for individuals and businesses looking to purchase new or pre-owned vehicles, easing the financial burden of outright payments. According to CrediCorp, the scheme offers competitive interest rates, extended repayment periods, and minimal upfront deposits to ensure affordability. The company aims to bridge the gap in vehicle financing by catering to salaried employees, entrepreneurs, and corporate organizations seeking fleet expansion. With the high cost of vehicles and foreign exchange challenges affecting the automobile…
The Federal Government has deducted N800 billion from state allocations to service Nigeria’s mounting foreign debt, a move that has sparked concerns among state governments over dwindling resources for development projects. The deductions were made from the monthly Federation Account Allocation Committee (FAAC) disbursements, further straining the finances of many states already grappling with revenue shortfalls. Government officials defended the action, stating that the deductions were necessary to meet Nigeria’s international debt obligations and avoid default. The country’s rising debt profile has put pressure on its foreign reserves, making timely debt servicing a priority to maintain investor confidence and economic…
Nigeria’s Minister of Housing and Urban Development has revealed that less than 10% of the country’s land is properly documented, highlighting a major challenge in land administration and ownership rights. The lack of proper records has contributed to disputes, illegal land grabbing, and difficulties in securing bank loans using land as collateral. According to the minister, the absence of a comprehensive land registry system hinders economic growth, discourages investment, and complicates urban planning efforts. Many landowners still rely on traditional and informal methods of documentation, which are often not legally recognized. The government has reiterated its commitment to improving land…
Nigeria’s oil revenue faces a major setback following an explosion at a key crude oil pipeline capable of transporting 450,000 barrels per day (BPD). The incident, which occurred in a strategic oil-producing region, has raised concerns over supply disruptions, potential revenue losses, and heightened security risks in the sector. Preliminary reports indicate that the explosion, which rocked the pipeline, may have been caused by sabotage, equipment failure, or operational mishaps. Authorities and oil companies operating in the region have launched investigations to determine the exact cause and assess the extent of the damage. The affected pipeline is a crucial part…
Retinaad, a leading digital advertising firm, has introduced artificial intelligence (AI) solutions to revolutionize the way brands connect with their audiences. The company’s AI-driven approach aims to enhance ad targeting, optimize campaign performance, and improve overall return on investment for advertisers. By leveraging machine learning algorithms, Retinaad’s AI technology analyzes consumer behavior, market trends, and engagement patterns to deliver highly personalized advertisements. This allows brands to reach the right audience with precision, reducing wasted ad spend and increasing conversion rates. According to the company, its AI-powered platform can automatically adjust ad creatives, test multiple variations, and refine messaging in real…