Portugal has announced plans to increase natural gas imports from Nigeria and the United States as part of its strategy to diversify energy sources and reduce reliance on Russian supply. The move aligns with the broader European Union (EU) initiative to secure alternative energy partners amid ongoing geopolitical tensions. In a statement, Portugal’s Minister of Environment and Climate Action emphasized the importance of energy security and the need to foster long-term partnerships with reliable suppliers. “Diversifying our gas supply is crucial for safeguarding our energy needs and ensuring resilience in the face of global uncertainties,” the minister stated. Nigeria, one…
Author: Temitope N.
Kebbi State Governor, Atiku Bagudu, has lauded President Bola Ahmed Tinubu’s economic policies, asserting they have set Nigeria on the right path to recovery and growth. Bagudu highlighted key reforms under Tinubu’s administration, emphasizing their potential to stabilize the economy and attract investments. Speaking at a recent event, Bagudu pointed to the removal of fuel subsidies and the unification of exchange rates as bold moves that demonstrate the President’s commitment to economic transformation. According to him, these steps, though initially challenging for citizens, will yield long-term benefits by fostering transparency and improving resource allocation. Bagudu also praised the administration’s focus…
The Federal Government has stood firm in its decision to implement a tariff hike, despite growing resistance from the Socio-Economic Rights and Accountability Project (SERAP) and numerous consumer advocacy groups. Critics argue that the increase will impose undue hardship on citizens already grappling with economic difficulties. SERAP has expressed its readiness to take legal action against the government, citing a lack of transparency and insufficient public consultation in the decision-making process. According to SERAP, the hike violates fundamental human rights by further marginalizing economically vulnerable populations. Subscribers, too, have voiced their dissatisfaction, with many taking to social media and other…
Ecobank has announced a strategic partnership with CrediCorp to provide more flexible and accessible loan options for its customers. The collaboration aims to address the financial needs of individuals and businesses by offering innovative credit solutions tailored to their unique circumstances. In a statement, Ecobank highlighted that the partnership will leverage CrediCorp’s expertise in credit financing to simplify the loan application process and improve access to funds. Customers can expect faster approvals, competitive interest rates, and repayment plans designed to accommodate varying financial capacities. “This partnership underscores our commitment to empowering our customers with financial solutions that enhance their lives…
Fidelity Bank has strengthened its leadership team with the appointment of three new board members, signaling its commitment to driving innovation and delivering enhanced value to stakeholders. The appointments, which have been approved by regulatory authorities, bring a wealth of experience and fresh perspectives to the bank’s strategic direction. The newly appointed members include professionals with extensive backgrounds in banking, finance, and corporate governance. Their expertise is expected to bolster the bank’s efforts in achieving its growth objectives and maintaining its position as one of Nigeria’s leading financial institutions. In a statement, the bank’s management expressed confidence in the new…
The shareholders of Arik Air have pushed back against the Asset Management Corporation of Nigeria (AMCON) over its assertion that the airline owes a staggering N455 billion. Describing the claim as inflated and misleading, the shareholders are demanding clarity and transparency regarding the debt restructuring process. In a statement, the shareholders accused AMCON of mismanaging the airline since its takeover in 2017, alleging that the corporation’s actions have significantly eroded Arik Air’s value and operational capacity. They argued that the debt figure being circulated by AMCON does not reflect the airline’s actual liabilities before the government intervention. “The N455 billion…
The Securities and Exchange Commission (SEC) has issued a stern warning to market operators, emphasizing that failure to renew their registration could result in hefty fines and other regulatory actions. The directive is part of SEC’s ongoing efforts to ensure compliance and maintain transparency in Nigeria’s capital market. In a recent circular, SEC reminded operators that registration renewal is a mandatory requirement for all entities engaging in capital market activities. The commission noted that non-compliance not only undermines regulatory oversight but also poses risks to the integrity of the market and investor confidence. “Operators who fail to renew their registration…
A Bauchi-based firm has raised concerns over the surging cost of commercial rent in the state, describing it as a significant barrier to business sustainability and growth. The firm highlighted that exorbitant rental prices are not only impacting businesses but also discouraging investment in the local economy. Speaking to reporters, a representative of the company explained that the rising rents for commercial spaces have become unsustainable, particularly for small and medium-sized enterprises (SMEs). “The cost of renting business premises has more than doubled in recent years, putting immense pressure on operational budgets and threatening profitability,” the representative said. The company…
The Nigeria Labour Congress (NLC) has condemned the recent increase in petrol prices, describing the move as a display of insensitivity by the Federal Government. The hike, which has sparked widespread concern, comes at a time when many Nigerians are grappling with rising living costs and economic challenges. In a statement, the NLC expressed disappointment, arguing that the decision to raise fuel prices without providing adequate palliatives or alternatives places undue hardship on citizens. The labor body emphasized that the rising cost of petrol directly impacts transportation, food prices, and other essential goods, worsening the plight of the average Nigerian.…
Nigeria’s equity market recorded a significant downturn, losing N1.45 trillion in market capitalization over the past week. This decline has raised concerns among investors and analysts about the short-term outlook of the market amidst prevailing economic challenges. The drop in market value was attributed to widespread sell-offs across various sectors, fueled by uncertainties around macroeconomic policies, rising inflation, and fluctuating foreign exchange rates. The All-Share Index (ASI) of the Nigerian Exchange (NGX) also fell sharply, reflecting negative sentiment among market participants. Key sectors, including banking, consumer goods, and industrials, experienced notable declines, with several blue-chip stocks taking substantial hits. The…