The Federal Government has issued a strong warning to oil refineries and industrial operators across the country regarding improper waste disposal practices. The Minister of Environment, Balarabe Lawal, delivered the caution during an environmental compliance meeting with industry stakeholders in Abuja on Tuesday. Key Points from the Warning: 1. Immediate Compliance Mandate – All refineries and industrial plants must adhere strictly to approved waste management protocols – Facilities found violating environmental regulations will face severe sanctions 2. New Monitoring Measures – Deployment of specialized surveillance teams to high-risk industrial zones – Mandatory installation of real-time effluent monitoring systems by Q1…
Author: Temitope N.
The Chartered Institute of Taxation of Nigeria (CITN) has called on newly inducted tax professionals to play an active role in shaping the nation’s fiscal policy direction. The charge was given during the institute’s recent induction ceremony for associate members held in Lagos. CITN President, Mr. Samuel Agbeluyi, emphasized that tax practitioners must go beyond compliance to serve as catalysts for positive change in Nigeria’s economic landscape. He tasked the 283 newly inducted members with applying their expertise to advocate for balanced tax policies that support both revenue generation and economic development. The institute outlined several key areas where tax…
Lagos, Nigeria – Thousands of e-hailing drivers across Nigeria are set to down tools next week in a coordinated strike against what they describe as unfair labor practices by ride-hailing platforms. The drivers, operating under the Amalgamated Union of App-based Transporters of Nigeria (AUATON), are demanding better pay, improved working conditions, and more transparent policies from companies like Uber, Bolt, and inDrive. Why Drivers Are Protesting The drivers’ grievances center on several key issues: Low Earnings and High Commissions Drivers say their take-home pay has dropped significantly due to increasing platform commissions, which can be as high as 25-30% per…
The Enugu State Government has announced that the concession process for Akanu Ibiam International Airport is over 70% complete, with full completion expected by the second quarter of 2025. Dr. Obi Ozor, the State Commissioner for Transportation, stated that the Federal Government, through the Ministry of Aviation, is collaborating with private sector investors to finalize the concession. Upon completion, the new operators will undertake significant upgrades, including the completion of the international terminal, cargo terminal, maintenance, repair and overhaul (MRO) facilities, construction of aircraft hangars, and extension of the existing runway. In addition to the airport concession, the Enugu State…
The Nigerian pension industry has significantly bolstered the nation’s real sector by allocating a substantial ₦5.51 trillion towards long-term financing initiatives. These investments span critical areas such as infrastructure, private equity, real estate, and subnational infrastructure projects, underscoring the industry’s pivotal role in economic development. Growth in Pension Assets The National Pension Commission (PenCom) reported a remarkable 22.65% increase in the industry’s Net Asset Value (NAV), rising from ₦18.36 trillion as of December 31, 2023, to ₦22.51 trillion by December 31, 2024. This growth is attributed to additional contributions and investment income, reflecting a robust and expanding pension sector. Strategic…
Investors on the Nigerian Exchange Limited (NGX) experienced a significant upswing on April 8, 2025, as the market rebounded from previous losses. The All-Share Index (ASI) increased by 159.86 points, representing a 0.15% growth, closing at 104,376.73 points. This positive movement added approximately ₦100 billion to the market capitalization, bringing it to ₦65.589 trillion. Key Drivers of the Market Rebound The resurgence was largely driven by renewed investor interest in banking stocks. Notable performers included Zenith Bank, FBN Holdings, and United Bank for Africa (UBA), which recorded gains of 3.3%, 3.7%, and 2.6% respectively. Sectoral Performance Despite the overall market…
Access Holdings Plc has announced a potential delay in releasing its audited financial statements for the year ending December 31, 2024, due to pending approval from the Central Bank of Nigeria (CBN). The company submitted the financial statements to the CBN for review, a prerequisite before public disclosure. Public holidays have further impacted the review process, making it unlikely for Access Holdings to meet the extended filing deadline with the Nigerian Exchange Limited (NGX). Consequently, the NGX has granted an additional extension, allowing the company to file the results on or before April 20, 2025, subject to CBN’s approval.…
The Nigerian National Petroleum Company (NNPC) Limited’s recent suspension of crude oil deliveries to the Dangote Refinery has significantly influenced Nigeria’s oil production figures, contributing to a decline in the Organization of the Petroleum Exporting Countries’ (OPEC) overall output. Background of the Suspension In October 2024, NNPC initiated a naira-for-crude arrangement, allowing local refiners, including the Dangote Refinery, to purchase crude oil using the Nigerian naira instead of U.S. dollars. This initiative aimed to bolster domestic refining capacity and reduce reliance on imported petroleum products. However, by March 2025, NNPC suspended this arrangement, citing prior commitments of its crude oil…
The United States’ recent imposition of a 14% tariff on Nigerian exports has sent ripples through the country’s trade and economic sectors, threatening up to ₦323.96 billion in non-oil exports. The tariff, announced by former U.S. President Donald Trump on April 3, is part of a broader trade policy aimed at correcting what he describes as “unfair trade imbalances” between the U.S. and its partners. Trump’s new policy applies a general 10% tariff on all U.S. imports, with increased rates for countries that impose steeper duties on American goods. Nigeria, which reportedly levies a 27% tariff on U.S. exports, has…
In response to a recent lead poisoning crisis in Zamfara State, Nigerian authorities have intensified efforts to combat illegal mining activities, which are often linked to such health emergencies. The Zamfara State government confirmed the lead poisoning incident in Bungudu Local Government Area on March 19, 2025, prompting immediate intervention. Governor Dauda Lawal has taken decisive action by banning illegal mining in the state and directing security operatives to adopt stringent measures against violators. He emphasized that illegal mining significantly contributes to the rampant banditry and criminal activities plaguing Zamfara. Law enforcement agencies have been instructed to take bold action…
The Nigerian-American Chamber of Commerce (NACC) is set to host a high-profile gala this April to mark its 65th anniversary, and the lineup of attendees reflects the importance of the occasion. Vice President Kashim Shettima will serve as the Special Guest of Honour, while Lagos State Governor Babajide Sanwo-Olu will act as Chief Host. The event, scheduled to take place on April 12 at the Lagos Continental Hotel, Victoria Island, promises to be a landmark celebration of bilateral relations and business development between Nigeria and the United States. This year’s gala will not only celebrate the chamber’s legacy but also…
In a move designed to protect consumers and improve transparency in the telecom sector, the Nigerian Communications Commission (NCC) has proposed a new policy that will give subscribers a 12-month grace period to reclaim unused airtime on deactivated SIM cards. The new guideline, currently under review, could mark a significant shift in how telecom operators manage dormant lines and prepaid balances. At the heart of the proposal is the goal of addressing the longstanding issue of unclaimed airtime and prepaid credits, especially in cases where lines become inactive due to long-term non-use. Under current practices, once a SIM card is…
Global beverage giant Diageo and consumer goods conglomerate Tolaram have announced the appointment of new executives to spearhead their expansion strategies across key markets. The leadership changes come as both companies seek to strengthen their presence in Africa and other emerging economies through increased investments, product innovation, and market penetration. Diageo, known for its premium alcoholic beverage brands, has appointed a new regional executive to oversee its operations in Africa, a market that has shown strong demand for its products. The new leadership is expected to focus on accelerating growth through local production, strategic partnerships, and an enhanced distribution network.…
The Federal Government has announced plans to review the Bilateral Air Services Agreement (BASA) between Nigeria and Jamaica, aiming to enhance air connectivity and boost economic relations between the two countries. The review is expected to address key areas such as flight frequency, operational guidelines, and potential expansion of routes to improve travel and trade opportunities. Officials from Nigeria’s Ministry of Aviation and Aerospace Development confirmed that the review is part of broader efforts to strengthen international air transport agreements and create a more favorable environment for airlines operating between both nations. They emphasized the need to modernize existing provisions…
A Federal High Court has dismissed a N374 billion lawsuit filed by a group of ginger farmers against Keystone Bank, ruling that the claims lacked sufficient merit. The case, which had drawn significant attention in the agricultural and financial sectors, centered on allegations of financial mismanagement and contract breaches related to loan disbursements for ginger farming projects. The farmers had accused Keystone Bank of failing to release funds allocated for agricultural expansion under a financing agreement. They claimed that the bank’s actions resulted in significant financial losses, crop failures, and an inability to meet supply contracts. The plaintiffs sought N374…
Stanbic IBTC Infrastructure Fund has announced its financial backing for SIFAX Group’s Ijora Terminal project, a move aimed at enhancing Nigeria’s port infrastructure and logistics capabilities. The investment will support the development and expansion of the terminal, which is expected to ease cargo movement and reduce congestion at Lagos ports. According to stakeholders, the Ijora Terminal project aligns with Nigeria’s broader efforts to improve trade facilitation and modernize its transport infrastructure. By providing critical funding, Stanbic IBTC Infrastructure Fund is enabling SIFAX Group to develop a world-class facility equipped with modern cargo handling systems, warehousing solutions, and multimodal transport access.…
First City Monument Bank (FCMB) has successfully trained 44,278 entrepreneurs in business growth and financial management as part of its commitment to fostering small and medium-sized enterprises (SMEs) in Nigeria. The initiative aims to equip business owners with essential skills to scale their operations, improve financial literacy, and enhance sustainability. According to FCMB, the training covered key areas such as business planning, access to finance, digital transformation, and effective marketing strategies. The program, which was delivered through a combination of physical workshops and virtual sessions, targeted SMEs across various sectors, including agriculture, retail, technology, and manufacturing. Participants expressed appreciation for…
United Bank for Africa (UBA) has announced plans to celebrate International Women’s Day (IWD) 2025 with a special edition of its Business Series, aimed at empowering female entrepreneurs and professionals. The initiative will provide women with valuable insights, financial literacy, and networking opportunities to support their business growth and career advancement. According to UBA, the IWD Business Series will feature expert-led discussions on financial management, business sustainability, and leadership development. The event will bring together successful women in business, finance, and technology to share their experiences and offer practical guidance to aspiring entrepreneurs. UBA has been at the forefront of…
The Chairperson and Chief Executive Officer of Wema Bank have reaffirmed the bank’s dedication to empowering women through financial inclusion, business support, and leadership opportunities. Their renewed commitment aligns with the bank’s ongoing initiatives to create a more inclusive financial system that caters to the needs of female entrepreneurs and professionals. Speaking at a recent event, Wema Bank executives emphasized the importance of providing women with access to capital, mentorship, and digital banking solutions. They highlighted various programs designed to support women-led businesses, including loan facilities, capacity-building workshops, and networking platforms aimed at fostering economic growth and stability. Over the…