The Corporate Affairs Commission (CAC) has uncovered 247 companies allegedly operating with fake or invalid registration numbers, raising fresh concerns about fraudulent practices within Nigeria’s business environment. The revelation, made public during a regulatory enforcement briefing in Abuja, highlights the Commission’s increasing use of technology to monitor and verify corporate compliance across the country. Registrar-General of the CAC, Hussaini Ishaq Magaji, said the fraudulent practices came to light after an extensive digital audit of the Commission’s database, where inconsistencies in the use of registration certificates were detected. He explained that the companies were flagged for presenting false registration credentials while…
Author: Temitope N.
Chevron Nigeria Limited (CNL) has reiterated its commitment to supporting the growth and development of Nigeria’s oil and gas industry, pledging sustained investment, technological expertise, and collaboration with stakeholders to maximise the sector’s potential. Speaking during a recent industry forum in Lagos, Chevron’s Chairman and Managing Director, Rick Kennedy, said the company remained dedicated to working alongside the Federal Government and industry partners to enhance production, boost reserves, and ensure energy security for the country. Kennedy highlighted Chevron’s decades-long presence in Nigeria, noting that the company has been instrumental in driving upstream production, midstream infrastructure development, and community engagement programmes…
Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced an ambitious plan to significantly reduce Nigeria’s dependence on fish imports by expanding local aquaculture production and empowering young people to actively participate in the fisheries value chain. He said the strategy is aimed at strengthening food security, creating jobs, and preserving foreign exchange currently spent on importing fish. Speaking at a stakeholders’ engagement in Abuja, Oyetola lamented that Nigeria still imports a substantial portion of its fish consumption despite having abundant marine resources and inland waterways. According to him, the country spends billions of naira annually on fish imports,…
The Central Bank of Nigeria (CBN) has called on Nigerians to promptly report any commercial bank or financial institution found selling naira notes to the public, describing such acts as illegal and a serious violation of the country’s monetary regulations. The apex bank stressed that the sale of currency undermines the integrity of the financial system, contributes to cash scarcity, and fuels illicit economic activities. In a statement issued by its Corporate Communications Department, the CBN warned that it would not hesitate to take decisive action against banks or individuals involved in the illicit trade of naira notes. The bank…
Lafarge Africa Plc, in partnership with the Ogun State Government, has embarked on an ambitious environmental sustainability initiative aimed at planting one million trees across the state. The project is designed to combat climate change, restore degraded landscapes, and promote biodiversity, while also creating socio-economic opportunities for local communities. Speaking at the launch ceremony in Ewekoro, Ogun State, Lafarge Africa’s management emphasised the company’s long-standing commitment to environmental stewardship and sustainable business practices. The cement manufacturer stated that the tree-planting initiative aligns with its broader corporate social responsibility (CSR) framework, which focuses on climate action, community development, and resource efficiency.…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has set its sights on positioning Nigeria to attract at least 40% of all oil and gas investment inflows into Africa, citing the country’s vast hydrocarbon resources, recent regulatory reforms, and ongoing efforts to improve the investment climate. Speaking at an industry stakeholders’ forum in Lagos, the Commission’s Chief Executive, Gbenga Komolafe, said the goal aligns with Nigeria’s ambition to reclaim its status as the continent’s foremost oil and gas destination. He noted that the implementation of the Petroleum Industry Act (PIA) has provided a more transparent and predictable framework for investors, but…
The Nigerian National Petroleum Company Limited (NNPC Ltd) has expressed concern over the slow pace in the development and exploitation of the country’s vast untapped oil reserves, warning that prolonged delays could undermine Nigeria’s economic growth and its position as a leading crude oil producer in Africa. Speaking during an industry forum in Abuja, senior executives of NNPC Ltd said that despite Nigeria’s significant proven reserves, inadequate investments, infrastructural challenges, and bureaucratic bottlenecks have hindered the country from fully harnessing its hydrocarbon potential. They stressed that the global energy market is rapidly evolving, and Nigeria risks losing its competitive advantage…
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed that state governments have received a cumulative N7.1 trillion in allocations from the Federation Account since the beginning of the current administration in May 2023. Edun said the figure reflects the government’s commitment to fiscal federalism and equitable revenue sharing among the three tiers of government. Speaking during a briefing in Abuja on Tuesday, the minister explained that the disbursements were made through the Federation Accounts Allocation Committee (FAAC) over a period of 14 months. According to him, the consistent and timely remittances demonstrate the administration’s…
The Federal Inland Revenue Service (FIRS) has extended the deadline for taxpayers to transition to its new electronic invoicing system by an additional three months, giving businesses more time to adjust to the platform aimed at improving tax compliance and reducing revenue leakages. The extension, announced on Tuesday in Abuja, moves the compliance deadline from September 1, 2025, to December 1, 2025. FIRS Chairman, Zacch Adedeji, said the decision was in response to appeals from the business community and industry groups who requested more time to fully integrate the e-invoicing system into their accounting and payment processes. Adedeji explained that…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the country’s $4 billion trade surplus recorded in the second quarter of 2025 is a strong indicator that the economy is on a steady path to recovery and stabilisation. Edun, who disclosed the figures during a media briefing in Abuja on Tuesday, explained that the surplus reflected the combined effect of ongoing economic reforms, improved export earnings, and a gradual decline in import dependence. According to the minister, Nigeria’s merchandise exports in Q2 2025 stood at $18.2 billion, compared to $14.2 billion in imports, leaving a positive…
The Nigeria Labour Congress (NLC) has accused the Federal Government of diverting 40 percent of the contributions to the Nigeria Social Insurance Trust Fund (NSITF), threatening to embark on a nationwide strike if the alleged practice is not stopped within seven days. NLC President, Joe Ajaero, disclosed the allegations during a press briefing in Abuja on Tuesday, warning that the Congress would mobilise its affiliates across the country for industrial action if the government failed to address what it described as “a brazen act of misappropriation.” According to the NLC, the diversion of funds contravenes the Employees’ Compensation Act, which…
The National Pension Commission (PenCom) has urged the Federal Government to raise the pension contribution rate for the Nigeria Police Force from the current 10 percent to 20 percent, citing the need to ensure adequate retirement benefits and financial security for officers after years of service. The call was made by PenCom’s Director-General, Mrs. Aisha Dahir-Umar, during a stakeholders’ engagement in Abuja on Tuesday. She explained that the recommendation was part of a broader proposal to address long-standing concerns over the welfare of police officers, especially given the high-risk nature of their duties. Under Nigeria’s Contributory Pension Scheme (CPS), employers…
Nigeria’s banking sector attracted more than half of total capital inflows into the country in the first half of 2025, underscoring its central role in the nation’s economic reform agenda and growing investor appetite for financial services. Data from the National Bureau of Statistics (NBS) reveal that the financial institutions sector accounted for over 52 percent of the $3.21 billion in total capital importation recorded between January and June 2025. This dominance reflects the continued confidence of foreign investors in Nigeria’s banking system despite macroeconomic headwinds and policy adjustments. According to the NBS report, foreign portfolio investments in Nigerian banks…
The Power System Operator (PSO), a key division of the Transmission Company of Nigeria (TCN), has stepped in to mediate the ongoing electricity tariff crisis in Enugu State, amid growing tensions between the Enugu Electricity Distribution Company (EEDC) and electricity consumers in the region. The intervention follows weeks of heated complaints from residents, business owners, and civil society groups over what they described as “unjustified and exorbitant” tariff increases introduced by EEDC. The new rates, which took effect in July, have reportedly led to sharp increases in monthly bills for both residential and commercial customers. Speaking at a press briefing…
President Bola Ahmed Tinubu has reaffirmed the Federal Government’s commitment to reviving Nigeria’s moribund steel industry, pledging to bring dormant steel companies back to life as part of his administration’s broader agenda to accelerate industrialisation and drive sustainable economic growth. Speaking on Tuesday in Abuja, Tinubu described the steel sector as the “backbone of industrialisation” and emphasised that without it, Nigeria’s ambition to become a manufacturing hub and a competitive global economy would remain unrealised. He assured that the Renewed Hope Agenda is designed to transform the nation’s industrial base, with the steel sector as a central pillar. “We cannot…
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 Federal Government has successfully settled over ₦2 trillion in outstanding capital budget arrears, significantly boosting the financial standing of states and raising their combined surplus to ₦7.1 trillion, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. Edun disclosed this on Tuesday while briefing journalists in Abuja, explaining that the clearance of the arrears was part of the government’s broader fiscal reforms aimed at stimulating economic activity, improving liquidity, and restoring contractors’ confidence. He said the move aligns with President Bola Tinubu’s Renewed Hope Agenda, which prioritises infrastructure development and fiscal discipline. According to…
The Nigeria Customs Service (NCS) has announced the interception of contraband goods valued at ₦3.1 billion and the arrest of 13 suspected smugglers in a sweeping anti-smuggling operation carried out over the last three weeks. The operation, which spanned several border points, highways, and storage facilities, was part of the NCS’s intensified enforcement drive to curb illicit trade, protect local industries, and safeguard the nation’s revenue base. Acting Comptroller-General of Customs, Bashir Adewale Adeniyi, disclosed the development during a press briefing in Lagos on Tuesday, describing the seizures as a significant blow to smuggling networks operating across Nigeria. According to…
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 House of Representatives has commenced an investigation into the N1.06 trillion Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) programme, following growing concerns that the initiative has failed to deliver significant benefits to ordinary Nigerians despite its vast funding. The programme, launched in 2021, was designed to mitigate the socioeconomic impacts of the COVID-19 pandemic by providing targeted interventions for vulnerable individuals, small businesses, and communities across the country. Lawmakers, during a plenary session on Tuesday, expressed dissatisfaction with the reported outcomes of the NG-CARES initiative, alleging that its reach and effectiveness have been far below expectations. They argued…