Nigeria’s National Bureau of Statistics has reported a remarkable 38 percent growth in Company Income Tax (CIT) revenue in the first half of 2025, underscoring the government’s success in revenue mobilisation and the resilience of the corporate sector amid economic challenges. The increase reflects both improved tax compliance by businesses and the ongoing reforms in tax administration aimed at broadening the tax base and enhancing efficiency in collection. According to the NBS, the surge in CIT receipts was driven by increased earnings among major corporations, enhanced monitoring of taxable activities, and stricter enforcement of tax obligations. The financial and telecommunications…
Author: Temitope Nlewemchi
The Nigerian Navy has dismantled an illegal crude oil refining operation in Rivers State, recovering large quantities of stolen petroleum products as part of intensified efforts to curb economic sabotage in the Niger Delta. The operation, conducted by the Nigerian Navy Ship (NNS) Pathfinder Anti-Crude Oil Theft patrol team under the flagship maritime security initiative Operation Delta Sentinel, targeted illegal activities in the Ogba/Egbema/Ndoni area of the state . According to a statement released late Saturday on the Force’s official X handle, troops uncovered a tampered wellhead belonging to Renaissance African Energy Limited, which had been illegally connected to an improvised…
Abuja – The Federal Government has released emergency contact numbers for Nigerian nationals residing in the Middle East, as regional tensions escalate following coordinated military strikes involving Iran, Israel and the United States . The Nigerians in Diaspora Commission (NiDCOM) and the Ministry of Foreign Affairs issued separate advisories over the weekend, activating dedicated hotlines through Nigerian diplomatic missions across the region . The move comes as several countries have issued safety alerts to their nationals amid concerns that the conflict could broaden. In a statement posted on its official X handle, NiDCOM Chairman Abike Dabiri-Erewa urged citizens in affected countries to…
Geneva – Women now hold just 27.5 per cent of national parliamentary seats worldwide, marking the slowest growth in nearly a decade and raising fresh concerns about the pace of progress toward gender equality in political decision-making . The latest report from the Inter-Parliamentary Union (IPU), released ahead of International Women’s Day, shows a meagre 0.3 percentage point increase from 2025 – matching the previous year’s sluggish rate and representing the weakest annual improvement since 2017 . The stagnation persists despite growing international recognition that diverse leadership strengthens democratic governance and policy outcomes. The findings come as women’s leadership in parliament has…
Nigeria’s foreign trade payments through Letters of Credit (LCs) rose to $267.96 million in the first four months of 2025, according to recent data from the Central Bank of Nigeria (CBN). This represents a 3.68 percent increase compared to the same period in 2024 and signals a gradual recovery in the country’s international trade financing activities amid a complex economic environment marked by foreign exchange volatility and broader structural challenges. Understanding Letters of Credit and Their Role in Trade Letters of Credit are critical financial instruments in international trade transactions, serving as guarantees from banks that payment will be made…
Lasaco Assurance Plc has announced a robust financial performance for the first quarter ended March 31, 2025, with its profit before tax rising by 24% year-on-year to ₦1.62 billion. The company had posted a profit before tax of ₦1.31 billion in the corresponding quarter of 2024, signalling a strong start to the 2025 financial year and further consolidating its position in Nigeria’s competitive insurance landscape. The positive momentum was driven by a 59% surge in insurance revenue, which jumped to ₦10.44 billion in Q1 2025 from ₦6.57 billion in Q1 2024. This remarkable increase reflects the company’s improved underwriting performance…
The Nigeria Customs Service has issued a stern warning to importers and licensed clearing agents, declaring its intention to impose strict sanctions on operators who fail to comply with customs laws, procedures and documentation requirements. The Service said the move is aimed at strengthening compliance, protecting government revenue and improving transparency within the nation’s ports and border operations. Customs authorities explained that non-compliance by some importers and agents continues to undermine trade facilitation efforts and distort the integrity of the clearance process. According to the Service, infractions such as false declaration, under-valuation, concealment, misuse of licences and diversion of cargo…
The National Pension Commission (PenCom) has announced a major leap in enforcement activities as it recorded ₦972.12 million in recoveries from defaulting employers in the first quarter of 2025. The figure, representing a 503.7% increase from the ₦161.03 million recovered in the fourth quarter of 2024, underscores the regulator’s deepened resolve to protect workers’ retirement savings under the Contributory Pension Scheme (CPS). According to data released by the Commission, the recoveries in Q1 2025 were sourced from 19 defaulting employers, with penalties totalling ₦381.88 million, compared with ₦246.94 million recorded in the previous quarter. Analysts note that the sharp increase…
The Central Bank of Nigeria has reported a significant drop of $276 million in foreign exchange inflows from International Money Transfer Operators, reflecting ongoing pressures in Nigeria’s external sector despite recent reforms aimed at boosting foreign currency supply. According to the apex bank, IMTO inflows declined within the latest reporting period compared with the preceding cycle, underscoring persistent challenges affecting remittance flows into the country. Remittances from Nigerians in the diaspora have historically been a major source of foreign exchange, supporting household consumption, balance of payments stability and liquidity in the foreign exchange market. The CBN explained that the decline…
Nigeria’s trade surplus declined by 10 per cent in the third quarter of 2025, according to the latest foreign trade statistics released by the National Bureau of Statistics. The drop reflects a combination of weaker export earnings and sustained import demand, underscoring ongoing structural challenges in the country’s external trade performance. Data from the NBS showed that while Nigeria maintained a positive trade balance during the period, the margin narrowed compared to the previous quarter. The bureau attributed the contraction largely to fluctuations in crude oil exports, which remain Nigeria’s dominant source of foreign exchange earnings. Crude oil and related…
The Nigerian insurance industry is on the brink of major transformation as the Nigerian Insurance Industry Reform Act Bill, 2025, awaits presidential assent. Having cleared both chambers of the National Assembly, the bill introduces wide-ranging reforms that seek to overhaul the regulatory landscape, strengthen corporate governance, and enhance the overall integrity of the industry. As the sector stands poised for this significant shift, insurance brokers, in particular, are being urged to prepare for the forthcoming changes that will reshape how they operate and compete. One of the bill’s most notable features is the drastic revision of capital requirements for insurers…
British heavyweight boxing star Anthony Joshua was involved in a serious road accident on Tuesday, sparking widespread concern among fans and the sporting community after reports emerged that two people are feared dead. The accident reportedly occurred along a major highway, with eyewitnesses describing a violent collision involving multiple vehicles. Emergency responders were said to have arrived at the scene shortly after the crash, cordoning off the area as rescue operations and investigations began. While details remain sketchy, sources at the scene claimed that the impact was severe, leading to extensive damage to at least one vehicle. Anthony Joshua, a…
The Petroleum Products Retail Outlets Owners Association of Nigeria has renewed calls for the privatisation of the Nigerian National Petroleum Company Limited’s refineries, urging the Federal Government to complete the process by the first quarter of 2026. The association said decisive action is needed to end decades of inefficiency, repeated rehabilitation failures and financial losses associated with the state-owned refineries. PETROAN argued that despite huge public spending on turnaround maintenance and rehabilitation, Nigeria’s refineries have largely remained non-functional or operated far below installed capacity. According to the association, continuing to fund the refineries with public resources is no longer sustainable,…
Polaris Bank has reinforced its commitment to delivering improved customer experience while scaling up its environmental sustainability initiatives, as part of efforts to align business growth with responsible banking practices. The bank said the dual focus reflects its strategy to enhance service delivery, deepen customer trust and contribute meaningfully to environmental protection and sustainable development. The lender explained that customer-centricity remains at the core of its operations, with continuous investments in digital banking infrastructure, service quality improvement and staff capacity building. According to the bank, these efforts are designed to ensure seamless, secure and efficient banking services across all customer…
The African Development Bank Group has intensified efforts to mobilise private capital as part of a broader strategy to close Africa’s widening financing gap and accelerate sustainable economic development across the continent. The multilateral lender said leveraging private sector resources has become increasingly critical as public finances across many African countries come under pressure from debt, climate shocks and global economic uncertainties. According to the AfDB Group, Africa faces an annual financing gap running into hundreds of billions of dollars, particularly in infrastructure, energy, agriculture, healthcare and climate adaptation. The bank noted that public funding and traditional development assistance alone…
The Lagos Chamber of Commerce and Industry has raised concerns over persistent engineering capacity deficits and unreliable power supply, warning that these challenges continue to undermine Nigeria’s industrialisation drive and limit the competitiveness of local industries. The chamber said unless these structural issues are urgently addressed, the country risks falling short of its industrial development ambitions. The LCCI made this position known while assessing the state of Nigeria’s manufacturing and industrial sectors, noting that engineering and power infrastructure form the backbone of industrial growth. According to the chamber, weaknesses in these critical areas have constrained productivity, increased production costs and…
Seplat Energy Plc, one of Nigeria’s leading indigenous energy companies, has announced a bold move to invest significantly in the country’s power sector. The initiative is part of the company’s broader strategic shift to diversify its operations and contribute to bridging the huge energy access gap in Nigeria, particularly in off-grid communities. According to the company’s CEO, Roger Brown, Seplat’s investment in the power sector is aimed at complementing its role as a major gas supplier in the country while also addressing the systemic electricity shortages that continue to hinder economic growth and development. Nigeria, despite being Africa’s most populous…
The Nigeria Customs Service has announced plans to phase out routine physical examination of cargo at the Apapa Port as part of efforts to modernise port operations, enhance trade facilitation and reduce delays associated with manual inspection processes. The move aligns with broader reforms aimed at improving efficiency, transparency and revenue collection within Nigeria’s maritime sector. Customs officials explained that the initiative is anchored on increased deployment of non-intrusive inspection technologies, particularly modern cargo scanning systems. By relying more on scanners and digital risk assessment tools, the Service said it intends to significantly reduce human contact with cargo, thereby speeding…
The Federal Inland Revenue Service has accredited PricewaterhouseCoopers as a system integrator for Nigeria’s electronic invoicing initiative, marking a significant step in the country’s efforts to modernise tax administration, improve compliance and enhance revenue mobilisation. The accreditation positions PwC to support businesses and the tax authority in the implementation of the national e-invoicing framework. The e-invoicing initiative is a core component of the FIRS’s digital transformation agenda, designed to automate transaction reporting, improve transparency and reduce revenue leakages. By accrediting system integrators, the tax authority aims to ensure that businesses can seamlessly connect their accounting and enterprise resource planning systems…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority has clarified that the Port Harcourt Refining Company has been supplying diesel to the domestic market despite the refinery not being fully operational. The regulator said the development reflects interim arrangements put in place to support fuel availability while rehabilitation works at the facility continue. NMDPRA explained that the diesel being supplied from the Port Harcourt refinery complex is sourced through ancillary and blending operations within the facility, rather than from full-scale crude oil refining. According to the authority, these activities are permissible under existing regulatory provisions and are aimed at easing…