The Federal Government has announced a new directive prohibiting cash payments to Ministries, Departments, and Agencies (MDAs), mandating the installation and use of Point-of-Sale (POS) terminals to facilitate electronic transactions. The policy is part of ongoing efforts to enhance transparency, reduce revenue leakages, and strengthen accountability in public financial management. Officials explained that the cashless initiative is designed to minimise the handling of physical currency within government offices, which has historically been associated with delays, misappropriation, and poor record-keeping. By requiring MDAs to adopt POS systems, the government aims to ensure that all payments, including service fees, levies, and other…
Author: Temitope Nlewemchi
The recent reforms by the Nigeria Customs Service are being hailed as a clear indication that African institutions are prepared to play a decisive role in shaping global trade standards, according to a senior official, Adeniyi. Speaking at a trade policy forum, Adeniyi emphasized that the reforms are not just about improving revenue collection but also about enhancing operational efficiency, transparency, and competitiveness, positioning Nigeria — and by extension Africa — as a key player in international trade. According to Adeniyi, the overhaul of processes within the Customs Service demonstrates the country’s commitment to aligning with global best practices in…
The Nigeria Customs Service has intercepted a shipment of 25.5 kilograms of cocaine concealed on a Brazilian vessel docked at the Apapa Port in Lagos, underscoring ongoing efforts to combat drug trafficking and enhance port security. The seizure was part of routine intelligence-led operations by the Customs anti-narcotics unit, which has intensified inspections of high-risk shipments following international alerts and monitoring of maritime routes known for illicit drug movements. According to officials, the cocaine was hidden among legitimate cargo on the vessel, demonstrating the sophisticated concealment methods often employed by traffickers attempting to bypass port security measures. The discovery followed…
The Federal Government has recorded a sharp increase in revenue from the electronic transfer levy, with collections reportedly doubling to N360 billion, highlighting the growing impact of digital financial transactions on government revenue. The surge, according to officials, is largely driven by increased adoption of digital payment platforms, mobile banking, and electronic money transfers across the country, reflecting both the expansion of fintech services and higher compliance with the levy. Government sources explained that the electronic transfer levy, introduced to enhance the tax base and capture digital financial activities, applies to transfers above a certain threshold on banks and mobile…
The Federal Government has announced a firm deadline of December 20 for the settlement of outstanding payments owed to contractors across various sectors, signaling a renewed commitment to timely disbursement of funds and the completion of ongoing projects. This directive, issued by the Ministry of Finance in conjunction with relevant implementing agencies, comes amid growing concerns from contractors over delayed payments, which have previously slowed project execution and strained cash flows for businesses engaged by the government. Officials explained that the deadline applies to all federal contractors whose projects have been certified as complete or partially complete and for which…
The National Drug Law Enforcement Agency (NDLEA) has successfully intercepted a massive quantity of illicit substances during coordinated operations across Nigeria, seizing over 7.6 million tramadol pills and 76,273 kilograms of cannabis. The seizures were carried out as part of intensified nationwide raids aimed at curbing drug trafficking, abuse, and distribution, particularly of substances classified as dangerous to public health. According to the NDLEA, the operations targeted high-risk areas identified through intelligence-led strategies and included major cities, border towns, and transit routes commonly used by traffickers. The agency stated that the raids were meticulously planned and executed, involving collaboration between…
The Lagos Chamber of Commerce and Industry (LCCI) has elected Leye Kupoluyi as its new President and Chairman of Council, marking a key leadership transition in one of Nigeria’s foremost business advocacy organizations. Kupoluyi, who has long been involved in private-sector initiatives and economic policy advocacy, is expected to steer the chamber’s efforts in promoting business growth, facilitating trade, and shaping economic policies that enhance Nigeria’s investment climate. The election, conducted during the chamber’s annual general meeting, follows a competitive process involving stakeholders from diverse sectors of the economy, including manufacturing, finance, services, and trade. Members expressed confidence in Kupoluyi’s…
The Nigerian Domestic Petroleum Holding Company (NDPHC) has reportedly gained renewed momentum under the leadership of Managing Director Adighije, as the agency intensifies efforts to strengthen the nation’s domestic petroleum supply chain and ensure efficient fuel distribution. Observers note that NDPHC’s recent initiatives reflect a strategic focus on operational efficiency, financial transparency, and stakeholder engagement, aimed at stabilizing the petroleum sector and supporting broader economic growth. Under Adighije’s tenure, the NDPHC has reportedly prioritized the streamlining of fuel procurement and distribution processes, reducing delays and inefficiencies that have historically plagued the sector. This includes closer coordination with petroleum marketers, refiners,…
The Federal Government has clarified that ongoing tax reforms will not involve unauthorized access to citizens’ bank accounts, reassuring Nigerians about privacy and financial security amid rising concerns over digital tax collection measures. Officials emphasized that the reforms are focused on improving tax administration, broadening the tax base, and enhancing compliance through transparent and accountable procedures, without violating personal financial confidentiality. Speaking on the reforms, a senior official from the Federal Ministry of Finance explained that the government intends to rely on existing financial reporting frameworks, voluntary disclosures, and partnerships with banks to strengthen tax collection. The official stressed that…
A Lagos State lawmaker has donated 400 market stalls to traders in the state, reinforcing efforts to support small businesses and enhance economic activities within local markets. The initiative, aimed at empowering traders, particularly those in the informal sector, reflects a commitment to fostering entrepreneurship, reducing unemployment, and providing sustainable livelihoods for residents. During a ceremony marking the presentation of the stalls, the lawmaker emphasized that the gesture is part of a broader agenda to support economic empowerment and ensure that traders have access to proper, secure spaces to conduct their businesses. He noted that market infrastructure plays a critical…
Investment in Africa’s upstream oil and gas sector has rebounded strongly, reaching a forecasted $41 billion, signaling renewed confidence in the continent’s energy prospects amid global market recovery. Analysts attribute the surge to rising oil prices, favorable regulatory reforms, and increasing interest from international and domestic investors seeking growth opportunities in exploration and production activities across key African markets. According to industry experts, the rebound reflects significant commitments to exploration, drilling, and production capacity expansion. Countries such as Nigeria, Angola, Ghana, and Egypt have seen heightened activity, with operators moving forward on previously delayed projects and announcing new ventures aimed…
The Nigerian National Petroleum Company Limited (NNPC Ltd) has reportedly used crude oil valued at about N991 billion to service part of the $3 billion emergency loan it secured last year to stabilise the foreign exchange market and support its operational obligations. The latest findings, sourced from internal industry assessments and disclosures by officials familiar with the repayment structure, indicate that crude oil swaps remain a central mechanism for meeting the company’s external financial commitments. According to the report, the $3 billion loan—initially described as a crude-backed facility—was structured to allow NNPC to repay the debt by allocating portions of…
The European Union (EU) and the Federal Government of Nigeria have entered into a renewed partnership aimed at addressing the persistent skills deficit hindering the country’s power sector. The initiative, announced following high-level energy and development dialogues between both parties, is expected to strengthen human capacity, improve technical competence, and support Nigeria’s transition toward a more reliable, sustainable electricity system. The collaboration comes at a time when Nigeria continues to struggle with inadequate power generation, ageing infrastructure, and technical manpower shortages across the electricity value chain. The EU noted that while Nigeria possesses significant potential for renewable energy expansion and…
Google.org, the philanthropic arm of Google, has approved a $1 million grant to the Africa Talent Foundation (ATF) as part of an ambitious plan to nurture a new generation of artificial intelligence specialists across the continent. The funding marks one of the organisation’s most significant commitments toward closing Africa’s AI skills gap and positioning young professionals for emerging opportunities in the global digital economy. The grant is aimed at strengthening ATF’s capacity to train, mentor, and equip thousands of Africans with skills in cutting-edge AI disciplines, including machine learning, data science, responsible AI deployment, and the development of practical solutions…
Chevron Nigeria has signalled its readiness to participate in the upcoming 2025 oil and gas licensing round announced by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), a development seen as a strong vote of confidence in the country’s upstream investment climate. The move by the American energy giant comes at a time when Nigeria is seeking to attract significant new capital into its petroleum sector amid renewed government reforms and growing calls to boost production. The NUPRC recently launched the 2025 bid window with the offer of dozens of oil and gas blocks located across onshore, shallow-water, and frontier terrains.…
United Bank for Africa (UBA) has partnered with Lions Group and Wakanow to launch a new festive-season promotional initiative known as the Detty Side campaign. The collaboration, unveiled ahead of the year-end celebrations, is aimed at engaging young Nigerians, expanding digital lifestyle offerings, and boosting travel and entertainment access during the busy holiday period. The campaign highlights UBA’s increasing push toward youth-oriented financial experiences and digital convenience, aligning with evolving consumer behaviour and Nigeria’s expanding creative economy. The Detty Side campaign is designed to make this year’s festive season more memorable for young people by offering exclusive rewards, discounted travel…
NEM Insurance Plc has added another major milestone to its long-standing record of achievements after emerging as the winner of a prestigious Financial Services Award, reaffirming its position as one of Nigeria’s most resilient and forward-thinking insurance companies. The recognition, announced at a high-profile industry event attended by leading financial institutions, regulators, and stakeholders, celebrates NEM Insurance’s outstanding performance, innovation, and commitment to customer-focused service delivery in the past year. The award comes at a time when Nigeria’s insurance sector is experiencing renewed momentum driven by digital transformation, regulatory reforms, and rising consumer awareness. NEM Insurance’s victory is widely regarded…
Crude oil production among OPEC member states declined in November, driven primarily by production outages in Nigeria and disruptions across other member nations. The reduction has raised concerns about global oil supply stability, even as international markets continue to monitor the effects of shifting production levels on crude prices and energy security. Analysts say the downturn underscores the persistent challenges faced by oil producers, particularly in balancing operational constraints with contractual production targets. According to industry reports, Nigeria experienced a significant production outage during November, contributing notably to the overall decline in the Organisation of Petroleum Exporting Countries’ output. The…
Eko Electricity Distribution Company (EKEDC) has raised concerns over the slow progress of the national free meter initiative, attributing significant delays to interference by unauthorised third-party agents. According to the company, while the programme aims to deliver thousands of meters to eligible households and businesses to improve electricity metering and billing accuracy, the activities of rogue intermediaries have undermined efficiency and caused bottlenecks in distribution. Officials at EKEDC said the free meter initiative is designed to enhance accountability, reduce energy losses, and promote accurate billing, particularly for residential and small commercial consumers. The scheme is part of a broader…
Golden Penny, one of Nigeria’s leading food and consumer brands, has rewarded 6,000 loyal customers through its flagship brand loyalty initiative, highlighting the company’s ongoing commitment to recognising and celebrating consumer loyalty across the country. The programme, which spans multiple product lines, is designed to incentivise repeat purchases while reinforcing the brand’s connection with its growing customer base. The rewards ceremony, held recently, drew attention from stakeholders in the fast-moving consumer goods sector, with representatives from retail, distribution, and marketing sectors commending Golden Penny’s strategy to actively engage consumers beyond transactional interactions. By acknowledging loyal patrons, the company demonstrates that…