The National Drug Law Enforcement Agency has arrested a Lagos-based fabrics merchant accused of orchestrating a cross-border drug trafficking network linking Nigeria and Ghana, in what authorities describe as a major breakthrough in the fight against illicit narcotics distribution in West Africa. According to officials, the suspect—whose identity has not yet been publicly disclosed—was apprehended during a coordinated operation carried out by NDLEA operatives in Lagos. Investigations revealed that the merchant, who operated a legitimate textiles business as a cover, allegedly played a central role in the movement of illegal drugs between Nigeria and neighbouring Ghana. The agency said the…
Author: Temitope Nlewemchi
The Nigeria Deposit Insurance Corporation has reaffirmed its full compliance with the Fiscal Responsibility Act and other statutory remittance requirements, dismissing concerns over alleged non-remittance of funds to the appropriate government accounts. The corporation said it operates strictly within the framework of existing financial regulations and remains committed to transparency and accountability in the management of public funds. NDIC explained that its financial operations are guided by its enabling Act as well as relevant federal fiscal laws, including the Fiscal Responsibility Act. According to the corporation, its remittance obligations differ in structure from those of conventional revenue-generating agencies due to…
Funke Akindele’s latest film Behind the Scenes has taken the Nigerian box office by storm, grossing an impressive N1.1 billion in just 17 days since its release. The milestone marks another major success for Akindele, one of Nollywood’s most influential filmmakers and actors. Released nationwide earlier this month, Behind the Scenes has drawn large audiences across cinemas, driven by strong word of mouth and social media buzz. The film’s compelling storyline, high production values, and a star-studded cast have been widely credited for its commercial performance, helping it join the ranks of Nigeria’s highest-grossing films. Industry analysts say the movie’s…
The National Insurance Commission has ruled out any extension of the deadline for the ongoing recapitalisation of insurance and reinsurance companies, insisting that operators must meet the stipulated capital requirements within the approved timeline. The regulator said the reform is critical to strengthening the insurance industry and enhancing its capacity to support Nigeria’s economy. NAICOM stressed that the recapitalisation programme is aimed at building a more resilient, credible and solvent insurance sector capable of underwriting large and complex risks. According to the commission, delaying the process would undermine the objectives of the reform and weaken public confidence in the industry.…
The Minister of Marine and Blue Economy, Adegboyega Oyetola, has emphasised that integrated logistics systems remain essential to unlocking Nigeria’s full potential in the blue economy sector. According to him, the nation’s maritime industry cannot achieve sustainable growth or global competitiveness without seamless coordination among ports, transport infrastructure, and logistics operations. Speaking during a stakeholders’ engagement session in Lagos, Oyetola said that the ministry is focused on building a holistic framework that connects all maritime value chains — from port operations to hinterland transportation — to enhance efficiency and profitability. He noted that integrated logistics would not only boost trade…
The Nigerian Army has announced that its troops have neutralised more than 80 terrorists and rescued 34 kidnap victims in coordinated military operations carried out across several parts of the country. The operations, conducted over recent days, were aimed at dismantling terrorist cells, bandit groups, and other criminal networks responsible for violence, kidnappings, and attacks on communities. According to military authorities, the successes were recorded through a combination of ground offensives, intelligence-led raids, and aerial support. Troops engaged terrorists in multiple theatres, particularly in areas affected by insurgency and banditry. During these encounters, several terrorists were neutralised following intense firefights,…
The Federal Government of Nigeria has launched a new intra-African air cargo corridor aimed at boosting trade and export opportunities across the continent. The initiative, unveiled in partnership with the United Nations Development Programme (UNDP) and Uganda Airlines, offers Nigerian exporters a significant 50% discount on air freight charges to key East and Southern African markets. This move is expected to lower logistics costs substantially, making Nigerian goods more competitive in regional markets while advancing Nigeria’s commitment to the African Continental Free Trade Area (AfCFTA). The air cargo corridor facilitates easier and more affordable transportation of goods from Nigeria to…
An industrialist has lauded the Dangote Refinery for its recent impact on petrol availability in Nigeria, noting that the facility has significantly eased the chronic fuel shortages that have plagued the country for years. While praising the refinery’s contribution to stabilising petrol supply, the industrialist also urged authorities and marketers to consider reducing diesel prices, highlighting the economic importance of affordable fuel for manufacturing and logistics. According to the industrialist, the Dangote Refinery, which began operations recently, has enabled over 1,000 trucks to load petrol daily, dramatically improving access and distribution across the nation. This has reportedly led to a…
Nigeria is currently facing a serious food security challenge that threatens the well-being of millions across the country. Rising inflation, climate change, insecurity, and structural weaknesses in agriculture have combined to create one of the most pressing crises in recent memory. In response, the Federal Government has stepped up efforts to address these challenges with a series of ambitious programs and reforms aimed at boosting food production, stabilizing prices, and safeguarding the nation’s food supply. Food insecurity in Nigeria has deepened significantly in recent years. According to recent reports, over 100 million Nigerians are classified as food insecure, with nearly…
President Bola Ahmed Tinubu has departed Lagos for Europe ahead of his participation in the Abu Dhabi Sustainability Summit, a high-level global forum focused on sustainable development, climate action, and economic transformation. The President left Lagos on Tuesday following the conclusion of official engagements in the state. According to a statement from the Presidency, Tinubu will first make a brief stop in Europe before proceeding to the United Arab Emirates for the summit, which brings together world leaders, policymakers, investors, and development experts. The Abu Dhabi Sustainability Summit is held annually as part of the Abu Dhabi Sustainability Week and…
Dangote Industries has unveiled plans to significantly boost its fertilizer production capacity with the construction of a $2.5 billion plant in Ethiopia, a move set to triple output and expand the company’s footprint in Africa’s agricultural sector. The announcement underscores Dangote’s commitment to addressing food security challenges, supporting agricultural development, and contributing to the continent’s industrial growth agenda. The plant is expected to become a major hub for fertilizer manufacturing, supplying both domestic and regional markets. According to Dangote executives, the new facility is strategically located in Ethiopia to leverage the country’s favorable logistics, access to raw materials, and growing…
Dangote Cement Plc, Africa’s largest cement producer, has announced an impressive profit of N743.3 billion for the nine-month period ending September 2025, representing one of its strongest financial performances in recent years. The company’s sustained revenue growth, operational efficiency, and strategic expansion across key African markets have positioned it as a dominant force in the continent’s construction and building materials sector. According to the firm’s unaudited financial statements released on the Nigerian Exchange (NGX), Dangote Cement’s profit after tax rose significantly compared to N553.4 billion recorded in the corresponding period of 2024, showing a 34% year-on-year growth. This remarkable improvement…
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has stated that Nigeria’s ongoing tax reforms are designed to eliminate multiple levies and create a more efficient, transparent, and business-friendly tax system. He explained that the reforms aim to streamline the country’s complex tax structure, boost revenue generation, and reduce the burden on citizens and businesses. Speaking in Abuja at a policy dialogue on the state of Nigeria’s fiscal framework, Oyedele emphasised that the government’s priority is to simplify tax compliance and eliminate overlapping taxes that have stifled economic growth and discouraged investment for years. According…
The Federal Government of Nigeria has announced that it raked in a substantial N393 billion in tax revenue from Dangote Group and nine other major companies, underscoring the critical role of large corporations in sustaining government revenue streams amid mounting fiscal pressures. The disclosure comes at a time when Nigeria is intensifying efforts to diversify its revenue base, reduce dependence on crude oil earnings, and address rising fiscal deficits. According to official figures, the Dangote Group emerged as one of the largest contributors to tax revenue in the country, alongside other blue-chip companies spanning the banking, telecommunications, cement, and consumer…
The New Partnership for Africa’s Development (NEPAD) Nigeria has called on Nigerians, particularly entrepreneurs, business leaders, and policymakers, to strengthen their capacity to fully participate in the African Continental Free Trade Area (AfCFTA) agreement. The organisation said this is crucial for Nigeria to maximise the vast opportunities presented by the continent’s single market, which aims to enhance intra-African trade, industrialisation, and sustainable economic growth. Speaking at a national sensitisation forum held in Abuja, the Chief Executive Officer of NEPAD Nigeria, Princess Gloria Akobundu, said the AfCFTA is a game-changer for Africa’s economic development but requires strategic readiness and capacity building…
Traditional insurance companies that fail to embrace digital transformation, data-driven decision-making and changing customer expectations risk becoming irrelevant in an increasingly competitive financial services landscape, the Managing Director of Consolidated Hallmark Insurance Plc, Eddie Efekoha, has warned. Efekoha, who also serves as Chairman of the Chartered Insurance Institute of Nigeria (CIIN), made the remarks while speaking on the future of the insurance industry and the urgent need for operators to adapt to rapid technological and market changes. He cautioned that insurers relying solely on conventional business models may face serious challenges as innovation reshapes customer behaviour and industry dynamics. (punchng.com)…
The House of Representatives Public Accounts Committee (PAC) has recovered N521.77 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN) as part of an ongoing investigation into revenue leakages associated with transactions processed through the Remita payment platform. The recovery marks a significant development in the National Assembly’s efforts to strengthen accountability in public finance management and ensure that all revenues due to the Federal Government are properly remitted. The committee disclosed that the recovered amount represented VAT deductions on fees earned from Remita transactions between November 2018 and April 2024 that were not remitted…
Nigeria’s oil and gas regulators have intensified efforts to reduce compliance costs across the petroleum industry as part of broader reforms aimed at improving operational efficiency, attracting investment and enhancing the competitiveness of the country’s energy sector. The move was highlighted during a recent stakeholder engagement involving key regulatory agencies, industry operators and investors, where officials reaffirmed their commitment to simplifying regulatory processes and eliminating bottlenecks that increase the cost of doing business. The initiative aligns with the Federal Government’s wider objective of creating a more investor-friendly environment capable of supporting growth across the upstream, midstream and downstream segments of…
The Lagos State Electricity Regulatory Commission (LASERC) has disclosed that 38 companies operating electricity generation facilities across Lagos State, including MTN Nigeria, Flour Mills Nigeria and several other major industrial operators, have yet to obtain the required licences or complete regulatory regularisation under the state’s electricity framework despite repeated directives from the commission. The affected firms collectively account for nearly 600 megawatts of electricity generation capacity within the state. According to LASERC, the companies were originally issued various permits and licences under the federal regulatory regime administered by the Nigerian Electricity Regulatory Commission (NERC). However, following the transfer of electricity…
The International Air Transport Association (IATA) has warned that soaring fuel prices are placing significant pressure on airline profitability, with carriers worldwide expected to face shrinking margins despite continued growth in passenger demand and industry revenues. According to IATA’s latest financial outlook, global airline profits are projected to decline sharply in 2026 as rising jet fuel costs, geopolitical tensions and operational disruptions increase expenses across the aviation industry. The association forecasts that airlines will generate a combined net profit of $23 billion this year, nearly half the estimated $45 billion recorded in 2025 and well below earlier expectations. The industry…