Shell Petroleum Development Company (SPDC) has announced the allocation of contracts worth $1.98 billion to Nigerian firms as part of its ongoing commitment to local content development. The contracts, which cover various aspects of its oil and gas operations, aim to bolster indigenous participation in the energy sector and stimulate economic growth. Focus on Local Content Speaking at a stakeholder meeting, SPDC’s Managing Director, Osagie Okunbor, emphasized the importance of empowering local businesses in the industry. He noted that the initiative aligns with Nigeria’s Local Content Act, which mandates the prioritization of indigenous companies in oil and gas projects. “This…
Author: Temitope N.
The Nigerian Senate has advanced the proposed Investment and Securities Bill (ISB) as it passed its second reading during a plenary session. The bill, which seeks to modernize Nigeria’s investment and securities laws, aims to foster economic growth by providing a robust regulatory framework for capital market operations. Key Objectives of the Bill The ISB, sponsored by Senator Ibikunle Amosun, is designed to strengthen the governance of Nigeria’s capital markets and enhance investor confidence. It outlines measures to: Streamline Market Regulations: Address gaps in existing laws to reflect global best practices. Protect Investors: Introduce stricter safeguards to prevent market manipulation…
The President of the Institute of Chartered Accountants of Nigeria (ICAN), Dr. Innocent Okwuosa, has called on newly inducted members to prioritize integrity and professionalism in their careers. Speaking at the institute’s recent induction ceremony in Lagos, Dr. Okwuosa emphasized the critical role accountants play in building trust and driving sustainable economic growth. The Role of Integrity in Accounting In his address, Dr. Okwuosa stressed that integrity remains the cornerstone of the accounting profession. “As custodians of financial truth, your actions must reflect the highest standards of honesty and accountability. A breach of trust can undermine confidence in the profession…
The Nigeria Customs Service (NCS) has announced plans to auction vehicles classified as “overtime cargo” following the expiration of a two-week ultimatum issued to owners for clearance. The move is aimed at decongesting ports and generating revenue for the government. What Are Overtime Vehicles? Overtime vehicles refer to cars and other imported automobiles that have exceeded the statutory clearance period at ports or bonded terminals. According to customs regulations, importers have a maximum of 90 days to clear their goods, after which they are considered abandoned and eligible for auction. The Public Relations Officer of the NCS, Abdullahi Maiwada, explained,…
The Nigerian Communications Satellite Limited (NIGCOMSAT) has raised concerns that Nigeria could lose out on an estimated $1.2 trillion economic opportunity offered by artificial intelligence (AI) if it fails to prioritize investments in technology and infrastructure. The warning comes as global economies increasingly embrace AI to drive growth across sectors. AI as a Growth Catalyst AI is projected to revolutionize industries such as healthcare, agriculture, education, and financial services. NIGCOMSAT highlighted that Nigeria’s potential to harness AI for job creation, productivity, and innovation is immense but remains largely untapped. “The global AI market is expanding rapidly, and Nigeria must position…
The Nigerian Economic Summit Group (NESG) has expressed concerns over the suspension of legislative action on critical tax reform bills, warning that the delay could hinder efforts to improve the country’s fiscal policy framework. The NESG emphasized the importance of comprehensive tax reforms to boost revenue generation and foster economic growth. Legislative Inaction Raises Concerns The suspended bills, designed to streamline Nigeria’s tax system and address inefficiencies, have stalled in the National Assembly due to unspecified reasons. The NESG, a leading policy advocacy group, criticized the lack of urgency, stating that the delay undermines the progress needed to stabilize the…
In a significant crackdown on illicit arms smuggling, a joint border patrol team has intercepted a massive cache of rifles and cartridges valued at an estimated N36 billion. The operation, carried out along Nigeria’s border corridors, highlights the ongoing efforts to curb illegal arms trafficking and enhance national security. Details of the Seizure The arms cache, comprising hundreds of high-caliber rifles and thousands of live cartridges, was discovered concealed in trucks attempting to cross the border. Officials revealed that the smugglers employed sophisticated concealment techniques to evade detection, but intelligence-driven operations foiled their plans. A spokesperson for the patrol team…
The National Bureau of Statistics (NBS) has reported a staggering 137% increase in the price of locally produced rice over the past year. The sharp rise, attributed to various economic and supply chain factors, has added to the financial burden of many Nigerian households, where rice is a staple food. Drivers of the Price Hike Several key factors have contributed to the unprecedented surge in local rice prices: Production Challenges: Flooding, poor infrastructure, and insecurity in major rice-producing regions have disrupted farming activities and reduced output. Inflation: Rising inflation rates have impacted the cost of agricultural inputs, such as fertilizers…
In a significant move to bolster financial security, digital payment platform PalmPay has partnered with the Nigerian Financial Intelligence Unit (NFIU) to address the growing challenge of financial fraud in Nigeria. The collaboration underscores a shared commitment to enhancing the integrity of the nation’s financial ecosystem. Partnership Goals The partnership aims to leverage technology and intelligence to combat fraudulent activities, including identity theft, money laundering, and unauthorized transactions. Key objectives include: Fraud Prevention: Strengthening fraud detection mechanisms within the PalmPay platform. Data Sharing: Facilitating seamless exchange of financial intelligence between PalmPay and the NFIU to identify suspicious activities. User Education:…
Real estate giant Nedcomoaks has pledged renewed support for housing development in Nigeria, emphasizing its dedication to bridging the nation’s housing deficit. The company announced plans to expand its footprint in the affordable housing sector while maintaining its reputation for delivering premium residential and commercial properties. Addressing Housing Deficit Nigeria’s housing deficit, estimated at over 20 million units, remains a pressing challenge, with many Nigerians unable to access affordable and quality homes. Nedcomoaks aims to tackle this issue by investing in large-scale projects that cater to diverse income brackets. “We understand the critical need for affordable housing in Nigeria and…