Nigeria has reiterated its commitment to global peace and nuclear disarmament, ruling out any ambitions to develop or acquire nuclear weapons as it prioritises the urgent task of lifting millions of its citizens out of poverty and tackling the mounting challenges of climate change. This assurance came during a recent meeting in Abuja between Vice President Kashim Shettima and Dr. Robert Floyd, the Executive Secretary of the Comprehensive Nuclear-Test-Ban Treaty Organisation (CTBTO). The meeting reaffirmed Nigeria’s decades-long position as a staunch supporter of nuclear non-proliferation, even as the country works to harness nuclear energy strictly for peaceful and developmental…
Author: Temitope Nlewemchi
The Nigerian Maritime Administration and Safety Agency (NIMASA) has intensified efforts to attract private sector participation as part of a broader strategy to boost the country’s marine and blue economy. The agency, in line with the federal government’s vision of diversifying revenue sources and strengthening non-oil sectors, has outlined new initiatives to unlock investment opportunities across shipping, port infrastructure, shipbuilding, fisheries, and related maritime services. NIMASA’s push comes at a time when Nigeria is seeking alternative revenue streams to reduce dependence on oil, which has historically dominated government income. The marine and blue economy—spanning fisheries, transport, offshore energy, coastal tourism,…
The Advertising Regulatory Council of Nigeria (ARCON) has issued a stern warning to the public regarding the rising use of artificial intelligence (AI) images to promote fraudulent Ponzi schemes across the country. The regulatory body expressed concern over the sophistication of these scams, which now employ AI-generated visuals and manipulated media to mislead unsuspecting Nigerians into investing in schemes that promise unrealistic financial returns. ARCON noted that the misuse of AI-generated content in advertising has introduced a dangerous trend that could erode trust in legitimate communication channels if not swiftly addressed. The agency explained that scammers are increasingly creating fake…
The Federal Inland Revenue Service (FIRS) has announced the creation of a dedicated trust fund and an educational sponsorship scheme for the families of its staff members who tragically lost their lives in the recent fire incident at Afriland Towers, Lagos. The measure comes as part of a comprehensive support package aimed at easing the immediate and long-term burdens of the bereaved families, while reaffirming the agency’s commitment to the welfare of its workforce. The Afriland fire, which broke out in the multi-storey building housing several corporate offices, claimed the lives of FIRS employees who were at work during the…
Keystone Bank has reinforced its commitment to supporting small and medium-sized enterprises across Nigeria by organizing a nationwide SME Business Clinic, an initiative aimed at equipping entrepreneurs with the skills, knowledge, and practical tools they need to grow and sustain their businesses. The Business Clinic, which took place in June, covered ten major cities including Lagos, Abuja, Port Harcourt, Kano, Ibadan, Aba, Asaba, Onitsha, Maiduguri, and Kaduna, bringing together hundreds of business owners eager to learn how to better navigate the challenges of running a business in Nigeria’s tough economic climate. Speaking on the purpose of the clinic, Olayemi…
The Dangote Petroleum Refinery has accused the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) of engaging in actions it described as deliberate economic sabotage, following disruptions to crude oil and gas supplies to its multi-billion-dollar facility in Lagos. The accusation comes against the backdrop of escalating tensions between the management of the refinery and the union, whose industrial actions have sparked concerns over fuel availability and broader economic stability. According to the refinery’s management, PENGASSAN’s directives to halt supply have significantly affected production schedules and the distribution of refined petroleum products. Dangote officials argue that these actions…
The Federal Government has unveiled an ambitious new plan, Mission 300, aimed at tackling Nigeria’s long-standing problem of energy poverty and expanding electricity access to millions of citizens who still live without reliable power. The initiative, which was announced at a stakeholders’ forum in Abuja, is part of a broader African strategy to connect 300 million people across the continent to electricity by 2030. Nigeria, as Africa’s most populous country, plays a critical role in this drive and has set out clear targets and partnerships to make this goal a reality. At the heart of Mission 300 is the…
President Bola Ahmed Tinubu has said that the Nigerian government has redirected about N4 trillion saved from the removal of fuel subsidies to critical infrastructure and social welfare programmes aimed at easing the burden on ordinary Nigerians and stimulating the economy. Speaking at the opening of the National Conference on Public Accounts and Fiscal Governance in Abuja, Tinubu explained that the decision to remove the subsidy was difficult but necessary to free up funds that could be invested in projects that benefit the majority of the people rather than a privileged few. He said that for years, the fuel…
The Corporate Affairs Commission (CAC) in collaboration with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has announced the launch of a nationwide initiative to provide free business registration for 250,000 micro, small, and medium enterprises (MSMEs). The initiative, which was unveiled this week, is part of the federal government’s broader strategy to formalize the informal sector, boost entrepreneurship, and promote economic growth. According to CAC Registrar-General, the free registration drive will enable thousands of small businesses operating without formal documentation to become officially recognized. This will give them access to critical benefits such as business bank accounts,…
First City Monument Bank (FCMB) Group has announced a delay in the release of its financial results for the third quarter of 2025, citing an ongoing interim audit exercise. The development, which was communicated to stakeholders through a regulatory disclosure, has drawn the attention of investors, analysts, and the broader financial market, given the group’s significant role in Nigeria’s banking sector. The bank explained that the decision to conduct an interim audit was part of its effort to strengthen transparency, improve compliance with regulatory requirements, and ensure accuracy in its financial reporting. According to the statement, the audit process is…
The Economic and Financial Crimes Commission (EFCC) has announced that approximately 12,000 Nigerian youths are reportedly selling their Bank Verification Numbers (BVNs) and National Identification Numbers (NINs) to fintech companies at a fee of ₦5,000 each. According to EFCC findings, this activity poses serious risks to national security, privacy, and the financial ecosystem. EFCC officials disclosed that many of these youths, often unemployed or underemployed, have turned to monetizing their identity data as a means of quick income. Undisclosed fintech operators—some of which reportedly have questionable credentials—are allegedly purchasing valid BVN and NIN credentials in bulk, using these to onboard…
Nigeria is set to secure a significant financial boost as the World Bank prepares to approve a $750 million loan on Tuesday, marking one of the largest recent interventions by the global lender in support of the country’s economic reforms. The facility, expected to be approved by the World Bank’s Board of Directors, is designed to strengthen Nigeria’s fiscal management, enhance social protection systems, and support key reforms targeted at stabilizing the economy. The anticipated approval comes at a time when Nigeria is grappling with mounting economic pressures, including high inflation, a volatile exchange rate, revenue shortfalls, and rising debt…
The Nigerian Independent System Operator (NISO) has commended the Kano Electricity Distribution Company (Kano DisCo) for attaining a 100% market remittance rate, describing the achievement as a milestone in the electricity industry’s quest for efficiency, transparency, and financial discipline. The commendation was issued during a recent industry review session, where NISO acknowledged Kano DisCo’s outstanding performance in meeting its full financial obligations to the Nigerian Electricity Market. The recognition, according to stakeholders, highlights the potential of distribution companies to operate sustainably and responsibly, despite the daunting challenges confronting the power sector. The electricity market in Nigeria is characterised by liquidity…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reaffirmed its commitment to prioritising frontier basin exploration and strengthening the competitive licensing process as part of efforts to drive sustainable growth in the nation’s oil and gas sector. The move comes as Nigeria intensifies strategies to unlock new hydrocarbon reserves and attract foreign and local investments amid global energy transition concerns. The initiative, according to the regulator, is aimed at boosting reserves, ensuring energy security, and increasing the nation’s revenue base. NUPRC Chief Executive, Gbenga Komolafe, who made this known at an industry stakeholders’ session in Abuja, explained that the commission…
The Infrastructure Concession Regulatory Commission (ICRC) has introduced fresh guidelines for Public-Private Partnership (PPP) projects in Nigeria, while also decentralising approval powers to Ministries, Departments, and Agencies (MDAs) to fast-track infrastructural development. The new framework, announced in Abuja on Friday, is aimed at deepening transparency, efficiency, and accountability in the execution of PPP arrangements across the country. It also seeks to reduce bureaucratic bottlenecks that have historically delayed the approval and implementation of major projects. According to the ICRC, the decision to decentralise certain approval powers will empower MDAs to play a more active role in designing, initiating, and managing…
The National Drug Law Enforcement Agency (NDLEA) has recorded another major breakthrough in its ongoing war against narcotics trafficking with the arrest of a notorious drug kingpin from Delta State and the seizure of opioids valued at ₦7.8 billion at the Onne Port in Rivers State. According to NDLEA authorities, the suspect, identified as a high-profile trafficker with vast links to international drug cartels, was intercepted following months of painstaking intelligence gathering and surveillance. The operation, described as one of the most significant in recent years, highlights the growing menace of illicit drug smuggling into Nigeria and the agency’s determination…
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…