ABC Transport Plc has announced a profit of N465.5 million for the first half of 2025, marking a significant turnaround from the losses recorded in the same period last year. The transport and logistics company attributed the improved performance to operational efficiency, cost optimisation measures, and increased patronage across its service routes. The company’s latest financial disclosure indicated that revenue for the six-month period grew steadily, driven by an uptick in passenger numbers and a recovery in corporate charter services. This growth was further supported by the strategic expansion of its haulage operations and the adoption of technology-based solutions to…
Author: Temitope N.
The African Development Bank (AfDB) has announced its support for artificial intelligence (AI) training initiatives aimed at equipping Africans with the skills needed to accelerate the continent’s socio-economic transformation under the African Union’s Agenda 2063. The move reflects the bank’s growing focus on technology-driven development and its belief that AI can play a critical role in addressing Africa’s pressing challenges while unlocking new opportunities. According to the AfDB, the training programmes will target young professionals, entrepreneurs, policymakers, and researchers across member states, ensuring that AI knowledge is not limited to the tech industry but extends into key sectors such as…
The Infrastructure Concession Regulatory Commission (ICRC) has given the green light to the outline business case (OBC) for Nigeria’s proposed $60 billion bullet train project, marking a major step forward in the Federal Government’s push to modernise the country’s transportation system. The project, which aims to connect key cities with high-speed rail infrastructure, is expected to revolutionise travel, boost economic activities, and position Nigeria as a regional transport hub. According to the ICRC, the approval of the OBC paves the way for the Federal Government to commence detailed procurement processes, including the engagement of private sector partners under a Public-Private…
The Chief Executive Officer of Ghana International Bank (GHIB), Dean Adansi, has said that Africa has the potential to generate up to $133 billion annually if it successfully closes its existing $80 billion trade finance gap. He made this known during a recent economic forum where financial experts, policymakers, and trade leaders discussed strategies to unlock the continent’s economic potential through enhanced access to trade financing. Adansi explained that trade finance remains one of the most critical enablers of Africa’s economic growth, yet the continent continues to face significant barriers in this area. According to him, limited access to affordable…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has disclosed that the nation’s daily petrol consumption dropped to 48.03 million litres in June 2025, marking a notable decline compared to previous months. The figure reflects the continued impact of subsidy removal, market reforms, and stricter monitoring of fuel distribution and sales across the country. According to data released by the Authority, the figure is a reduction from the average of over 60 million litres per day recorded before the removal of fuel subsidies in May 2023. NMDPRA officials attributed the decline to a combination of factors, including improved transparency…
The Federal Government has introduced a new digital platform designed to strengthen compliance with the Code of Conduct for public officers nationwide. The innovation, which was officially launched on Tuesday in Abuja by the Head of the Civil Service of the Federation (HCSF), Mrs. Didi Walson-Jack, aims to promote transparency, enhance accountability, and streamline the asset declaration process in the public sector. Developed by the Code of Conduct Bureau (CCB) in collaboration with technology partners, the tool provides a centralised, user-friendly system for public officers to submit their asset declarations, access relevant guidelines, and stay updated on compliance requirements without…
Ugandan police have arrested seven suspects in connection with an alleged fake gold transaction worth $70,000, said to have targeted a Nigerian businessman. Authorities say the operation, which took place in Kampala, involved a syndicate that presented counterfeit gold to the victim in a deal that was supposed to be legitimate. The arrests followed weeks of investigations by the Criminal Investigations Directorate (CID), with assistance from the Directorate of Crime Intelligence. According to police spokesperson Fred Enanga, the Nigerian businessman had been lured to Uganda under the pretext of purchasing high-quality gold. The suspects reportedly presented themselves as credible dealers…
The Federal Capital Territory Administration (FCTA) has carried out the demolition of makeshift structures and shanties in the area popularly known as “Cashew Garden” in Apo, Abuja, as part of ongoing efforts to combat criminal activities and restore order in the nation’s capital. The operation, led by the FCTA’s Department of Development Control in collaboration with security agencies, targeted illegal settlements that authorities say had become a breeding ground for crime, drug abuse, and other unlawful activities. Speaking during the exercise, the Director of Development Control, Mukhtar Galadima, explained that the action was taken after repeated warnings and engagement with…
Governor Babajide Sanwo-Olu has disclosed that Lagos State lost an estimated ₦19.52 billion to fire incidents in 2024, a staggering figure that reflects the devastating economic and social impact of the disasters on Africa’s largest city. The governor made the disclosure during the commissioning of newly acquired firefighting equipment for the Lagos State Fire and Rescue Service, stressing that while his administration has made huge investments in emergency response capabilities, the frequency and severity of fire outbreaks remain a major concern. Sanwo-Olu explained that the losses were calculated from the combined cost of damaged properties, destruction of public and private…
Anambra State Governor, Prof. Chukwuma Charles Soludo, has expressed strong support for President Bola Tinubu’s ongoing economic reforms, insisting that the policy direction of the current administration is the right approach to reposition Nigeria for long-term stability and sustainable growth. Speaking to journalists after a high-level economic review meeting, Soludo maintained that while some of the measures being implemented have triggered short-term discomfort for citizens, they are critical steps needed to fix deep-rooted structural problems that have plagued the nation’s economy for decades. According to the governor, President Tinubu inherited an economy weighed down by unsustainable fuel subsidies, distortions in…
The Nigerian Meteorological Agency (NiMet) has warned of heavy rains, thunderstorms, and an elevated risk of flooding across various parts of the country between Monday and Wednesday, urging citizens, businesses, and relevant authorities to take precautionary measures. The forecast indicates that multiple regions—including the North-Central, South-West, South-East, and some parts of the North-East—are expected to experience intense downpours that could cause significant disruptions to daily life, damage to property, and potential loss of lives if safety guidelines are ignored. According to NiMet’s latest bulletin, the heavy rainfall will be accompanied by strong winds and lightning, which could result in hazardous…
The Federal Capital Territory Administration (FCTA) has carried out a clearance operation to remove illegal occupants, roadside traders, and makeshift structures around the UTC area in Abuja, in a renewed effort to restore order, enhance security, and improve the city’s environmental standards. The exercise, which took place under the supervision of the FCTA Department of Development Control and other relevant agencies, targeted shanties, kiosks, and unapproved stalls that had sprung up over time in violation of Abuja’s urban planning regulations. Officials said the operation was necessary due to the rising concerns over congestion, sanitation, and security risks posed by the…
The Federal Government has announced the disbursement of ₦5.12 billion to settle pension arrears owed to 90,689 retirees under the Defined Benefit Scheme (DBS), marking a significant step towards fulfilling long-standing obligations to senior citizens who served the nation before the introduction of the Contributory Pension Scheme in 2004. The payment, coordinated by the Pension Transitional Arrangement Directorate (PTAD), reflects the administration’s commitment to improving the welfare of pensioners in line with President Bola Tinubu’s Renewed Hope Agenda, which prioritises the needs of the elderly and vulnerable groups. According to PTAD’s Executive Secretary, Dr Chioma Ejikeme, the funds cover arrears…
The Nigeria Police Force has announced an extension of the enforcement deadline for the mandatory acquisition of tinted glass permits to October 2, 2025. This decision comes after consultations with stakeholders and in response to growing concerns over the readiness of motorists to comply with the policy. Initially scheduled to commence much earlier, the enforcement shift provides vehicle owners with an extended window to regularize their permits and avoid penalties. The Force Headquarters explained that the extension was designed to ensure fairness, transparency, and an opportunity for citizens to adjust to the policy without undue hardship. According to the police,…
The Nigerian equities market has seen a significant boost in the performance of the banking and consumer goods indices, with both sectors recording gains surpassing the 40% mark in the current trading year. Market analysts attribute this surge to a combination of strong corporate earnings, positive investor sentiment, and favourable policy moves that have bolstered confidence in these sectors. The banking index’s impressive climb is largely linked to stronger-than-expected half-year financial results from several tier-one and tier-two lenders. Increased interest income, improved asset quality, and strategic cost-cutting measures have combined to enhance profitability across the sector. Analysts also highlight that…
The UBA Foundation, the corporate social responsibility arm of United Bank for Africa Plc, has reaffirmed its commitment to community development by reaching out to vulnerable residents in Lagos through a targeted outreach programme. The initiative, which took place over the weekend, provided essential supplies and support services to hundreds of individuals, particularly those struggling with economic hardship. In a statement, the Foundation said the outreach was part of its ongoing efforts to uplift underserved communities across Nigeria. The event was held in collaboration with local community leaders, non-governmental organisations, and volunteers, ensuring the aid reached those most in need.…
Heirs Energies, one of Nigeria’s leading integrated energy companies, has announced plans to participate in the upcoming Nigeria Oil and Gas Conference and Exhibition (NOGC), where it will engage stakeholders on strategies to strengthen African leadership in the global energy sector. The event, scheduled to take place in Abuja, will bring together top government officials, industry leaders, investors, and policy experts to discuss the future of oil, gas, and renewable energy in the region. According to a statement from the company, Heirs Energies will focus its contributions at the conference on how African energy players can take a more active…
The Trade Union Congress (TUC) has estimated that Nigeria would require an investment of approximately $120 billion to construct and rehabilitate federal roads across the country. The union stated that this enormous figure underscores the dire state of the nation’s road network and the urgent need for comprehensive intervention to address the infrastructure deficit that continues to hamper economic growth and public safety. Speaking during a press briefing in Abuja, TUC President Festus Osifo highlighted that the country’s road infrastructure had suffered years of neglect, inadequate funding, and poor maintenance culture. He noted that most of the existing federal highways…
The Nigeria Customs Service (NCS) has announced the interception of contraband goods, including a large cache of arms and expired pharmaceutical products, valued at over ₦10 billion. The operation, which officials described as a significant breakthrough in curbing smuggling and safeguarding public health, was carried out following targeted intelligence and coordinated surveillance by customs officers. The Comptroller-General of Customs revealed that the seizures were made at multiple entry points across the country, with a major bust occurring at a border checkpoint where officers discovered concealed firearms alongside ammunition hidden in containers declared as carrying harmless merchandise. The firearms were reportedly…
Fuel marketers, industry stakeholders, and energy analysts have expressed deep frustration with the Nigerian National Petroleum Company Limited (NNPC) over the prolonged and unresolved rehabilitation of the nation’s refineries, accusing the state oil firm of negligence and mismanagement that have continued to undermine the country’s energy security. Despite repeated assurances from the NNPC and the Federal Government about plans to restore the refineries in Port Harcourt, Warri, and Kaduna to full operational capacity, stakeholders say the facilities remain largely idle, forcing Nigeria to depend heavily on imported refined petroleum products. This situation has contributed to persistent fuel price volatility, foreign…