The Economic and Financial Crimes Commission (EFCC) has launched a full-scale investigation into a Dubai-bound passenger apprehended at the Murtala Muhammed International Airport, Lagos, for failing to declare a cash sum of $49,000 in his possession. The arrest was made in collaboration with the Nigeria Customs Service (NCS) during routine checks on outbound passengers on Monday. According to EFCC sources, the suspect was scheduled to board a flight to Dubai, United Arab Emirates, when officers conducting clearance procedures discovered the large sum concealed in his luggage. Under Nigerian law, any person transporting cash or negotiable instruments above $10,000 is required…
Author: Temitope Nlewemchi
The House of Representatives has commenced an investigation into the N1.06 trillion Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) programme, following growing concerns that the initiative has failed to deliver significant benefits to ordinary Nigerians despite its vast funding. The programme, launched in 2021, was designed to mitigate the socioeconomic impacts of the COVID-19 pandemic by providing targeted interventions for vulnerable individuals, small businesses, and communities across the country. Lawmakers, during a plenary session on Tuesday, expressed dissatisfaction with the reported outcomes of the NG-CARES initiative, alleging that its reach and effectiveness have been far below expectations. They argued…
The United States government has given the green light for a possible foreign military sale to Nigeria valued at approximately $346 million, covering a range of advanced precision-guided munitions, rockets, and related equipment. The Defense Security Cooperation Agency (DSCA) announced the development in Washington, stating that the proposed sale aims to bolster Nigeria’s capacity to combat security threats and enhance regional stability. According to the DSCA, the package includes AGM-114R2 Hellfire missiles, Advanced Precision Kill Weapon System (APKWS) II rockets, and associated training, support equipment, and technical assistance. The US agency stressed that the deal would provide Nigeria with critical…
The Nigerian Economic Summit Group (NESG) has reaffirmed that industrialisation remains the most viable path to unlocking the country’s full economic potential, creating jobs, and lifting millions out of poverty. Speaking at a recent policy dialogue in Abuja, the group emphasised that without a deliberate, sustained push toward manufacturing and value addition, Nigeria’s growth prospects will remain fragile and overly dependent on volatile sectors like oil. In his address, NESG Chief Executive Officer, Dr. Tayo Aduloju, highlighted that industrialisation is not just a pathway to higher GDP but a foundation for sustainable development. He noted that while Nigeria has made…
The Central Bank of Nigeria (CBN) has unveiled an ambitious plan to revitalise its central bank digital currency (CBDC), the eNaira, with the goal of driving mass adoption, strengthening the country’s digital payment ecosystem, and accelerating the shift toward a cash-lite economy. The initiative, according to the apex bank, will involve a complete overhaul of the eNaira’s features, accessibility options, and integration into mainstream financial services. Launched in October 2021 as the first CBDC in Africa, the eNaira was designed to complement physical cash by providing Nigerians with a secure, cashless, and easily accessible means of payment. The currency operates…
The Dangote Petroleum Refinery has announced a reduction in the pump price of Premium Motor Spirit (PMS), cutting it by N30 per litre in a move aimed at easing the financial burden on Nigerians and supporting economic stability. The new price adjustment, which took effect immediately after the announcement, has been widely welcomed by fuel marketers, transport operators, and consumers. According to a statement from the refinery’s management, the decision was informed by recent operational efficiencies, cost optimisation measures, and the company’s commitment to delivering affordable energy to Nigerians. The management explained that improved crude oil supply arrangements and enhanced…
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has revealed that Lagos State recorded the highest volume of Premium Motor Spirit (PMS) distribution in June 2025, while Jigawa State ranked lowest among all states. The figures, which reflect nationwide fuel distribution patterns, show significant disparities in consumption levels across regions, underscoring differences in population density, economic activity, and transportation demand. According to the NMDPRA’s latest petrol evacuation and consumption report, Lagos received the largest share of fuel distributed to states in June, a trend consistent with its position as Nigeria’s commercial hub and most populous state. The…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has emphasised the need for stronger collaboration between the public and private sectors to accelerate the growth of non-interest financial services across the country. Speaking during a stakeholders’ engagement forum in Abuja, Edun explained that Public-Private Partnerships (PPPs) could play a transformative role in increasing access to ethical and alternative financing models, which would, in turn, foster greater financial inclusion, attract investments, and stimulate sustainable economic development. He noted that non-interest finance, which includes Islamic banking, Sukuk bonds, Takaful insurance, and other Sharia-compliant products, has been growing in…
Nigeria’s pension fund administrators (PFAs) have significantly increased their investments in real estate, with figures rising by 418% to N77.8 billion as of June 2025, according to fresh data from the National Pension Commission (PenCom). This marks a substantial leap from the N15.02 billion recorded in the same period last year, underscoring growing confidence in the property sector as a viable investment channel for long-term pension assets. Analysts attribute this surge to a combination of factors, including the need for portfolio diversification, the resilience of real estate in times of market volatility, and favourable regulatory frameworks. Pension funds, which have…
Nigeria’s crude oil production climbed to 1.559 million barrels per day (bpd) in July 2025, marking its highest output level so far this year, according to fresh data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This represents a significant boost from the 1.43 million bpd recorded in June, reflecting ongoing efforts by the Federal Government and oil industry stakeholders to stabilise and ramp up production. The increase is seen as a welcome development for Africa’s largest oil producer, which has struggled in recent years with fluctuating output due to pipeline vandalism, crude theft, ageing infrastructure, and underinvestment. Industry analysts…
The Federal Inland Revenue Service (FIRS) has announced a strategic partnership with the Nigeria Customs Service (NCS) to accelerate the implementation of the National Single Window (NSW) project, a digital trade facilitation platform aimed at streamlining cross-border transactions and enhancing government revenue collection. The move is expected to improve efficiency, reduce bottlenecks, and boost Nigeria’s competitiveness in international trade. The National Single Window is designed as an integrated digital portal that allows traders, shipping companies, freight forwarders, and government agencies to process import, export, and transit-related documentation through a single entry point. By bringing all relevant stakeholders onto one platform,…
The National Sugar Development Council (NSDC) has taken another major step toward strengthening Nigeria’s sugar industry by signing agreements with four new operators to collectively produce 400,000 metric tonnes of sugar annually. The initiative is part of the Federal Government’s broader strategy to achieve self-sufficiency in sugar production, reduce import dependence, and stimulate economic growth through the Backward Integration Programme (BIP). The agreements, signed at the NSDC headquarters in Abuja, bring additional private-sector players into the country’s sugar value chain, increasing production capacity while also creating opportunities for employment and rural development. According to the council, the deal will complement…
The Central Bank of Nigeria (CBN) has intensified its drive to deepen financial inclusion in the country by organising a financial literacy fair aimed at promoting alternative payment channels and other innovative banking solutions. The event, which attracted stakeholders from the banking sector, fintech companies, small business owners, and members of the public, was designed to raise awareness about accessible, affordable, and secure financial services for all Nigerians, regardless of location or income level. Speaking at the fair, CBN officials explained that the initiative aligns with the bank’s strategic plan to bridge the financial inclusion gap, particularly in rural and…
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…
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 Federal Government has announced the commencement of a comprehensive review of the country’s revenue allocation formula, a process aimed at addressing long-standing concerns over fiscal imbalance and improving equitable distribution of resources across the three tiers of government. The exercise, according to officials, is expected to take into account current economic realities, the revenue needs of states and local governments, and the federal government’s obligations, with the goal of creating a more sustainable fiscal framework for national development. The review comes amid repeated calls by state governors, local government authorities, and civil society organisations for a more just and…
The Centre for the Promotion of Private Enterprise (CPPE) has cautioned that the recent moderation in Nigeria’s headline inflation could be undermined by persistent hikes in food prices, which continue to exert pressure on household incomes and worsen poverty levels. Director of CPPE, Dr. Muda Yusuf, made this known in a statement on Friday, noting that while the National Bureau of Statistics (NBS) reported a slowdown in headline inflation to 21.88 percent in July, the underlying reality remains challenging for many Nigerians as food remains the dominant component of household spending. According to Yusuf, food inflation has remained sticky and…
The Dangote Group has announced that global shipping disruptions have delayed the arrival of its compressed natural gas (CNG) trucks, slowing down its ambitious plan to roll out 3,550 vehicles to support Nigeria’s energy transition and reduce reliance on petrol and diesel. Out of the total order, only 450 trucks have so far arrived in the country, with the remainder still stranded in transit due to ongoing global logistics challenges. The trucks, manufactured by Chinese partners, are a key component of Dangote’s broader push to deepen CNG adoption in Nigeria as part of efforts to lower costs, cut emissions, and…
The Office of the Surveyor-General of the Federation (OSGoF) has raised concerns over the growing number of illegal structures springing up along Nigeria’s shorelines, warning that such developments not only contravene existing laws but also threaten the environment, public safety, and national infrastructure. Surveyor-General of the Federation, Abuduganiyu Adeyemi Adebomehin, said his office has completed an extensive mapping exercise that identified several unapproved constructions along coastal corridors in Lagos, Rivers, Delta, Cross River, and other littoral states. According to him, these structures — many of them private estates, hotels, and makeshift commercial hubs — were erected without proper approvals and…
The Nigerian Institute of Town Planners (NITP) has inaugurated a high-powered panel to oversee the effective execution of planning laws across the country, in what is seen as a critical step towards promoting sustainable urban development and addressing Nigeria’s mounting challenges in city growth, infrastructure provision, and land use management. The panel, according to the NITP leadership, is tasked with developing practical frameworks to guide the enforcement of existing planning regulations, ensure compliance by stakeholders, and strengthen collaboration between professional bodies, state governments, and federal authorities. Speaking during the unveiling in Abuja, NITP President, Nathaniel Atebije, said the move was…