The Nigerian Senate has launched an extensive investigation into the alleged loss of over $300 billion in crude oil revenue due to oil theft, pipeline vandalism, and under-declaration of exports over the past decade. The upper legislative chamber said the inquiry aims to identify key perpetrators, plug revenue leakages, and ensure accountability within the nation’s petroleum sector. The investigation, spearheaded by the Senate Committees on Petroleum (Upstream and Downstream), Gas, and Host Communities, follows a motion raised by Senator Ned Nwoko (PDP, Delta North), who expressed concern that Nigeria has consistently failed to account for billions of dollars in crude…
Author: Temitope N.
Nigeria’s telecommunications industry has recorded a significant milestone as the number of active mobile subscribers reached 173 million as of September 2025, according to the latest data released by the Nigerian Communications Commission (NCC). The figure reflects sustained growth in mobile connectivity, broadband adoption, and digital inclusion across the country despite economic challenges and operational costs confronting telecom operators. The NCC’s monthly industry statistics revealed that the total number of active mobile lines rose from 169.5 million in August to 173 million in September, representing a net addition of 3.5 million new subscribers within one month. The growth, according to…
First Bank Holdings Plc (First HoldCo), one of Nigeria’s leading financial services conglomerates, has announced a profit after tax of N450.9 billion for the first nine months of 2025, representing a significant surge from the N202.3 billion posted during the same period last year. The company’s latest financial report underscores its strengthened balance sheet, diversified income streams, and sustained focus on operational efficiency across its banking, insurance, and asset management businesses. The group’s financial performance, released to investors through the Nigerian Exchange (NGX), revealed that the impressive growth was largely driven by robust earnings from its flagship subsidiary, FirstBank of…
The Rivers and Cross River Area Command of the Nigeria Customs Service (NCS) has announced a remarkable revenue collection of N76 billion for the month of October 2025, surpassing its monthly target and recording one of the highest single-month performances in its history. The feat underscores the command’s growing efficiency in trade facilitation, enforcement, and anti-smuggling operations within the South-South maritime corridor. According to a statement issued by the Public Relations Officer of the command, Superintendent Emmanuel Onuegbu, the achievement was attributed to strategic reforms implemented by the Customs Area Controller, Comptroller Salihu Kazaure, who prioritised compliance-driven operations and digital…
The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to introduce strategic policies and incentives that will revitalise Nigeria’s printing and publishing industry, currently valued at over N300 billion, but struggling under the weight of high production costs, import dependence, and unfavourable fiscal conditions. In a statement issued on Sunday, the Director-General of the Chamber, Dr. Chinyere Almona, said the printing industry remains one of Nigeria’s most viable yet underdeveloped sectors, with vast potential for employment generation, skill development, and export earnings. She noted that despite the growth in education, advertising, and publishing, the sector continues…
The Nigeria Customs Service (NCS) and the Ghana Revenue Authority (GRA) Customs Division have agreed to deepen collaboration in combating illicit trade, enhancing cross-border security, and promoting legitimate commerce between both West African nations. This partnership, officials said, marks a renewed effort to curb smuggling, improve customs efficiency, and boost regional trade integration under the framework of the African Continental Free Trade Area (AfCFTA). The agreement was reached during a high-level bilateral meeting held in Accra, Ghana, where senior customs officials from both countries explored ways to strengthen intelligence sharing, harmonise border operations, and align customs procedures to reduce trade…
The Manufacturers Association of Nigeria (MAN) has urged the Federal Government to ensure that revenue generated from the recently introduced 15 percent fuel import tariff is strategically utilised to boost industrial productivity, support infrastructure development, and strengthen the manufacturing sector. The association said that such an approach would help cushion the potential impact of the policy on production costs and consumer prices while driving sustainable economic growth. In a statement released in Lagos, MAN President, Otunba Francis Meshioye, emphasised that while the association recognises the government’s fiscal reform efforts aimed at increasing non-oil revenue and encouraging local refining, it is…
The Federal Competition and Consumer Protection Commission (FCCPC) has sealed five textile warehouses in Kano State following the discovery of multiple regulatory breaches and unfair trade practices. The enforcement operation, carried out over the weekend, marks the latest in a series of crackdowns by the agency aimed at sanitising Nigeria’s manufacturing and distribution sectors, ensuring compliance with consumer protection and competition laws. According to FCCPC officials, the affected warehouses were found to have violated several provisions of the Federal Competition and Consumer Protection Act (FCCPA). The infractions reportedly include price manipulation, hoarding of essential goods, sale of substandard textile materials,…
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced plans to transmit surplus electricity generated by the Port Harcourt Refining Company (PHRC) to the national grid, as part of efforts to enhance power supply and maximize the refinery’s energy output. The move underscores the company’s commitment to energy optimization, industrial efficiency, and supporting Nigeria’s quest for stable electricity generation. According to senior officials of NNPC Ltd., the initiative aims to ensure that excess power produced by the refinery — which is being revitalized under the ongoing rehabilitation project — is effectively utilized rather than wasted. The Port Harcourt Refinery,…
Oando Plc, one of Nigeria’s major energy companies, has temporarily suspended petrol importation into the country following the ramp-up of output by Dangote Petroleum Refinery. This move marks a significant shift in the nation’s fuel supply dynamics as domestic refining capacity continues to expand, reducing reliance on foreign imports. According to industry insiders, Oando’s decision is driven by a combination of market forces, rising local refining activity, and strategic adjustments to the evolving fuel supply chain. The Dangote Refinery, which has intensified production in recent months, now meets a substantial portion of Nigeria’s petrol demand, gradually displacing imported fuel in…
The Rural Electrification Agency (REA), in collaboration with First City Monument Bank (FCMB), has intensified efforts to attract private and institutional investors to Nigeria’s rapidly growing clean energy sector. The partnership aims to accelerate the deployment of renewable energy solutions across rural and underserved communities, fostering economic growth and environmental sustainability. Speaking at a recent Clean Energy Investment Forum in Abuja, the Managing Director of REA, Ahmad Salihijo Ahmad, highlighted that the collaboration between government and the private sector was crucial to achieving Nigeria’s energy transition goals. He explained that the partnership with FCMB was designed to provide access to…
President Bola Ahmed Tinubu has requested the approval of the National Assembly to secure a ₦1.15 trillion domestic loan to bridge the funding gap in the 2025 national budget, a move aimed at sustaining critical government operations and infrastructure projects amid fiscal pressures. The proposal, submitted to lawmakers this week, forms part of the administration’s broader strategy to address Nigeria’s persistent budget deficit while managing debt sustainability concerns. According to government sources, the domestic borrowing plan is expected to help finance priority expenditures outlined in the 2025 Appropriation Bill, which emphasizes economic recovery, infrastructure renewal, and social welfare expansion. The…
Nigeria’s indigenous telecommunications giant, Globacom, has introduced a new product, “Collabo Bundles,” aimed at providing customers with greater value and flexibility by combining voice and data services into one seamless package. The innovative plan is designed to enhance communication efficiency for individuals and businesses, offering affordable rates that blend call minutes, SMS, and data in one bundle. According to a statement released by Globacom on Monday, the Collabo Bundles are structured to meet the growing demand for integrated communication services in Nigeria’s increasingly digital economy. The company noted that the new offer allows customers to enjoy extended talk time and…
The Nigerian Exchange Group (NGX Group) has declared an interim dividend for the 2025 financial year, reaffirming its commitment to delivering sustained value to shareholders despite global and domestic market challenges. The move reflects the Group’s solid financial performance in the first half of the year, driven by increased trading activity, capital market expansion, and strategic reforms aimed at enhancing transparency and investor confidence. According to the company’s disclosure to the Nigerian Exchange Limited (NGX), the Board of Directors approved the payment of an interim dividend following a review of the Group’s financial results, which showed improved revenue, profitability, and…
The Pension Transitional Arrangement Directorate (PTAD) has reaffirmed its commitment to addressing outstanding issues affecting pensioners under the Defined Benefit Scheme (DBS), assuring retirees across Nigeria of improved service delivery, prompt payment of entitlements, and resolution of lingering verification and documentation challenges.The Directorate, responsible for managing the pensions of federal retirees who did not transition to the contributory scheme, said it has taken major steps to restore confidence among pensioners through reforms aimed at ensuring transparency, accountability, and the use of digital technology in pension administration. Speaking during an engagement session with retirees in Abuja, PTAD Executive Secretary, Dr. Chioma…
In a significant step toward enhancing Nigeria’s energy capacity, Transnational Corporation Plc (Transcorp Group) has announced a strategic partnership with Heirs Energies, a company also chaired by renowned entrepreneur Tony O. Elumelu, to boost electricity generation and supply across the country. The collaboration is expected to strengthen Nigeria’s power infrastructure, improve grid reliability, and accelerate the nation’s transition toward a more sustainable energy future. The partnership aligns with the Federal Government’s agenda to expand national electricity generation beyond 10,000 megawatts and address chronic challenges of energy shortages that have constrained economic growth for decades. Both companies — key subsidiaries of…
Nigerians may spend an additional ₦1 trillion yearly on petrol consumption following the Federal Government’s decision to introduce a 15 percent import tariff on Premium Motor Spirit (PMS), according to industry stakeholders and economists who warn that the new policy could heighten inflationary pressures and worsen the cost of living. The tariff, announced as part of the government’s broader fiscal reforms to boost non-oil revenue, is aimed at reducing dependence on crude exports and strengthening local production through tariff adjustments. However, industry experts say the new levy will likely translate to higher fuel costs, as importers and marketers pass the…
The average depot price of Premium Motor Spirit (PMS), popularly known as petrol, has declined to ₦880.5 per litre as increasing competition among private importers drives down wholesale prices across the downstream petroleum market. Industry players say the price adjustment reflects improved fuel availability, stable foreign exchange access, and heightened rivalry among major importers and depot owners following the government’s deregulation policy. Market data from the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) and findings from several private depots in Lagos, Warri, and Port Harcourt indicate that depot prices, which recently ranged between ₦900 and ₦1,030 per litre,…
The World Bank has projected that Brent crude oil prices will average $60 per barrel in 2026, signalling a potential decline driven by increased global supply and slower demand growth. The forecast, contained in the Bank’s latest Commodity Markets Outlook report, suggests that oil markets are entering a period of relative stability after years of volatility triggered by geopolitical tensions, production cuts, and economic uncertainty. According to the report, the expected price decline reflects growing output from non-OPEC producers, particularly in the United States, Brazil, and Guyana, as well as a gradual easing of production constraints among OPEC+ member nations.…
The National Insurance Commission (NAICOM) has inaugurated the Nigeria Insurance Industry Repository and Archive (NIIRA) Implementation Working Groups, marking a major step toward enhancing transparency, efficiency, and digital transformation within Nigeria’s insurance sector. The move, according to the Commission, is part of its broader agenda to modernise regulatory operations and foster sustainable growth in the industry. Speaking during the inauguration ceremony in Abuja, the Commissioner for Insurance, Mr. Olusegun Omosehin, stated that the establishment of the working groups demonstrates NAICOM’s commitment to developing a robust and integrated data management system for the sector. He explained that the NIIRA initiative will…