Approximately 5,000 small and medium enterprises (SMEs) operating around Masallacin Idi in Kano metropolis are at risk of losing their businesses following a quit notice issued by the Kano State Urban Planning and Development Authority (KNUPDA). The traders, who have been in the area for over 18 years, were given a 48-hour ultimatum to vacate…
Traders from Ngwa Road market in Aba staged a protest at the Abia State Government House in Umuahia, seeking intervention against the military siege on their market following the May 30 killings of five soldiers by unknown gunmen. The traders, who protested on Tuesday, appealed to Governor Alex Otti to address their concerns. They carried…
President Bola Tinubu has urged international development financiers to view Africa as a prime destination for growth and prosperity. During a meeting with a delegation from the International Finance Corporation (IFC), part of the World Bank Group and led by Managing Director Makhtar Diop, President Tinubu emphasized the need for strategic investments in sectors such…
The state leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have reopened the Oyo State government secretariat following the suspension of the national strike. Initially, union leaders had blocked the secretariat’s entrance gates and enforced a sit-at-home directive by patrolling various ministries, departments, and agencies, effectively halting all activities within the…
The Nigerian Guild of Editors (NGE) has expressed serious concern over the increasing incidents of journalists being abducted and arrested by security agencies, particularly the Nigeria Police Force, under the pretext of enforcing the Cyber Security Act. In a press statement issued by NGE President Eze Anaba and General Secretary Dr. Iyobosa Uwugiaren following a…
The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have suspended their nationwide strike for one week. TUC President Festus Osifo announced this on Tuesday in Abuja, following a joint extraordinary national executive council meeting of the unions. Osifo indicated that a formal communique would be issued soon. The strike, initiated on Monday, was…
Domestic flights across Nigeria have been halted as the ongoing strike by the Nigeria Labour Congress (NLC) continues to impact air travel. At the Lagos airport’s local terminal, both entry and exit gates are locked, leaving passengers, some of whom arrived as early as 6 a.m., stranded outside. Similarly, at the privately managed Terminal Two,…
The Federal Government has formalized a partnership with the Nigerian Economic Summit Group (NESG) by signing a Memorandum of Understanding (MoU) aimed at developing a framework for financing and unlocking the potential within the creative industry. The MoU, signed in Abuja, aims to revitalize the creative sector and make significant contributions to Nigeria’s Gross Domestic…
Africa’s largest oil refinery, Dangote Refinery, has marked a major achievement with the successful export of its first jet fuel shipment to Europe. The milestone follows the refinery’s rapid production ramp-up since its launch in April 2023. The inaugural cargo, loaded onto the “Doric Breeze” vessel, departed from the Lekki Free Zone in Lagos on…
The Debt Management Office (DMO) has successfully raised N4.5 trillion for domestic borrowing out of the N6 trillion earmarked to support the 2024 budget. Patience Oniha, Director-General of the DMO, announced this achievement during a strategic meeting with Primary Dealers Market Makers (PDMMs) in Lagos, aimed at enhancing the nation’s economic growth. Oniha emphasized the…
The Accountant General of the Federation, Oluwatoyin Madein, has revealed that the Federal Government amassed a total revenue of N318.5 billion in the first quarter of 2024. Mrs. Madein disclosed this information during a session held by the House of Representatives Committee on Finance, convened to monitor revenue generated by various agencies of the Federal…
The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have jointly issued a stern ultimatum to the Nigerian Electricity Regulatory Commission (NERC), demanding an immediate reversal of the recent electricity tariff hike to N65/kwh. In an official statement released by NLC President, Comrade Joe Ajaero, and TUC President, Comrade Festus Osifo, the ultimatum requires…
The Corporate Affairs Commission (CAC) has issued a directive requiring all Point of Sales (PoS) agents affiliated with major financial technology firms in Nigeria to formalize their businesses through registration. Failure to comply may lead to arrest by law enforcement for engaging in unauthorized transaction activities. During the official launch of the CAC’s registration initiative…
In a bid to address the issue of unstable market prices and recurring infernos leading to property loss, the President of the National Union of Market Traders Employers of Nigeria (NUMTEN), Comrade James Ogu, has vowed decisive action. Speaking during a media interaction at the Labour House in Abuja, Comrade Ogu highlighted the pressing need…
The Federal Government is advocating for mining companies to adopt the Segilola gold project’s international best practices, as recommended by the Minister of Solid Minerals Development, Dr. Dele Alake. During a recent visit to Segilola Resources Operating Limited (SROL), an indigenous gold mining company in Ilesha, Osun State, Dr. Alake praised the extensive efforts invested…
Exploration activities in Nigeria’s oil and gas sector have increased by 23% in February 2024 compared to the same period in 2023, with a total of 16 rigs in operation. This growth represents a 6% increase from January 2024, according to the March 2023 Monthly Oil Market Report by OPEC. The Chief Executive of the…
The Nigeria Labour Congress (NLC) has pressed for the immediate disbursement of the four months’ salaries withheld from the Non-Academic Staff Union of Educational (NASU) and Associated Institutions, as well as the Senior Staff Association of Nigerian Universities (SSANU). Comrade Joe Ajaero, NLC President, emphasized in a statement that the rationale behind withholding their salaries…
Foreign direct investment outflows are expected to persist in Nigeria, according to the Economist Intelligence Unit (EIU). The EIU report highlights that local oil companies acquiring assets from exiting international counterparts may struggle to match their financial capabilities. The challenging business environment in Nigeria, characterized by corruption, cronyism, insecurity, and infrastructure deficiencies, contributes to multinational…
Presidential spokesperson Bayo Onanuga has voiced concerns over the potential economic fallout from cryptocurrency giant Binance, warning of its capacity to disrupt the Nigerian economy through unchecked manipulation of foreign exchange rates. During an appearance on Channels Television’s Politics Today program, Onanuga highlighted the urgent need to address what he termed as “saboteurs” operating within…
In anticipation of Nigeria’s potential interest rate hike, the Central Bank of Nigeria Monetary Policy Committee convenes today, 26th February, in Abuja. Scheduled for 26th and 27th February, this two-day session marks the inaugural meeting under the stewardship of CBN Governor, Olayemi Cardoso, following his appointment in September of the previous year. The previous MPC…
“In the latest report by the National Bureau of Statistics, it’s revealed that in the fourth quarter of 2023, the total capital imported into the country surged to US$1,088.48 million. This marks a significant increase of 66.27% from the third quarter of 2023, hitting US$654.65 million. Additionally, compared to the same period in the previous…
Renowned nonagenarian business magnate, Alhaji Aminu Dantata, lends his weighty support to the parliamentary system of government, deeming it the most favorable course of action for Nigeria. Having previously served as a parliamentarian during the First Republic, Dantata expressed his sentiments on Thursday as he welcomed a delegation of 60 House of Representatives members advocating…
Amidst escalating economic challenges, the Nigeria Labour Congress (NLC) announces a two-day nationwide protest slated for February 27 and 28. NLC President Joe Ajaero revealed this development during a press conference at Labour House, Abuja, on Friday. The NLC, in conjunction with the Trade Union Congress (TUC), had issued a 14-day ultimatum to the Federal…
In a recent market development, the Nigerian Naira experienced a marginal uptick against the US dollar and other global currencies as the week concluded. According to data from FMDQ, the Naira strengthened, trading at N1,469.97 per US dollar on Wednesday, marking a noteworthy 0.6 percent gain of N9.5 in comparison to Friday’s rate of N1,479.47….
The Central Bank of Nigeria Governor, Yemi Cardoso, and Finance Minister, Wale Edun, are presently addressing the House of Representatives in the ongoing economic sector debate. Simultaneously, the Federal Inland Revenue Service (FIRS) Executive Chairman, Zacch Adedeji, and Minister of Budget and National Planning, Abubakar Bagudu, are also engaging with lawmakers. This parliamentary session is…
The Naira concluded the week on a positive note, experiencing a marginal appreciation against the US Dollar in the Foreign Market, driven by strategic interventions by the Central Bank of Nigeria. According to data from FMDQ, the Naira strengthened to N1,435.53 per US Dollar on Friday, marking a noteworthy 1.8% or 26.37 gain compared to…
In a significant development, the preeminent accounting institution in Nigeria, the Institute of Chartered Accountants of Nigeria (ICAN), has announced the appointment of Dr. Musibau Olasunkanmi as its new Registrar/Chief Executive. This revelation surfaced through an official statement released by ICAN on Friday. According to the statement, the decision to appoint Olasunkanmi was sanctioned by…
The Acting Executive Vice Chairman/CEO of the Federal Competition and Consumer Protection Commission (FCCPC), Dr. Adamu Abdullahi, firmly asserts the irreversible commitment to regulate digital money lenders in the nation. In an exclusive interview with Channels Television, Abdullahi unveiled the commission’s dedication to formulating new regulations aimed at purging the sector of illegal lenders and…
The Federal Government has intensified discussions with the Kingdom of Morocco to expedite the Final Investment Decision (FID) for the Nigeria-Morocco Gas Pipeline. According to a statement by the Nigerian National Petroleum Company Limited (NNPC). The talks focused on enhancing the partnership between the two nations to accelerate the Nigeria-Morocco Gas Pipeline Project, aligning with…
The Dangote Petroleum Refinery and Petrochemicals has registered three oil marketers’ associations to distribute diesel and aviation fuel. The three groups, who collectively represent 75 percent of the total market in Nigeria, are a big step towards ensuring efficient distribution of these vital resources. This move is part of Dangote’s commitment to providing affordable, high-quality…
Dangote Petroleum Refinery, one of the new starting oil processing facilities, has announced the commencement of refined petroleum products production. The refinery, which has the capacity to process 650,000 barrels of crude oil per day, received its fifth shipment of one million barrels of Bonny Light supplied by the Nigerian National Petroleum Corporation Limited last…
