The Nigerian Financial Intelligence Unit (NFIU) is set to utilize Artificial Intelligence (AI) and machine learning tools to identify and combat illicit financial flows (IFFs) and other fraudulent activities. During the opening session of the first NFIU management staff retreat, NFIU Chief Executive Officer Hajiya Hafsat Bakari highlighted the organization’s commitment to equipping its staff…
In response to recent concerns over the suspended helicopter landing fee, the federal government, alongside International Oil Companies (IOCs) and Local Oil Companies (LOCs) under the Oil Producers Trade Section (OPTS), has initiated the development of a comprehensive framework to guide navigational services in Nigeria. This framework will be in place ahead of the resumption…
A group of downstream petroleum operators has appealed to President Bola Ahmed Tinubu to address the activities of the Nigerian National Petroleum Company Limited (NNPC), the Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). This appeal came as petrol shortages at retail outlets in…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced on Saturday that a fire has broken out at the Akaso 4 Wellhead, operated by NNPC 18 Operating Limited. The incident, which has also affected the adjacent riverbank, occurred on August 2, 2024, at approximately 11:12 pm. In a statement, Mrs. Olaide Shonola, Head of Public Affairs…
The Central Bank of Nigeria (CBN) has directed banks unable to meet its new recapitalization policy to downgrade to local banking status to continue their operations. CBN Governor Mr. Yemi Cardoso issued this directive in Abuja during the launch of the 2024 Banking Sector Report, themed “Bank Recapitalization: Catalyst for a One Trillion-Dollar Economy.” The…
The Federal Executive Council (FEC) has sanctioned N1.455 trillion for the construction and rehabilitation of roads across thirteen states. Announcing the decision in Abuja, the Minister of Works, Dave Umahi, stated that the projects approved were initially deferred during the last FEC meeting to allow the government time to secure funding. The projects include the…
The Federal Government has clarified recent media reports regarding the reduction in allowances for students abroad under the Bilateral Scholarship Agreement. In a meeting with the leadership of the National Association of Nigerian Students (NANS) in Abuja, the Minister of Education, Professor Tahir Mamman, explained that the changes in allowances were due to fluctuations in…
Fifty-eight out of the 164 member states of the World Trade Organization (WTO) have expressed their support for a proposal from the African Group to endorse Ngozi Okonjo-Iweala for a second term as the organization’s Director-General. In a statement released by the WTO, the support was announced during the July 22 meeting of the WTO…
Billionaire businessman Femi Otedola has highlighted the critical importance of supporting Aliko Dangote amidst his ongoing dispute with Nigeria’s regulatory authorities in the petroleum sector. Otedola, a close associate of Dangote, stressed the significance of backing visionaries like Dangote to foster and sustain the nation’s economic growth. In a post on X on Tuesday afternoon,…
Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources, has convened a high-level meeting with key stakeholders in the oil and gas sector to address and resolve the ongoing issues surrounding the Dangote Refinery. Aliko Dangote, President of Dangote Petroleum Refinery, has faced challenges with the government over his Lagos refinery project. Dangote had…
Sinoma International Engineering Company, a prominent Chinese green energy firm, has shown interest in establishing a renewable energy technology manufacturing industry in Nigeria’s Evergreen City. The company’s Chairman, Mr. Yin Zhisong, revealed this during a dinner in Beijing, China, hosted for Chief Ajuri Ngelale, Nigeria’s Special Presidential Envoy on Climate Action. Chief Ngelale informed reporters…
The Nigeria Labour Congress (NLC) has called on President Bola Ahmed Tinubu to invite the leaders of the planned protest movement for discussions to address their grievances. In a statement, NLC President Comrade Joe Ajaero emphasized the widespread anger among Nigerians over the current state of the economy. “Many Nigerian families are now forced to…
President Bola Tinubu has called for the strengthening of economic benefits in bilateral relations between Nigeria and its partner nations. He made this appeal while receiving Letters of Credence from the Ambassadors of Portugal, Jorge Adao Martins Dos Santos; the Socialist Republic of Vietnam, Bui Quoc Hung; and the State of Kuwait, Salim Khalifa Mohammed…
The Special Presidential Envoy on Climate Action, Chief Ajuri Ngelale, has initiated discussions with global stakeholders to explore new opportunities for climate finance and risk mitigation platforms aimed at boosting renewable energy technology manufacturing in Nigeria. Chief Ngelale held a virtual meeting with the Managing Director of the Bank of Industry, Dr. Supo Olusi, and…
President Bola Tinubu is in discussions with the leadership of organized labour to resolve ongoing issues regarding the National Minimum Wage. A meeting was held on July 10 after the tripartite committee, established by the President to negotiate with labour, failed to reach an agreement. The government is proposing a National Minimum Wage of ₦62,000,…
The Federal Government has called on the newly reconstituted NEITI Board to enhance the agency’s commitment to domestic resource mobilization for Nigeria. Senator George Akume, Secretary to the Government of the Federation and Chair of the NEITI Board, issued this directive during the opening session of the NEITI Board retreat in Lagos. He urged the…
The Nigerian National Petroleum Company Limited (NNPCL) has announced that the Port Harcourt refinery will start refining crude oil by early August. Addressing an emergency session at the National Assembly’s joint committee on finance, the Group Chief Executive Officer of NNPCL, Mr. Mele Kyari, confirmed this development on Monday. He also mentioned that the Kaduna…
The World Bank, in collaboration with the Federal Ministry of Education, has announced a $10 million investment aimed at equipping Nigerian youths with essential employment skills. Dr. Mistura Rufai, an Education Specialist at the World Bank, disclosed this at a workshop held in Abuja on Monday. The initiative, under the Innovation Grant Facility of the…
Africa’s richest man, Aliko Dangote, announced that the Nigerian National Petroleum Company (NNPC) Limited no longer holds a 20 percent stake in Dangote Petroleum Refinery. During a press briefing at the refinery on Sunday, Dangote revealed that NNPC’s stake has been reduced to 7.2 percent due to their failure to pay the remaining balance of…
The meeting between President Bola Tinubu and the leadership of the organised labour concluded without any clear details on the discussions held. Following the one-hour session, Joe Ajaero, President of the Nigeria Labour Congress (NLC), informed the press that financial matters were not part of their discussion with the President. When asked whether the meeting…
The Federal Government has announced a 150-day duty-free import window for certain food commodities, suspending duties, tariffs, and taxes on imports through land and sea borders. In a statement on Monday, the Minister of Agriculture and Food Security, Abubakar Kyari, revealed that duties, tariffs, and taxes on imported maize, husked brown rice, wheat, and cowpeas…
Nigeria is intensifying efforts to accelerate its value chain localisation initiative, involving key discussions with global stakeholders to achieve this goal. Chief Ajuri Ngelale, the Special Presidential Envoy on Climate Action, engaged in discussions with Chido Munyati, Head of Africa at the World Economic Forum, and Ms. Abir Ibrahim, Africa’s Regional Agenda Lead. Their talks…
Long lines for Premium Motor Spirit (PMS), commonly known as petrol or fuel, reemerged in the Federal Capital Territory (FCT), Abuja, and parts of Niger and Nasarawa States on Friday and Saturday. This resurgence follows the closure of numerous filling stations operated by independent marketers. Motorists flocked to the few stations still dispensing petrol, primarily…
Establishing the African Petroleum Regulators Forum (Afri-PERF) is essential for enhancing collaboration among Africa’s oil-producing countries, according to Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission. Speaking at the Nigeria Oil and Gas Conference in Abuja, Komolafe emphasized the need for collective strength in the evolving global energy landscape to secure suitable…
The Nigeria Governors Forum has assured both citizens and organized labour that ongoing negotiations will result in an enhanced national minimum wage. In a communiqué released by the acting head of media and public affairs, Hajiya Halima Ahmed Salihu, it was stated that the new national minimum wage was a primary topic of discussion. “The…
The Federal Government of Nigeria has entered into an agreement with the Foundation for Sustainable Social Responsibility in Emerging Africa (FOSSREA) to advance the development of hydrogen as a sustainable energy source. In a statement, Mrs. Oluwakemi Ogunmakinwa, Deputy Director of Press and Public Relations in the Ministry of Petroleum Resources, announced that the Permanent…
The Minister of Information and National Orientation, Muhammed Idris, has emphasized that the accelerated development of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project will significantly enhance the economic prospects of Northern Nigeria. During a site visit to the River Kaduna segment of the AKK Gas Pipeline Project on Friday, Mr. Idris was accompanied by the Minister…
The federal government has awarded a N14 billion contract to Buildwell for the reconstruction of the outer Mariner shoreline, aimed at reinforcing the rail line. Speaking in Lagos, the Minister of Works, Senator Dave Umahi, emphasized that infrastructure, whether it serves Lagos State or the federal government, benefits all Nigerians. He noted, “Over the past…
Nigeria LNG Limited has reaffirmed its commitment to economic development through the Train 7 project on Bonny Island, aligning with President Bola Tinubu’s 8-point agenda that includes poverty eradication, infrastructure improvement, economic growth, and increased access to capital. During a session of the Senate and House of Representatives’ Joint Committee on Gas, NLNG’s General Manager…
Vice President Senator Kashim Shettima has lauded the Zeberced Group for its creation of 40,000 jobs and the development of the Abuja Industrial Park, among other initiatives in the Federal Capital Territory (FCT). Speaking with journalists after a tour of the company’s site in Idu, Abuja, Vice President Shettima highlighted that these projects align with…
The Senate has approved the Federal Capital Territory (FCT) Supplementary Appropriation Bill for 2024, amounting to N98.5 billion. The bill was passed following the review of a report by the Senate Committee on FCT during a plenary session. Senator Osita Ngwu (PDP-Enugu West), Vice Chairman of the Committee, presented the report on behalf of the…
