The Nigeria Customs Service, Federal Operations Unit Zone A Ikeja, has reported intercepting a substantial cache of contraband goods with an estimated value of N1.8 billion. The seized items include imported used cars (tokunbo), bags of foreign parboiled rice, and … Continue reading Customs seize N1.8 billion worth of cars and contraband
In a press conference held on Thursday, Annett Günther, the German Ambassador to Nigeria, revealed that the trade volumes between Germany and Nigeria soared to €3 billion in 2022. This impressive figure highlights the robust economic ties between the two … Continue reading German-Nigerian trade hits €3 billion in 2022
New data obtained from the National Oil Spill Detection and Response Agency (NOSDRA) has revealed that the Federal Government of Nigeria incurred losses of approximately N843 billion due to gas flaring between January 2022 and August 2023. NOSDRA’s latest gas … Continue reading Government incurs N847 billion loss due to gas flaring – NOSDRA
Nigeria’s raw material exports have taken a substantial hit, with a year-on-year decline of N285 billion. The Manufacturers Association of Nigeria has attributed this significant drop to the government’s apparent neglect of the productive sector, calling attention to the consequences … Continue reading Government neglect blamed for N285 billion decline in raw material exports – MAN
Nigerian producer and music executive, Michael Collins Ajereh, known as Don Jazzy, has extended his congratulations to his protege, Divine Ikubor, popularly known as Rema. This comes after the remix of Rema’s hit track, ‘Calm Down,’ featuring Selena Gomez, achieved … Continue reading Don Jazzy celebrates as Rema’s ‘Calm Down’ surpasses one billion spotify streams
Guaranty Trust Holding Company Plc has announced a remarkable increase in its profit before tax for the first half of the 2023 financial period, reporting a figure of N327.4 billion. The disclosure was made in an official statement released on … Continue reading GTCO’s profits reach N347 billion, assets at N8.5 trillion
The Federal Capital Territory (FCT) Minister, Mr. Nyesom Wike, has expressed his discontent regarding the N85 billion contract designated for infrastructure provision in the Wasa Affordable Housing project situated in the Wasa District of Abuja. This dissatisfaction was voiced during … Continue reading Wike criticizes poor negotiation of N85 billion Wasa housing infrastructure project
Over the past two years, a disturbing pattern has emerged, revealing that a substantial number of both senior bank executives and junior staff members, totaling at least 110 individuals, have been dismissed due to their involvement in fraud-related activities. This … Continue reading 110 executives and staff dismissed for involvement in N82 billion bank fraud
In line with Nigeria’s efforts to alleviate foreign exchange pressure and enhance its external reserves, JP Morgan has projected that the Federal Government could generate up to $17 billion through the sale of its stake in various joint-ventures oil and … Continue reading Nigerian government could generate $17 billion through sale of oil assets – JP Morgan
Nigeria faced a substantial loss of approximately N249 billion in crude oil revenue during July due to a significant drop in the country’s oil production by over four million barrels within the same month. The most recent oil production data, … Continue reading Nigeria’s oil output decline leads to N249 billion loss in July
Investors in the Nigerian Exchange Limited (NGX) faced a N150 billion loss over the past week as bearish sentiment dominated the trading landscape, interrupting a series of consecutive weeks of gains. The downturn was primarily attributed to profit-taking and the … Continue reading Investors face N150 billion loss in stock market within a week
Daniel Bwala, an aide to Atiku Abubakar, the 2023 presidential candidate of the Peoples Democratic Party (PDP), has strongly criticized the N5 billion palliative offered by President Bola Tinubu’s administration, calling it “renewed nonsense.” Bwala highlighted that organized labor had … Continue reading Atiku’s aide, Bwala, rebrands N5 billion palliative scheme as ‘Renewed Nonsense’
Prominent human rights lawyer and Senior Advocate of Nigeria, Femi Falana, has expressed his view that the Federal Government’s allocation of N5 billion for fuel subsidy removal palliatives is a misguided diversion and wasteful. Falana conveyed this stance during an … Continue reading Femi Falana labels N5 billion state palliatives as diversionary and wasteful
A chartered accountant named Omafume Ayinuola and her mother, Lydia Ehrievuyere, were brought before the Federal High Court in Lagos by the police on Wednesday. They are accused of being involved in money laundering activities totaling N1,072,254,411 and $975,102.58. This … Continue reading Accountant and mother face charges in N1 billion, $975,102 fraud case
A variety of factors are driving the surge in high energy expenses, primarily attributed to the escalating diesel costs and the devaluation of the naira. As a consequence, companies are grappling with the impact on their profit margins, necessitating them … Continue reading Big companies struggle with high costs as energy bills reach N221 billion
Stakeholders at Green Growth Africa have highlighted the transformative potential of a multi-billion-dollar climate and sustainable economy initiative, coupled with a pledge of over $100 billion to Africa. These measures are seen as crucial to catalyzing the green economy, equipping … Continue reading Green economy and $100 billion climate pledge bring hope for youth employment
A recent first-quarter report by the Nigerian Electricity Regulatory Commission (NERC) has revealed that Niger owes Nigeria N4.22bn ($5.48m) for power supply. The report highlighted that the Nigerien state power company, Nigerien Electricity Society, has not remitted the $5.48m invoice … Continue reading Niger’s power debt to Nigeria amounts to N4 billion – NERC
The Federal Capital Territory Administration (FCTA) has announced the award of a N5 billion contract for the rehabilitation of the Abuja Rail Mass Transit (ARMT) system. Olusade Adesola, the Permanent Secretary of FCTA, stated that the aim is to restore … Continue reading FCTA awards N5 billion contract for Abuja light rail rehabilitation
The Speaker of the House of Representatives, Rep. Tajudeen Abbas, has taken a significant step in tackling the pressing issue of gas flaring in Nigeria. He inaugurated an Ad hoc Committee with the specific mandate of investigating the alleged $9.05 … Continue reading Reps launch investigation into annual $9.5 billion loss from gas flaring
According to the Federal Government, power distribution companies in Nigeria failed to remit a total of N208.8bn to the Nigeria Electricity Supply Industry in 2022. Data from the Nigerian Electricity Regulatory Commission revealed that the Discos did not make complete … Continue reading Power distribution companies fail to remit N208 billion in 2022 – FG
The Federation Account Allocation Committee (FAAC) has announced the sharing of N655.93 billion among the federal, state, and local governments for the month of April 2023. This figure represents a decrease of N58.69 billion compared to the previous month’s allocation … Continue reading Federation account allocation committee (FAAC) distributes N655.93 billion among government tiers in April 2023
The property development and construction industry faces significant uncertainty in obtaining a competent and skilled workforce. The construction industry makes up 7% of the world labour force, with over 100 million construction workers in the global labour market. Nigeria’s construction … Continue reading Foreign artisans in construction industry cost Nigeria $4.5 billion annually
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