By Seun Ibiyemi The Nigerian stock market commenced the week on a bullish note on Monday, with investors gaining N515 billion as renewed buying interest in insurance, financial services and transportation stocks lifted key market indicators. At the close of trading, the market capitalisation of the Nigerian Exchange (NGX) increased by 0.33 per cent to…
By Seun Ibiyemi The Transmission Company of Nigeria (TCN) has granted Mainstream Energy Solutions Limited (MESL), operator of the Kainji Hydroelectric Power Plant, access to commence construction of two 330-kilovolt (kV) transmission bays aimed at supporting an additional 220 megawatts (MW) of electricity generation capacity. TCN disclosed that the formal handover of the Switchyard Units…
By Seun Ibiyemi Fresh developments emerged on Monday in the ongoing trial linked to the controversial $6 billion Mambilla Hydroelectric Power Project, as a prosecution witness admitted to an inconsistency in his testimony before a High Court of the Federal Capital Territory (FCT), Abuja. The trial, which has drawn significant attention due to its implications…
By Seun Ibiyemi The Federal Government has approved the payment of outstanding obligations owed to more than 1,240 contractors engaged by various Ministries, Departments and Agencies (MDAs), in a move aimed at clearing long-standing debts and boosting economic activities across the country. The approval, granted by the Federal Ministry of Finance, follows an extensive verification…
By Seun Ibiyemi Chairman of SIFAX Group, Dr. Taiwo Afolabi, has called on the Federal Government to prioritise the rehabilitation, dredging and expansion of Nigeria’s eastern ports as part of efforts to improve port efficiency, stimulate economic activities and reduce congestion at the Lagos ports. Afolabi made the appeal while receiving the Executive Secretary and…
By Seun Ibiyemi Skyway Aviation Handling Company Plc (SAHCO) has expressed its readiness to deepen trade facilitation between Nigeria and the United Arab Emirates (UAE) through strategic partnerships aimed at boosting passenger traffic, cargo operations and e-commerce activities between both countries. The company made the commitment during a visit by a UAE delegation led by…
The UBA Foundation has strengthened its commitment to environmental sustainability with the planting of trees at two iconic secondary schools in Lagos State as part of activities marking the 2026 World Environment Day (WED). The initiative, carried out at King’s College, Lagos, and CMS Grammar School, Bariga, signals the commencement of the foundation’s 2026 Tree…
The House of Representatives Public Accounts Committee (PAC) has recovered N521.77 million in unremitted Value Added Tax (VAT) from the Central Bank of Nigeria (CBN), marking a major milestone in its ongoing investigation into alleged revenue leakages associated with transactions processed through the Remita payment platform. The recovered amount represents VAT deductions on fees earned…
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) has approved another increase in oil production for July, raising output targets by 188,000 barrels per day (bpd) as the alliance continues efforts to gradually unwind voluntary supply cuts introduced in 2023. The decision was announced following the group’s virtual meeting held on Sunday…
A Federal High Court in Lagos has declared unlawful the National Assembly’s controversial N110 billion expenditure on vehicles and allowances for lawmakers, ruling that the spending violated procurement laws, constitutional provisions, and principles of public accountability. In a landmark judgment delivered by Justice Yellim Bogoro in Suit No. FHC/L/CS/1606/2023, the court held that the allocation…
