By Seun Ibiyemi The Nigeria Customs Service (NCS) generated ₦7.28 trillion in revenue in 2025, surpassing its annual target of ₦6.58 trillion by 10.24 per cent, despite extensive tax waivers, import duty exemptions and fiscal incentives introduced by the Federal Government to stimulate economic growth. The Comptroller-General of Customs, Adewale Adeniyi, disclosed this on Monday…
By Seun Ibiyemi Investors on the Nigerian Exchange (NGX) recorded a gain of ₦3.17 trillion on Monday as renewed buying interest in banking, industrial and oil and gas stocks reversed last week’s losses, lifting the equities market by 2.15 per cent. The bullish session was driven by bargain hunting in mid-cap and blue-chip stocks, signalling…
By Seun Ibiyemi Nigeria’s electricity export customers in Togo, the Republic of Benin and Niger Republic failed to fully settle their electricity bills in the first quarter of 2026, leaving an outstanding debt of $12.66 million, according to the Nigerian Electricity Regulatory Commission (NERC). The commission disclosed this in its 2026 First Quarter Report, stating…
By Sodiq Adelakun A former ally of the presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, Aslam Aliyu, has defected to the ruling All Progressives Congress (APC), declaring support for President Bola Ahmed Tinubu’s second-term bid ahead of the 2027 general election. Aliyu announced her defection in a statement, saying the decision followed…
By Seun Ibiyemi The Federal Government has intensified efforts to bring down the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with independent petroleum marketers projecting that the product could sell for below ₦800 per litre if market conditions continue to improve. The renewed optimism emerged on Monday as the Federal Government…
By Seun Ibiyemi United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the bank’s Board of Directors on August 21, 2026, after completing the maximum tenure permitted under the Central Bank of Nigeria’s corporate governance regulations. The announcement was made on Monday following a meeting of the…
By Seun Ibiyemi The Federal Competition and Consumer Protection Commission (FCCPC) has launched an investigation into global technology companies, including Meta, X and Generative Artificial Intelligence (AI) platforms, over allegations that their business practices are undermining Nigeria’s news industry through the unauthorised use of media content. The investigation follows a directive by President Bola Ahmed…
By Seun Ibiyemi The Nigerian naira maintained a stable performance against the United States dollar on Monday, trading at ₦1,370.33 per dollar at the Nigerian Foreign Exchange Market (NFEM), reflecting continued stability in the country’s foreign exchange market. Data from the official trading window showed the local currency holding steady as the Central Bank of…
By Seun Ibiyemi The Rural Electrification Agency (REA), in collaboration with the Federal Government and the governments of Adamawa and Kebbi states, has commenced the construction of 42 renewable energy projects aimed at expanding electricity access, stimulating economic growth and improving livelihoods in underserved communities. The projects consist of 39 mini-grid installations in Adamawa State…
By Seun Ibiyemi Kebbi State Governor, Dr. Nasir Idris, has flagged off the construction of a 3.5-megawatt solar power project aimed at strengthening electricity supply, expanding energy access and driving economic development across the state. The groundbreaking ceremony for the Lot 7 – Design, Supply and Installation of a 33kV Power Infrastructure Project was held…
