Category: Business

The Nigeria Governors’ Forum (NGF) has endorsed a revised Value Added Tax (VAT) sharing formula, which it believes will ensure equitable distribution of Nigeria’s resources. The details were disclosed in a communiqué issued on Thursday and signed by AbdulRahman AbdulRazaq, Chairman of the Nigeria Governors’ Forum and Governor of Kwara State. The communiqué was released…

The Federal Ministry of Agriculture and Food Security (FMAFS), in collaboration with the National Identity Management Commission (NIMC), has unveiled the National Identity Number (NIN)-enabled farmer registry and Government-to-People (G2P) card initiative. This was disclosed on Thursday in a statement jointly signed by the Director of Information at the FAMFS and the Head of Corporate…

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has urged the Federal government to fix all the state-owned refineries and also diversify into exploring other mineral resources apart from crude oil in order to expand the country’s revenue base. The call was made by the President of the association, Mr Festus Osifo,…

The Chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, has called for “strategic engagement” regarding the newly introduced Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA), recently launched by the Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso. Abdur-Rahman Balogun, Head of Media, Public Relations, and Protocols…

Niger State Governor Mohammed Umaru Bago has revealed that the state generated over N600 billion from agriculture and related businesses in 2024, driven by combined efforts from the public and private sectors. The disclosure was made on Wednesday during a meeting with members of the Developing-8 (D-8) group at the Government House in Minna. Speaking…

Landmark Africa Group has partnered with the Enugu State Government in a joint venture to manage and transform the 150-hectare Nike Lake Resort into a world-class tourism and leisure destination. The agreement was signed in Enugu on Thursday, January 16, 2025. In a video shared on the AIT YouTube page, Landmark Africa CEO Paul Onwuanibe…

The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has revoked the land allocations of prominent political figures, including governors of Bayelsa and Imo States, Senator Douye Diri and Senator Hope Uzodimma, alongside other notable personalities. Also impacted by this decision are Senate Leader Opeyemi Bamidele, the Peoples Democratic Party (PDP) National Secretary Senator…

President Bola Tinubu has expressed his anticipation for six distinguished Nigerians in the diaspora, recently recognised by President Joe Biden among the 400 recipients of the Presidential Early Career Award for Scientists and Engineers (PECASE) in the United States, to contribute their expertise towards Nigeria’s development. The Nigerian president also congratulated the honorees on their…

The Nigerian Communications Commission (NCC) has granted approval to Mobile Network Operators comprising MTN, Airtel, Globacom, and 9mobile, to disconnect the Unstructured Supplementary Service Data (USSD) codes of nine commercial banks from their networks. This follows years of complaints by the telecom operators over the non-payment of debt owed by the banks for the USSD…

The ongoing legal battle between First Bank of Nigeria (FirstBank) and General Hydrocarbons Limited (GHL) has captured the attention of bankers and legal practitioners across Nigeria, who see it as a potential template for tackling the complexities of loan recovery. The case, marked by legal drama and intense negotiations, is being closely observed for its…

Fitch Ratings has assigned Cross River State a ‘B-‘ Long-Term Foreign- and Local-Currency Issuer Default Rating (IDR) and an ‘AA-(nga)’ National Long-Term Rating, noting the state’s reliance on federal transfers and its growing debt burden. In an official announcement, the ratings agency cited concerns over the state’s ambitious capital expenditure (CapEx) plans, exposure to foreign…

The US President-elect Donald Trump is planning to delay the looming TikTok ban, offering a window for negotiations with potential U.S. buyers to secure the app’s future in the next 2 to 3 months. According to Washington Post report, which cited sources close to the matter, an executive order under consideration could temporarily allow TikTok’s…

Shares of Neimeth International Pharmaceuticals Plc have risen by over 32% in the third week of January 2025, pushing its month-to-date performance to over 50%. This increase follows the company’s late October earnings report for the period ending September 30, 2024, revealing a pretax profit of N310 million, a recovery from the previous year’s N575…

The Central Bank of Nigeria (CBN) has introduced two digital initiatives—the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution—at an event held on Wednesday, January 15, 2025, at the Bank’s headquarters in Abuja. According to a press statement on Thursday, the projects are part of the ongoing “Digital First”…

A report by the Africa Solar Industry Association (AFSIA) has ranked Nigeria among the top African countries leveraging solar as an alternative source of energy with the country adding 63.5 Megawatt peak (MWp) capacity in 2024. This brought the country’s total installed capacity to 385.7MWp at the end of the year according to the AFSIA…

Bitcoin has once again crossed the $100,000 mark, triggering renewed optimism among investors. The release of the US Consumer Price Index (CPI) data has fueled momentum in the crypto market, with Bitcoin briefly breaking above the $100,000 threshold. The BTC price rally reached a 24-hour high of $100,860, surpassing the previous level of $99,514, signaling…

Jeff Bezos’ Blue Origin successfully launched its New Glenn heavy-lift rocket into orbit for the first time early Thursday, marking a major milestone for the company as it seeks to compete with Elon Musk’s SpaceX. The launch took place at 2:03 a.m. EST from NASA’s Complex 36 at the Cape Canaveral Space Force Station in…

United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan has accepted an invitation from Nigerian President Bola Ahmed Tinubu to visit Nigeria this year, marking a bold step to strengthen economic ties. The invitation was extended during their bilateral talks on the sidelines of the Abu Dhabi Sustainability Week 2025, according to a statement…

The Organization of the Petroleum Exporting Countries (OPEC) has forecast global oil demand growth rate at 1.4 million barrels per day (mb/d) in 2025, with a similar growth rate expected in 2026. In its latest monthly report for January 2025, released on Wednesday, the organisation projected a robust global economic expansion and healthy oil demand…

The African Export-Import Bank (Afreximbank) plans to support Nigerian airlines with 25 aircraft via a leasing subsidiary, using dry lease financing to boost their competitiveness. The dry lease financing model allows airlines to lease aircraft without crew, maintenance, or insurance, offering greater operational control. Mrs. Helen Brume, Director of Project and Asset-Based Finance at Afreximbank,…