The Senate has initiated a comprehensive probe into stamp duty revenue collection from 2016 to 2024, citing concerns over trillions of naira that remain unaccounted for. Senator Ahmed Aliyu Wadada, leading the investigation, stated the legislature must ensure the proper utilization of all generated funds. The Senate Public Accounts Committee has requested detailed records from…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority has issued 23 licenses for new refineries since the Petroleum Industry Act was enacted. An agency director stated that these facilities would increase national refining capacity by over 850,000 barrels per day upon completion. Domestic crude oil supply for refining has reportedly doubled from 2023 levels, reaching…
The National Council on Privatisation has approved a request from the Bureau of Public Enterprises to finalize performance agreements with the Transcorp Power Consortium for its acquisition of Afam Power Plc and Afam III Fast Power Limited. This step aims to regularize post-acquisition conditions and ensure the facilities’ commercial viability. The council’s director-general reported that…
Norrenberger Securities Limited has purchased a 4.35 percent equity stake in NASD Plc for 1.306 billion naira, establishing itself as a major shareholder in the over-the-counter market. The transaction involved acquiring shares from three GTI Group entities at a significant premium over the current market price. Market analysts view this investment as a strong institutional…
A judgment from Justice Alatuwo Fubara of the Rivers State High Court concerning Polaris Bank has drawn concern from legal observers. The court ordered the bank to pay 1.4 billion naira in a foreign exchange dispute with Paulazanda Nigeria Limited and immediately issued a writ of execution, preventing an appeal. The case originated from a…
MTN Nigeria has launched its nationwide festive campaign, named YelloTide, to promote joy and community connection. The company’s chief marketing officer, Onyinye Ikenna-Emeka, explained that the initiative is designed to bring people together and share happiness. The campaign will start with a three-day activation called Y’ello Santa, visiting six cities, including Lagos, Abuja, and Kano….
The power solutions firm Genus, in partnership with Simba Industries, has launched a new series of high-performance solar inverters and lithium-ion batteries for the Nigerian market. A Simba Industries spokesperson, Sandeep Sharma, stated that the products were designed to meet the practical needs of local consumers by providing dependable performance and energy savings. He explained…
An executive from Tropical General Investments Group, Mudassir Amray, has identified gold as a strategic metal and an essential protection against inflation for African economies. Speaking at the Gold Roadshow Africa, he noted that gold’s recent price surge reflects a global shift in trust and capital. He observed that although Africa produces a large portion…
The Lagos State government plans to synchronize its climate policies with federal and international standards to accelerate green finance. This initiative aims to fund coastal resilience and ocean innovation projects. A communique from a recent climate summit outlined resolutions to develop bankable projects in renewable energy and aquaculture. Participants agreed to utilize blended finance and…
An ExxonMobil affiliate, Esso Exploration and Production Nigeria Limited, has stated that regulatory clarity and human capital development are essential for unlocking the nation’s oil and gas potential. Executive Director Etabuko Abirhire, speaking at a petroleum conference in Lagos, explained that Nigeria’s ambitious production targets require streamlined regulations and strong partnerships to attract necessary investment….
