Business

“Telcos Reject Objection To e-Transmission Of Election Results, Insist On Nationwide Coverage Ahead 2027 Polls.”Nigeria’s telecommunications operators have rejected claims by some lawmakers that the country lacked the infrastructure for real-time electronic transmission of election results. Opposition lawmakers in the National Assembly and not a few Nigerians had advocated the provision of a compulsory live electronic transmission of election results …

With the goal of strengthening financial stability, the Central Bank of Nigeria (CBN) recently mandated a recapitalization exercise. Banks in the country are required to meet these new minimum capital requirements by 31 March 2026: Below is the full list of 23 banks that have already met the CBN’s recapitalization requirements: Access Bank PlcZenith Bank PlcFirst Bank of Nigeria Limited …

In the space of two years, Nigeria’s state governments have witnessed one of the sharpest revenue expansions in recent history. The Federation Account Allocation Committee (FAAC) allocations surged on the back of fuel subsidy removal, foreign exchange reforms and stronger oil receipts, pushing trillions of naira into subnational accounts. Yet, as allocations climb to record levels, so too does the …

𝐂𝐥𝐚𝐫𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧: 𝐓𝐡𝐞 𝐍𝐢𝐠𝐞𝐫𝐢𝐚 𝐓𝐚𝐱 𝐀𝐜𝐭 2025 𝐡𝐚𝐬 𝐂𝐨𝐦𝐦𝐞𝐧𝐜𝐞𝐝 𝐚𝐧𝐝 𝐃𝐨𝐞𝐬 𝐍𝐎𝐓 𝐈𝐦𝐩𝐨𝐬𝐞 𝐚 25% 𝐓𝐚𝐱 𝐨𝐧 𝐁𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐌𝐚𝐭𝐞𝐫𝐢𝐚𝐥𝐬 𝐨𝐫 𝐅𝐮𝐧𝐝𝐬 We are aware of a recent video claiming that the new tax laws will commence in 2027 and alleging the imposition of a 25% tax on funds for building materials and other transactions. Both claims are incorrect. Contrary to the …

Dangote, Africa’s largest oil refinery has achieved a significant operational breakthrough as its Crude Distillation Unit (CDU) and Motor Spirit (MS) production block now operate at full nameplate capacity of 650,000 barrels per day—a first for any refinery worldwide. The Dangote Petroleum Refinery announced the milestone following the successful completion of scheduled maintenance and optimization work on both critical units. …

The Federal Government has ordered the National Agency for Food and Drug Administration and Control, NAFDAC, to immediately halt all enforcement actions regarding the ban on sachet alcohol and 200ml PET bottle products. The offices of the Secretary to the Government of the Federation, OSGF, and National Security Adviser, ONSA, in a joint intervention, cited grave concerns over economic stability …

Public Affairs commentator, Mahdi Shehu has accused the Federal Government of using the removal of fuel subsidy to protect corruption rather than ending it. In a post shared on X on Wednesday, Shehu described the policy as the biggest scam, theft and corruption in the history of Nigeria, while comparing past subsidy payments with recent spending claims by the Nigerian …

Dangote Refinery has outlined its fuel production and distribution operations, warning that reliance on coastal logistics could significantly increase petrol prices if the additional costs are transferred to consumers. In a statement on its official X account on Thursday titled “Six things to know about Dangote Refinery fuel production and distribution”, the company said its refinery operates a world-class gantry …

Nigeria is stepping up its ambitions in Africa’s automotive market as Innoson Vehicle Manufacturing prepares to commission a major factory dedicated to compressed natural gas trucks and electric vehicles, signalling a push into cleaner transport and large-scale local manufacturing. The Executive Chairman of Innoson Group, manufacturers of Innoson vehicles, Mr. Innocent Chukwuma, has reaffirmed his long-standing commitment to domestic manufacturing …

Dangote Petroleum Refinery and Petrochemicals has dismissed reports that the $20 billion plant imports finished products into the country. Speaking on Wednesday, David Bird, MD/Chief Executive Officer (CEO) of the Dangote Refinery, said the facility only imports by-products like cracked gasoline which are further refined locally into finished products. According to him, imported byproducts include cracked gasoline, light cycle oil, …