Business

EBONYI AIRPORT’S LEAKING TERMINAL BUILDING RE-ROOFING TO. GULP N2BN AFTER N20bn RUNWAY REHABILITATION The Wilberforce Chuba Okadigbo airport, located in Ezza North and Ezza South local government areas of Ebonyi State, which was constructed during the administration of former Governor David Umahi, an engineer, remains a subject of controversy, gulping billions of naira without serving the purpose for which it …

TINUBU STILL PAYING FUEL SUBSIDY THROUGH BACKDOOR – OBIDIENT MOVEMENT Yunusa Tanko, the Interim National Coordinator of the Obidient Movement, on Wednesday accused President Bola Tinubu-led administration of paying fuel subsidy through the “backdoor”. Tanko lamented that Tinubu’s government has refused to tell Nigerians the truth regarding the payment of fuel subsidy. During his presidential inauguration in Abuja in 2023, …

USSD CHARGES: TELCOS THREATEN TO WITHDRAW SERVICES OVER BANKS’ MISINFORMATION The telecom operators in Nigeria, including MTN Nigeria, Airtel, Globacom and 9Mobile have threatened to withdraw network support for banks’ Unstructured Supplementary Services Data, USSD, following what they described as gross misinformation of subscribers on the mode of deduction for transaction fees. USSD, commonly known as ‘bank transfers’, is done …

NCC DIRECTS BANKS TO DEDUCT USSD CHARGES FROM CUSTOMERS’ AIRTIME The Nigerian Communications Commission (NCC) has directed all banks to stop debiting USSD transaction charges from customers’ bank accounts, with effect from Tuesday, June 3, 2025. According to a notice sent by United Bank for Africa (UBA) to its customers, the charges for Unstructured Supplementary Service Data (USSD) services will …

NNPCL’S REFINERIES OF WASTE – PUNCH EDITORIAL Nigeria’s public refineries, under perpetual government control, remain trapped in a cycle of dormancy and inefficiency. At best, they operate sporadically, with the country squandering resources on endless rehabilitation efforts that yield little progress.This reality was underscored again late in May when the Nigerian National Petroleum Company Limited announced that it had shut …

EXCHANGE RATE PLUNGES AS NAIRA CLOSES MAY AT N1,630/$1 IN PARALLEL MARKET The Naira suffered a significant loss in the parallel market, closing at N1,630/$1 on Friday, May 30, 2025, after several days of relative stability at N1,620/$1, according to data from Nairametrics Research. The local currency also weakened against the British pound, closing at N2,190/£1 on Friday, compared to …

CBN GOVERNOR, CARDOSO NAMED AFRICA CENTRAL BANK GOVERNOR OF THE YEAR Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has been named Central Bank Governor of the Year at the 2025 African Banker Awards Gala, held in Abidjan, Côte d’Ivoire. Wednesday, May 28, 2025. The award, which took place on Wednesday, was presented by African Banker magazine, …

GOVERNOR MBAH FLAGS-OFF STALLION VEHICLES PLANT FOR ASSEMBLY OF ELECTRIC CARS In a groundbreaking move to reposition Enugu State as a premier destination for investment, Governor Peter Mbah has flagged off the Stallion Vehicle Assembly Plant and Automotive Infrastructure, saying the initiative was part of the administration’s effort to transition the state from a consumer-based to a production-driven economy. Performing …

INSIDE THE VAT POOL: VAT CONTRIBUTED AND RECEIVED ACROSS GEOPOLITICAL REGIONS IN Q1 2025 South-eastContribution: N28.37bnReceived: N104.50bn (Received 368% of what it contributed) North-eastContribution: N30.04bnReceived: N124.20bn (Received 345% of what it contributed) North-westContribution: N68.05bnReceived: N176.74bn (Received 260% of what it contributed) North-centralContribution: N52.70bnReceived: N126.16bn (Received 239% of what it contributed) South-southContribution: N364.99bnReceived: N171.19bn (Received 47% of what it contributed) South-westContribution: …

TAX REFORM BILLS READY FOR PRESIDENTIAL ASSENT AS NASS ADOPTS HARMONIZED BILLS The Senate and the House of Representatives have jointly adopted the harmonized conference report on the four tax reform bills, marking a significant milestone in President Bola Tinubu’s fiscal reform agenda. The bills will now be transmitted to the President for assent. After weeks of detailed legislative work, …