Business

ENERGY COMMISSION DEFENDS ASO ROCK’S SWITCH TO SOLAR, SAYS ELECTRICITY BILL TOO EXPENSIVE The Director-General of the Energy Commission of Nigeria, Mustapha Abdullahi, has defended the federal government’s decision to install a N10 billion solar power grid at the Aso Rock Presidential Villa. This comes amid mounting public criticism over the cost and timing of the initiative, given Nigeria’s current …

DANGOTE APPOINTED TO WORLD BANK POSITION The President and Chief Executive of the Dangote Group, Aliko Dangote, has been appointed to the World Bank’s Private Sector Investment Lab, an exclusive initiative aimed at driving investment and job creation in emerging economies. Dangote’s appointment marks a significant milestone, as he joins a distinguished group of global business leaders tasked with shaping …

COURT ORDERS 54 BANKS TO RETURN N9.3BN STOLEN BY HACKERS Justice Deinde Dipeolu of the Federal High Court in Lagos has ordered 54 banks to immediately return a total of N9,329,322,870 fraudulently transferred by hackers from an unnamed old generation bank. The judgment, delivered on April 15, 2025, follows an ex parte motion filed in suit number FHC/L/CS/629/2025. The court …

CRESTVILLAS EXPANDS SERVICES, SIGNS DEAL WITH NBA AHEAD OF ANNUAL CONFERENCE CrestVillas, a leading name in Nigeria’s real estate and property management sector, has expanded its range of services and signed a new partnership with the Nigerian Bar Association (NBA) to provide accommodation for members attending the association’s annual conference scheduled for August in Enugu. Speaking at the weekend, Country …

WHY FUEL SMUGGLING THRIVES DESPITE SUBSIDY REMOVAL – CUSTOMS The Nigeria Customs Service has shed light on the continued smuggling of petrol across the country’s borders, despite the elimination of fuel subsidies. According to the Comptroller General of Customs, Adewale Adeniyi, the practice remains attractive to smugglers due to the stark difference in fuel prices between Nigeria and its neighbouring …

FILLING STATIONS SHUT AFTER DANGOTE REFINERY’S PETROL PRICE DROP Some filling stations and petroleum products marketers, partners of Dangote Refinery’s petrol, temporarily shut down for the past five days after the latest premium motor spirit price drop by the 650,000 barrels per day refinery. For the past five days, MRS filling stations in Abuja, along Kubwa Expressway, and others have …

NINE NIGERIAN BANKS GENERATE N14TRN IN REVENUE FROM CUSTOMERS’INTEREST IN 2024 Nine Nigerian banks generated a combined interest income of N14.26 trillion in 2024. This is according to an analysis of the audited financial results of the financial institutions. In contrast, the manufacturing sector, referred to as the real sector, laments increasing operational costs amounting to a combined figure of …

NINE NIGERIAN BANKS GENERATE N14TRN IN REVENUE FROM CUSTOMERS’INTEREST IN 2024 Nine Nigerian banks generated a combined interest income of N14.26 trillion in 2024. This is according to an analysis of the audited financial results of the financial institutions. In contrast, the manufacturing sector, referred to as the real sector, laments increasing operational costs amounting to a combined figure of …

MIXED REACTIONS AS ANAMBRA GOVT DEMOYLISHES INNOSON MOTORS’ HEAD OFFICE IN KNEWI Mixed reactions have trailed the recent demolition of the Head Office of the Innoson Vehicle Manufacturing (IVM) at Nnewi-Owerri Road at Nnewi in Nnewi North Local Government Area of Anambra state by the state government. The IVM Head Office building was partly demolished by the state government to …

PARIS CLUB REFUND: CONSULTANT FILES CONTEMPT CHARGE AGAINST CBN GOVERNOR, CARDOSO, OVER FAILURE TO RETURN N220M Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), and Kofo Salam-Alada, the apex bank’s director of legal services, are facing contempt proceedings for allegedly failing to fully comply with a supreme court judgment that ordered the release of funds previously forfeited …