Business

ONLY TWO BANKS MEET CBN N500BN CAPITALLISATION THRESHOLD Only two Tier 1 banks, Zenith Bank and Access Holdings Plc, have surpassed the N500 billion share capital and share premium threshold set by the Central Bank of Nigeria for banks with international licences, Proshare report has revealed. The report, titled ‘Tier 1 Banks Report: Getting Bigger, Braver, and Dominant – The …

NNPCL DECLARES ₦‎5.89TRN REVENUE, ₦‎748BN PROFIT FOR APRIL 2025 Nigerian national oil company, NNPC Limited on Thursday reported that it raked in N5.89 trillion in revenues in the month of April, 2025 The company in a document titled: ‘NNPC Limited Monthly Report Summary — April 2025,’ posted on its website also declared a profit after tax (PAT) of N748 billion …

ALIKO DANGOTE RETIRES AS DANGOTE SUGAR REFINERY CHAIRMAN Dangote Sugar Refinery Plc has announced the retirement of Aliko Dangote as chairman of its board of directors, effective June 16. In a statement on Wednesday, Temitope Hassan, the company secretary, said Dangote, one of the founding directors, had served with “exceptional leadership, integrity, and vision” since 2005. “Under his leadership, Dangote …

TINUBU VISITS DANGOTE REFINERY, LAUDS ECONOMIC CONTRIBUTION President Bola Ahmed Tinubu has described the Dangote Petroleum Refinery and Petrochemicals complex as a defining industrial project of Nigeria’s modern era, citing it as a symbol of private-sector-led transformation and a cornerstone of national economic renewal. The President made the remarks during a tour of the facility at the weekend, which also …

HOW ABA IS REGAINING ITS CHARM AS COMMERCIAL HUB OF ABIA STATE How Aba is regaining its charm as commercial hub of Abia State For years, Aba, the popular Enyimba city and commercial hub of Abia State, lost its glory. Businesses fled as flood took over everywhere. Transport system collapsed, as there were no motorable roads. Wholesale buyers of Aba-made …

DISCOs RAISE BILLS 107% DESPITE POOR POWER Electricity distribution companies recorded a shortfall of over N202bn in their revenue collections for the first quarter of 2025, despite a rise in electricity billing across the country, an analysis of official industry data by The PUNCH has shown. This was as data revealed that electricity billing by distribution companies increased by 106.68 …

FG HIKES DRIVER’S LICENSE, PLATE NUMBER PRICES The Joint Tax Board (JTB) has approved a new price structure for driver’s licenses and number plates in Nigeria, set to take effect tomorrow, June 8, 2025. The announcement, made earlier today, introduces significant increases in the cost of obtaining these essential documents, impacting millions of motorists and tricycle operators across the country. …

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 …