The National Economic Council (NEC) has announced plans to begin a nationwide crackdown on illegal gold miners and mineral smugglers, as part of renewed efforts to safeguard Nigeria’s natural wealth and plug massive revenue leakages. The move comes after the Council expanded the mandate of its Ad-hoc Committee on Crude Oil Theft Prevention and Control,…
The International Monetary Fund (IMF) has revealed that Nigeria is not among Africa’s fastest-growing economies, with countries such as Benin Republic, Côte d’Ivoire, Ethiopia, Rwanda, and Uganda taking the lead in the continent’s growth trajectory. According to the IMF, these five countries are now ranked among the world’s fastest-expanding economies, supported by consistent policy reforms,…
The naira strengthened further at the official foreign exchange market last week, gaining 0.72 per cent (₦10.5) to close at ₦1,455.17/$ its highest level since December 2024, according to data from the Central Bank of Nigeria (CBN). Analysts attributed the currency’s positive performance to robust foreign exchange inflows, particularly from portfolio investors and diaspora remittances….
The Central Bank of Nigeria’s (CBN) new operational guidelines on agent banking may force about 40 per cent of Point-of-Sale (PoS) operators out of business, according to the Association of Mobile Money and Bank Agents of Nigeria (AMMBAN). The apex bank recently released a revised framework capping daily cumulative transactions per PoS agent at ₦1.2…
The National Emergency Management Agency (NEMA) has confirmed that at least 232 people have died and 121,224 others displaced by floods across Nigeria as of September 20, 2025. According to NEMA’s flood dashboard, 339,658 people recorded losses, 681 sustained injuries, while 115 were reported missing. The disaster also damaged 42,301 houses and destroyed about 48,447…
The Federal Government has dismissed reports suggesting that the Ajaokuta Steel Company Limited (ASCL) is in poor shape, insisting the plant remains in robust condition. In a statement yesterday, the Ministry of Steel Development, through its spokesperson, Salamatu Jibaniya, said the government is committed to reviving the steel sector, with a comprehensive technical and financial…
The Federal Government has announced plans to reduce road accidents nationwide through mandatory training and certification programmes for trailer and tanker drivers. Minister of Transportation, Alhaji Saidu Alkali, disclosed this on Thursday in Abuja while receiving a committee set up to address critical road safety issues. Represented by Alhaji Musa Ibrahim, Director overseeing the Office…
Some fuel importers have accused the Dangote Refinery of selling petrol to international traders at prices lower than what it offers to Nigerian marketers. The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) and the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) confirmed the allegation, claiming that Dangote’s petrol was sold in…
The Federal Inland Revenue Service (FIRS) has clarified that Nigerians will not be required to obtain a separate Tax Identification Number (TIN) before owning or operating bank accounts. Arabinrin Aderonke Atoyebi, Technical Assistant on Broadcast Media to FIRS Chairman Zacch Adedeji, explained that the new framework integrates seamlessly with existing registries such as the National…
The Naira weakened against the US dollar at the official foreign exchange market on Thursday, marking its first depreciation since August 20, 2025. Data from the Central Bank of Nigeria showed that the currency closed at N1,502.13 per dollar, down from N1,500.92 recorded on Wednesday, a daily loss of N1.21. At the parallel market, however,…
