By OBIOMA TORI THE Federal Government has revoked 1,263 mineral licences for default in payment of annual service fees. Minister of Solid Minerals Development, Dr. Dele Alake, approved the revocation on the recommendation of the Mining Cadastre Office (MCO). The licences revoked include 584 exploration licences, 65 mining leases, 144 quarry licences, and 470 small-scale […]
By OBIOMA TORI EQUITIES trading on the Nigerian Exchange (NGX) slumped by 49.95% to ₦908.38 billion in August 2025, down from ₦1.815 trillion in July, according to the latest report. Domestic investors accounted for 62% of transactions but fell sharply by 55.87% to ₦736.57 billion due to the absence of July’s large block trades. Retail […]
By OBIOMA TORI THE Naira closed the week stronger on Friday, appreciating by 0.7% to ₦1,487.89/$1 at the official market, according to Central Bank of Nigeria (CBN) data. The currency gained ₦11.08 from Thursday’s ₦1,498.97/$1, marking a bullish finish after mixed performances earlier in the week. It had opened with gains on Monday but saw […]
By FRED LONGJOHN OBEH NIGERIA’S Minister of Marine and Blue Economy, Adegboyega Oyetola, has urged global investors to seize opportunities in Nigeria’s maritime sector, describing it as a gateway to Africa’s economic growth. Speaking at the London International Shipping Week (LISW) 2025, Oyetola—represented by NIMASA DG Dr. Dayo Mobereola—highlighted Nigeria’s reforms in port modernisation, maritime […]
By OBI DAVIES NIGERIA’S banking sector is grappling with a major shake-up as the country’s fuel imports fall sharply, wiping out a significant source of profit for lenders that have long dominated petroleum trade financing. Fresh data from the National Bureau of Statistics (NBS) show that mineral fuel imports plunged to ₦4.4 trillion in the […]
By OBIOMA TORI THE Federation Account Allocation Committee (FAAC) has announced that the Federal Government, states, and local government councils shared a total of ₦2.23 trillion as federation revenue for the month of August. According to a communiqué issued after FAAC’s meeting on Wednesday, the gross revenue for August stood at ₦3.63 trillion. From this, […]
By FIDELUS ZWANSON THE Sea Empowerment and Research Centre (SEREC) has welcomed the suspension of the four per cent Fee on Board (FOB) levy on imports, saying it will help ease inflationary pressures and protect consumers from higher costs. In a statement on Thursday, SEREC’s Head of Research, Eugene Nweke, said the decision reflects government […]
By NINI NDUONOFIT-AKOH STAKEHOLDERS in Nigeria’s business community have called for stronger collaboration between government and the private sector to ensure smooth implementation of the Nigeria Tax Reform Act 2025. Speaking at the Lagos Chamber of Commerce and Industry (LCCI) Stakeholders’ Forum on Emerging Tax Matters, Dr. Ayodele Subair, Chairman of the Lagos State Internal […]
By OBIOMA TORI THE Nigerian Airspace Management Agency (NAMA) has urged the Federal Government to approve an upward review of the ₦11,000 fee charged airlines per flight, describing the rate as outdated and unsustainable. Director-General of NAMA, Farouk Umar, made the appeal during a retreat organised for members of the House of Representatives Committee on […]
By FIDELUS ZWANSON WHEN Africa’s richest man, Aliko Dangote, speaks on industry, people listen. But his blunt dismissal of Nigeria’s decades-old Ajaokuta Steel Company as a “lost cause” has stirred fresh debate about the country’s industrial future. In a video shared on TVC’s X handle, Dangote said steel remains the backbone of any nation’s development […]