Author: Ogochukwu Ndubuisi

EFCC Arraigns 3 for Alleged N12bn Oil Theft The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned a vessel, MT Ostria, and three men before an Ikeja Special Offences Court over alleged N12 billion oil theft. The defendants are Raymundo Panaligam and Roneno Villarin, both officials of the vessel, and Vincent Wayas, a staff member of GMO, representing NNPC Retail Ltd. They were arraigned on a four-count charge bordering on conspiracy to commit felony and stealing over 13 million litres of Premium Motor Spirit (PMS). EFCC Counsel, Mrs Bilikisu Buhari, told the court that the defendants, in January 2024,…

Nestlé Nigeria Posts N72.5bn Profit After Tax in Nine Months Nestlé Nigeria Plc has recorded a profit after tax of N72.5 billion for the nine-month period ended Sept. 30, 2025. According to the statement by the company on Wednesday, this marks a strong rebound from a loss of N184.3 billion in the same period of 2024. The report revealed that profit before tax stood at N127.9 billion, compared to a loss of N255.4 billion recorded in the corresponding period in the previous year. Revenue grew by 33 per cent to N884.5 billion from N665.4 billion in 2024, while operating profit…

Lawmaker Seeks Financial, Operational Autonomy for Africa’s Audit Institutions The Chairman, House of Representatives Committee on Public Accounts, Rep. Bamidele Salam on Tuesday, canvased for financial and operational autonomy for Supreme Audit Institutions (SAIs) across Africa. Salam made the call the 17th Annual Conference and 21st General Meeting of the Southern African Organisation of Public Accounts Committees (SAOPAC) in the Kingdom of Lesotho. The SAOPAC conference brings together Public Accounts Committees from Southern and other African countries to strengthen parliamentary oversight and promote best practices in public financial management. Salam who led a delegation of Nigerian lawmakers to the conference,…

NUPRC Seeks Bank of America Funding for Nigeria’s Upstream Sector The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has urged the Bank of America to prioritise Nigeria’s upstream oil and gas sector in its investment portfolio to attract funding and boost oil production. The Commission Chief Executive, Mr Gbenga Komolafe, made the call during a meeting with Mr Chuba Ezenwa, Managing Director and Head of Investment Banking, Sub-Saharan Africa, Bank of America in Abuja. Mr Eniola Akinkuotu, Head of Media and Strategic Communications, NUPRC, communicated this in a statement on Tuesday. Komolafe said the engagement was in line with Section 6(h)…

Daily FX Rate: Naira Rises to N1,448/$ in Official Market The naira rose against the dollar in the Nigerian Foreign Exchange Market (NFEM) on the back of strong US dollar liquidity in the currency market. On Tuesday, the Central Bank reported that the official spot FX rate appreciated 67 basis points (bps) to close at ₦1,448.2050/$ compared with the previous position.  The exchange rate settled at ₦1,448 per US dollar after trading within a range of ₦1,445.00/$ and ₦1,456.00/$ during the session.  Updated FX data revealed that external reserves remained unchanged amidst the plan to take on additional external borrowing. …

PenCom, ICPC, MoU to Recover Unremitted Pension, Enforce Compliance The Director-General (D-G) of National Pension Commission (PenCom), Mrs Omolola Oloworaran, said the Memorandum of Understanding (MoU) it entered with ICPC would help recover unremitted pension contributions and enforce pension compliance. Oloworaran said this during the signing of the MoU between the PenCom and Independent Corrupt Practices and other Related Offences Commission (ICPC), in Abuja on Tuesday. She said that the MoU is to ensure prompt disbursement of recovered funds into Retirement Savings Accounts (RSA) and hold defaulting employers accountable under the law. “To ensure efficiency, both institutions have designated focal…

Bassey Otu Unveils ₦780.6bn ‘Inclusive Growth’ Budget for 2026 Gov. Bassey Otu of Cross River, on Tuesday, presented a ₦780.6 billion budget christened, “Budget of Inclusive Growth,” for the 2026 fiscal year to the State House of Assembly. Otu said the proposal consolidated the gains of his administration’s “People First philosophy” and reflected a renewed commitment to the development and prosperity of the state. He explained that the 2026 fiscal plan followed wide consultations with civil society, private sector players, and the general public, adding that the ₦780.6 billion budget represented a 17 per cent rise from 2025, According to…

FG Secures N700bn to Deploy 1.1m Meters – Minister Minister of Power, Adebayo Adelabu, says the Federal Government has secured about N700 billion from the Federation Account Allocation Committee (FAAC) to deploy 1.1 million meters nationwide by the end of 2025. Adelabu said the government would thereafter roll out two million meters annually over the next five years under the Presidential Metering Initiative (PMI). He disclosed this on Tuesday in Lagos at the 2025 Nigerian Energy Forum (NEF), with the theme “Powering Nigeria through Investment, Innovation, and Partnership”. According to him, the initiative aims to close Nigeria’s metering gap, improve…

MAN Forecasts Stronger Naira, Lower Inflation, 4% GDP Growth Manufacturers Association of Nigeria (MAN) has projected further strengthening of the naira, sustained inflation decline and improved access to credit in 2026. It also foresees an overall Gross Domestic Product (GDP) growth of 4 per cent. Dr Oluwasegun Osidipe, Director, Research and Economic Policy Division, MAN, made the projections on Tuesday in Lagos at a news conference on the 2025 MAN Think Tank Session. He hinged the outlook on favourable oil prices, rising foreign investments, stable energy costs, and the effective implementation of key industrial and fiscal policies. Osidipe stated that…

NUGA: 10,000 Athletes from 22 Universities to Participate – VC Prof. Tanko Ishaya, the Vice Chancellor of the University of Jos, said no fewer than 10,000 athletes from 22 universities would be participating in the forthcoming National Universities Games Association (NUGA) in Jos. Ishaya disclosed this during a road walk on Tuesday in Jos, organised to create awareness on the forthcoming NUGA games. The 27th edition of the NUGA games to be hosted by the university, is slated for Nov. 6 to Nov. 16. The vice chancellor, who said that the athletes would be competing in various games, promised to…