Author: Ogochukwu Ndubuisi

FRC Amendment Act 2023: FG Suspends Implementation The Federal Government of Nigeria has suspended the implementation of the Financial Reporting Council (FRC) Amendment Act 2023, following extensive consultations with major industry bodies. Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, disclosed that the decision was made after stakeholders raised concerns about the Act’s potential impact on the private sector. The controversy surrounding the Act stems from its reclassification of large private companies as Public Interest Entities (PIEs), subjecting them to annual dues ranging from 0.02% to 0.05% of their turnover without a cap. In contrast, publicly listed companies have…

UBA, BUA Foods Drive Intraday Rally in Stock Market Buying interest in UBA, BUA Foods, Access Holdings are pushing the Nigerian Exchange (NGX) key performance indicators higher during intraday trading session on Monday. The Nigerian Exchange (NGX) market capitalisation expended by N1.43 trillion net gain last week on mix of bulls and bear traders display. BUA Foods Plc has climbed while First Holdco started a new uptrend. Access Holdings has popped higher during intraday trading and Dangote Sugar Plc is uptrend with support from International Breweries, Transcorp and Oando. At mid-day, the NGX All Share Index posted a gain of…

Green Energy International Launches Operation at Nigerian Onshore Terminal Green Energy International has started operations at its Otakikpo onshore terminal near Port Harcourt, Nigeria, marking a significant milestone in the country’s energy sector. The terminal, which is the first indigenous onshore terminal constructed in Nigeria in over five decades, received its maiden cargo via a vessel chartered by Shell in June 2025. The Otakikpo terminal has a storage capacity of 750,000 barrels, with plans to increase it to three million barrels, and is expected to play a crucial role in processing crude from marginal fields. This development supports Nigeria’s goal…

FG to Launch Boat Manufacturing, Phase Out Rickety Vessels –Shippers Council The Federal Government says plans are ongoing to begin manufacturing of boats in the country in a bid to phase out rickety vessels and curb incidence of boat mishaps. Mr Pius Akutah, the Executive Secretary of the Nigeria Shippers Council (NSC) said this in an interview with the News men in Abuja. Akutah said that the Ministry of Marine and Blue Economy and the Nigerian Inland Waterways Authority (NIWA) were working tirelessly to minimise the level of accidents on the inland waterways. According to him, the minister is looking…

G7 Reaches Deal to Exempt US Multinationals from Global Minimum Tax The Group of Seven (G7) nations has agreed to exempt US multinational companies from a global minimum tax imposed by other countries. This win for President Donald Trump’s government allows US companies to benefit from a “side-by-side” solution, where they’ll only be taxed at home on both domestic and foreign profits According to the G7 statement, the agreement acknowledges existing US minimum tax regulations and seeks to enhance stability in the international tax framework. US Treasury Secretary Scott Bessent signaled Thursday that a deal was forthcoming among G7 nations,…

GTBank to Close Branches Early for Half-Year Audit on Monday Guaranty Trust Bank (GTBank) Ltd. has announced that all its branches across Nigeria will close earlier than usual on Monday, June 30. The bank made this known in a customer email sent on Saturday, informing clients of the temporary change in operation hours. According to the message, the early closure is to allow for the bank’s scheduled half-year audit activities. The statement read, “Please be informed that our branches nationwide will close to customers early on Monday, June 30, 2025 for our half-year audit.” It also specified different closure times…

Dangote Refinery to Debut on Stock Market by 2026 Aliko Dangote, President of Dangote Group, has announced plans to list his $20 billion oil refinery on the Nigerian Stock Exchange by the end of 2026. The refinery, located outside Lagos, is Africa’s largest and can process 650,000 barrels of crude oil per day, producing aviation fuel, naphtha, diesel, and gasoline. The decision to list the refinery aims to broaden the company’s investor base and counter concerns about monopolistic dominance in Nigeria’s energy sector. Dangote said, “It’s important to list the refinery so that people will not be calling us a…

Trump Warns of Further Action: “We’ll Bomb Iran Again Without Question” Donald Trump has warned Iran that the US would bomb the country “without question” if it doesn’t agree to a new nuclear deal. Trump’s statement comes after Iran rejected direct negotiations with the US, although Iranian President Masoud Pezeshkian has left the door open for indirect talks. Trump’s threat is part of his administration’s efforts to pressure Iran into negotiating a new nuclear agreement. The US had withdrawn from the 2015 Joint Comprehensive Plan of Action (JCPOA) during Trump’s first term, reimposing sanctions that severely impacted Iran’s economy. Iran…

Ecobank Nigeria Launches New Premier Branch in Victoria Island, Lagos Ecobank Nigeria has announced the opening of a new branch dedicated solely to Premier Banking clients. This branch located No 25. Akin Adesola Street in Victoria Island is dedicated to serving high-net-worth individuals, providing personalized world-class banking services and amenities. This location offers a bouquet of carefully curated premium banking services enjoyed in the comfort of an exclusive VIP Lounge staffed with dedicated team of relationship managers and supported by a 24X7 contact centre. Announcing this in Lagos, Adeola Ogunyemi, Head, Distribution Channels/Sales, Consumer & Commercial Banking at Ecobank said…

Ganduje Resigns as APC National Chairman The All Progressives Congress (APC) National Chairman, Dr Abdullahi Ganduje, has resigned from his position. Ganduje turned in his resignation letter to the party’s National Working Committee (NWC), through its National Secretary, Sen. Ajibola Bashiru, on Friday. The former Kano State governor, in the letter, hinged his decision to throw in the towel on health grounds. Ganduje, who was elected as the sixth APC National Chairman on Aug. 3, 2023, said he had to step aside to enable him take care of his health. In line with the APC constitution, the Deputy National Chairman…