Author: Ogochukwu Ndubuisi

NPA Targets N1.28trn Revenue in 2025 The Nigerian Ports Authority (NPA) has set a revenue generation target of ₦1.28 trillion for 2025, representing a 40% increase from the ₦894.8 billion realised in 2024. NPA’s Managing Director, Abubakar Dantsoho, disclosed this during the 2025 budget defence session at the House of Representatives Committee on Ports and Harbours in Abuja. Dantsoho attributed the projected revenue to various sources, including ship dues (₦544.06 billion), cargo dues (₦413.06 billion), concession fees (₦249.69 billion), and administrative revenue (₦73.07 billion). He noted that the 2025 budget reflects NPA’s aspirations for a more efficient and globally competitive…

FAAN to Increase Tariffs, Scraps Cash Payments at Airports The Federal Airports Authority of Nigeria (FAAN) has announced plans to increase tariffs for all service providers across its airports. As part of its efforts to boost revenue generation, FAAN will also transition to an automated and contactless payment system, discontinuing cash payments at all payment points. According to Adebola Joy Agunbiade, Director of Commercial and Business Development at FAAN, the authority currently generates 92% of its revenue from aeronautical sources, while only 8% comes from non-aeronautical sources. She noted that this is in contrast to developed countries, which generate over…

Nigeria to Roll Out NIN-Linked Credit System for Enhanced Credit Evaluation The Nigerian government is launching a unified national credit system that links individuals’ credit scores to their National Identification Numbers (NIN). This initiative aims to promote transparency and accountability in the lending ecosystem, making it easier for financial institutions to assess creditworthiness and increasing access to loans for Nigerians. The system will enable financial institutions to access comprehensive and traceable credit profiles of customers seeking loans. Starting in July, eligible Nigerians can access up to ₦2 million in interest-free loans, in addition to other financing options at low, single-digit…

Iran-Israel War: ‘A Fire no One Can Control’, UN Warns UN Secretary-General António Guterres has warned that the ongoing violent conflict between Iran and Israel is “a fire no one can control” and risks spiralling out of control. Guterres also warned that the world stood on the edge of catastrophe as Israel’s military campaign inside Iran intensified and strikes on nuclear facilities threatened to trigger a catastrophe. The regional fallout is expanding, with missiles from Yemen’s Houthi forces targeting Israel and occupied Palestinian territory, while armed groups in Iraq are reportedly mobilising. In an address to the UN Security Council…

Iran Warns U.S. Against Involvement in Israeli Strikes, Urges Return to Diplomacy Iranian Foreign Minister Abbas Araghchi on Saturday warned that the U.S. participation in Israel’s ongoing attacks on Iran would be “very unfortunate” and “extremely dangerous for everyone.” Araghchi was speaking to reporters in Istanbul ahead of the 51st Session of the Council of Foreign Ministers of the Organization of Islamic Cooperation (OIC) in Istanbul. He said: “Diplomacy worked in the past, it can work again. But to return to it, aggression must stop.” He emphasised Iran’s readiness for peaceful negotiations. “We are absolutely ready for a negotiated solution,…

Direct Flights from Abuja to London Heathrow Begin Oct. 26 – Keyamo Mr Festus Keyamo, the Minister of Aviation and Aerospace Development, says Air Peace will begin direct flights to London Heathrow Airport from Abuja on Oct. 26. Keyamo made this known in Abuja on Sunday in a statement signed by his Special Adviser on Media and Communications, Mr Tunde Moshood. According to him, the landmark achievement follows sustained diplomatic efforts by the Federal Government to enforce reciprocity in international air travel agreements. The minister said that the breakthrough was the result of a strongly worded letter from the ministry…

Pension Remittance Defaulters to be Blacklisted from Nov. 30 – PenCom The National Pension Commission (PenCom) has warned that organisations failing to comply with pension remittance obligations will be blacklisted starting Nov. 10. The Director-General of PenCom, Ms Omolola Oloworaran, issued the warning during the commission’s second-quarter media briefing in Lagos on Wednesday. Oloworaran noted that this was to reinforce PenCom’s adoption of its zero-tolerance approach to non-compliance with the Pension Reform Act of 2014. She said, “Moving on, it is now zero tolerance for non-compliance with the pension reform act of 2014. Effective immediately, PenCom has launched an uncompromising…

Nigeria, Benin Sign Regional Integration Deal The Federal Republic of Nigeria and the Republic of Benin on Saturday signed a pact to deepen bilateral integration and serve as a model for wider cooperation within ECOWAS. The agreement was signed during the inaugural West Africa Economic Summit (WAES), held in Abuja, with Presidents Bola Tinubu Nigeria and Patrice Talon of Benin in attendance. Nigeria’s Dr Jumoke Oduwole and Amb. Bianca Odumegwu-Ojukwu signed on behalf of Nigeria, alongside Benin’s Shadiya Assouman and Shegun Bakari. President Talon described the agreement as a bold step towards genuine, practical regional integration and called for prompt…

How Africa can Fast-Track Industrial Revolution – Tinubu President Bola Tinubu says Africa’s industrial revolution can only be fast-tracked by creating a smart value-chain for the region’s abundant natural resources. The President stated this in his remarks at the inaugural West Africa Economic Summit (WAES) on Saturday in Abuja. “Let us recognise that Africa was left behind in previous industrial revolutions. “We cannot afford to miss the next one. Our rare minerals power tomorrow’s green technologies—yet it is not enough to be resource-rich. “We must become value-chain smart and invest in local processing and regional manufacturing. ‘The era of ‘pit…

Investors Increase Bets on Nigerian Stocks By 126% Stock market investors traded 3.566 billion shares worth N115.403 billion in 99,960 transactions on the floor of the Exchange this week. This is 126.2 per cent compared to 2.057 billion shares valued at N51.015 billion that exchanged hands last week in 65,016 deals. Consequently, the value of transactions traded by investors on the Exchange soared by 126.2 per cent. The Financial Services Industry led the activity chart with 2.166 billion shares valued at N62.046 billion traded in 45,851 transactions. This contributed 60.73 per cent and 53.76 per cent to the total equity…