Author: Ogochukwu Ndubuisi

Kano Govt. Recovers N28m in Salary Anomaly The Kano State Government has uncovered an anomaly in the March 2025 salary payroll, revealing that 247 individuals who have either retired or passed away were still receiving salaries. The fraudulent payments amounted to ₦27,824,395.40. This is contained in a statement issued by the Information Officer, Secretary to the State Government, Musa Tanko in Kano on Saturday. He said that the irregularity was discovered during a validation exercise conducted by the Pay Parade Committee. Tanko said that the amount was promptly recovered and returned to the Local Government Treasury. He added, “The government…

FG to Inaugurate NAPM for Food Price Stability The Federal Government says it will inaugurate the National Agribusiness Policy Mechanism (NAPM) to strengthen agricultural productivity and stabilise food prices. Vice-President Kashim Shettima disclosed this on Friday during a meeting of the Presidential Food Systems Coordinating Unit (PFSCU) Steering Committee at the Presidential Villa,Shettima said the initiative will align with agricultural efforts across all government tiers through real-time data analytics. “The Green Imperative Project (GIP) is an idea whose time has come. It has been in the incubation period for several years, and now it is coming to fruition; we have…

IMF Wants Nigeria to Broaden Tax Revenue Base The International Monetary Fund (IMF) has urged Nigeria to broaden its tax revenue base in order to strengthen its fiscal policy. IMF Managing Director, Kristalina Georgieva, stated this at a news conference in Washington D.C. on the sidelines of the 2025 IMF Spring Meeting. In achieving this, Georgieva said Nigeria, like other African nations should deploy technology and reduce tax evasion. According to her, the falling oil prices has created additional pressure on the budgets of oil producers like Nigeria, On monetary policy, the IMF boss tasked African countries to tackle corruption,…

NGX lists Nigeria’s First Telecom Company, Legend Internet Plc The Nigerian Exchange Ltd. (NGX) on Thursday listed Legend Internet Plc, a Nigerian telecommunications company. Legend’s N2 billion ordinary shares, with a par value of 50 kobo each, were listed at N5.64 per share. The Chairman of NGX Group, Dr Umaru Kwairanga, who welcomed Legend’s board and management, commended the company for its successful listing on the Exchange. He highlighted that listing signifies an elevated commitment to corporate governance and provides opportunities to leverage the Exchange’s diverse asset classes for capital raising. He stated, “As we celebrate this listing, with many…

How Tax reforms Bill will Make Housing Affordable – Presidency The Presidency says the Tax Reforms Bill, when passed, will make housing more affordable and available to Nigerians by reducing tax burden on the construction and real estate sectors The Chairman of the Presidential Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, made this known in Abuja on Thursday at a Building and Construction Industry Forum. The forum was organised by the Council of Registered Builders of Nigeria (CORBON) and Housing Development Advocacy Network (HDAN). Speaking on the theme “Nigeria’s Tax Reforms and the Building and Construction Industry: Implications and…

Oil Prices Increase, OPEC+ Faces Compliance Risks In the global commodity market, prices of crude oil increased over renewed optimism surrounding trade talks between the US and China, of which Beijing has denied in totality. The oil gains were capped by expectation of increase output by the members of the Organisation of Petroleum Exporting Countries and allies. The group is set to meet May 5, to agree on members’ quota, though risk on compliance has increased –with members prioritising national interest over quota. The market is also expecting Russia-Ukraine ceasefire plan to scale through, helping to stem potential increase in…

Intel Unveils Cost-Cutting Measures Amidst Flat Q1 Revenue Intel, a multinational technology company has reported flat first quarter (Q1) revenue, prompting the company to unveil a series of cost-cutting measures aimed at enhancing operational efficiency and driving sustainable growth. Intel said this in its 2025 first quarter (Q1) report released on Thursday night. In the report, Intel announced first quarter revenue of $12.7 billion (N20.44 trn), unchanged from the same period last year. The company reported a net loss per share of $(0.19), while non-GAAP (generally accepted accounting principles) earnings per share stood at 0.13. In the report, Intel’s Chief…

NEC Approves Establishment of Cotton, Textile, Garment Devt. Board The National Economic Council (NEC) has approved the establishment of Cotton, Textile and Garment Development Board. Gov. Hope Uzodinma of Imo said this while briefing State House Correspondents at the end of the 149th NEC meeting chaired by the Vice-President Kashim Shettima, on Thursday at Presidential Villa, Abuja. He explained that in order to make the board function effectively, the council approved a proposal for Public-Private Partnership. Uzodinma stated that the Chairman of the board would be selected from the private sector, adding that the Board would be funded from import…

China Denies Tariff Talks with U.S. China on Thursday denied any suggestion on negotiations with the administration of U.S. President Donald Trump over tariffs. According to Trump, any notion of progress in the matter was as groundless as trying to catch the wind. China’s comments come after Trump had earlier on Tuesday said that things were going on fine with China and that the final tariff rate on Chinese exports would come down substantially from the current 145 per cent. Guo Jiakun, a spokesman for China’s Foreign Ministry, said during a briefing that, “for all I know, China and the…

MTN, Dangote Drive Intraday Rally in Equities Market MTN Nigeria Plc, Dangote Sugar Refinery, and some banking stocks are currently driving momentum in the equities market, trading data released by stockbrokers revealed. Top banking names, including Zenith, Access Holdings Plc, and GTCO, are trading in green during the midday session on the Nigerian Exchange trading platform. This has pushed the market index, or the All-Share Index, higher, suggesting the local bourse would likely close green in the absence of sell pressure. This positive trend in the domestic bourse is getting support from cement and oil stocks, including rallies in other…