Author: Ogochukwu Ndubuisi

FAAC: FG, States, LGs Share N1.578 trillion for March The Federation Account Allocation Committee (FAAC) shared N1.578 trillion among the Federal Government (FG) , states and the Local Government Councils (LGCs) for the month of March. A communiqué issued by Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation (OAGF), said the revenue was shared at the April meeting of FAAC in Abuja. The communiqué said that the total revenue of N1.578 trillion comprised statutory revenue of N931.325 billion, Value Added Tax (VAT) revenue of N593.750 billion, and Electronic Money Transfer Levy (EMTL) revenue…

Access Holdings Grows Profit by 3.7% in 2024 Access Holdings Plc has reported a 3.7% year-on-year profit growth for the financial year 2024, according to the group’s audited financial statement. Details from its audited report showed that profit for the year climbed to N642.217 billion, up by 3.6964% year on year from N619.324 billion in 2023. The financial services group’s net interest income grew by 82% year on year to N1.268 trillion in 2024 on the back of a high interest rate environment that pushed the value of the loan book; from N695.360 billion reported in 2023. Net fees and…

Lagos Partners REA to Boost Renewable Energy Gov. Babajide Sanwo-Olu of Lagos has reaffirmed his administration’s commitment to renewable energy, especially in electricity, to stimulate economic activities across the state. He made this known on Monday at the Roundtable Meeting on Rural Electrification and Sustainable Energy Development, held at the Oriental Hotel, Victoria Island. The event was organised by the Lagos State Ministry of Energy and Mineral Resources (MEMR). Sanwo-Olu, represented by Deputy Governor, Dr Obafemi Hamzat, said the initiative was in partnership with the Rural Electrification Agency (REA). He stated the collaboration aims to tackle the power supply issue,…

Ericsson Reports Over N9trn Sales in Q1 2025 Ericsson, a multinational telecommunications company says its reported sales in the first quarter of 2025 were 55 billion sek (N9,060 trillion), with adjusted gross income increasing to 26.7 billion sek (N4,400 trillion). In a statement on Tuesday, Ericsson said that the reported sales and gross revenue were driven by sales growth and strong gross margin expansion. The company’s President and Chief Executive Officer, Börje Ekholm, said that the first-quarter 2025 results showcased solid momentum in technology leadership and programmable networks. He noted that the company’s adjusted gross margin was 48.5 per cent…

Lagos Egg Powder Factory Begins Operations in Q4 – PAN The Poultry Association of Nigeria (PAN), Lagos State chapter, says its egg powder factory in Epe will begin operations before the end of the year. The PAN Chairman Lagos State, Mr Mojeed Iyiola, disclosed this in an interview with the News men on Tuesday in Lagos. Iyiola said the association was perfecting plans to ensure that its egg powder factory begins operations before the fourth quarter of the year to forestall further losses in the poultry sector due to egg glut. “Egg glut” refers to a situation where the supply…

FG Planning on Offsetting N4trn Debt Owed GenCos The Federal Government says plans were on the way to offset the N4 trillion debt owed the Power Generation Companies (GenCos) for electricity generated. Mr Bola Tunji, Special Adviser, Strategic Communications and Media Relations, to the Minister of Power made this known in an interview with the News men in Abuja on Tuesday. Tunji was reacting to a statement by the GenCos appealing to the Federal Government and stakeholders in the power sector to settle the more than N4 trillion debts owed them for electricity generated. According to him, the Minister of…

Minister Partners with NGO to Empower 100 Million Nigerian Women Hajiya Imaan Sulaiman-Ibrahim, Minister of Women Affairs, has partnered with the NGO Women in Philanthropy and Impact Africa (WIPIA) to explore initiatives aimed at empowering 100 million Nigerian women. Mr Jonathan Eze, Special Adviser on Media & Publicity to the Minister, made this known in a statement, following a high-level strategic brunch in Lagos organised by WIPIA in honour of the minister. According to the minister, the brunch was designed as an intimate yet catalytic engagement focused on accountability, connection, and collective action. “The gathering convened private sector leaders, philanthropists,…

FG, French Coy Sign MoU on Cybersecurity Resilience, Academy The National Information Technology Development Agency (NITDA) has signed a Memorandum of Understanding (MoU) with SecDojo, a French-based cybersecurity training and upskilling company to build cybersecurity resilience and an academy. Mrs Hadiza Umar, Head, Corporate Affairs and External Relations of NITDA said this in a statement on Tuesday in Abuja. Umar said the Director-General of NITDA, Malam Kashifu Inuwa, signed the MoU with Mr Younes Benzagmout, Chief Executive Officer of SecDojo at the on-going Gulf International Technology and Exhibition (GITEX) Africa in Marrakech, Morocco. Umar stated that the MoU was towards…

Africa’s Gas Consumption Hits 183bn Cubic Meters– Report The Gas Exporting Countries Forum (GECF) says Africa’s natural gas consumption continued to rise, reaching 183 billion cubic meters (bcm), marking a three per cent year-on-year (y-o-y) increase. The GECF says Africa’s gas consumption is expected to grow by four per cent, fuelled by ongoing industrialisation, increased demand in the power sector, and the expansion of Liquefied Natural Gas (LNG). The forum made this known on Tuesday in its 2025 Annual Gas Market Report (AGMR) made available to the News men. The Annual Gas Market Report 2025 offers a comprehensive and insightful…

CBN Spot FX Quotes for US Dollar, South African Rand, CFA The Central Bank of Nigeria (CBN) official US dollar-to-naira exchange rate lost about 5% in two weeks, according to data obtained from the authority. The Nigerian Foreign Exchange Market (NFEM) rate closed at N1,604.4809 per US dollar at the beginning of the week. The spot rate reached its intraday high of N1,630 and N1,593 as the lowest before closing that day at N1,599 per dollar.  At the beginning of the month, the NFEM rate was priced at N1531, with N1535 as its intraday highest rate. Analysts noted confusion about…