Author: Ogochukwu Ndubuisi

NNPC Posts N905bn June Profit, Remits N6.96tn in 5 Months to FG The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it has remitted N6.96 trillion to the Federation Account within the first five months of 2025. The NNPC Monthly Report Summary for June, released on Monday, revealed that it posted a Profit After Tax (PAT) of N905 billion for June 2025, marking a decline from the N1.054 trillion reported in May. In spite of the drop in monthly profit, it confirmed a total statutory remittance of N6.961 trillion to the federation account from January to May 2025, up from…

FG to Achieve $1trn Economy by 2030 The Federal Government has demonstrated its commitment toward achieving one trillion dollars economy by 2030 through domestic investment summit to actualise 8-point Renewed Hope Agenda. Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, said this at a Domestic Investment Summit, in Abuja on Monday. The theme of the summit was tagged, “Operationalisating Nigeria First Policy.’’ Oduwole said the ministry was accelerating economic diversification through targeted reforms in industrialisation, digitisation and creative economy, manufacturing and innovation. She said President Bola Tinubu had set a bold target to achieve a one trillion dollars economy…

Air Peace Expands Global Reach with New Abuja-London Flights Air Peace, Nigeria’s leading carrier, is set to revolutionize air travel between Nigeria and the United Kingdom with the launch of direct flights from Abuja to London’s Heathrow and Gatwick airports. Starting October 26, 2025, the airline will operate these flights using its wide-body Boeing 777 aircraft, offering passengers maximum flexibility and seamless travel options. This development marks a significant milestone for Air Peace, making it the first Nigerian carrier to offer direct services from Abuja to both of London’s major international airports. The airline’s innovative connectivity model allows travelers from…

Jagir Baxi Appointed ExxonMobil Nigeria Chairman/Managing Director ExxonMobil has appointed Jagir Baxi as the new Chairman and Managing Director of its Nigerian operations, succeeding Shane Harris who will transition to the company’s global headquarters in Houston. Baxi brings extensive experience and proven leadership to his new role, overseeing ExxonMobil’s business in Nigeria, including Esso Exploration and Production Nigeria Limited and Esso Exploration and Production Nigeria (Offshore East) Limited. Baxi expressed his commitment to sustaining and growing the strong collaborative relationships built with the Nigerian government, NNPCL, venture partners, contractors, and local communities. He highlighted Nigeria’s significant offshore deepwater growth potential…

Fidelity Bank to Empower 100 Nigeria SMEs with Digital Tools Fidelity Bank is set to empower entrepreneurs across the country with cutting-edge digital tools to streamline operations, boost productivity and drive sustainable growth. A statement by the bank on Monday said the initiative was part of its commitment to digitally transform Nigeria’s small and medium-scale enterprises (SMEs). Through the Fidelity SME Empowerment Program (FSEP), the bank will equip 100 growth-ready entrepreneurs with a comprehensive digital toolkit. The toolkits includes: a POS desktop system, access to ERPRev software, receipt printer and barcode scanner. Others include inventory and management tools; business training…

No Court Order on Sen.Natasha Akpoti-Uduaghan’s Recall – Senate Senate has for the umpteenth time said that there was no subsisting court order mandating it to recall Sen. Natasha Akpoti-Uduaghan before the expiration of her suspension. Sen. Yemi Adaramodu Chairman, Senate Committee on Media and Public Affairs said this in a statement on Sunday in Abuja. Adaramodu said the clarification became necessary following circulating claims by the suspended senator that she intends to resume at the Senate on Tuesday. He said the suspended senator hinged her resolved to resume based on the misinterpretation of recent judgment delivered by Justice Binta…

Tax Reform: C’River Sets N10bn Monthly Revenue Target The Cross River State Internal Revenue Service (CRIRS) has disclosed plans to scale up the state’s monthly revenue generation to N10 billion. Mr Edwin Okon, the Chairman, CRIRS, said at a two-day Half-year Review Session in Calabar on Friday that the plan would take effect from January 2026. Okon said that the agency would leverage newly assented federal tax laws to achieve the target. He said that CRIRS had already recorded significant progress, with a 39.7 per cent increase in revenue compared to the same period in 2024. “Between January and June…

Disease Outbreaks: NCDC Calls for Urgent Measures The Nigeria Centre for Disease Control and Prevention (NCDC) has raised alarm over a convergence of multiple infectious disease outbreaks currently affecting the country, and urged for urgent measures. The NCDC disclosed this via its official website on Friday morning, warning of significant public health risks if urgent measures are not taken. It said the country was experiencing a surge in cholera infections, while yellow fever and dengue fever cases have begun to emerge in several states. The Public Health agency said that these developments come as the nation continues to grapple with…

Senate Approves Trump’s Request to Cancel $9.4bn Foreign Aid The U.S. Senate has approved the White House’s request to cancel 9.4 billion dollars in federal spending on foreign aid and the NPR and PBS broadcasters. The late Wednesday vote of 51-48 sent the bill to the House of Representatives, which is expected to give its final approval by July 18, CNN reported. If passed, the draft law would go to President Donald Trump for a signature. In early June, House Speaker Mike Johnson announced that the White House had sent a request to Congress to cancel 9.4 billion dollars in…

Money Market Rates Mixed, Liquidity Deficit Moderates The short-term benchmark interest remained high due to a liquidity deficit in the financial system. According to data from the FMDQ, interbank rates remained high at 32.5% due to subsisting liquidity pressures in the money market due to the absence of significant inflows. The Overnight Policy Rate (OPR) increased by 8 bps to 32.25%, while the overnight lending rate dropped by 9 bps to 32.58%, AIICO Capital Limited confirmed in a note. The money market rates are expected to remain elevated as there will be no major inflow that will upturn negative liquidity…