Author: Ogochukwu Ndubuisi

FCTA Seals FIRS, Access Bank, Others over Unpaid Ground Rent The Federal Capital Administration (FCTA) on Monday sealed the premises of the Federal Internal Revenue Service (FIRS), Access Bank, and Total Energy in Wuse over unpaid ground rent. The Director of Land, FCTA, Chijoke Nwankwoeze, explained during the exercise that the properties have reverted to the FCTA. Nwankwoeze said that the exercise marks the commencement of taking possession of more than 4,794 revoked properties by the FCTA. He explained that the FIRS building, located in Wuse Zone 5, owed the FCTA ground rent for 25 years. Nwankwoeze added that the…

FG Moves to Deepen Lekki Channel Beyond 16.5 Meters The Federal Government has approved maintenance dredging of the $1.5 billion Lekki Deep Seaport channel from 16.5 metres to 17 metres, targeting 19 metres eventually. Managing Director of Nigerian Ports Authority (NPA), Abubakar Dantsoho, disclosed this in a statement on Sunday by Mr Okechukwu Onyemekara, General Manager, Communication and Strategy, after a weekend visit. Dantsoho encouraged the Lekki Port management to strengthen transshipment operations to support neighbouring landlocked countries. He said the increase in cargo throughput at the port was highly encouraging and showed great potential for further growth. Lekki’s ability…

Nigerian Listed Companies paid N1.1trn Dividends in 2024 – SEC The Securities and Exchange Commission (SEC) says listed companies on the Nigerian Exchange Ltd. (NGX) declared N1.1 trillion in dividends to shareholders in 2024. The Director-General of SEC, Dr Emomotimi Agama, disclosed this in a statement on Sunday. Agama said that N1 trillion had already been paid to shareholders out of the N1.1 trillion declared. According to him, this reflects improved market confidence and investor returns. He said that the commission, between January and December 2024, had approved a total of N3.68 trillion in new issues. “This comprised N59.82 billion…

INEC Creates AI Division to Harness Elections The Independent National Electoral Commission (INEC) has approved the creation of an Artificial Intelligence (AI) Division under its Information and Communication Technology (ICT) Department. The commission disclosed this in a statement by Mr Sam Olumekun, the National Commissioner and Chairman, Information and Voter Education Committee, in Abuja. Olumekun said that the division was to allow the commission to continue to harness the positive aspects of AI and mitigate its negative impact on elections. He said that the commission at its regular weekly meeting, among other issues, considered the increasing relevance of AI to…

FG Begins Repairs on Lagos-Ibadan Bridges The Federal Controller of Works in Lagos, Mrs Olukorede Kesha, says the Federal Government will soon begin palliative repairs on failing expansion joints along key bridges. She listed Kara, Arepo, and Magboro bridges on the Lagos-Ibadan Expressway as critical points where urgent interventions are planned. Kesha spoke to journalists on Saturday while responding to a recent crash involving an 18-seater commercial bus at Arepo bus stop on Friday. Several passengers sustained serious injuries in the incident According to Kesha, the accident resulted from a structural failure at one of the expansion joints. She expressed…

NNPC Ltd Plans PH Refinery Maintenance Shutdown The Nigerian National Petroleum Company Limited (NNPC Ltd.) says the Port Harcourt Refining Company (PHRC) will undergo a maintenance shutdown. Mr Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., said in a statement on Saturday that scheduled maintenance and sustainability assessment would commence on May 24, 2025. Soneye said the company was working assiduously with relevant stakeholders to ensure efficient maintenance. “We are working closely with all relevant stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), to ensure the maintenance and assessment activities are carried out efficiently and transparently. “NNPC…

Jaiz Bank Fluctuates as Audited Earnings Release Lingers Jaiz Bank Plc market value closed at about N145 billion in the equities market, according to trading details obtained from the Nigerian Exchange. The Nigerian domicile Islamic lender has been tagged for missing appropriate regulatory filling to keep investors, shareholders informed about earnings and related information. The non-interest bank board of directors had met in March 14 to consider 2024 audited financial statement, according to document reviewed by MarketForces Africa, without mentioning dividend payable to shareholders. Excluding Islamic Development, Jaiz Bank Plc has six influential shareholders with combined interest climbed to 74.82%…

Equities Investors’ Portfolio Value Rises as UBA Lists Shares The Nigerian Exchange (NGX) equities portfolio value rose on Friday as UBA listed additional shares from its recent capital raise offers. The stock market ended the week on Friday with mixed performances. Specifically, the market capitalisation rose by 0.19 per cent, with a gain of N130 billion to close at N68.751 trillion from N68.621 trillion recorded on Thursday. This uptrend in the capitalisation was due to the United Bank for Africa’s additional shares listing on NGX. However, the All-Share Index dropped by 0.14 per cent or 154.40 points to close at…

Aviation Contributes $1.7bn to Nigeria’s GDP – FAAN The Federal Airports Authority of Nigeria (FAAN) on Friday said that aviation now contributes 1.7 billion dollars to Nigeria’s Gross Domestic Products (GDP). The Managing Director of FAAN, Mrs Olubunmi Kuku, said that the huge contribution was a testament to the efficacy of market-driven solutions in Nigeria’s aviation industry. Kuku made the remarks at a book launch, with the title: “100 Years of Civil Aviation in Nigeria”, authored by Mr Wole Shadare, in Lagos. She said that the milestone was achieved as a result of private sector involvement in the aviation industry.…

Dangote Group, Niger State, Partner on Agric. Business Dangote Group and the Niger State Government are fostering sectoral partnership worth billions of naira to boost commercial agriculture in Nigeria. Senior Special Adviser to the President and Chief Executive of Dangote Group, Fatima Abdurrahman, said this in a statement on Friday in Abuja. Abdurrahman spoke at the official opening of the 2025 Niger National Trade Fair in Minna. According to her, significant investment has been deployed into the company’s rice production infrastructure in the state, even as it is partnering the Government on the Niger Food initiative. She said,” The Niger…