Author: Ogochukwu Ndubuisi

Nigeria Revenue Service Backs Unified Crypto Framework The Nigeria Revenue Service (NRS) says financial regulators are not opposed to cryptocurrencies but are collaborating to establish a unified framework supporting digital asset growth. This is contained in a statement on Monday by Mr Oni Olushola, NRS Deputy Director and Tax Controller, Non-Resident Persons Tax Office, following the second Nigeria Stablecoin Summit in Lagos. The summit, organised by the Africa Stablecoin Network, brought together policymakers, fintech operators and industry experts to examine virtual assets and cross-border payments. Olushola said the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), NRS and…

NUPRC Seeks Deeper Industry Collaboration to Strengthen Nigeria’s Energy Future The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has urged stronger collaboration among government and industry stakeholders to build a resilient, globally competitive petroleum sector to drive Nigeria’s economic growth and energy security. Mrs Oritsemeyiwa Eyesan, Chief Executive of NUPRC, made the call at the ongoing 49th Society of Petroleum Engineers Nigeria Annual (SPE), International Conference and Exhibition (NAICE 2026) on Monday in Lagos. Eyesan, in a keynote address, said sustained dialogue and partnerships remain critical to positioning Nigeria to thrive amid the rapidly evolving global energy landscape. She described the…

NPA Expects 39 Ships in Lagos The Nigerian Ports Authority (NPA) says 39 ships carrying petroleum products, food items and other goods are expected at Lagos ports between Monday and Saturday. The authority disclosed this in its Daily Shipping Position released on Monday, outlining vessel movements across Apapa, Lekki Deep Sea Port and Tincan Island Port. According to the NPA, 11 of the incoming vessels are container ships conveying various categories of imported goods for businesses and consumers. The authority stated that the remaining 28 vessels would berth with bulk urea, petrol, crude oil, diesel and general cargoes. Other expected…

Nigeria Revenue Service Unveils Tax Guidelines for Virtual Assets The Nigeria Revenue Service (NRS) has released comprehensive guidelines for the taxation of virtual assets, providing long-awaited clarity on how cryptocurrency and other digital asset transactions will be taxed under the country’s newly enacted tax laws. The guidelines, announced in a public notice, establish an administrative framework for taxing virtual asset transactions in accordance with the provisions of the Nigeria Tax Act, 2025 and the Nigeria Tax Administration Act, 2025, as the Federal Government moves to strengthen oversight of the rapidly expanding digital economy. The framework applies to taxpayers, Virtual Asset…

NNPC Records N535bn Profit After Tax for June The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it has recorded N535 billion Profit After Tax (PAT) for June, representing a 15.8 per cent increase from the N462 billion recorded in May. This figure is contained in the company’s monthly financial and operations report for the month of June 2026, released on Friday. The report said the total revenue for the month stood at N4.389 trillion, while cumulative statutory payments to the Federation for the period January to June 2026 increased to N6.286 trillion This, it said underscored NNPC Limited’s sustained…

NAICOM Confirms 43 Insurers, Reinsurers Meet NIIRA 2025 Capital Requirements The National Insurance Commission (NAICOM) has confirmed that 43 insurance and reinsurance companies have complied with the new minimum capital requirements stipulated under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The commission made this known in a public notice on Monday in Lagos. According to the regulator, the verified companies comprise life, non-life, composite insurance firms as well as reinsurance operators that have successfully met the statutory capital requirements. The commission listed the compliant firms as Zenith General Insurance Company Ltd., Leadway Assurance Company Ltd., Custodian Life Assurance Ltd.,…

Interbank rates were mixed last week as banking system liquidity declined by approximately 21% to close at about N3 trillion.

EU Begins Wider Enforcement of AI Act From Aug. 2 The European Union (EU) said it is set to expand enforcement of its Artificial Intelligence (AI) Act from Aug. 2, introducing new transparency obligations for AI systems operating across the bloc. The European Commission on Friday said that the latest phase of implementation would require AI systems such as chatbots to inform users when they are interacting with artificial intelligence instead of a human. The new rules also require AI-generated or modified content, including deep fakes, images, videos and audio recordings, to be clearly identified through labels and machine-readable markings…

Africa May Face Strongest El Nino in Decades, AU Experts Warn Africa could experience its strongest El Nino event in decades from November, with climate experts warning of possible severe weather disruptions across the continent. The warning was issued by African Union (AU) climate experts during an extraordinary session of the Specialised Technical Committee on Agriculture, Rural Development, Water and Environment held at the AU headquarters in Addis Ababa, Ethiopia. Harsen Nyambe, Director for Sustainable Environment and Blue Economy at the AU Commission, said global climate forecasting centres had predicted the development of a strong El Nino episode later this…

Guinea Insurance Plc Surpasses ₦15 Billion Minimum Capital Requirement Guinea Insurance Plc has achieved a significant milestone in its recapitalisation programme, having surpassed the ₦15 billion minimum capital requirement prescribed for non-life insurance companies by the National Insurance Commission (NAICOM), following the successful conclusion of its hybrid capital raising exercise. The Company successfully raised approximately ₦12.6 billion through a hybrid offer comprising a Rights Issue and a Private Placement. Both transactions were executed in line with regulatory guidelines and received all requisite approvals from the Securities and Exchange Commission (SEC). According to the Managing Director, Mr. Ademola Abidogun, the proceeds…