Author: Ogochukwu Ndubuisi

NEC Seeks Accelerated Transition From Oil to Non-Oil Economy The National Economic Council (NEC) has called for accelerated transition from oil to non-oil economy through competitive manufacturing, export diversification, and private sector investment. Vice-President Kashim Shettima, who is the Chairman of the council, made the call in his opening remarks, during the 156th NEC meeting and first in 2026, held virtually. Shettima observed that while “global powers assert their interests with renewed confidence, commodity markets will remain volatile,” with oil prices, exchange rates, and capital flows frustrating the nation’s policies. He noted that the current economic reality has reinforced the…

Trump Says ‘Board of Peace’ Formed to Oversee Gaza Transition U.S. President Donald Trump has announced the formation of an international oversight board to monitor the work of Gaza’s new transitional administration. Trump, who will chair the so-called “Board of Peace,” wrote on Truth Social that the members’ names would be released soon. The board would oversee the work of the National Committee for the Administration of Gaza, a group of 14 Palestinians which met for the first time in Cairo on Thursday. According to Israeli reports, the “Board of Peace” would include Bulgarian and former UN Middle East envoy…

China Urges U.S. to Abandon Use of Force Against Iran A Chinese envoy has called on the United States to abandon its fixation on the use of force against Iran. Recent developments in Iran have drawn widespread attention. The United States has continued to make statements on the situation in Iran, and had openly threatened Iran with the use of force. As a result, clouds of war are gathering over the Middle East, and tensions continue to escalate, said Sun Lei, the charge d’affaires of China’s Permanent Mission to the United Nations. “The use of force can never solve problems,…

Guterres Warns World ‘Brimming With Conflict’ as Global Cooperation Frays UN Secretary-General António Guterres has warned the world is “brimming with conflict, impunity, inequality and unpredictability,” even as international cooperation weakens when it is most needed. Guterres issued the warning on Thursday in his final address to the General Assembly outlining priorities for 2026. The UN chief, who assumed office in January 2017, is due to leave office in December. He succeeded Ban Ki-moon at a time of optimism for multilateralism, following agreement on the Paris climate accord and the 2030 Sustainable Development Goals. Guterres said the global system faces…

International Breweries Names Nicholas Kade Managing Director International Breweries Plc (IBPLC) has announced the appointment of Mr Nicholas Kade as the its new Managing Director, effective March 1. The company made the disclosure in a statement signed by its Company Secretary, Temitope Oluwatosin, on Thursday in Lagos. It said the development was due to the transition of its current Managing Director, Mr Carlos Coutino, to another leadership position in its parent company, Anheuser-Busch InBev (AB InBev). The statement noted that Carlos Coutino had an impactful eight-year journey in Nigeria, having joined the company in 2018 as the National Sales/Trade Marketing…

LIRS Sets Deadline for Employers’ Annual Tax Returns Filing The Lagos State Internal Revenue Service (LIRS) has reiterated the statutory deadline of 31st January 2026 for all employers of labour in Lagos State to fulfil their statutory obligation to file their annual tax returns for the 2025 financial year. In a statement issued on Thursday, the Executive Chairman of LIRS, Dr Ayodele Subair, reminded employers that the obligation to file annual returns is in accordance with the provisions of the Nigeria Tax Administration Act 2025 (NTAA). Dr Subair explained that employers are required to file detailed returns on emoluments and…

Yobe Govt. Defrays N15.4 Billion Gratuities Backlog The Yobe Government on Wednesday said it has spent over N15.4 billion to clear the backlog of gratuities of the state and local governments’ retirees. Alhaji Baba Wali, the Secretary to the State Government (SSG) disclosed this at a press briefing in Damaturu, marking Gov Mai Mala Buni’s six years in office. He said with the payment, the state and local governments no longer owed any gratuity. Wali said the state had provided 250 operational vehicles and 500 motorcycles to the various security agencies to enhance their operations since 2019. The SSG said…

U.S. Consumer Price Inflation Increases by 2.7% YoY U.S. Consumer Price Index (CPI) rose by 0.3% month on month (MoM) in December, according to the Bureau of Labor Statistics (BLS), matching the increases seen in June and September. The annual headline inflation rate held steady at 2.7%, the same rate as of November, indicating stable but persistent price pressures to close out the year. Shelter was the largest monthly contributor, up 0.4%, while food indexes surged 0.7% and energy rose 0.3%. Core CPI, excluding food and energy, increased 0.2% MoM, bringing the annual core rate to 2.6%. Notable monthly increases…

Eko Disco Names Wola Joseph-Condotti Interim Chief Executive Eko Electricity Distribution Company PLC (EKEDC) has officially announced Wola Joseph-Condotti as interim chief executive amidst significant leadership transition following Transgrid Enerco takeover. The previous board by the previous majority shareholder, West Power and Gas Limited (WPG), led by Chairman (Dr.) Dere Otubu, resigned today and gave way to the new board. EKEDC new board will now be headed by Engr. (Dr.) Olubunmi Peters as Chairman, Prof. George Nwangwu, Faruk Aliyu, Kolapo Joseph and Rasheed Olaoluwa, while Ayo Gbeleyi remains as the Director representing the BPE on the board. In similar vein,…

TotalEnergies Sells 10% Interest in Onshore Nigerian Assets TotalEnergies has signed an agreement to sell its 10% non-operated stake in the Nigerian onshore oil asset SPDC, renamed as Renaissance JV, to Vaaris, an official statement said. On Wednesday, TotalEnergies announces that its subsidiary TotalEnergies EP Nigeria signed a Sale and Purchase Agreement (SPA) with Vaaris for the sale of its 10% non-operated interest in the Renaissance JV licenses in Nigeria. The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between Nigerian National Petroleum Corporation Ltd (55%), Renaissance Africa Energy Company Ltd (30%, operator), TotalEnergies EP…