Author: Olu Anisere

TotalEnergies to Revive $20 Billion Mozambique LNG Project, Aims for 2029 Production French energy giant TotalEnergies has announced plans to resume its $20 billion liquefied natural gas (LNG) project in Mozambique, with production expected to start by 2029. The project, which was suspended in 2021 due to militant violence in the northern Cabo Delgado province, is set to restart following improved security conditions in the region. According to TotalEnergies CEO Patrick Pouyanné, the company has made significant progress in engineering work despite the halt in construction. “Production will be by 2029,” Pouyanné said, expressing confidence in meeting the target. With…

Trump Speaks of Deal ‘Signed With China’ U.S. President Donald Trump on Thursday mentioned a signed agreement with China, without providing details. “We just signed with China yesterday,” the Republican said at an event at the White House while talking about making deals with other countries. The president also suggested that there could “maybe” be a “very big” deal with India. Since Trump launched a trade war in February with Beijing, the world’s two largest economies have been locked in a tit-for-tat tariff fight that have unnerved global markets. In April, Trump increased tariffs on goods from China to as…

Households Earning Below ₦250,000 Monthly Exempt from Tax – Oyedele The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has revealed that Nigerian households earning ₦250,000 or less per month will be exempt from paying taxes under the new tax laws signed by President Bola Tinubu. Oyedele, a former tax leader at PriceWaterhouseCoopers (PwC), stated that the new laws aim to stimulate economic activity, track tax evaders, and protect businesses while ensuring the government doesn’t tax poverty. According to Oyedele, the new tax laws are designed to be efficiency-driven, growth-focused, and people-centric. “This tax law…

a The African Development Bank (AfDB), has restated the urgent need for Nigeria to close its Annual Development financing gap of 31.5 billion dollars. Dr Abdul Kamara, AfDB’s Director-General (D-G) for Nigeria, said this was part of the findings of the Bank’s 2025 Nigeria Country Focus Report (CFR) inaugurated on Thursday Kamara said the call was crucial, especially as the country pursued bold economic reforms aimed at fostering long-term growth and macroeconomic stability. The theme of the report is: “Making Nigeria’s Capital Work Better for Its Development.” The director-general said the report underscored the need for a more strategic and…

NIA Records Strong Financial Growth in 2024 The Nigerian Insurers Association (NIA) recorded a total income of N866.7 million for 2024, reflecting an 18.69 per cent rise from N730.3 million in 2023. Chairman of the Association, Mr Kunle Ahmed, disclosed this during the Association’s 54th Annual General Meeting held in Lagos on Thursday. He attributed the increase to improved income from membership subscriptions, investments, surplus from training, and other revenue-generating activities. According to him, membership subscriptions grew by 7.62 per cent, rising from N340.5 million in 2023 to N366.4 million in 2024. He noted that investment income rose sharply by…

Senate passes Rivers 2025 Appropriation Bill of N1.48trn The Senate, on Wednesday, passed the Rivers 2025 Appropriation Bill of N1.48 trillion. This followed the presentation and consideration of the report of the Senate Ad hoc Committee on Oversight of Emergency Rule in Rivers. Making the presentation, Chairman of the Committee and Senate Leader, Sen. Opeyemi Bamidele said that for the record, emergency rule is not a substitute for democratic governance in any political climate. “Rather, it is an extraordinary constitutional measure intended to restore order in times of disorder, promote peace in periods of conflict and ensure stability where there…

Energy Sector: Heirs Energies, Renaissance Partner for Indigenous Oil, Gas Development A new era of homegrown expertise and innovation is dawning in Nigeria’s oil and gas sector, following a landmark collaboration between two indigenous energy companies, Heirs Energies Limited and Renaissance Africa Energy Company. The partnership, which was sealed during a courtesy visit by Osa Igiehon, CEO of Heirs Energies, to Renaissance’s leadership team led by Managing Director Tony Attah, marks a significant step forward in the pursuit of Nigeria’s energy transformation. The meeting, which was the first formal engagement between the two companies post-Renaissance’s successful transition, focused on mutual…

Galaxy Backbone MD Urges Stakeholders to Support Local Developers The Managing Director of Galaxy Backbone, Prof. Ibrahim Adeyanju, has called for strategic procurement policies that support indigenous technology developers and reduce Nigeria’s dependence on foreign digital platforms. Adeyanju made the call on Tuesday in Abuja at the Cybersecurity Forum and Workshop organised by the Nigeria Computer Society (NCS), themed “Digital Sovereignty: Building an Agile and Resilient Nation”. He expressed concern that Nigeria continues to rely heavily on foreign data centres, cloud infrastructure, and core technology systems, exposing national data to external risks. “Most citizens’ data; health records, educational records, and…

Imo Reduces Debt Profile by 23%, Says Uzodimma Gov. Hope Uzodimma of Imo says his administration has reduced the state’s debt profile from N126 billion to N97 billion, representing 23 per cent reduction. Uzodimma said this during a “State of the State Address” presented at the House of Assembly on Tuesday. According to him, the reduction was a clear sign of his administrations’ prudent financial management. He also said that his administration had pursued reforms that not only increased the state’s revenue but also attracted investment and enhanced transparency. He also said that his administration devised a modern digital revenue…

EFCC Arrests Former NNPCL Officials Over Alleged $7.2bn Fraud Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested a former Chief Financial Officer (CFO) of the Nigerian National Petroleum Company Limited (NNPCL), Umar Isa, over an alleged $7.2 billion fraud linked with the rehabilitation of the Kaduna, Warri and Port Harcourt refineries. Also in the custody of the EFCC is Jimoh Olasunkanmi, a former Managing Director of Warri Refinery. Isa, as CFO, was in charge of the release of funds for the turnaround maintenance of the three refineries. Isa and all the key officials involved in the maintenance…