Reps Investigate ₦432bn Oil Industry Liabilities, Summon Debtors

BusinessNewsNigeriaPoliticsReps Investigate ₦432bn Oil Industry Liabilities, Summon Debtors

Uzoamaka Ikezue (Staff Reporter)September 9, 2026

The House of Representatives Public Accounts Committee (PAC) has commenced an investigation into outstanding financial liabilities in Nigeria’s oil industry, put at more than ₦432 billion. Affected companies and other relevant entities have been summoned to account for the debts owed to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The investigation followed findings contained in the Auditor-General’s annual audit reports on unpaid regulatory and petroleum-related obligations accruing to the NMDPRA. The Committee is...

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IMF Charges Central Banks To Tighten AI Oversight

BusinessNewsNigeriaIMF Charges Central Banks To Tighten AI Oversight

Uzoamaka Ikezue (Staff Reporter)July 26, 2026

The International Monetary Fund (IMF), has charged central banks and financial regulators to strengthen oversight of artificial intelligence (AI), warning that the rapid adoption of the technology across the financial sector could amplify systemic risks if left without adequate governance. In a blog published recently and shared via the IMF’s official X account, the Fund said AI is rapidly transforming how financial institutions price risk, allocate credit, conduct trading and supervise markets, making it increasingly...

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Abia Govt Pledges Support To Utopia Pharmaceutical Establishment

EconomyNewsNigeriaAbia Govt Pledges Support To Utopia Pharmaceutical Establishment

Ije Ulasi (Regional Correspondent)July 23, 2026

The Abia State Governor, Dr. Alex Otti, has pledged full support to the Egyptian pharmaceutical company Utopia in establishing a drug manufacturing plant in the state. Governor Otti made this promise as he received in audience the Chairman of Utopia, Dr. Kamel Mohamed, accompanied by Eze Apostle Gift Chibuzor Chinyere, who facilitated the investment visit. A press statement issued by the Chief Press Secretary to the Governor, Ukoha Njoku Ukoha, after the meeting between Governor...

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Nigeria’s Petroleum Resources Minister Demands Reduction Of Fuel Prices 

BusinessNewsNigeriaNigeria’s Petroleum Resources Minister Demands Reduction Of Fuel Prices 

Hassan Umar Shallpella (Regional Correspondent)July 1, 2026

Following the crash in crude oil prices to $72 per barrel globally, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has called for a proportional reduction in the pump price of Premium Motor Spirit (PMS). Senator Lokpobiri made the call at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum 2026 in Abuja. The theme of the forum is “Beyond Compliance: Driving Regulatory Certainty and Investment...

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CBN Orders Banks to Freeze Accounts Linked to Terrorism Financing

BusinessNewsNigeriaCBN Orders Banks to Freeze Accounts Linked to Terrorism Financing

By Ezinwanne Onwuka (Senior Reporter)June 26, 2026

The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to immediately freeze the accounts, funds and other assets belonging to individuals and organisations designated for alleged terrorism financing. The directive was contained in a circular issued on Thursday and signed by the Director of Compliance, Olubunmi Ayodele-Oni. According to the apex bank, the action followed recent designations by the Nigeria Sanctions Committee and the United States Treasury Department’s Office of Foreign...

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FG Concessions Akanu Ibiam Airport Enugu To Aero Alliance Limited

BusinessNewsNigeriaFG Concessions Akanu Ibiam Airport Enugu To Aero Alliance Limited

Ije Ulasi (Regional Correspondent)June 25, 2026

The Federal Government of Nigeria, on Thursday, officially handed over the Akanu Ibiam International Airport, AIIA, Enugu, to Aero Alliance Limited under a 30-year public-private partnership concession. With the concession, Aero Alliance Limited takes over the financing, rehabilitation, expansion, operation, and management of the airport. Speaking during the handover ceremony at the international terminal of AIIA, Enugu, the Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, said, “For 20 years, various governments have tried...

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FG Issues Guidelines for Transition to New Tax Regime

BusinessNewsNigeriaFG Issues Guidelines for Transition to New Tax Regime

By Ezinwanne Onwuka (Senior Reporter)June 21, 2026

The Federal Government has issued transition guidelines for the implementation of the Tax Acts 2025, outlining how taxpayers and authorities will move from the old tax system to the new framework effective 1 January 2026. The guidelines, released by the Federal Ministry of Finance, aim to clarify how obligations, disputes, and ongoing transactions will be handled during the transition period. According to the document, the Tax Acts 2025 — comprising the Nigeria Revenue Service (Establishment)...

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FG, Enugu International Airport Negotiate Direct Cargo Flight To China

BusinessNewsNigeriaFG, Enugu International Airport Negotiate Direct Cargo Flight To China

Ije Ulasi (Regional Correspondent)June 20, 2026

The Minister of Aviation and Aerospace Development in Nigeria, Barr Festus Keyamo, has revealed that high-level bilateral trade negotiations are ongoing to secure direct logistics flights between China and the Southeast by the end of 2026. The deal is to commence direct cargo flight operations between the Akanu Ibiam International Airport, Enugu, and Guangzhou, China by the end of 2026. Barr Festus Keyamo revealed this on Thursday in Lagos at the unveiling ceremony of the...

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FG, Labour Commence Discussion On Review Of Minimum Wage

BusinessNewsNigeriaFG, Labour Commence Discussion On Review Of Minimum Wage

Hassan Umar Shallpella (Regional Correspondent)June 19, 2026

The Nigeria Labor Congress (NLC) and the Trade Union Congress (TUC) have hinted that negotiations with the Federal Government have commenced to review the current minimum wage upward, so that Nigerian workers would receive a realistic wage package before the current wage framework expires. The current national minimum wage of ₦70,000 was approved in July 2024 following extensive negotiations between organized labor and the Federal Government. The agreement also provided for periodic reviews to ensure...

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CBN Raises ATM Card Fee to ₦1,500, Ends ₦50 Monthly Charge

BusinessNewsNigeriaCBN Raises ATM Card Fee to ₦1,500, Ends ₦50 Monthly Charge

By Ezinwanne Onwuka (Senior Reporter)May 5, 2026

The Central Bank of Nigeria (CBN) has increased the fee for the issuance and replacement of Automated Teller Machine (ATM) debit and credit cards by 50 per cent to ₦1,500, up from ₦1,000. The apex bank also scrapped the ₦50 monthly maintenance charge on naira-denominated debit and credit cards, a fee that previously included 7.5 per cent Value Added Tax (VAT). However, it said that customers with foreign currency-denominated debit or credit cards will continue...

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