Forbes Names Dangote, Adenuga, Rabiu, Otedola Among Africa’s Richest

BusinessNewsNigeriaForbes Names Dangote, Adenuga, Rabiu, Otedola Among Africa’s Richest

By Ezinwanne Onwuka (Senior Reporter)March 31, 2025

Four Nigerian billionaires—Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola—have been named in Forbes’ 2025 list of the richest individuals in Africa. According to the ranking published on Saturday, Dangote, the President and CEO of the Dangote Group, remains Africa’s richest man for the 14th consecutive year. His net worth surged from $13.9 billion in 2024 to $23.9 billion in 2025, largely due to the valuation of his Lagos-based refinery, which began operations last...

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133 Arrested as EFCC Shuts Down Ponzi Scheme Academy in Abuja

BusinessCrime & SecurityNewsNigeria133 Arrested as EFCC Shuts Down Ponzi Scheme Academy in Abuja

By Ezinwanne Onwuka (Senior Reporter)March 25, 2025

The Economic and Financial Crimes Commission (EFCC) has broken up a Ponzi scheme operating under the name Q University, also known as Q-Net, and arrested 133 suspects in Abuja. According to a statement by the anti-graft agency, the suspects were apprehended on Monday, 24 March 2025, at Compensation Layout in Gwagwalada, Federal Capital Territory (FCT), following intelligence reports on the academy’s operations. The EFCC described the academy as a fraudulent recruitment centre where unsuspecting young...

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House of Reps Opposes Increase in ATM Charges

BusinessNewsNigeriaPoliticsHouse of Reps Opposes Increase in ATM Charges

By Ezinwanne Onwuka (Senior Reporter)March 11, 2025

The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend its directive increasing ATM withdrawal charges, citing the potential financial burden on Nigerians. The resolution followed a motion on urgent national importance moved by Rep. Marcus Onobun (Esan Central/West/Igueben Federal Constituency) during plenary on Tuesday. Onobun warned that the increase in ATM withdrawal charges would negatively impact financial inclusion, especially for low-income earners who might be discouraged from using banking...

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Breach Of Act: FCCPC To Arraign MTN CEO, Others

BusinessLaw & JusticeNewsNigeriaBreach Of Act: FCCPC To Arraign MTN CEO, Others

Hassan Umar Shallpella (Regional Correspondent)March 5, 2025

The Federal Competition and Consumer Protection Commission (FCCPC) will on May 28 arraigned the Managing Director and Chief Executive Officer (MD/CEO) of MTN Nigeria Communications Plc, Mr Karl Toriola and others over alleged failure to produce documents and information required by the commission in compliance with a lawful summons contrary to the FCCPC Act. The company and its CEO will be arraigned alongside Tobechukwu Okigbo, MTN’s Chief Corporate Services and Sustainability Officer and Ikenna Ikeme, General...

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“Young Entrepreneurs not patient,” Joseph Nzelu Says as he Clocks 50 Years

BusinessNewsNigeria“Young Entrepreneurs not patient,” Joseph Nzelu Says as he Clocks 50 Years

Ebuka Onyekwelu (Staff Writer)March 3, 2025

Nnewi-born businessman, Chief Joseph Nzelu, has said that the major challenge facing the present generation of young entrepreneurs is that they are impatient. In an exclusive interview with the West African Pilot News, Mr. Nzelu, a successful businessman and the Chairman of Nnewi business community of the Auto Spare Parts and Machinery Dealers Association – ASPAMDA, in Lagos, said that the young generation of entrepreneurs are in a hurry and this, he pointed out, is...

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CBN Maintains 27.5 Per Cent Interest Rate to Tackle Inflation

BusinessNewsNigeriaCBN Maintains 27.5 Per Cent Interest Rate to Tackle Inflation

By Ezinwanne Onwuka (Senior Reporter)February 20, 2025

The Central Bank of Nigeria (CBN) has maintained the Monetary Policy Rate (MPR) at 27.5 per cent, following six consecutive hikes last year. This decision comes amidst observed stability in the foreign exchange market and a gradual decline in inflation rates. CBN Governor, Olayemi Cardoso, addressed the press in Abuja, expressing satisfaction with recent macroeconomic trends. He noted, “Inflation is trending down, and it’s looking positive,” emphasising the bank’s objective to reduce inflation to single-digit...

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MTN Raises Data Prices by 200%, 15GB Plan Jumps from ₦2,000 to ₦6,000

BusinessNewsNigeriaMTN Raises Data Prices by 200%, 15GB Plan Jumps from ₦2,000 to ₦6,000

By Ezinwanne Onwuka (Senior Reporter)February 11, 2025

…Telecoms increase text message cost to ₦6.00 MTN Nigeria has increased its data prices following the recent approval by the Nigerian Communications Commission (NCC) allowing telecom operators to implement up to a 50 per cent tariff adjustment. The sharp increase, which has sparked widespread outrage among subscribers, saw the price of MTN’s 15GB weekly data plan jump from ₦2,000 to ₦6,000—a 200 per cent hike. Other data plans have also been adjusted, with the 75GB...

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Kaduna Closes United Nigerian Textiles Ltd Over N1.2bn Unpaid Revenue

BusinessNewsNigeriaKaduna Closes United Nigerian Textiles Ltd Over N1.2bn Unpaid Revenue

Hassan Umar Shallpella (Regional Correspondent)February 1, 2025

The United Nigerian Textiles Limited, UNTL has owed Kaduna State Government substantial revenue totaling N1.2 billion. Following the failure of the company to offset the liabilities, the Kaduna State government has sealed the company. Aisha Ahmed, the Executive Board Secretary of Kaduna State Internal Revenue Service, KADIRS stated this in Kaduna during an enforcement operation, said intelligence information revealed that the company planned to relocate from Kaduna, adding that the company must pay what it...

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774 Local Governments To Open Dedicated Accounts With CBN

BusinessNewsNigeria774 Local Governments To Open Dedicated Accounts With CBN

Hassan Umar Shallpella (Regional Correspondent)January 20, 2025

The Association of Local Governments (ALGON) has said 774 local governments in the country are to open dedicated accounts with the Central Bank of Nigeria (CBN) for the direct disbursement of allocations to them from the Federation Account. Bello Lawal Yandaki, National President of the Association, who spoke with reporters in Katsina, the capital of Katsina State said the opening of the account is critical to implementing the Supreme Court ruling on direct allocations to the councils....

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Mubi Livestock Market Supplies 29M Animals To Lagos Annually – Gov Fintiri

BusinessNewsNigeriaPoliticsMubi Livestock Market Supplies 29M Animals To Lagos Annually – Gov Fintiri

Hassan Umar Shallpella (Regional Correspondent)January 10, 2025

Adamawa State governor, Ahmadu Umaru Fintiri said the Mubi livestock market supplies 29 million animals to Lagos annually, generating N29 billion in revenue. Fintiri disclosed this during a meeting with the Minister of Livestock Development, Alhaji Idi Mukhtar Maiha, commended President Bola Ahmed Tinubu for creating the Ministry of Livestock Development and appointing Maiha as Minister. He emphasized the significant contribution of the livestock industry to the state’s economy. He called on the federal government...

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