Nigeria Revenue Service (NRS) has dismissed widespread claims suggesting that the Nigeria Tax Act recently introduced Value Added Tax (VAT) on banking services, describing such reports as misleading and inaccurate. In a statement issued on Thursday, the tax authority said VAT has not been newly imposed on banking fees,...
BUSINESS
The Nigerian Communications Commission (NCC), has commenced a comprehensive study on competition in the telecommunications sector to address concerns around market dominance and ensure fair, effective and sustainable competition. NCC said this during a stakeholders’ forum on the Study of Competition in the Nigerian Telecommunications Industry in collaboration with...
The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN), have drawn up a framework to address consumer complaints arising from unsuccessful airtime and data transactions during network downtimes, system glitches, or human input errors. Head, Public Affairs of the NCC, Nnenna Ukoha, who made this known in...
MENXTT NG has announced that it will begin bundling Bitdefender Antivirus with all laptops sold by the company in 2026, a strategic move aimed at delivering enhanced cybersecurity protection and world-class technology solutions to Nigerian consumers and businesses. As an authorized Bitdefender reseller, MENXTT NG said the initiative underscores...
The National Agency for Science and Engineering Infrastructure (NASENI) is excited to announce the launch of an Inter-Agency Innovation Competition & Awards aimed at harnessing innovation, promoting collaboration and creativity among Ministries, Departments, and Agencies (MDAs) of the Federal Government. NASENI has the statutory mission “to develop and maintain...
Nigeria Revenue Service (NRS) has reaffirmed that low-income Nigerians are the biggest winners under the new tax laws signed by President Bola Ahmed Tinubu, dismissing claims that the reforms place additional pressure on ordinary citizens. Speaking on Sunday during an interview on Arise Television, the Executive Chairman of the...
Nigeria recorded an overall Balance of Payments (BOP) surplus of $4.60 billion in the third quarter of 2025, reversing the deficit recorded in the previous quarter, according to figures released by the Central Bank of Nigeria (CBN). The apex bank attributed the positive outcome to a sustained current account...
Nigerian National Petroleum Company (NNPC) Limited has announced the full restoration of the Escravos–Lagos Pipeline System (ELPS) following an explosion that disrupted operations earlier this month in Warri, Delta State. The company in a statement issued on Tuesday by the Chief Corporate Communications Officer of NNPC Limited, Andy Odeh,...
Nigeria Customs Service (NCS), Tincan Island Port Command, has surpassed its 2025 revenue target, generating over ₦1.569 trillion, exceeding the assigned target by ₦55.83 billion. The Customs Area Controller (CAC), Comptroller Frank Onyeka, made the announcement during a press briefing at the command on Tuesday, 23 December 2025. Comptroller...
Rivers State seems to have restarted its economy with the 18th international trade fair going on in Port Harcourt at the Dr Obi Wali International Cultural Centre. This is as the Rivers State Investment Promotion Agency (RSIPA) has unveiled measures to enthrone ease of doing (EoDB) to win back...
Chairman, Board of Directors, First Royal Microfinance Bank Limited, Princes Ibum Obu, has said the Bank has approved a dividend of #0. 018k dividend and recorded a profit after tax as at December 31 2024. According to Obu this reflects the Bank commitment to delivering value to shareholders while...
In a move aimed at boosting confidence, security and ease of payments, the Central Bank of Nigeria (CBN) has directed banks and other financial institutions to enforce multi-factor authentication on foreign-issued card transactions carried out in the country. The new directive, contained in a circular dated December 18, 2025,...
Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory breaches and deep-seated financial weaknesses at the two primary mortgage banks. The decision was announced in a press release issued on Tuesday by...
Federal Government, states and local government councils shared a total of ₦1.928 trillion as federation account revenue for November 2025, following approval by the Federation Account Allocation Committee (FAAC). The allocation was endorsed at the December 2025 FAAC meeting held in Abuja, which was chaired by the Minister of...
Nigeria’s inflation rate fell further in November, offering fresh relief to households after years of punishing price increases that triggered a deep cost-of-living crisis. The latest data released on Monday by the National Bureau of Statistics (NBS) showed that headline inflation moderated to 14.45 per cent in November 2025,...
Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, has inaugurated the new Board of the Agricultural Credit Guarantee Scheme Fund (ACGSF), reaffirming the Bank’s commitment to strengthening Nigeria’s agricultural sector. He highlighted the Scheme’s vital role in de-risking agricultural lending since 1977 and called for a more innovative,...
On December 1st, 2025, NNPC E&P Limited (NEPL), the flagship upstream subsidiary of NNPC Limited, achieved a record production level of 355,000 barrels of oil per day, its highest daily output since 1989. The milestone marks a significant step forward for Nigeria’s upstream sector and reflects the company’s ongoing...
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has firmly debunked claims that it is holding back the Frontier Exploration Fund (FEF) meant for the Nigerian National Petroleum Company Limited (NNPC Ltd.), insisting that all approved funds have already been released. In a detailed statement on Wednesday, the Commission’s Head of...
Nigeria’s premier gas distribution company, Shell Nigeria Gas Limited (SNG) is expanding its operations in Ogun State with an agreement to provide gas to SG Industrial FZE, a leading steel company in the Guandong industrial zone in the State. The agreement adds to a growing list of clients for SNG...