Author: Lanre Akilu

The Nigerian National Petroleum Company Limited has discovered a total of 122 illegal oil refining sites in the past week across the Niger Delta region. The NNPCL said a filling station was sealed for selling illegally refined fuel to motorists in Akwa Ibom State. According to a documentary released by the NNPCL on Tuesday, 65 illegal pipeline connections were uncovered and removed within the past week in Rivers and other states in the oil-rich Niger Delta. “310 incidents were recorded between May 18 and 24 across the Niger Delta region,” the NNPCL disclosed while reeling out its efforts in fighting…

The management of the Nigeria Customs Service, NCS, Tuesday said its officer captured a video that has gone viral in a fracas with some officials of the Vehicle Inspection Office and will face disciplinary action for the conduct. In a statement signed by Mr. Abdullahi Naiwada, a Chief Superintendent of Customs and the Spokesman of the Customs Service said that the action and conduct of the officers captured in the video were at variance with the values and operational standards of the NCS. Naiwada also said that such behaviour undermines one of the key policy thrusts of the Comptroller-General of…

FCMB Group Plc’s shareholders, at the company’s 11th Annual General Meeting (AGM), approved an increase in issued share capital from N9,901,355,390.50 to N19,802,710,781. They also authorised a N150 billion capital raise to drive future growth plans. The shareholders also approved a 100 per cent increase in dividend payout to 50 kobo per share, up from 25 kobo in 2023, reflecting the Group’s commitment to delivering shareholder value. Chairman, Oladipupo Jadesimi, praised the workforce’s contribution to the company’s strong operating performance. He said: “FCMB Group Plc demonstrated resilience, the result of which has given me the great pleasure of being able…

Bureaux De Change operators have rejected the Central Bank of Nigeria (CBN’s) new regulatory guidelines that pegged the minimum capital base at N2 billion for Tier-1 and N500 million for Tier-2 operators. Rising from an emergency hybrid online and physical meeting held yesterday in Lagos, the President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Aminu Gwadabe, said the capital requirement set by the CBN is huge and far above global best practices. Speaking on the theme: New CBN Regulatory & Supervisory Reforms for BDCs: Challenges and Way Forward, he called for an immediate reversal of…

The All Progressives Congress (APC) has accused former Vice-President Atiku Abubakar of being blinded by political envy over the achievements of Bola Ahmed Tinubu’s administration. The accusation is contained in a statement posted yesterday by APC National Publicity Secretary Felix Morka on his X (formerly Twitter). The statement is a reaction to Atiku’s labeling of Tinubu’s policies as “trial and error.” Morka argued that the former vice-president’s comments were self-serving and an attempt to undermine the Tinubu administration’s bold and transformative initiatives. The post partly reads: “The presidential candidate of the Peoples Democratic Party (PDP) in the 2023 general election,…

Two key agencies within the Marine and Blue Economy ministry increased their revenue by 92 per cent, Minister Adegboyega Oyetola said yesterday. According to him, the earnings by the Nigerian Ports Authority (NPA) and Nigerian Maritime Administration and Safety Agency (NIMASA) grew from ₦126,359,074,742 in the first quarter of last year to ₦242.811 billion in the first quarter of this year. The minister attributed the success to the far-reaching reforms introduced by President Bola Ahmed Tinubu and being implemented by his ministry. Oyetola spoke yesterday while presenting his ministerial scorecard as part of activities marking the first year of the…

Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite said Nigeria had secured an investment commitment of over $30 billion in the last one year. She spoke on plans to establish commercial courts across the country to adjudicate business cases. She said the government had approved ₦430 million to fix the Lagos International Trade Fair Complex, adding that the complex would host the next trade fair, which it last did in 2010. The minister said the government had sent a strong message that Nigeria has become a big player for investors. Uzoka-Anite further explained that the Federal Government has invested…

Owing to the planned visit of President Bola Tinubu to the National Assembly on Wednesday and other activities lined up for the first anniversary of his administration, the Senate Committee on Banking, Insurance, and Other Financial Institutions has postponed its public hearing on bills seeking to amend the Central Bank of Nigeria (CBN) Act and the Nigerian Deposit Insurance Corporation (NDIC) Act. The hearing, which was also fixed for Thursday, 30th May, coincides with some of the anniversary engagements of the invited participants at the public hearing. Tinubu will visit the National Assembly on Wednesday to commemorate 25 years of…

The Minister of Aviation and Aerospace Development, Festus Keyamo, has disclosed that the Federal government has commenced the construction of a second runway at Nnamdi Azikiwe International Airport, Abuja. He stated this on Monday in Abuja during the ministerial press briefing to mark President Bola Tinubu’s first year in office. He emphasised that the project had been mired in controversy and delays since the Obasanjo administration. “Since the Obasanjo era, it was controversy after controversy. Some efforts started during the last administration, so we have to acknowledge that. “The necessity of a second runway has long been a critical issue…

Defending champion Novak Djokovic took his French Open first round record to 20 wins out of 20 as he eased past French wildcard Pierre-Hugues Herbert on Tuesday. He will face Spain’s Roberto Carballes BaenaGarros and record 25th Grand Slam triumph, came through against his 142nd-ranked opponent 6-4, 7-6 (7/3), 6-4. The 37-year-old, who saw career-long rival and 14-time French Open champion Rafael Nadal exit the tournament on Monday, arrived in Paris under a cloud. For the first time since 2018, he is without a title and has yet to reach a final this season. He has also endured recent misfortunes…