Lagos State has successfully recovered N1.5 billion in outstanding taxes from a commercial bank, marking a significant victory in the government’s ongoing efforts to strengthen fiscal governance, the state’s Attorney General and Commissioner for Justice, Lawal Pedro (SAN), announced on Tuesday. Speaking at a press briefing in Alausa to mark his second year in office, Pedro said the recovery was the result of enforcement actions taken by the Ministry of…

Governor Lucky Aiyedatiwa of Ondo State has committed his administration to sustaining collaboration with the Food and Agriculture Organisation (FAO) of the United Nations to bolster food security, youth empowerment, and land reforms in the state. The governor gave the assurance while hosting a team led by the FAO Representative in Nigeria and to ECOWAS, Hussein Gadain, on a courtesy visit in Akure. Aiyedatiwa expressed satisfaction with the progress of…

Nigeria may be plunged into darkness from Monday as power generation companies warn of an imminent shutdown of thermal plants, following directives from the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN). Joy Ogaji, Executive Secretary of the Association of Power Generating Companies, sounded the alarm in a WhatsApp message on Sunday, disclosing that gas suppliers had already notified power firms to halt deliveries in compliance with the…

The National Pension Commission (PenCom) has announced new capital requirements for pension fund administrators (PFAs) and pension fund custodians (PFCs) as part of its ongoing Pension Revolution 2.0 initiative. PenCom increased the minimum capital threshold from N2 billion to N20 billion for PFAs managing assets of N500 billion and above, and for PFCs with custody of less than N500 billion in assets. Special Purpose PFAs, such as the Nigerian Police…

Dr Tah affirmed the AfDB’s commitment to mobilising global capital for Africa’s transformation, focusing on job creation and industrialisation.

The Dangote Petroleum Refinery has backtracked on its earlier decision to halt petrol sales in naira, confirming on Saturday that transactions in the local currency have resumed following federal intervention. In a memo to fuel marketers, the refinery cited the role of the Naira-for-Crude Technical Committee in resolving the impasse. “Following the intervention of the Naira for Crude Technical Committee Chairman, we are pleased to inform you of the resumption…

The Dangote Petroleum Refinery has announced it will no longer sell petrol in naira, a move that has unsettled fuel marketers and reignited concerns over possible hikes in pump prices and forex pressures. In an email to customers sent at 6:42 p.m. on Friday, the refinery said the suspension takes effect from Sunday, September 28, 2025, blaming the decision on the exhaustion of its crude-for-naira quota. The notice, signed by…

The Nigerian National Petroleum Company Limited (NNPC) reported cumulative revenue of N4.655 trillion as of August 2025, up from N4.406 trillion in July, despite a decline in crude oil and natural gas production due to scheduled maintenance. According to monthly reports obtained by PUNCH Online on Friday, the company’s profit after tax surged to N539 billion in August, a significant increase from N185 billion recorded in July. Statutory payments to…

By Ismaeel Aleem  President Bola Tinubu on Friday declared that Nigeria’s economy has “turned the corner” during his address at the coronation of the 44th Olubadan of Ibadanland, Rashidi Ladoja, in Ibadan, Oyo State. Tinubu attributed the success of his administration’s economic reforms, initiated over two years ago, to the resilience and support of Nigerians. He assured citizens they would soon reap the benefits of these reforms, stating, “There is now…

The Lagos State Government has tasked its Export Promotion Committee with intensifying efforts to establish the state as the premier hub for non-oil exports in Nigeria and across Africa. The directive was issued by the Permanent Secretary of the Ministry of Commerce, Cooperatives, Trade and Investment (MCCTI), Olugbemiga Aina, at a recent committee meeting. Aina stressed the urgency of diversifying the state’s economy by leveraging its strengths in products like…

The Central Bank of Nigeria (CBN) has raised concerns over the increasing costs of printing and replacing naira banknotes due to widespread abuse and poor handling. The warning was issued during the launch of a nationwide sensitisation campaign themed “Naira Our Pride: Handle with Care” in Abuja on Wednesday. Deputy Governor, Operations Directorate, Dr Bala Bello, speaking through Dr Adedeji Adetona, Director of Currency Operations and Branch Management, stressed that…

Nigeria has lost crude oil valued at an estimated N8.41 trillion to theft and metering deficiencies between 2021 and July 2025, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The regulator noted that daily crude losses have fallen to their lowest level in nearly 16 years, but experts warn that the cumulative economic impact remains severe and reflects systemic governance failures in the oil sector. NUPRC data…