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Umahi orders arrest of Hartland MD over uncompleted ₦14bn

Policy and Regulations

Police shut Rivers hotel over man’s suspicious death

News

FG inaugurates committee to boost Nigeria’s fish production

Maritime

Navy seizes 500 litres of suspected illegal AGO, cannabis

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News

Telecoms consumers head to court over tax imposition

  The National Association of Telecoms Subscribers has promised to take legal action against the constitutionality of the planned five percent excise levy on telecoms services. They argue that customers’ already dwindling purchasing power will be further eroded by the excise charge on telecom services, which would amount to an additional five per cent consumption […]

LCCI warns FG on rising debt
Economy

LCCI warns FG on rising debt

The Lagos Chamber of Commerce and Industry has warned the rising debt stock incurred by the Federal Government is becoming increasingly problematic. Amid dwindling government revenue and the unsustainable burden of subsidy payments, the chamber expressed worries over the debt servicing cost of the government in a statement signed by its president, Michael Olawale-Cole. The […]

Huawei revenue drops 6% in 2022 first half
Telecommunications

Huawei revenue drops 6% in 2022 first half

Chinese telecom giant Huawei suffered a revenue dip of slightly under six per cent in the first half of 2022, company figures showed as the Covid-19 pandemic and US-China trade rivalry hit sales. Ken Hu, Huawei’s rotating chairman, confirmed the development in a statement on Friday. The company brought in 301.6 billion yuan ($44.8 billion), […]

Oil production: Angola, Libya overtake Nigeria, says OPEC
Oil and Gas

Nigeria lost oil worth N101bn in July – OPEC

Data from the Organisation of Petroleum Exporting Countries has revealed that Nigeria lost N101 billion worth of oil in July 2022. OPEC’s report on Thursday tied the loss to the drop in Nigeria’s crude oil production which plunged by 2.3 million barrels in July 2022, unlike the previous month. In its latest Monthly Oil Market […]

Nigeria Air: FG warns against fake recruitment website
Aviation

FG mum on identities of Nigeria Air investors

The Federal Government has kept mute on the identities of Nigeria Air investors as it continues to work towards ensuring that the nation has a national carrier before the end of 2022. According to The PUNCH, Stakeholders in the aviation sector have also called on the Federal Government to disclose the identities of the strategic […]

Controversy as Seplat disputes ExxonMobil deal cancellation
News

Controversy as Seplat disputes ExxonMobil deal cancellation

Hours after the President, Major General Muhammadu Buhari (retd.), announced the withdrawal of the approval given to Seplat Energy to buy Mobil Producing Nigeria Unlimited’s shares, the company Thursday stated that it had not heard from the Federal Government on the reversal. According to The PUNCH, the company added that it was requesting clarification from […]

Nigeria gained $2.6bn from non-oil export six months
Oil and Gas

Oil demand rises as gas prices surge

Global oil demand will rise more than previously forecast this year as heatwaves and soaring gas prices are prompting countries to switch fuels for power generation, the International Energy Agency said Thursday. Oil prices have dropped by $30 per barrel from a peak in June due to growing supplies and “escalating concerns over the deteriorating […]

Naira fall'll worsen Nigeria’s food, energy crisis — W’Bank
Economy

Nigeria facing existential threats – World Bank

The World bank on Wednesday alerted the regime of the President, Major General Muhammadu Buhari(retd), that Nigeria might be facing an existential threat due to its dwindling revenue. The international financial institution also cited the continued payment of trillions of naira on fuel subsidies by the government and the attendant economic challenges, as other causes. […]

Power generation dropped 43mw after worker's strike - FG
Electricity

Power supply to increase by 2,000MW – Official

An industry official has revealed that power supply is expected to increase by 2000 megawatts, thereby increasing supplies to homes and businesses and promoting economic productivity across the country. This is as the Federal Government of Nigeria Power Company and other stakeholders in the Presidential Power Initiative await the arrival of the first two energy […]

Naira redesign: CBN has my approval, Buhari clarifies
Oil and Gas

Buhari makes a U-turn over Seplat, ExxonMobil $1.3bn deal

The President, Major General Muhammadu Buhari (retd.) in alignment with the Nigerian National Petroleum Company Limited, reversed his authorisation of the $1.3bn acquisition shares capital of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited. Buhari’s change of position was disclosed to newsmen by the Senior Special Assistant to the President on Media and Publicity, […]

Elon Musk discloses plans for self-driving cars
featured

Elon Musk sells $7bn Telsa shares amid Twitter buyout fray

Amid the legal battle with Twitter over his $44 billion buyout deal, the Chairman of Telsa, Elon Musk has sold about $7 billion worth of his electric car company shares. According to AFP, a legal filing published on the Securities and Exchange Commission’s website showed that Musk had on Tuesday sold Telsa shares after he […]

Diesel hike: NRC slash Lagos-Ibadan trips by 67%
featured

Diesel hike: NRC slash Lagos-Ibadan trips by 67%

The Nigeria Railway Corporation has decided to reduce the number of trips on the Lagos-Ibadan Train Service by about 66.67 per cent. The decision was made as a result of a hike in the price of diesel, the Managing Director, NRC, Fidet Okhiria, disclosed. According to The Punch, the corporation on Tuesday had sent recommendations […]

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