Finance Ministry Blames NNPCL Over $3bn Loan, NLNG Funds
By Anayo Akwitti The Federal Ministry of Finance has blamed the Nigerian National Petroleum Company Limited (NNPCL) and other agencies for its inability to fully account for billions of dollars and other financial transactions flagged in the 2021–2023 Oil and Gas Sector Audit Reports by the Nigeria Extractive Industries Transparency Initiative (NEITI). Permanent Secretary of […]
Whistleblower Protection: NLC Rejects Criminalisation of Dissent
By Chinedu Echianu The Nigeria Labour Congress, NLC, has called for comprehensive legislation to protect whistleblowers in Nigeria, insisting that workers and citizens must be able to expose corruption without fear of retaliation. NLC President, Joe Ajaero, made the call in Abuja in a speech delivered on his behalf by the Assistant General Secretary of […]
Mature Markets Can Pressure Operators’ Credit Profiles
By Oluwakemi Kindness Mature markets can provide businesses with loyal customers, stable revenues and predictable cash flows. But DataPro says market maturity does not automatically translate into stronger credit ratings. The credit rating agency says slower growth, tougher competition and rising customer expectations can create pressure on an operator’s credit profile. Financial indicators such as […]
ITF Targets 400 Products, Import Cuts With Enugu Centre
By Oluwakemi Kindness The Industrial Training Fund (ITF) is set to establish a Digital Fabrication Centre in Enugu State as part of efforts to boost local manufacturing, create jobs and reduce Nigeria’s dependence on imports. The centre will have the capacity to produce more than 400 different products, according to the ITF Director-General, Dr Afiz […]
Credit Ratings Can Prevent Microfinance Bank Failures
By Oluwakemi Kindness Independent credit ratings can help identify weaknesses in microfinance banks before they lead to institutional failure. This is according to DataPro in it August Rating Brief, which examines the lessons from the Central Bank of Nigeria’s recent revocation of the operating licences of 46 microfinance banks. The publication said the regulatory action […]
SEC Warns Thousands Unaware of Unclaimed Investments
By Oluwakemi Kindmess The Securities and Exchange Commission (SEC) says thousands of investors and beneficiaries across Nigeria are unaware that they may be entitled to unclaimed funds and investments in the capital market. The funds include unclaimed monies from mergers and acquisitions, unallotted securities, return monies and investments inherited from deceased relatives. The SEC disclosed […]
Lawan, Yar’Adua Hail ₦264bn Military Welfare Boost
By Anayo Akwitti Senate leaders have commended President Bola Tinubu for approving a new salary structure for members of the Nigerian Armed Forces. They described the ₦264 billion increase in the annual military wage bill as a major boost to troop morale. The Senate Committee on Defence Chairman, Senator Ahmad Lawan, and his counterpart on […]
FG Pledges Support for Credible Investors, Says Shettima
By Mardiyyah Abubakar Vice President Kashim Shettima says the Federal Government is ready to support viable and credible investments across Nigeria. Shettima spoke on Monday at the Delta Economic and Investment Summit in Asaba, where government officials, investors and business leaders discussed ways to attract local and foreign investments. He said the growing number of […]
NSITF Urges AI Adoption to Protect Workers
By Chinedu Echianu The Managing Director and Chief Executive Officer of the Nigeria Social Insurance Trust Fund (NSITF), Oluwaseun Faleye, has called for a deliberate integration of digital transformation with social protection as businesses across Africa increasingly adopt Artificial Intelligence (AI) Faleye made the call on Monday at the official launch of the ESBC–InnoPower LLC […]
Dangote Signs $800m Deal to Expand Ogun Cement Plant
By Mardiyyah Abubakar Dangote Industries Limited has signed an agreement worth more than $800 million to expand its cement plant in Itori, Ogun State. The expansion will increase the plant’s annual production capacity from six million to 12 million metric tonnes. Dangote Group President Aliko Dangote and Sinoma International Engineering Co. Ltd. Chairman Lin Zhong […]