Lagos — A former Group Executive Director of Union Bank Plc, Mr. Austine Obigwe, has disclosed that he voluntarily wrote off a $2.3 million debt owed by Arik Air to his private firm, Staal Nigeria Limited, citing the airline’s operational difficulties at the time. He made this known while testifying before the Lagos State Special
Coronation Merchant Bank has posted a remarkable profit before tax (PBT) of N13.4 billion for the financial year ended 2024, representing a significant 283 per cent rise from its PBT in the previous year. The bank also reported a post-tax profit of N12.9 billion, a staggering 303 per cent jump from the N3.2 billion recorded
In a landmark move aimed at strengthening regional trade and enhancing Nigeria’s participation in the African Continental Free Trade Area (AfCFTA), the Federal Government has officially launched the Nigeria–East/Southern Africa Air Cargo Corridor. The initiative, jointly unveiled by the Nigeria Customs Service (NCS) and the Federal Ministry of Industry, Trade and Investment (FMITI), took place
LAGOS, Nigeria – Indigenous oil and gas firm, Petralon 54 Limited, has announced the commencement of drilling operations at the Dawes Island Field in Rivers State, a move expected to boost Nigeria’s daily crude oil production by an estimated 2,500 barrels. The drilling activity marks a major operational milestone for Petralon 54, a subsidiary of
In a move to strengthen consumer protection and promote transparency in the telecommunications sector, the Nigerian Communications Commission (NCC) has mandated all licensed service providers to promptly inform consumers about major service disruptions on their networks. The new directive applies to Mobile Network Operators (MNOs), Internet Service Providers (ISPs), and other last-mile service providers operating
In a significant boost to Ogun State’s industrialization drive, the Mamuda Group Nigeria Limited has announced a $50 million investment into the state through its subsidiary, Mamuda Beverages. The investment, which signals growing investor confidence in the state’s business climate, is set to kick off next month with a formal groundbreaking ceremony. The project, which
Abuja — In a bold step to revitalise Nigeria’s struggling power sector, the Federal Government has announced plans to overhaul the operations of electricity Distribution Companies (DisCos) across the country. This reform is aimed at improving service delivery, closing leakages, and ensuring greater accountability in the power value chain. The announcement was made by the
The Lagos State Government has signed a Memorandum of Understanding (MoU) with Junior Chamber International (JCI) Nigeria to support small and medium-sized enterprises (SMEs) and promote entrepreneurship across the state. The MoU was signed on Friday, April 25, 2025, at Sterling Towers in Lagos, with the aim of fostering sustainable economic growth by empowering young
The Nigeria Customs Service (NCS) has intercepted falsified pharmaceutical products and unauthorised security surveillance equipment valued at ₦921 million at the Apapa Port, Lagos. The seizure, which occurred between January and April 2025, underscores growing concerns over non-compliant import practices that threaten public health and national security. Disclosing the development at a press briefing in
In a significant push to improve Nigeria’s trade facilitation and ease of doing business, the Federal Government has officially inaugurated the Ports and Customs Efficiency Committee (PCEC). The initiative, a collaborative effort between the Presidential Enabling Business Environment Council (PEBEC) and the Nigerian Ports Authority (NPA), was launched today at the NPA headquarters in Lagos,
