…As 9 Banks Fined N1.3Bn Over ATM Dispensing Infraction Yemisi Izuora The Central Bank of Nigeria (CBN) has said that its investigations and monitoring will continue to scrutinise cash hoarding and rationing, both at bank branches and by Point-of-Sale (POS) operators. The Bank is already engaging security Agencies as it begins major crackdown on illegal cash sales and operational violations, including enforcing POS operators’ daily cumulative withdrawal limit of N1.2 million. Meanwhile the Apex Bank has sanctioned Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide season. Each bank…
Author: Orientalnews Staff
Joseph Bakare The Nigeria Customs Service (NCS) says the sum of ₦6,105,315,543,489.50 (Six Trillion, One Hundred and Five Billion, Three Hundred and Fifteen Million, Five Hundred and Forty-Three Thousand, Four Hundred and Eighty-Nine Naira, Fifty Kobo), revenue collected in 2024 surpassed its target of ₦5,079,069,866,085.50 by ₦1,026,245,677,404.00, representing a 20.2% increase above the target. Comptroller General of the Service (CGC) Bashir Adewale Adeniyi, during a media engagement on January 14, 2024, notes that the remarkable achievement represents a significant 90.4% increase from its 2023 collection of ₦3,206,583,002,675.65. The growth according to him is historic as it marks the highest…
Joseph Bakare The Nigerian Electricity Regulatory Commission (NERC) has completed the transfer of regulatory oversight in Enugu, Ekiti, Ondo, and Imo. The four State are now fully responsible for the regulation of their electricity markets. With the completion of the transfer of oversight in those states, the pre-existing market structures in Enugu, Benin, and Ibadan Discos have been adjusted. In 2025, another six states will incorporate their sub-companies to further change the electricity market structure. The NERC made this known on its X handle on Monday, noting it has begun the transfer of regulatory oversight to 10 states as…
Vincent Ezenagu President Bola Tinubu has continued integration of policies to align with global trends particularly in the areas of climate adaptation and action plans to reduce effects of climate disruptions. The President has further reaffirmed Nigeria’s commitment to advancing global climate action and sustainable development, as he spoke on Tuesday, at the opening ceremony of the 2025 Abu Dhabi Sustainability Week (ADSW) and the Sustainability Prize Award Ceremony. The opening ceremony witnessed the Sustainability Prize Award Ceremony, where organisations and innovators driving change in clean energy, water management and food security were celebrated. The international platform programme is…
Uche Cecil Izuora Nigeria is on track to sustain oil production following key policy decisions by the present administration to address leakages in the sector. President Bola Tinubu’s proposed N49.7 trillion 2025 budget is tied to the ambitious goal of increasing crude oil production to 2.06 million barrels per day, aimed at bringing down the current inflation rate of 34.6 per cent to a target of 15 per cent within the year. Already, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has commenced the process of reclaiming undeveloped blocks from current license holders, which are expected to constitute majority of…
Uche Cecil Izuora The Oil and Gas Decarbonisation Congress (DECARBON) 2025 is providing energy companies another chance to share experiences and solutions for reducing carbon emissions within the oil and gas sector. The Congress is held in Berlin, Germany on 10-11 February. As the global focus intensifies on reducing carbon emissions to combat climate change, oil and gas companies align with environmental, social and governance goals, explore cleaner technologies and navigate shifting regulatory frameworks. This way, DECARBON 2025 is inviting professionals to address the current development and implementation of decarbonisation approaches for the oil and gas majors, refineries, EPCs and…
Ken Okeke The Federal Government has approved four airlines as official air carriers for pilgrims of the 2025 Hajj. A statement issued by the Executive Chairman, the National Hajj Commission of Nigeria (NAHCON), Prof. Abdullahi Usman explained that the four airlines were selected out of the 11 companies that submitted applications to transport Nigerian pilgrims to Saudi Arabia for Muslim pilgrimage. According to Usman, the four approved airlines are Air Peace Ltd., Fly-Nas, a Saudi Arabia-designated airline, Max Air, and UMZA Aviation Services Ltd. He stated that the airlines were screened and shortlisted by a team of 32 members…
Yemisi Izuora The Federal Inland Revenue Service (FIRS) has recognized SIFAX Group for its significant contribution to Nigeria’s tax revenue growth and compliance efforts in 2024. During an appreciation visit to SIFAX Group’s headquarters in Lagos, Mr. Kazeem Olanrewaju, Head of the Taxpayers Service Unit at FIRS’ Lagos Mainland West Medium Taxpayers Office, announced that SIFAX Group is now ranked among the Top 20 companies under FIRS’ jurisdiction, out of 300 assessed organizations. Mr. Olanrewaju noted that the visit reflects FIRS’ customer-focused approach in acknowledging top-performing companies that have demonstrated consistent diligence in tax filing compliance throughout the year.…
Joseph Bakare The Chief of the Air Staff (CAS), Air Marshal Hasan Abubakar, has dispatched a fact-finding team to Zamfara to fully investigate the incident and provide a detailed report for further action. This follows reported incidence of civilian casualties in the recent Nigerian Air Force (NAF) airstrikes in Zamfara State. The Team, led by Air Vice Marshal Edward K Gabkwet, Director of Coordination and Cooperation (DCC) in the Civil-Military Relations Branch of NAF Headquarters, will liaise and interface with State and Local Government officials as well as all other critical stakeholders, for a holistic assessment of the situation…
Moses Ofodeme Oyo State governor, ‘Seyi Makinde, has presented the instruments of office to the new Alaafin of Oyo, His Imperial Majesty, Oba Akeem Abimbola Owoade. The event took place on Monday at the Executive Chamber of the Governor’s Office, Oyo State Secretariat, Ibadan. The Governor said the Alaafin’s stool is important not just to Oyo town but to the Yoruba race as a whole, stressing that he decided not to meddle in the appointment of the new Alaafin because of his administration’s belief in openness and transparency. He said: “The Alaafin stool is very important not just to…