Joseph Bakare The Nigeria Extractive Industries Transparency Initiative has disclosed the recovery of over $4.85bn from the disclosures of $8.26bn made in its 2021 oil and gas report. The Agency however revealed that revenue-generating Agencies currently owe the government a total sum of N9.3tn in unremitted liabilities. The NEITI noted that this amount revealed in its 2023 industry report would cover approximately 72 per cent of the Federal Government’s projected budget deficit of N13tn for 2025. The Executive Secretary of the Agency, Orji Ogbonnaya Orji, gave the update at a briefing to provide more information to the public on…
Author: Orientalnews Staff
Yemisi Izuora The Minister of Art, Culture, and Creative Economy, Hannatu Musa Musawa, has called for stronger collaboration between the private and public sectors to ensure the sustainability of Nigeria’s art industry. She also lauded Ecobank Nigeria, the Africa Finance Corporation (AFC), Soto Gallery, and other fair sponsors for providing a platform for emerging artists to showcase their talent and creativity. The Minister assured that her ministry will continue to support and encourage initiatives like these. During her visit to the +234 International Art Fair at the Ecobank Pan African Centre (EPAC) in Lagos, the Minister expressed her…
Uche Cecil Izuora Super oil majors are moving towards more oil production which puts energy transition into more complex situation. Despite mounting evidence to the contrary, arguments are being put forward that the energy transition is “unstoppable”, that it is successfully displacing oil and gas, and that the traditional energy business is doomed, despite the right short-term outlook. In this context, “short term” actually refers to at least two decades. In truth, the fact that Exxon, Chevron, and the rest of the big U.S. oil and gas players have been consistently outperforming their European peers is evidence enough that…
…Declares a total dividend of N2.10 per share Fidelity Bank Plc, has released its 2024 full-year Audited Financial Statements, reporting a 210% growth in Profit Before Tax to N385.2 billion. According to the Bank’s results released on the Nigerian Exchange (NGX) on Friday, 28 March 2025, Gross Earnings increased by 87.7% to N1,043.4bn, driven by 106.9% growth in interest and similar income to N950.6bn. The increase in Interest Income was led by a combination of improved yield on earnings assets and 51.6% expansion in earnings base to N6.3tn. This led to a Profit After Tax of N278.1 billion, representing a…
Tunde Bakare The Think Yoruba First Organization, a body, organization and institution committed to the protection, preservation, and promotion of Yoruba heritage, identity, and rights, has written to the National Assembly expressing their rejection of the proposed Federal Bill by Hon. Kalu Okezie. The Bill seeks to grant indigenous rights to Nigerians who have either lived in a particular place for ten years or have been married to an indigenous person for the same period. The group expressed the concerns that he Bill if passed into law, will not only erode the cultural and historical foundations of indigenous peoples…
Yemisi Izuora The Nigeria Deposit Insurance Corporation (NDIC), has given assurances to depositors of the defunct Heritage Bank whose balances exceed the maximum deposit insurance limit of N5 million, that the Corporation has intensified efforts to ensure timely payments. Following the revocation of Heritage Bank’s banking license by the Central Bank of Nigeria (CBN) on June 3, 2024, the NDIC was appointed as the liquidator in accordance with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 55(1 & 2) of the NDIC Act 2023. In line with its statutory mandate, the Corporation…
Yemisi Izuora Guaranty Trust Holding Company Plc (GTCO) has released its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2024, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group reported profit before tax of ₦1.266trilion, representing an increase of 107.8 per cent over ₦609.3billion recorded in the corresponding year ended December 2023. This performance reflects not just strong earnings but also the quality and sustainability of our earnings, underpinned by a well-diversified revenue base, robust risk management practice, and disciplined capital management. The Group recorded growth across all financial…
Joseph Bakare The Director General (DG) of National Youth Service Corps (NYSC) Brigadier General Olakunle Oluseye Nafiu has restated his administration’s commitment to ensure that all Corps Members enjoy high quality medicare throughout their service year. He added that Corps Members are exposed to series of risks and health hazards in the course of national service, hence, the need to provide a robust health package that would cater for them whenever the need arises. He stated this during his familiarization visit to the Director General and Chief Executive Officer of National Health Insurance Authority( NHIA), Dr Kelechi Ohiri, in…
Uche Cecil Izuora The African Energy Chamber (AEC), has announced its support and strong endorsement of the West African Energy Summit (WAES), scheduled to hold in Aberdeen, Scotland, from November 18-19, 2025. The event returns for its second edition to foster meaningful exchanges between African and global partners. With investment representing a cornerstone for Africa’s energy future, the event aims to unlock capital flows essential for advancing energy projects. Hosted in partnership with the Ministry of Energy of Ghana, the Petroleum Commission of Ghana and the Ghana National Petroleum Corporation, WAES is a premier platform that unites technology providers,…
Francesca Odimgbe The Lagos State Governor, Babajide Sanwo-Olu has commended Africa’s leading e-commerce platform, Jumia Nigeria, for its giant strides and in the growth of the country’s e-commerce sector, as well as its unique contributions to its economic development. He said that Jumia has earned its place as a major brand, with its growth and trajectory in the country’s e-commerce ecosystem over the years which, he said, has made it a household name. He urged the company to not only strive to maintain its excellent service standards, but to also work towards improving them. The Governor who was speaking…