Nigeria’s Corporate Income Tax Soars 40% to ₦2.78 Trillion in Q2 2025 Nigeria’s Company Income Tax (CIT) revenue demonstrated significant growth in the second quarter of 2025, reaching a robust ₦2.78 trillion. This figure, reported by the National Bureau of…
FIRS Announces Three-Day IT Shutdown for System Maintenance and Upgrades The Federal Inland Revenue Service (FIRS) has issued a public notice announcing a temporary, three-day shutdown of its entire information technology (IT) ecosystem. This mandatory downtime will affect all FIRS…
AfDB Approves $500 Million Loan for Nigeria’s Economic Governance and Energy Transition The African Development Bank Group (AfDB) has committed significant support to Nigeria’s reform agenda, approving a $500 million policy-based loan. This financing is designated for the second phase…
Condom distribution in Nigeria has decreased by 55% over the past year, according to a report from the Joint United Nations Programme on HIV/AIDS (UNAIDS), indicating a major barrier in the fight against HIV. This information was revealed by the…
FCCPC Caps Digital Lenders at Five Apps Amid Industry Consolidation Deadline The Federal Competition and Consumer Protection Commission (FCCPC) is instituting a major regulatory overhaul of Nigeria’s digital lending sector. The Commission has issued new guidelines capping the number of…
CBN Proposes Strict Five-Year Ban for Repeat Dud Cheque Offenders The Central Bank of Nigeria (CBN) is moving to drastically curb financial indiscipline within the banking sector. The CBN has released a new exposure draft titled Guidelines on the Treatment…
Financial Accountability Crisis: NNPC Embroiled in ₦61.1 Billion Missing Payments Scandal The Nigerian National Petroleum Company Limited (NNPC Ltd.) is once again facing a severe financial accountability crisis. A devastating 808-page audit report from the Office of the Auditor-General of…
FIRS Rejects Atiku’s Claims of Monopoly Over National Revenue Collection The Federal Inland Revenue Service (FIRS) has strongly refuted allegations made by former Vice President Atiku Abubakar, who claimed that a private firm, Xpress Payments Solutions Limited, has been granted…
The Nigeria Civil Aviation Authority (NCAA) has fined Qatar Airways N5 million for consumer protection-related infractions. The NCAA charged Qatar Airways on September 19 with disregarding Nigerian passengers and breaking consumer protection laws. The authorities threatened to impose severe penalties…
Nigeria’s Macroeconomic Milestone: Foreign Reserves Hit $46 Billion for the First Time Since 2018 The Nigerian economy has hit a major turning point, with the nation’s foreign reserves soaring past the $46 billion mark. This monumental achievement, disclosed by CBN…
Major Consolidation: Leadway Holdings Completes Acquisition of PAL Pensions The landscape of the Nigerian pension Industry has undergone a significant transformation following the announcement that Leadway Holdings Limited has completed the acquisition of 100% equity interest in Pensions Alliance Limited (PAL).…
Nigeria’s CNG Leap: MDGIF Partners with Chinese Firm to Roll Out 500 Gas Stations Nationwide Nigeria is taking its most ambitious step yet toward clean energy mobility and addressing the high cost of transportation fuel. The Midstream and Downstream Gas…
FCMB Strengthens Board: Oluyinka Johnson Appointed Non-Executive Director The First City Monument Bank (FCMB) has announced the appointment of Ms. Oluyinka Johnson as a Non-Executive Director, a move approved by the Central Bank of Nigeria (CBN). This appointment significantly enhances…
Naira Weakens to ₦1,444/$1 as FX Pressure Persists Despite Rising Reserves The Naira closed the week on a fragile note in the official foreign exchange (FX) market, settling at ₦1,444/$1 on Friday.1 This result confirms persistent demand pressure and a…
Nigeria’s flag carrier, Air Peace, has claimed that the “unlawful” withdrawal of three aircraft by its wet lessor, SmartLynx Airlines, caused abrupt delays in its domestic operations and a $15 million financial loss. Nowel Ngala, the airline’s chief commercial officer…
