Economy
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Subsidy fraud: Femi Otedola spits fire, slams N1bn suit on Namadi Sambo
Nigerian businessman, Femi Otedola has slammed a N1 billion libel suit against Umar Sani, a former aide to ex-Vice President Namadi Sambo. Otedola is angered by claims by Sani which linked him to subsidy fraud in Nigeria. Petrol subsidy is regarded as one of the most fraudulent means through which several prominent persons have shortchanged the economy. President Bola Tinubu…
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FG intervenes to resolve Dangote refinery dispute, assures steady fuel supply
The Federal Government has moved to avert a fuel supply crisis, assuring Nigerians that there will be no disruption in the availability of petroleum products despite disputes involving the Dangote Refinery. In a statement on Sunday, the Ministry of Finance said the Steering Committee of the Domestic Crude Oil and Refined Products Sales in Local Currency Initiative, chaired by Minister…
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Nigeria eyes certification of China’s C919 jet for local airlines
Nigeria’s civil aviation authority is looking into certifying China’s C919 jet for the country’s carriers, its director general told Reuters, as Nigerian airlines take on more aircraft and as relations warm with Beijing. Chinese planemaker COMAC is producing the narrow-body C919 to compete with leading Western planemakers Airbus (AIR.PA) and Boeing (BA.N), and has held several talks with Nigeria over…
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Dangote Refinery: TUC places members on nationwide strike alert
The Trade Union Congress of Nigeria on Sunday placed its members on strike notice over what it tagged as “anti-worker” policies currently being implemented by the management of Dangote refinery. TUC also placed its members on alert for a nationwide strike should Dangote refinery fail to reinstate its sacked workers and issue full apology to its workers. A statement signed…
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Shettima heads to Germany for Deutsche Bank talks after UNGA80 engagements
By Kunle Sanni – Vice President Kashim Shettima has departed New York for Germany after representing President Bola Tinubu at the 80th Session of the United Nations General Assembly (UNGA). In Germany, Shettima is expected to hold strategic meetings with officials of Deutsche Bank to discuss potential areas of partnership in Nigeria’s developmental agenda. During the week-long UNGA activities, the…
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SEC raises alarm over AI-generated investment scams in Nigeria
The Securities and Exchange Commission (SEC) has warned Nigerians to beware of a rising wave of artificial intelligence (AI)-driven scams that are targeting unsuspecting investors with promises of guaranteed profits and fake celebrity endorsements. The Commission recalls that platforms such as CBEX, Silverkuun, and TOFRO were operating illegally by advertising AI-powered trading systems that promise unrealistic returns. “These platforms are…
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NGX Group forges stronger policy-market alignment through dialogue on tax reforms
Nigerian Exchange Group (NGX Group) has reinforced its role as a trusted catalyst for market development by convening a high-level stakeholder dialogue on the Capital Gains Tax (CGT) provisions within the Tax Reform Act 2024, set to take effect in January 2026. The virtual forum brought together policymakers, issuers, investors, intermediaries, and regulators in a constructive exchange aimed at deepening…
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Unity Bank clarifies AMCON 34% stake sale to Providus Bank
Unity Bank Plc has made further clarifications regarding the sale of the Asset Management Corporation of Nigeria’s (AMCON) 34per cent equity stake in the bank, confirming that the shares were acquired by an existing shareholder and not by Providus Bank Limited. The development is said to signpost stakeholders’ confidence in the future of the merger of Unity Bank with Providus…
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AfDB pledges fresh support for Nigeria’s agro-industrial zones
…as Shettima advances Africa-Caribbean ties at UNGA80 By Kunle Sanni – Nigeria has secured a renewed funding commitment from the African Development Bank (AfDB) to expand the country’s Special Agro-Industrial Processing Zones (SAPZ) project, with Phase 2 set to cover 24 additional states. Vice President Kashim Shettima made the case for increased support during a bilateral meeting with AfDB President,…
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FG, Niger Foods set to expand sugarcane production, cut $1bn import bill
By Kunle Sanni – The Federal Government has entered discussions with Niger Foods Security Systems and Logistics Company Ltd on plans to expand large-scale sugarcane production in Nigeria as part of efforts to reduce the country’s heavy reliance on sugar imports. The Minister of Agriculture and Food Security, Senator Abubakar Kyari, CON, met with the company’s delegation led by its…
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