Author: Ifetayo Adeniyi

Presidency lauds Lafarge Africa’s N133bn Q2 profit performance, credits economic impact Presidency lauds Lafarge Africa’s N133bn Q2 profit performance, credits economic impact The Special Adviser on Information and Strategy to President Bola Tinubu, Bayo Onanuga, has praised Lafarge Africa Plc for its robust financial performance in the first half of 2025, asserting that the results underscore the positive impact of ongoing economic reforms in Nigeria. Lafarge Africa, a leading cement and building solutions company, announced a stellar performance for H1 2025, demonstrating significant growth across key financial metrics. The company reported a substantial 70 per cent increase in net sales,…

UBEC fund: 25 states, FCT access N92bn in six months The Executive Secretary, Universal Basic Education Commission, Aisha Garba…Photo Credit: UBEC Web The Executive Secretary of the Universal Basic Education Commission, Dr. Aisha Garba, has disclosed that 25 states and the Federal Capital Territory have accessed the sum of N92.4bn, being UBE matching grant, between January and June. She further disclosed that the Commission disbursed N19bn, being the 2023/2024 Teacher Professional Development fund, to 32 states and the FCT, and N1.5bn as School Based Management Committee Improvement Programme fund to 1,147 communities in the 36 States and the FCT. Garba…

NNPC Achieved N905bn Profit in June, Federation Remittances Reach N6.96tn in 5 Months The Nigerian National Petroleum Company Limited (NNPC) yesterday declared a Profit After Tax (PAT) of N905 billion for its June operations, a drop from the N1.054 trillion recorded in the previous month of May. However, the national oil company posted statutory payments of N6.961 trillion to the federation between January and May 2025, up from the N5.583 trillion it remitted from January to April this year. Besides, the NNPC, in its Monthly Report Summary for June released last night, announced a total revenue of N4.571 trillion in…

FG plans to eliminate seven per cent surcharge on import Adewale Adeniyi FG plans to eliminate seven per cent surcharge on import Hope on sight for importers as the Federal Government contemplates the reduction of import duties by removing the seven per cent surcharge on imports. While speaking at a town hall meeting with stakeholders on B’Odogwu clearance system, yesterday, the Comptroller General of the Nigeria Customs Service (NCS), Bashir Adeniyi, said the scrapping of the seven per cent surcharge was undergoing legislative process. He said the moment the surcharge is removed, duties paid on all cargoes would reduce and…

In Q1 2025, Nigeria’s economy grew by 3.13% — NBS National Bureau of Statistics building In Q1 2025, Nigeria’s economy grew by 3.13% — NBS Nigeria’s Gross Domestic Product grew by 3.13 per cent year-on-year in real terms in the first quarter of 2025. This is according to the latest report by the National Bureau of Statistics on Monday. According to the bureau, this represents an improvement over the 2.27 per cent growth recorded in the corresponding period of 2024. The NBS, in its Q1 2025 GDP report, said the economic performance in the quarter was driven mainly by the…

Recruitment portal for Civil Defence, Immigration, others reopened for application Recruitment portal for Civil Defence, Immigration, others reopened for application The Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB) has reopened its recruitment portal after a temporary suspension caused by technical difficulties. The board had earlier paused the recruitment process for the four paramilitary agencies under its supervision following serious glitches on the portal. In a statement released on Monday, CDCFIB confirmed that the issues have now been resolved and apologised for the inconvenience experienced by applicants. “We sincerely apologize for the interruption in the application submission process. Due…

The Trail of Billions of dollars: How Nigeria’s Billions in Stolen Crude Were Traced Beyond Its Shores How Nigeria’s Billions in Stolen Crude Were Traced Beyond Its Shores. In 2017, Hon. Ehiozuwa Johnson Agbonayinma, former federal lawmaker and fierce anti-corruption crusader, unearthed what would become one of Nigeria’s most significant economic scandals, a vast network of undeclared crude oil exports that siphoned billions of dollars from the country between 2011-2014. “Sometimes, just to get the right information is like digging through concrete,” Agbonayinma admitted as he recounted the resistance, denials, and bureaucratic bottlenecks he faced. But despite the obstacles, his…

No need lobbying for foreign exchange due to CBN reforms – BUA Chairman Chairman of BUA Cement Plc, Dr Abdul Samad Rabiu • BUA Cement increased in its revenue to N877bn in 2024, from N460bn in 2023. Chairman of BUA Cement Plc, Dr Abdul Samad Rabiu, says foreign exchange reforms by the Central Bank of Nigeria have eliminated the need for companies to lobby for FX. Rabiu made the remarks on Monday in Abuja during a media briefing following the 9th Annual General Meeting of BUA Cement Plc. He described the current FX regime as more transparent and market-driven, contrasting…

Joseph Yobo found his way to NIS  for schooling Joseph Yobo Joseph Yobo, a former captain of the Super Eagles has shown interest in getting certified as a competent sports administrator which was the reason behind his decision to enrol at the foremost sports institution in Africa, the National Institute of Sports (NIS), Lagos. Yobo admitted when members of the NIS Advisory Committee, led by the Director General, Philip Shaibu, visited his classroom during an inspection tour on Monday. The committee visited the hostel, library, gyms, offices, and conference room, among others, of the 51-year-old institution. At Yobo’s classroom,…

Cardoso explains: Why interest rate remains high CBN Governor, Olayemi Cardoso. Credit: CBN …high interest rates ensure stability of macroeconomic. The Central Bank of Nigeria has explained why interest rates remain elevated, insisting that the monetary policy stance reflects not just a fight against inflation but a bold attempt to restore credibility, rebuild investor confidence, and defend the value of the naira. The CBN Governor, Olayemi Cardoso, disclosed this at the Nigeria Domestic Investment Summit: Operationalising Nigeria’s first policy, organised by the Ministry of Industry, Trade and Investment, on Monday in Abuja. The apex bank stated this ahead of its…