Author: Aminu Ridwan

The Economic and Financial Crimes Commission (EFCC) has arraigned Ibrahim Nuhu Shuaibu at the Kaduna State High Court on charges related to a N100 million oil deal fraud, where he allegedly impersonated a Group Executive Director of the Nigerian National Petroleum Company Limited (NNPCL). Shuaibu, who also used the alias Ishaku Abdulrazak, faces seven charges, including criminal breach of trust, impersonation, and obtaining money under false pretenses. The charges date back to 2017, when he allegedly conspired with a now-deceased accomplice, Iliya Garba, to defraud victims by promising to supply petroleum products but failing to do so. One of the…

The Federal Government’s plan to impose a N50 levy on electronic money transfers above N10,000 has sparked widespread concern, with economists warning that the policy may stifle Nigeria’s rapidly growing fintech sector and discourage the adoption of digital financial services. The levy, which is set to take effect on September 9, 2024, will impact all transfers processed through platforms such as OPay and Moniepoint. Announced as part of efforts to boost revenue through the Electronic Money Transfer Levy (EMTL) under the Finance Act 2020, the fee is designed to target electronic transactions, a strategy economists believe could have serious repercussions…

In a move to comply with the Federal Inland Revenue Service (FIRS) regulations, leading fintech companies Opay and Moniepoint have announced the introduction of a N50 fee for electronic transfers exceeding N10,000. This new levy, set to take effect on September 9, 2024, applies to both personal and business accounts, in line with the Electronic Money Transfer Levy (EMTL) mandated by the Nigerian government. The EMTL, which was introduced under the Finance Act 2020, imposes a fixed charge of N50 on electronic receipts or transfers of N10,000 and above. The fee is aimed at boosting government revenue to finance public…

The Nigerian Export Promotion Council (NEPC) has expressed concern over the low profits Nigeria earns from its onion trade, despite being one of the largest producers of the crop in Africa. Producing nearly two million tons of onions annually, the country struggles to maximize its potential due to the high percentage of raw onion sales and a lack of value addition. During a stakeholders’ meeting in Gombe to discuss the development of an onion export strategy, NEPC’s Executive Director, Ms. Nonye Ayeni, highlighted that Nigeria’s onion sector remains underdeveloped. Represented by Mustapha Umar Faruk, Ayeni emphasized that while multiple states…

Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, has declared that the country is shifting its focus towards exporting finished products to China and other international markets, marking a significant step in Nigeria’s foreign trade strategy. Tuggar made this announcement via a video shared on his official X page on September 6, 2024, during President Bola Tinubu’s state visit to China, where he participated in the 2024 Forum on China-Africa Cooperation (FOCAC) Summit held from September 4-6. The minister emphasized that the goal of Nigeria’s trade relationship with China is to enhance value-added exports, moving beyond the traditional export of raw…

Cristiano Ronaldo has reached an extraordinary milestone by scoring his 900th career goal. This remarkable achievement was celebrated by Guinness World Records, who acknowledged Ronaldo’s status as the Greatest of All Time (GOAT) by responding to social media debates with a GOAT emoji. Ronaldo’s 900th goal came during Portugal’s UEFA Nations League match against Croatia. In the 34th minute, he volleyed a cross from Nuno Mendes, securing a 2-1 victory for Portugal. This goal not only contributed to Portugal’s win but also marked a historic moment in Ronaldo’s illustrious career, solidifying his standing in both international and club football. Guinness…

The Corporate Affairs Commission (CAC) has announced its intention to take strict actions, including shutting down Point of Sales (PoS) businesses that failed to register by the September 5, 2024, deadline. This announcement was made in a public notice issued on Friday, following inadequate compliance with the CAC’s directive. According to the CAC, unregistered PoS operators may be engaging in “unwholesome activities,” raising concerns about the integrity of some fintech operators. The Commission further emphasized that it is collaborating with law enforcement agencies to ensure comprehensive enforcement, which could include business closures and other severe legal consequences for defaulters. The…

Thirty-two subsidiaries of the Nigerian National Petroleum Company Ltd (NNPC) accumulated N22 trillion in debt within a 12-month period, raising concerns about their financial sustainability. The subsidiaries’ debt grew by 155%, rising from N8.6 trillion in 2022 to N22 trillion in 2023, according to the latest NNPC financials. The debts arose from funding operations, back charges, operating leases, and processing fees. Refinery Debts The Port-Harcourt Refining Company Limited’s debt surged by 144% to N1.97 trillion in 2023, up from N806 billion in 2022. Similarly, Kaduna Refining and Petrochemical Company Limited (KRPC) saw its debt increase by 127.8%, reaching N1.36 trillion,…

The Nigerian Bar Association (NBA) has strongly condemned the recent hike in fuel pump prices by the Nigerian National Petroleum Company (NNPC), calling for an immediate reversal of the decision. The newly elected NBA President, Mazi Afam Osigwe, expressed his disapproval over the sharp rise in fuel prices, which reportedly surged from N617 to N900 per litre. In a statement released on Thursday, September 5, Osigwe described the increase as “unacceptable,” stressing that it places an undue burden on ordinary Nigerians who are already grappling with severe economic hardships. “The abrupt hike in fuel prices has significantly worsened the financial…

The Dangote Group has clarified recent media reports suggesting that the Nigerian National Petroleum Company (NNPC) has begun lifting petrol from its refinery at a price of N897 per litre. The company emphasized that it neither fixes nor influences petrol prices in the country, as this responsibility falls under the purview of relevant regulatory agencies. In a statement issued by Anthony Chiejina, Chief Branding and Communications Officer of Dangote Group, the company urged the public to disregard such reports. Chiejina explained that no petrol has been lifted by the NNPC from the Dangote refinery, and the contract with NNPC on…