Business

The Nigerian Senate has summoned the immediate past Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, along with former Chief Financial Officer Umar Isa and former Group General Manager of the National Petroleum Investment Management Services, Bala Wunti, over an alleged ₦210 trillion expenditure by the national oil company between 2017 and 2023 that lawmakers say has not been properly explained. Lawmakers handling the probe warned that a warrant of arrest could be issued against the former officials if they fail to honour the invitation once the date for their appearance is communicated. The Senate committee is also questioning the company’s reported ₦5 billion spending on the rebranding that transformed the defunct Nigerian National Petro...

Petrocam Trading, Patrick Ilo’s bank accounts frozen over ‘N9.05bn debt’ The Federal High Court in Lagos has ordered the freezing of bank accounts linked to Petrocam Trading Nigeria Limited and its principal, Patrick Ilo, over an alleged debt of ₦9.05 billion owed to Zenith Bank. Justice Chukwujekwu Aneke issued the interim order in Suit No: FHC/L/CS/393/2026 after Zenith Bank filed an ex parte application seeking to secure funds reportedly owed as of May 31, 2025. The court directed that the defendants, whether acting personally or through agents or representatives, must not withdraw, transfer, or tamper with funds up to ₦9,057,511,855.63 pending the hearing of the motion on notice. A key aspect of the ruling targets Bank Verification Number (BVN) 22141926401, said to be conne...

MultiChoice, parent company of DStv and GOtv, has revealed plans to shut down its streaming platform Showmax after more than a decade of operation. In a message to customers dated March 5, the company said the move follows a strategic review aimed at strengthening its overall digital offerings and ensuring long-term sustainability amid growing competition in the streaming sector. Originally launched in South Africa in 2015, Showmax expanded over the years to serve audiences across multiple African countries. While MultiChoice has not confirmed a specific shutdown date, it assures subscribers that the service will continue operating for the time being, with no immediate action required. Parts of the message read: “Following a comprehensive review, the Showmax Board has taken the...

Nigeria’s Federal Executive Council has approved the implementation of a GIS-enabled alphanumeric digital postcode system aimed at modernising the country’s national addressing framework.  Nigerian Business Directory The development was announced by Bosun Tijani after the council meeting presided over by Bola Tinubu. The approval marks a major step in the rollout of the initiative, which was first introduced four years ago. In 2022, the Nigerian Postal Service signed a memorandum of understanding with the National Population Commission to support the implementation of a digitised postcode system across the country. In a post on X, Tijani said the project forms part of the ministry’s broader strategy to strengthen Nigeria’s digital infrastructure and improve national ad...

President Bola Ahmed Tinubu has suspended the newly introduced cashless toll payment system at airports nationwide, citing passenger welfare and the severe traffic congestion that left many travelers missing flights. The announcement was made by Festus Keyamo, Minister of Aviation and Aerospace Development, following Wednesday’s Federal Executive Council meeting in Abuja. This move comes just days after the Federal Airports Authority of Nigeria (FAAN) fully implemented the “Operation Go Cashless” policy on March 1, 2026. The initiative had been intended to curb long-standing revenue leakages, fraud, and under-collection at toll gates, parking lots, and other airport points. However, its rapid rollout caused widespread chaos, particularly at major airports like Murtala Muhammed Intern...

The Federal Government under President Bola Ahmed Tinubu has unveiled a new tax collection framework targeted at integrating small businesses and informal sector operators into Nigeria’s tax system. Tagged the Presumptive Tax Framework, the initiative is structured to ease tax compliance for traders, artisans, and micro-enterprises nationwide. The announcement was made in a statement shared on Wednesday via the official X account of the Federal Ministry of Finance. According to the government, the framework introduces a simplified tax structure aimed at making it easier for small-scale businesses operating outside the formal economy to meet their tax obligations. The system provides a streamlined process intended to eliminate unnecessary bureaucratic bottlenecks. Speaking on th...

The Economic and Financial Crimes Commission (EFCC) has arraigned two senior officials of FSDH Merchant Bank Limited, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over the alleged diversion of $306,667.81 and €50,250 through fraudulent SWIFT transactions. The defendants appeared before Justice Ismaila Ijelu of the Lagos State High Court in Ikeja on Tuesday, facing a 10-count charge bordering on stealing and retention of stolen property. According to a statement issued by EFCC spokesperson Dele Oyewale, the charges stemmed from a petition filed by the bank after an internal audit reportedly uncovered unauthorised debits totalling $306,667.81 and €50,250 from its Letters of Credit payable accounts. The sums are said to amount to ₦527,406,916.66. EFCC investigations alle...

Telecommunications operators in Nigeria will now be required to give subscribers a minimum of 14 days’ notice before deactivating their SIM cards over inactivity or post-paid churn.  This was disclosed in a fresh proposal by the Nigerian Communications Commission (NCC).  The proposal is contained in a consultation paper, signed by the Executive Vice Chairman and Chief Executive Officer of the NCC, Dr Aminu Maida, and which was titled Stakeholders Consultation Process for the Telecoms Identity Risks Management Platform, dated February 26, 2026, and published on the Commission’s website.  Under the proposed amendments to the Quality-of-Service (QoS) Business Rules, the Commission said operators must notify affected subscribers ahead of any planned churn.  “Prior to churning of a post-...

Nigeria’s external financial buffers strengthened significantly in 2025 as Olayemi Cardoso, governor of Central Bank of Nigeria (CBN), disclosed that the country’s net foreign exchange reserves reached $34.80 billion by the end of the year. The figure represents a major increase compared with previous years, rising by $11.69 billion or 50.58 percent from $23.11 billion recorded in 2024. It also reflects a remarkable improvement of about $30.81 billion, or 772.18 percent, when compared with the $3.99 billion recorded in 2023. Net international reserves represent reserve assets after adjusting for short-term external liabilities such as foreign exchange swaps and forward contracts. Analysts regard the metric as a more accurate indicator of a country’s ability to meet immediate exte...