Business

Senate President Godswill Akpabio has rejected claims that the newly signed tax laws by President Bola Tinubu differ from the versions approved by the National Assembly. Speaking during plenary on Wednesday, Akpabio described reports alleging post-passage alterations to the gazetted tax laws as false and misleading. He stressed that the laws signed by the President faithfully reflect the resolutions reached by lawmakers in both chambers of the National Assembly. In his remarks, Akpabio dismissed allegations made by House of Representatives member Abdussamad Dakuku, who had suggested that the tax reform bills passed by parliament were not the same as the versions later released to the public. According to the Senate President, such claims are baseless. He emphasized that only docum...

Amazon has announced plans to cut 16,000 jobs worldwide as part of a broader restructuring effort, expanding on workforce reductions first signaled in October.  The tech giant had earlier indicated it would eliminate about 14,000 roles, but the latest announcement increases the scope of the layoffs as the company continues to streamline operations amid slower growth and rising costs.  According to Amazon, the job cuts are intended to simplify its corporate structure and improve efficiency. Senior Vice President Beth Galetti said the move is aimed at “reducing layers, increasing ownership, and removing bureaucracy” across teams.  The cuts are expected to affect multiple divisions globally, adding to a wave of layoffs that has swept through the global tech industry as...

The Central Bank of Nigeria (CBN) has approved the temporary use of expired National Agency for Food and Drug Administration and Control (NAFDAC) licences by importers for import documentation purposes. In a circular issued on January 26, 2026, by the Trade and Exchange Department of the apex bank and published on its website on Tuesday, the CBN said authorised dealer banks may continue to process Form M applications using NAFDAC licences that expired on December 31, 2025. The bank said the decision was necessitated by operational challenges arising from the migration from the legacy Nigeria Integrated Customs Information System II platform. According to the circular, the temporary approval takes immediate effect and will run for two months, expiring on February 28, 2026. “The ...

The Anambra State government has directed traders in twelve additional markets to resume normal operations on Mondays, warning that non-compliance could result in temporary market closures. This follows last week’s closure of Onitsha Main Market after traders refused to open on Mondays, an action the government said disrupted business activities. The markets now required to operate include: Ochanja Central Market, Bridgehead Market, Ogbaru Main Market, Building Materials Market Ogidi, Agba-Edo Auto Spare Parts Market Nnewi, New Auto and Motorcycle Spare Parts Market Nnewi, Fairly Used Motorcycle Spare Parts Market Nnewi, New Auto Spare Parts Market Nkpor, Nkpor Main Market, Old Mercedes-Benz Spare Parts Dealers Market Nkpor, Old Motor Spare Parts Market Obosi, and Electrical Dealers ...

advertisement Community leaders and displaced residents on Wednesday staged a protest at the Ikeja Under-Bridge area of Lagos, condemning the ongoing demolitions and alleged forced evictions in waterfront and low-income communities across the state. The protesters accused the Lagos State Government of carrying out demolitions in areas such as Makoko, Owode Onirin and Oworonshoki without adequate notice, compensation or resettlement plans for affected residents. Story continues below advertisement The demonstrators occupied strategic sections of the Ikeja under-bridge, temporarily disrupting movement and drawing the attention of commuters and motorists along the busy axis. The protesters carried placards bearing inscriptions such as “Stop Forced Evictions Now,” “Makoko Lives ...

A female Point of Sale operator was k!lled after being hit by a commercial bus near the Total filling station in the Berger area of the Federal Capital Territory on Monday. According to eyewitnesses, the bus driver, who was operating a coaster bus, was being chased by officials of the Federal Road Safety Corps when the incident occurred. A commuter who witnessed the incident and identified himself as Johnson told punch that the woman had arrived early for work and was crossing the road after buying food. Johnson added that after the bus struck the woman during the chase, neither the coaster bus driver nor the FRSC officials stopped at the scene. He said the victim remained on the road until police officers from the Utako Division arrived, by which time she had died. ...

The Nigerian stock market maintained its upward trajectory on Tuesday, with investors’ wealth rising by N126 billion, marking a 0.12% increase. Market capitalization on the Nigerian Exchange (NGX) climbed to N106.088 trillion at the close of trading, up from N105.962 trillion in the previous session. Similarly, the All-Share Index (ASI) gained 0.12%, adding 196.26 points to finish at 165,713.82, compared with 165,517.56 previously. The positive momentum was mainly fueled by renewed buying interest in medium- and large-cap stocks, including Union Homes Real Estate, SCOA, Deap Capital Management, Morison, and RT Briscoe, among others. Market breadth ended on a positive note, with 33 stocks advancing against 26 declining. Union Homes Real Estate Investment, SCOA, and Deap Capit...

The Federal Government has announced that its recently issued ₦501 billion power sector bond, launched under the Presidential Power Sector Debt Reduction Programme, has achieved full subscription. According to the government, the bond attracted overwhelming interest from pension fund administrators, banks, asset managers and other investors, underscoring strong confidence in the initiative aimed at clearing legacy debts, improving liquidity and restoring stability in the Nigerian Electricity Supply Industry (NESI). Speaking at the bond signing ceremony held in Lagos on January 27, 2026, the Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, described the programme as a major reset of the electricity market, combining debt resolution with wider financial and structural...

The National Environmental Standards and Regulations Enforcement Agency says Nigeria consumes over 2.5 billion litres of sachet water annually, produced by more than 32,000 manufacturers across the country. Prof. Innocent Barikor, the Director -General of NESREA, stated this at the inception meeting of the Child Project –GEF 11193 on Tuesday in Abuja. He said the project “Circular Solutions to Plastic Pollution in Nigeria” was aimed at reducing plastic sachet water consumption, while ensuring access to safe drinking water. Barikor said the meeting marked a significant milestone in Nigeria’s ongoing efforts to address the growing challenge of plastic pollution in the country He said the pervasive issue of single-use plastic water sachets had become both a convenience and...