The House of Representatives has directed the Nigeria Customs Service to stop the collection of the Comprehensive Import Suspension Scheme levy with effect from June 30, 2025. The Chairman, House Committee on Customs and Excise, Leke Abejide (ADC, Kogi) issued the directive on Monday in Abuja during the 2024 budget performance review of N6.11 trn and 2025 budget defence of proposed N6.58 trn. This is just as the African Democratic Congress lawmaker disclosed that the committee would hold a joint sitting with the Senate Committee on Customs and Excise as well as the Minister of Finance and Economy, Mr Wale…
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Sterling Financial Holdings Company Plc recorded a profit after tax of N17.2bn for the first quarter ended March 31, 2025, more than doubling the N7.5bn posted in the corresponding period of 2024. The financial services firm’s performance was driven by an increase in interest income, which rose by 42 per cent from N55.3bn in Q1 2024 to N78.4bn in Q1 2025. Net interest income surged to N47.4bn, up from N27.2bn the previous year. Operating income rose sharply to N64.3bn, compared to N42.9bn in the prior year, supported by higher net fees and commission income of N10.1bn, an increase from N7.1bn.…
The Lagos State Governor, Babajide Sanwo-Olu, is set to commission the largest safety footwear manufacturing factory in Nigeria, owned by Yikodeen Company Limited, marking a significant boost to local production and industrial growth. In a statement on Monday, it was noted that Yikodeen Company Limited is set to officially unveil its ultra-modern, expanded manufacturing facility in Lagos. It stated, “The commissioning ceremony, scheduled for June 24, 2025, will be chaired by the Executive Governor of Lagos State, Babajide Sanwo-Olu, and will feature the attendance of other highly esteemed dignitaries from across government, industry, and traditional institutions. “The event is expected…
The Manufacturers Association of Nigeria has raised the alarm that the planned ban on single-use plastics in Lagos State will wipe out the livelihoods of over 89 per cent of operators in the plastic value chain. The Director-General of MAN, Segun Ajayi-Kadir, issued the warning in a statement on Monday, calling on the Lagos State Government to halt the ban and instead adopt more inclusive and evidence-based solutions. Ajayi-Kadir said, “A recent MAN-supported study evaluating the possible impacts of the Lagos State SUPs ban revealed significant adverse economic, operational, and social implications across the value chain, from manufacturers to wholesalers,…
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that the reforms introduced by the Bola Tinubu administration have effectively dismantled the dollar black market and boosted the Federal Government’s revenue to N6.9tn between January and April 2025. The figure represents a 40 per cent increase compared to the N5.2tn recorded during the same period in 2024. Edun made this known in Abuja on Monday during the second quarter 2025 Citizens and Stakeholders’ Engagement Session on fiscal performance and reform outlook. “In the first quarter of this year, when we even take April into account—the…
The Inspector General of Police, Kayode Egbetokun, said no fewer than 53 suspects have been arrested in connection with the recent wave of deadly attacks in Benue and Plateau states that claimed dozens of lives and left several others injured or displaced. Addressing journalists in Abuja on Tuesday, Egbetokun described the June 13 massacre in Yelewata community in Benue State as a “coordinated attack of terror.” Egbetokun said 26 were arrested for the attack in Yelewata, 22 suspects in connection with the Plateau attacks and another five in Benue for a more recent attack. He stated that 47 persons were…
The Social Democratic Party has suspended its National Chairman, Shehu Gabam, over alleged financial misconduct and misappropriation of party funds. The party also suspended its National Auditor, Nnadi Clarkson, and National Youth Leader, Chukwuma Uchechukwu. The decision was announced in a statement by the National Publicity Secretary, Araba Aiyenigba, on Tuesday. “The suspended officials were linked to a series of unauthorised financial transactions, personal enrichment schemes, and diversion of funds without NWC approval,” the statement said. According to Aiyenigba, Gabam had submitted an unauthorised financial statement to INEC and published a summary in newspapers, prompting the party to alert law…
Retail outlets under the nameplate of the Nigerian National Petroleum Company Limited effected an upward adjustment in the pump price of the Premium Motor Spirit, also known as petrol, to N945 per litre in the Federal Capital Territory on Monday. They also adjusted their petrol price to N915 per litre at several of their Lagos retail outlets, marking a fresh upward shift in the downstream retail market. The latest increase marks a fresh spike of N45 and N35 in Lagos and Abuja, respectively, up from the previous prices of N870 and N910 per litre. Also, independent marketers effected an increase…
A High Court sitting in Port Harcourt has fixed for judgement July 16, 2025, on claims of a N5.4 billion breach of contract by an indigenous company, Macobarb International Limited, against the NLNG. The Court is presided over by Justice Chinwendu Nwogu in suit number PHC/2013/CS/2022. The fixing of date of judgment came on June 24, 2025, after counsels for both parties adopted and adumbrated their final written addresses, each seeking to convince the judge to rule in his client’s favour. Macobarb had sued the NLNG, claiming that it breached the terms of the contract and that this breach led…
The Governor of Ondo State, Mr Lucky Aiyedatiwa, on Tuesday, unveiled the Olowo of Owo, Oba Ajibade Ogunoye, as the new chairman of the State Council of Obas. The governor said his administration was committed to upholding and strengthening the traditional institution in the state, describing it as the bedrock of society and a vital partner in the state’s pursuit of sustainable development. Speaking at the inauguration ceremony in Akure, the state capital, Governor Aiyedatiwa emphasised the constitutional and governance relevance of the Council of Obas, referencing its legal foundation under Chapter V, Section 33 of the Chiefs Law of…