Business Archives - Voice of Liberty NG

IMF raises alarm over Nigeria’s unrecorded public expenditure

July 3, 2026July 3, 2026 Aminu Imam

The International Monetary Fund (IMF) has raised concerns over unreported government spending in Nigeria, saying expenditure equivalent to about two percent of the country’s Gross Domestic Product (GDP) was not captured in recent official budgets and implementation reports. IMF Resident Representative in Nigeria, Christian Ebeke, disclosed this on Wednesday, while speaking to business executives in Lagos. He said the omission had created a gap between Nigeria’s reported fiscal deficit and its actual financing needs. According to him, the discrepancy means the country’s deficit appears smaller on paper than the level…

“There’s a Nigerian being paid ₦4bn monthly to guard pipelines despite ongoing oil theft” – Prof. Ikechukwu alleges

July 3, 2026July 3, 2026 Aminu Imam

Prof. Ikechukwu alleges ongoing oil theft2

The Executive Director of ‘Development Specs Academy’ and Visiting Professor of Social and Management Science, Professor Okey Ikechukwu, has made a stunning allegation during a live interview, stating that a Nigerian individual is being paid four billion naira every month to protect the country’s oil pipelines, yet crude oil theft, known as bunkering, continues uninterrupted. Speaking during a television programme, according to a video recently posted, Prof. Ikechukwu used Nigeria’s oil sector as a case study in what he described as a culture of self delusion within government. He pointed…

CBN revokes licences of 46 microfinance banks

July 2, 2026July 2, 2026 Aminu Imam

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs) across the country over their failure to comply with regulatory requirements necessary for continued operations. The apex bank announced the decision in a statement issued yesterday by its Acting Director of Corporate Communications, Hakama Sidi-Ali, stating that the revocation took effect from July 1, 2026. According to the CBN, the action was taken pursuant to Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, which empower the regulator to…

FG approves ₦286bn maritime projects to boost ports, Blue economy

July 1, 2026July 1, 2026 Aminu Imam

The Federal Government has approved four maritime projects worth ₦286 billion to modernise port operations and strengthen Nigeria’s blue economy. The Federal Executive Council (FEC) cleared the acquisition of pollution control vessels, pilot cutter boats, and firefighting boats, alongside the dredging of the Escravos Channel to improve navigation and maritime safety. Officials say the projects will enhance pollution control, emergency response, and efficiency in port channels across the country.

‘FG earns ₦20.2tr from crude oil exports in 5 months’

June 30, 2026June 30, 2026 Aminu Imam

The Federal Government earned an estimated ₦20.22 trillion from crude oil exports between January and May 2026, as higher global oil prices offset lower export volumes despite concerns over domestic crude supply. The earnings underscore the continued importance of crude oil to the country’s economy and foreign exchange inflows, despite ongoing efforts to diversify revenue sources and strengthen local refining capacity. Industry data indicate that global crude prices remained relatively firm during the period, driven by geo-political tensions, supply management measures by major oil-producing countries, and resilient demand in key…

EFCC recovers ₦38.66bn in refineries rehabilitation probe

June 30, 2026June 30, 2026 Aminu Imam

The Economic and Financial Crimes Commission (EFCC) has recovered cash and assets valued at about ₦38.66 billion in an ongoing investigation into the alleged diversion of funds earmarked for the rehabilitation of Nigeria’s state-owned refineries. The anti-graft agency is probing the utilisation of approximately $2.79 billion released between 2021 and 2023 for the rehabilitation and turnaround maintenance of the Port Harcourt, Warri and Kaduna refineries. According to investigators, the huge financial investment failed to produce corresponding improvements in the operational status of the facilities, prompting allegations that substantial portions of…

Tinubu authorises free CAC registration for 250,000 MSMEs

June 29, 2026June 29, 2026 Aminu Imam

President Bola Ahmed Tinubu has officially approved the free formalization and corporate registration of 250,000 Micro, Small, and Medium Enterprises (MSMEs) across the thirty-six states of the federation and the Federal Capital Territory. The major announcement was made public on Saturday at the State House in Abuja during the prestigious 8th ‘National MSME Awards 2026’. This extensive intervention is targeted at removing financial bottlenecks for nano, micro, and small scale entrepreneurs, effectively integrating them into Nigeria’s formal banking and regulatory ecosystem. Under this newly approved presidential directive, the beneficiaries will…

“Only 20% of PoS operators are registered” – CAC, EFCC

June 27, 2026June 27, 2026 Aminu Imam

The Economic and Financial Crimes Commission (EFCC) and the Corporate Affairs Commission (CAC) have expressed concerns over risks being posed to businesses and national security by the activities of unregistered Point of Sale (PoS) operators. The concerns were expressed in Abuja on Thursday, when the Board Chairman of CAC, Senator Ibrahim Idah paid a courtesy visit to the Executive Chairman of the EFCC, Ola Olukoyede at the corporate headquarters of the Commission. Idah, who came with some management staff of the CAC, sought EFCC’s support in enforcing compliance among PoS…

FG discovers major platinum, lithium deposits in Kaduna

June 25, 2026June 25, 2026 Aminu Imam

The Federal Government has announced the discovery of a world-class polymetallic mineral province in Kaduna State containing significant deposits of platinum group metals, gold, nickel, copper, lithium and rare earth elements. Minister of Solid Minerals Development, Dele Alake, disclosed this at the ‘African Natural Resources and Energy Investment Summit 2026’ in Abuja, describing it as one of the most important mining discoveries in recent years. According to Alake, the discovery was made by a private company and verified by the Nigerian Geological Survey Agency, positioning Nigeria as an emerging destination…

Stock market slumps further, as investors lose ₦9tr in 3 weeks

June 22, 2026June 22, 2026 Aminu Imam

Nigerian equities extended their downward trend in June, with investors losing about ₦9 trillion in market value within the first three weeks of the month as bearish sentiment continued to dominate trading activities. Latest data from the Nigerian Exchange (NGX) showed that the All-Share Index (ASI) and market capitalization declined by 3.59% during the week to close at 235,941.27 points and ₦151.327 trillion respectively. The sharp decline translated to a loss of ₦5.69 trillion in market value within a week, effectively wiping out the ₦4.59 trillion gain recorded by the…