Business Archives - Page 2 of 182

“My actual wealth may exceed $38bn estimate” – Ɗangote

June 22, 2026June 22, 2026 Aminu Imam

Africa’s richest man, Aliko Ɗangote, has suggested that his actual wealth may be significantly higher than estimates by global wealth trackers, citing the fact that many of his major business interests are not publicly listed. Ɗangote made the remarks during a street interview with James Dumoulin, of School of Hard Knocks, where he discussed his business empire, personal wealth and legacy. Responding to a question about the highest amount of money he had made in a year, the billionaire industrialist said his companies generated approximately $10 billion in the first…

Nigeria’s forex reserves hit $51.04bn

June 21, 2026June 21, 2026 Aminu Imam

…Highest level since 2009 Nigeria’s external reserves have climbed to $51.04 billion, reaching their strongest level in nearly 17 years amid sustained foreign exchange inflows and improving conditions in the foreign exchange (forex) market. Data obtained from the Central Bank of Nigeria (CBN) showed that the country’s gross external reserves stood at $51.04 billion as of June 18, 2026. The figure represents the highest reserve level recorded since January 20, 2009, when reserves were approximately $51.07 billion. The latest development highlights the continued strengthening of Nigeria’s external position, following notable…

FG releases guidelines for transition to new 2026 tax regime

June 19, 2026June 19, 2026 Aminu Imam

The Federal Government has issued comprehensive guidelines to facilitate the transition from Nigeria’s repealed tax laws to the new tax framework established under the Tax Acts 2025, providing clarity for taxpayers, tax practitioners, revenue authorities and other stakeholders ahead of the full implementation of the reforms. The guidelines, released by the Federal Ministry of Finance yesterday, outline the procedures for managing tax obligations and administrative matters as the country migrates to the new tax system, which takes effect from January 1, 2026. According to the government, the General Guidelines for…

Calls, SMS tariffs to rise, as NCC begins rates’ review

June 18, 2026June 18, 2026 Aminu Imam

The Nigerian Communications Commission (NCC), working with consultancy KPMG, has begun a comprehensive review of telecom interconnection pricing, the first major reassessment of the sector’s tariff framework in nearly a decade. The exercise, which kicked-off in Lagos at a mobile termination rate stakeholder forum on Tuesday, brought regulators, operators and industry participants into a structured process to reassess wholesale pricing rules that govern payments between networks for completing voice calls. Mobile Termination Rates are regulated fees paid by one operator to another to complete calls across networks. They influence competition,…

FAAC: FG, states, LGAs receive ₦2.257tr from April allocation

June 17, 2026June 17, 2026 Aminu Imam

The Federal Government, states and local government councils shared a total sum of ₦2.257 trillion from the Federation Account in April. Director, Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mokwa, disclosed this in a statement on Monday. The revenue was shared at the May 2026 Federation Account Allocation Committee, (FAAC), meeting held in Abuja. The ₦2.257 trillion total distributable revenue comprised distributable statutory revenue of ₦1.260 trillion , distributable Value Added Tax, (VAT), revenue of ₦747.088 billion, and augmentation of ₦250.000 billion. This indicated…

‘Nigeria’s inflation rate rises for 3rd time to 15.93% in May’ – NBS

June 17, 2026June 17, 2026 Aminu Imam

Nigeria’s inflation rate rose to 15.93% in May 2026, marking the third consecutive monthly increase in the annual inflation rate as food prices continued to pressure household budgets despite a slowdown in the pace of monthly price increases. The latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Monday showed that inflation increased from 15.69% in April to 15.93% in May, extending a rebound that began in March after inflation fell slightly to 15.06% in February. The report showed that the CPI increased to…

IMF urges Nigeria to tax fuel, telecoms to boost revenue

June 15, 2026June 15, 2026 Aminu Imam

The International Monetary Fund (IMF) has recommended that Nigeria introduce taxes on fuel products and telecommunications services to raise government revenue, according to its 2026 Article IV Consultation report – even as Nigerians protest a worsening standard of living amid widespread insurgency. The IMF called for measures including raising the VAT rate, extending VAT to fuel, and introducing telecom excise duties, while cautioning that timing must account for rising poverty and food insecurity, and that cash transfer systems must first be in place. Both proposals face strong headwinds. A previous…

SERAP sues NNPCL over alleged ₦5.9bn rebranding cost

June 15, 2026June 15, 2026 Aminu Imam

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over its alleged failure to account for about ₦5.9 billion reportedly spent on the incorporation, transition and rebranding of NNPC into NNPCL. The suit, marked FHC/ABJ/CS/1248/2026, was filed last week at the Federal High Court in Abuja. SERAP is seeking an order of mandamus to compel the NNPCL to account for the funds allegedly spent on the rebranding exercise. According to SERAP, the NNPC reportedly paid ₦2.9 billion for incorporation expenses…

FG may start paying salaries through eNaira

June 14, 2026June 14, 2026 Aminu Imam

The Federal Government may soon begin paying workers’ salaries, pensions and social welfare benefits through the eNaira platform. According to reports, this is part of a new plan by the Central Bank of Nigeria (CBN) to expand the use of the country’s digital currency. According to reports, the proposal is contained in the ‘Nigeria Payments System Vision 2028’, a new roadmap released by the apex bank to strengthen digital payments and increase the role of the eNaira in everyday financial transactions. Recall that the eNaira was introduced in October 2021…

NNPCL ₦210tr probe: Kyari denies evasion

June 12, 2026June 12, 2026 Aminu Imam

…As Ex-CFO dismisses alleged discrepancy The controversy surrounding the Senate’s investigation into the finances of the Nigerian National Petroleum Company Limited (NNPCL) intensified yesterday, as former Group Chief Executive Officer, Mele Kyari, denied evading lawmakers, while the company’s former Chief Financial Officer, Umar Ajiya, dismissed claims of an alleged ₦210 trillion financial discrepancy as “mathematically impossible”. The twin developments came a day after the Senate Committee on Public Accounts issued an arrest warrant against Kyari following his failure to appear before the committee investigating NNPCL’s financial records and transactions. Responding…