In an environment where corporate accountability and financial transparency are paramount, the Nigerian National Petroleum Company Limited (NNPC Ltd.) has come under intense scrutiny following allegations of financial misconduct. Reports have surfaced accusing the state-owned oil giant of owing $6.8 billion to foreign oil merchants and failing to remit its share of the Federation Account…
By Ayomide Otitoju The Nigerian National Petroleum Company Limited (NNPC) has disclosed that the Federal Government accumulated a debt of N5.1 trillion in under-recovery and energy security expenses related to fuel importation in 2023. Additionally, a total of N9.38 trillion, described as receivables, was incurred by the national oil company on behalf of the government…
BUA Foods Plc has entered into a significant agreement with Turkish flour milling equipment manufacturer IMAS to construct four state-of-the-art wheat and flour milling factories. The new facilities will have a combined milling capacity of 3,200 tonnes per day, marking a major expansion in BUA Foods’ production capabilities. In a statement released on Tuesday, Adewunmi…
By Ayomide Otitoju The National Data Protection Commission (NDPC) has imposed a significant fine of N555.8 million on Fidelity Bank for breaching its customers’ data privacy. The penalty was announced by NDPC’s National Commissioner, Vincent Olatunji, during a Validation Workshop on the Nigeria Data Protection Act General Application and Implementation Directive held in Abuja on…
By Ayomide Otitoju Airtel Africa has commenced the second phase of its $100 million share buy-back programme, according to a notice filed with the Nigeria Exchange Limited on Monday. The new tranche, valued at up to $50 million, is scheduled to run until December 19, 2024. In its statement, Airtel Africa, a leading telecommunications and…
Flutterwave, Africa’s leading payments technology company, announced today that its online merchants in Nigeria can now accept American Express payments. This new capability allows American Express Card Members, including those with consumer, business, or corporate cards, to make payments directly to e-commerce businesses using Flutterwave’s platform in Nigeria. The service is set to expand to…
By Ayomide Otitoju The Nigerian National Petroleum Company Limited (NNPC) has reported a record net profit of ₦3.297 trillion for the financial year ending December 2023, marking a significant 28 percent increase from the ₦2.548 trillion profit recorded in 2022. This ₦700 billion surge highlights the company’s continued financial growth and operational resilience. At a…
The Central Bank of Nigeria (CBN) has announced a substantial increase in remittance inflows, reaching $553 million in July 2024, marking a 130% rise compared to the same period in 2023. This figure represents the highest monthly total inflows ever recorded, reflecting the CBN’s successful efforts to boost liquidity in Nigeria’s foreign exchange market. In…
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed grave concerns over the ongoing shortage of Premium Motor Spirit (PMS), commonly known as petrol, which has severely impacted its members across the country amid widespread fuel scarcity. Representing over 3,000 members and controlling a significant portion of Nigeria’s filling stations, IPMAN has accused the…
