Billionaire businessman Femi Otedola has denied any involvement in Nigeria’s fuel subsidy fraud, calling recent allegations against him misleading and unfounded. He was reacting to public comments made by Umar Sani, a former media aide to ex-Vice President Namadi Sambo, who had accused Otedola of benefiting from the subsidy system under the Goodluck Jonathan administration. In a strong rebuttal, Otedola described the claims as “false, baseless, and a shameless attempt to pander to lies.” His response came after Sani alleged that Otedola’s business dealings during the subsidy era placed him at the center of a system he is now publicly…
Author: Omolemi Eboisetale
The Nigerian stock market has recorded a significant gain of N216 billion following the Central Bank of Nigeria’s decision to cut its Monetary Policy Rate by 50 basis points to 27%. This move has buoyed investor sentiment, driving the market’s positive momentum. According to analysts, the rate cut is expected to support economic recovery by lowering borrowing costs and stimulating credit growth. “Looking ahead, we expect sentiment to improve further, supported by the more accommodative interest rate environment and the prospect of increased liquidity flows into equities,” analysts at Cordros said. The Nigerian Exchange Limited’s All Share Index rose by…
Migrants seeking to settle in the UK will have to meet stricter requirements, including having a job, not claiming benefits, and undertaking community work. Interior Minister Shabana Mahmood announced these plans, emphasizing that migrants would have to make social security contributions, claim no benefits, have a clean criminal record, and volunteer in their community to stay. According to Mahmood, “migrants should learn English to a high standard,” and she will be a “tough” minister. The new rules aim to ensure migrants contribute positively to British society and are self-sufficient. Currently, those with family in Britain and who have lived there…
The Trade Union Congress of Nigeria has demanded a public apology from Dangote Refinery management for sacking over 800 workers who joined the Petroleum and Natural Gas Senior Staff Association of Nigeria. According to TUC Secretary General Nuhu Toro, the dismissal of workers for exercising their constitutional right to freedom of association and unionization is a gross violation of Section 40 of the Nigerian Constitution and Nigeria’s obligations under International Labour Organization conventions. Toro emphasized that no corporation, regardless of size or wealth, will be allowed to trample on the dignity and rights of Nigerian workers. The TUC stands in…
The Nigerian National Petroleum Company Limited has reported a significant 91.3% increase in its monthly profit, rising to N539 billion in August 2025 from N185 billion in July. According to its Monthly Report Summary for August 2025, the company’s revenue also climbed to N4.655 trillion, compared to N4.406 trillion recorded in July. The company’s profit surge is notable, despite a decline in oil and gas output. Nigeria produced an average of 1.65 million barrels of crude oil per day in August, representing a 2.9% decline from the 1.7 million barrels per day pumped in July. Gas output also dropped by…
Lagos State Government, yesterday, said the Office of the Public Defender, OPD, now Bureau of Public Defender, BPD, has recovered N815 million and $52,000 in compensation for indigent residents since its establishment 25 years ago. Governor Babajide Sanwo-Olu, represented by Commissioner for Women Affairs and Poverty Alleviation, Mrs. Bolaji Dada, disclosed this at the agency’s silver jubilee celebration. According to Sanwo-Olu, “The most remarkable achievement is not in the numbers but in the human stories families reunited, dignity restored, victims of abuse protected, and voices once silenced now heard.” The BPD has grown into a vital pillar of Lagos State’s…
Nigeria’s crude oil production has increased to 1.8 million barrels per day, up from 1 million, according to Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri. The goal is to reach 2.5 million barrels per day, with American companies already showing strong interest in investing in Nigerian oil blocks. Lokpobiri emphasized the importance of continued investment in fossil fuels, stating that “Africa must not be deceived into abandoning fossil fuels while the West continues to expand production. Our hydrocarbons will finance our transition, not charity, not aid.” The minister’s comments come as Nigeria seeks to boost its oil…
Lufthansa is cutting 4,000 jobs, nearly 4% of its workforce, by 2030 as part of a major restructuring effort to boost efficiency and profitability. The job cuts will primarily affect administrative positions in Germany. According to the airline group, the restructuring efforts aim to improve competitiveness and achieve an adjusted operating margin of 8-10% by 2028-2030. The airline’s restructuring efforts are driven by the need to adapt to changing market conditions and improve its financial performance. Germany’s economic downturn has significantly impacted Lufthansa, with the country facing a second straight year of recession and unemployment at a decade high. The…
The Federal Government is considering certifying China’s C919 jet for local airlines. The Nigeria Civil Aviation Authority (NCAA) is leading the certification process, which could take several months to complete. According to Capt. Chris Ona Najomo, Director-General of NCAA, “We’re looking at the certification of the airplane. First of all, that is where we have to start.” The C919, a narrow-body jet produced by Chinese planemaker COMAC, lacks benchmark certifications from Western regulators. Despite this, COMAC has offered maintenance and training support for Nigerian carriers and is exploring dry lease arrangements. Abdullahi Ahmed, CEO of Nigerian airline NG Eagle, expressed…
The trial of Air France and Airbus over the 2009 Rio-Paris flight crash that killed 228 people is set to resume. The crash occurred on June 1, 2009, when the Airbus A330 aircraft plunged into the Atlantic Ocean during a storm. According to the investigation, faulty Pitot tubes caused the plane’s autopilot system to switch off, leading to a series of events that resulted in the crash. The families of the victims have been seeking justice for over 14 years. Daniele Lamy, president of the association representing the victims, expressed outrage over the original acquittal, saying that the families were…
The Federal Government has swiftly deployed federal mines officers to Zamfara State to lead rescue operations following a mine pit collapse in Kadauri Village, Maru. The collapse, triggered by heavy rainfall and aggravated by the unlawful activities of illegal miners, has trapped at least 15 itinerant mine workers, with 13 bodies recovered so far. According to the Ministry of Solid Minerals, “Efforts are on course to recover the remaining two, still trapped in the rubble.” The Ministry of Solid Minerals Development has mobilized its first responders to the site, who are working with officials of the state government on rescue…
OPEC+ is set to approve another oil production hike of at least 137,000 barrels per day in November, according to sources familiar with the talks. This decision will be made official during an online meeting of eight OPEC+ countries on October 5. Rising oil prices, recently topping $70 per barrel, encourage the group to try to further regain market share. The November increase will be similar to the October hike, with OPEC+ aiming to boost market share and address pressure from U.S. President Donald Trump to lower oil prices. OPEC+ has already raised quotas by more than 2.5 million barrels…