Nigeria is owed $17.8 million (about ₦25 billion) by Togo, Benin and Niger for electricity supplied under cross-border bilateral agreements, according to the Nigerian Electricity Regulatory Commission (NERC). The disclosure was contained in NERC’s Third Quarter 2025 report, which showed that the three countries were invoiced $18.69 million for electricity supplied during the period but remitted only $7.125 million, leaving an outstanding balance of $11.56 million for the quarter. NERC identified the defaulting international customers as: Compagnie Énergie Électrique du Togo Société Béninoise d’Énergie Électrique (Benin) Société Nigérienne d’Électricité (Niger) Electricity supplied to the three countries was generated by…
Author: Elvis Eromosele
Larry Page, co-founder and board member of Alphabet Inc., has added an estimated $6.1 billion to his net worth following a rise in the technology giant’s share price. According to the Forbes Billionaire Index, Page’s wealth is now estimated at $263.8 billion as of January 2026, reflecting investor optimism around Alphabet’s earnings outlook and long-term growth strategy. Alphabet’s recent stock rally has been fuelled by strong growth in advertising revenue, continued expansion of its data centre infrastructure, and positive market sentiment around its artificial intelligence-driven ad products. Analysts point to initiatives such as Smart Bidding Exploration, which improves ad…
By Elvis Eromosele Flight delays are a perennial concern across the world. For air travelers in Nigeria, flight delays have become an expected inconvenience rather than an exception. Missed connections, hours spent in overcrowded terminals, poor communication from airlines, and inadequate passenger care have, sadly, over time eroded confidence in domestic air travel. It was made worse as travelers had little recourse. Indeed, for many travelers social media became the go to place to air grievances. The Nigerian Civil Aviation Authority (NCAA) now appears ready to draw a line. The regulator’s announcement that it will push for stiffer penalties against…
The Nigerian Civil Aviation Authority (NCAA) has announced plans to push for harsher penalties against domestic airlines that repeatedly cause flight delays, signalling a tougher regulatory stance to protect passengers. The disclosure was made in a statement issued on Thursday by Michael Achimugu, Director of Public Affairs and Consumer Protection at the NCAA. According to the regulator, the move is aimed at tackling persistent operational inefficiencies, improving passenger experience, and enforcing accountability among local carriers. The NCAA said it has historically supported domestic airlines, recognising the difficult operating environment they face. However, it noted that recent incidents have exposed unacceptable…
E-hailing drivers operating on the inDrive platform have raised the alarm over alleged double Value Added Tax (VAT) deductions on their trip fares, describing the charges as excessive and poorly explained. The Amalgamated Union of App-Based Transporters of Nigeria (AUATON) said drivers first noticed the new deductions on January 1, 2026, when operations resumed for the new year. Speaking to the News Agency of Nigeria (NAN) in Lagos, Mr Kolawole Aina, AUATON’s South-West Vice-President, said drivers observed two separate VAT charges on their invoices, one listed as service payment VAT and another labelled simply as VAT. According to the union,…
Champion Breweries Plc has opened a ₦42 billion Public Offer of ordinary shares, priced at ₦16.00 per share, to finance the acquisition of the Bullet brand portfolio. The offer, which follows approvals from the Securities and Exchange Commission (SEC) and Nigerian Exchange Limited (NGX), opened on Thursday, January 8, 2026, and will close on January 21, 2026, according to a company statement. Champion said the net proceeds from the Public Offer, together with funds raised from its recently completed Rights Issue, will be used mainly to acquire the Bullet brand portfolio through an asset carve-out arrangement. The deal will transfer…
US President Donald Trump has signed an executive order suspending America’s participation in 66 United Nations agencies and international organisations, including the UN climate treaty framework, in what officials describe as a major reset of US engagement with global institutions. The move, announced on Wednesday, affects bodies focused on climate change, labour, migration and development, which the administration says promote agendas that conflict with US interests. The decision marks the largest withdrawal from multilateral institutions in modern US history. Marco Rubio, US Secretary of State, said the affected organisations were “mismanaged, wasteful, poorly run” and, in some cases, a threat…
African startups raised a combined $3.2 billion in venture funding in 2025, marking a strong rebound after two years of decline, with energy and fintech firms accounting for the bulk of investments. Data from Africa: The Big Deal shows that the 2025 total represents a 40 per cent year-on-year increase, reversing funding drops of 35 per cent in 2023 and 25 per cent in 2024, and signalling renewed investor confidence despite a cautious global venture climate. The rebound was driven largely by a surge in large-ticket deals. Funding rounds exceeding $10 million increased by 73 per cent to 69 deals in 2025, up…
The preliminary stage of the InterswitchSPAK 7.0 Science Competition has delivered nine gripping episodes, showcasing the brilliance of 81 exceptional secondary school students from states including Niger, Kaduna, Abuja, Enugu, Akwa Ibom, Delta, Rivers, Ogun, Ondo and Lagos. Beyond academic excellence, the contestants displayed creativity, resilience and confidence, turning the competition into a national celebration of science, technology, engineering and mathematics (STEM). Ahead of the contest, employee volunteers from Interswitch Group held a behind-the-scenes mentorship session to help participants stay calm and focused, setting the tone for the intense intellectual battles that followed. At the foundation level, students had 15…
19 Nigerian banks have already met the Central Bank of Nigeria’s (CBN) new minimum capital requirements, with less than 90 days to the March 31, 2026, deadline, signalling strong early compliance with the ongoing banking sector recapitalisation. The recapitalisation drive, one of the most far-reaching reforms in over a decade, aims to strengthen banks’ balance sheets, improve shock absorption, and boost credit creation across the economy. International banks (₦500 billion minimum): Access Bank, Fidelity Bank, First Bank of Nigeria, GTBank, UBA, Zenith Bank National banks (₦200 billion minimum): Citibank Nigeria, Ecobank Nigeria, Globus Bank, Stanbic IBTC Bank, Sterling Bank, Wema…