Category: Business

  • Oborevwori hosts Dr John Nwabueze, Nigeria’s first tax Ombudsman

    Oborevwori hosts Dr John Nwabueze, Nigeria’s first tax Ombudsman

    ASABA, NIGERIA (NPA) — March 19, 2026 — The Governor of Delta State, Rt Hon Sheriff Oborevwori, on Thursday received Dr John Nwabueze, Chief Executive Officer of the Office of the Tax Ombudsman, along with his team, at Government House, Asaba.

    Dr Nwabueze, Nigeria’s pioneer Tax Ombudsman and a native of Oshimili South Local Government Area of Delta State, was appointed in November 2025 by President Bola Ahmed Tinubu to strengthen fairness and accountability in the nation’s revenue system.

    Governor Oborevwori noted that the visit underscores a shared commitment to transparency and equity in tax administration. “As a government, we fully support the mission of the Office of the Tax Ombudsman to promote transparency and build public confidence in our tax system. I assured Dr Nwabueze and his team of our readiness to partner with his office to achieve a more equitable tax environment that benefits our citizens and the economy. I also commend President Bola Ahmed Tinubu, GCFR, for appointing one of our own as the pioneer CEO of this important office,” he said.

    The Governor further commended President Tinubu for establishing the national tax regulation body and for appointing a citizen of Delta State as the country’s first Tax Ombudsman. He congratulated Dr Nwabueze on his appointment and welcomed the establishment of a zonal office of the Tax Ombudsman in Delta State, describing it as a significant step toward improving tax governance and ensuring fairness for the people.

  • Ikeja Electric announces planned outage for Amuwo area

    Ikeja Electric announces planned outage for Amuwo area

    LAGOS, NIGERIA (NPA) — March 19, 2026 — Ikeja Electric Plc has issued a public notice of a planned power outage affecting parts of the Amuwo area of Lagos State.

    In a statement released on March 18, 2026, the power distribution company explained that the outage is due to rehabilitation and maintenance works on the 132kV GIS Substation at the Amuwo Transmission Station.

    The outage will begin on Wednesday, March 18, 2026, at 10:00 a.m. and is scheduled to continue until Thursday, July 30, 2026.

    According to the statement, the Transmission Company of Nigeria (TCN) and Ikeja Electric will work jointly to minimize the impact on customers served by the following feeders: 11-AmuwoINJ-T1-Old Ojo Road, 11-AmuwoINJ-T1-Ijesha Express, 11-AmuwoINJ-T2-Jakande 1, 11-AmuwoINJ-T2-Jakande 2, 33-AmuwoTCN-Amukoko, 33-AmuwoTCN-Hongxing 1, and 33-AmuwoTCN-Hongxing 2.

    Ikeja Electric emphasized that the critical upgrade is aimed at strengthening power infrastructure and improving the reliability and efficiency of electricity supply in the affected areas.

    The company expressed appreciation to customers for their patience and understanding during the period, assuring them of continued cooperation as the improvement works progress.

  • Ebonyi EXCO wields the big stick: Rogue contractors, greedy house agents, scrap vandals face crackdown

    Ebonyi EXCO wields the big stick: Rogue contractors, greedy house agents, scrap vandals face crackdown

    ABAKALIKI, NIGERIA (NPA) — March 19, 2026 — The Ebonyi State Executive Council, in decisive sessions on March 4 and March 17, 2026, unleashed a wave of tough decisions to accelerate projects and clamp down on corruption, targeting education, agriculture, housing, rent regulation, and more.

    In a release by Barrister Chief Ikeuwa Omebeh, Commissioner for Information and State Orientation, the council, chaired by Governor Francis Ogbonna Nwifuru, ordered the immediate termination of abandoned 2-kilometre rural road projects where contractors either fled after payment or delivered disgracefully poor work.

    The EXCO also approved the release of Ebonyi State’s 10% counterpart funding of N300 million for RAAMP 2026.

    To smash skyrocketing rent costs driven by fraudulent agents, the council proposed a groundbreaking bill regulating landlord-tenant agreements and criminalising agent fees above 2% of total rent.

    In a bid to stop scrap dealers from vandalising public infrastructure, EXCO proposed a bill to regulate the buying, selling, possession, transportation, and disposal of metal and electrical scraps across the state.

    Agriculture received a thunderous boost with N500 million approved for 250 Agricultural Power Tillers, set for distribution to farmers ahead of the 2026 farming season.

    The EXCO was firm on the implmentyation of education reforms with a directive that contractors paid for 22 model secondary schools, but failing to reach parapet level must be arrested until funds are recovered.

    The council cheered the success of its foreign scholarship programme of 204, of which 202 beneficiaries have completed their Master’s degrees and secured PhD admissions, most with distinctions. An additional 84 students recently departed, raising the total to 298, with 12 more set to leave between May and September 2026.

    On energy, EXCO welcomed a Build-Operate-Donate proposal from the Chinese Municipal Council and partners to establish Waste-to-Energy and Solar-to-Energy projects at the Industrial City in Ezzamgbo, Ohaukwu Local Governmenty Area.

    Health and infrastructure also gained momentum with N1.3 billion allocated for an ultra-modern clinic at Government House and remodeling of the Ebonyi Trade Centre.

    Finally, in culture and tourism, EXCO approved the rebuilding of the palace of Eze Dr. Akanu Ibiam, the first indigenous Governor of the Eastern Region, to honour his legacy and inspire future generations.

  • Ruto and Museveni to launch Naivasha–Malaba railway extension project

    Ruto and Museveni to launch Naivasha–Malaba railway extension project

    AFRICA (Chris Mahandara/Agency Report) — March 19, 2026 — President William Ruto and Ugandan counterpart Yoweri Museveni will be in Kisumu on Saturday to preside over the groundbreaking of the Standard Gauge Railway (SGR) extension from Naivasha to Malaba.

    The ceremony, a major milestone in regional infrastructure, is expected to draw over 20,000 people, including residents, leaders, and stakeholders. It marks the next phase of Kenya’s railway expansion aimed at boosting trade and transport links across East Africa.

    Roads and Transport Cabinet Secretary Davis Chirchir toured the Kibos SGR site on Monday to assess preparations. He assured that logistical, security, and organizational arrangements were firmly in place. “This is a big day we will celebrate with our President and President Museveni when they come to launch this very significant project,” he said.

    The proposed line will stretch about 369 kilometres, forming a critical segment of the regional corridor linking Mombasa to western Kenya and onward to neighbouring countries. Chirchir noted it will transform cargo and passenger movement by offering a more efficient alternative to road transport along the busy Northern Corridor.

    He emphasized that the project will enhance regional integration by connecting Kenya’s railway network with Uganda and the wider East African system. Once completed, it is expected to lower transport costs, improve efficiency, and spur economic growth in western Kenya by opening new opportunities for investment and commerce.

  • U.S. Treasury Department lifts restrictions on Venezuela, grants license for Petróleos de Venezuela

    U.S. Treasury Department lifts restrictions on Venezuela, grants license for Petróleos de Venezuela

    NORTH AMERICA (NPA) — March 18, 2026 — The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on Wednesday issued a license authorising American entities to engage in business transactions with Venezuela’s state-owned oil company, Petróleos de Venezuela, S.A. (PdVSA), and its subsidiaries.

    The agency said the license will benefit both the United States and Venezuela, while supporting the global energy market by increasing available oil supply and encouraging new investment in Venezuela’s energy sector.

    In a statement, the Treasury Department noted: “Today, the Treasury Department’s Office of Foreign Assets Control issued a license broadly authorising established U.S. entities to engage in many types of transactions with Venezuela’s state-owned oil company, Petróleos de Venezuela, S.A. (PdVSA), and its subsidiaries.”

    “This license will benefit both the United States and Venezuela, while supporting the global energy market by increasing the supply of available oil. It will also help incentivise new investment in Venezuela’s energy sector.”

    The U.S. Treasury Department had previously sanctioned Venezuela over human rights abuses, corruption, election fraud, and ties to drug trafficking and armed groups. Those measures, which began in 2014, expanded into broad economic restrictions on Venezuela’s oil and gold sectors.

    The consequences were severe: Venezuela’s economy contracted sharply, foreign investment dried up, and access to international financial markets was restricted. While sanctions weakened the Maduro government’s ability to fund operations, they also worsened living conditions for ordinary citizens, contributing to shortages of food, medicine, and fuel, while pushing Caracas to deepen ties with Russia, China, and Iran.

  • NGX to close for Eid al-Fitr holidays

    NGX to close for Eid al-Fitr holidays

    BUSINESS, NIGERIA (NPA) — March 18, 2026 — The Nigerian Exchange Group (NGX Group) has announced it will suspend trading activities on Thursday and Friday, following the Federal Government’s declaration of public holidays to mark Eid al-Fitr, the end of the holy month of Ramadan.

    In a statement issued Wednesday, NGX confirmed: “To commemorate Eid al-Fitr, the federal government has declared Thursday, 19 March and Friday, 20 March 2026, as public holidays. In light of this development, all Exchange facilities nationwide will be closed on these days.”

    The statement further added: “We will resume normal business on Monday, 23 March 2026.”

    Eid al-Fitr, celebrated by Muslims worldwide, signifies the completion of Ramadan, a month of fasting, prayer, and reflection. The NGX emphasized that the closure is in line with national observance and urged stakeholders to plan accordingly.

    This announcement aligns with the broader festive spirit across Nigeria, where millions of Muslim faithful are preparing for prayers, family gatherings, and acts of charity during the holiday.

  • DRC and Brazil in first-ever multisectoral talks to tackle domestic and international challenges

    DRC and Brazil in first-ever multisectoral talks to tackle domestic and international challenges

    AFRICA (NPA) — March 18, 2026 — The Democratic Republic of Congo (DRC) and Brazil held their first-ever multisectoral consultations on Tuesday, March 17, in Brasília, marking a significant step toward strengthening ties between the East African nation and its South American counterpart.

    The DRC delegation was led by Vice Minister of Foreign Affairs, H.E. Ms Noëlla Ayeganagato Nakwipone, who co-chaired the meeting alongside Ambassador Carlos Sergio Sobral Duarte, Brazil’s Secretary for Africa and the Middle East.

    According to a statement from Kinshasa’s Ministry of Foreign Affairs, the consultations are expected to usher in a new phase of cooperation in agriculture, energy, mining, trade, and training. Discussions also touched on major multilateral issues such as climate change, global governance, and collaboration within ZOPACAS (Zone of Peace and Cooperation of the South Atlantic). Officials described the talks as a reflection of a strengthened dynamic aimed at building a strategic partnership between the two countries.

    The meeting comes at a time when Congo is increasingly looking outward to address multidimensional challenges at home. Beyond economic development, the country continues to grapple with insecurity in the Kivu region, where M23 rebels backed by Rwanda have kept government forces under pressure. By deepening ties with Brazil, Congolese officials hope to diversify partnerships and bolster resilience against both domestic and international challenges.

  • BOI and MTN launch ₦1 billion fund to empower women entrepreneurs

    BOI and MTN launch ₦1 billion fund to empower women entrepreneurs

    BUSINESS (NPA) — March 18, 2026 — Nigeria’s Bank of Industry (BOI) has joined forces with telecom giant MTN to unveil the BOI–MTN Foundation Y’ellopreneur 3.0 Matching Fund, a ₦1 billion initiative aimed at boosting women-led enterprises across the country.

    In a statement released Wednesday, BOI emphasised that the programme is designed not only to provide affordable financing but also to deliver training and advisory support, enabling women entrepreneurs to scale their businesses sustainably. The collaboration underscores a growing recognition of women’s role in driving innovation, job creation, and economic growth in Nigeria.

    The initiative comes on the heels of International Women’s Day celebrations, where global calls for greater investment in women’s participation in business and governance were amplified. By aligning with this momentum, BOI and MTN are positioning the Y’ellopreneur 3.0 Fund as a practical step toward closing gender gaps in access to capital and entrepreneurial opportunities.

    Officials noted that beyond financial support, the programme will foster mentorship networks and capacity-building workshops, ensuring that beneficiaries gain the skills and resilience needed to thrive in competitive markets.

    This latest partnership highlights BOI’s continued commitment to inclusive development and MTN’s dedication to corporate social responsibility, reinforcing the message that empowering women entrepreneurs is essential to Nigeria’s long-term economic transformation.

  • LAMATA begins compensation payments to landlords affected by Blue Line depot project

    LAMATA begins compensation payments to landlords affected by Blue Line depot project

    LAGOS, NIGERIA (NPA) — March 17, 2026 — The Lagos Metropolitan Area Transport Authority (LAMATA) has begun compensating landlords whose properties were removed for the Blue Line Depot Land project in the Iba axis.

    In a statement Tuesday, LAMATA confirmed that duly enumerated landlords have received formal compensation disclosures, detailing approved sums and terms to ensure transparency and understanding between government and stakeholders.

    The agency added that compensation cheques for tenants were also distributed at the Palace of the Oniba of Iba Kingdom, His Royal Majesty Oba (Dr.) Sulaimon Raji Adeshina (Asade I).

    The exercise was coordinated by Dr Babatunde Osho of Global Impact Environmental Consulting, working with LAMATA officials, Mrs Ibironke Omorhirhi and Miss Oluwasemilore Aderele.

    This initiative underscores LAMATA’s commitment to fair compensation and community engagement. As work advances on the Blue Line Rail project, slated for completion in early 2027, the Authority remains focused on ensuring an inclusive process for all affected parties.

  • NAFDAC warns of counterfeit cancer drug PHESGO 600mg in Nigeria

    NAFDAC warns of counterfeit cancer drug PHESGO 600mg in Nigeria

    LAGOS, NIGERIA (NPA) — March 17, 2026 — The National Agency for Food and Drug Administration and Control (NAFDAC) has issued a public alert on confirmed counterfeit PHESGO 600mg with batch numbers B2346B16 and C3809C5.

    In Public Alert No. 014/2026, the agency noted that Roche, the Marketing Authorisation Holder of the cancer drug, received complaints from Lagos University Teaching Hospital (LUTH-NSIA) of suspected counterfeit Phesgo® 600mg. Batch C3809C5 was found to contain approximately 20mL instead of the expected 10mL. Both products were brought in by patients for administration.

    NAFDAC stated: “Only pictures of the complaint samples were sent to Roche. Although a complete investigation was not possible, the pictures were scrutinised and compared to genuine retained samples.”

    The investigation revealed major discrepancies confirming falsification, including:

    • Non-existent batch number in Roche’s database
    • Incorrect text and variable data
    • GTIN mismatch
    • Missing tamper-evidence label
    • Significant packaging differences

    Batch B2346B16 has been reported in four confirmed counterfeit complaints across Turkey, Nigeria, and the Philippines, all featuring the same fake batch number and false information.

    Phesgo 600mg, used to treat breast cancer, works by killing cancer cells and preventing further growth. Genuine Phesgo 600mg/600mg is manufactured by F. Hoffman La Roche Limited, Wurmisweg, CH-4303, Kaiseraugst, Switzerland.