20 April 2025
07:16

TOSCAD NEWS NIGERIA

News as it breaks

Category: Business

BusinessFeatured

Anambra Tricycle Operators Cry Out Over Illegal Levies, Petition State Assembly

Wendy R.

Tricycle operators in Anambra State have petitioned the State House of Assembly, seeking urgent intervention over what they describe as multiple and unauthorized levies imposed on them by individuals claiming to represent the government. Speaking at a hearing before the House Committee on Public Petitions in Awka, Chairman of the Tricycle Riders Association, Mr. Chidozie Okafor, lamented that despite Governor Chukwuma Soludo’s directive on a fixed levy structure, operators are still being forced to make additional payments. According to Okafor, each tricycle rider is officially required to pay a government-approved weekly levy of ₦2,000. However, in reality, they end up…

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BusinessFeatured

Tinubu Sacks Mele Kyari Led NNPC Board, Names Bashir Ojulari New CEO

Wendy R.

In a sweeping overhaul of the Nigerian National Petroleum Company (NNPC) Limited, President Bola Ahmed Tinubu has reconstituted the company’s board, removing Chairman Chief Pius Akinyelure and Group Chief Executive Officer Mallam Mele Kolo Kyari. This decision also affects all other board members appointed alongside them in November 2023. The newly appointed 11-member board features Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as the non-executive chairman. Additionally, Adedapo Segun, who replaced Umaru Isa Ajiya as Chief Financial Officer last November, has been formally appointed to the new board by President Tinubu. Representing Nigeria’s geopolitical zones,…

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BusinessFeatured

Trump Slaps 25% Tariffs on Imported Cars, Sparking Global Trade Showdown

Wendy R.

President Donald Trump has unveiled sweeping tariffs on imported automobiles and parts, escalating tensions with key trading partners and sending shockwaves through global markets. The 25% tariffs, set to take effect on April 3, are the latest in Trump’s aggressive trade policies aimed at bolstering domestic manufacturing. Global Reaction and Market Fallout The move has triggered immediate condemnation from U.S. allies. Japan’s Prime Minister Shigeru Ishiba called the decision “extremely regrettable,” warning that Tokyo is “considering all kinds of countermeasures.” Meanwhile, Canadian Prime Minister Mark Carney labeled the tariffs a “direct attack” on Canadian workers and announced a high-level meeting…

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BusinessFeatured

NNPC Debunks Refinery Blast Reports, Assures Public of Safety

Wendy R.

The Nigerian National Petroleum Company Limited (NNPC Ltd) has debunked reports of an explosion at the Port Harcourt Refining Company (PHRC) in Rivers State, clarifying that the event was a controlled flare incident that has been fully contained. In a statement, NNPC Ltd. reassured the public that there is no threat to staff, surrounding communities, or the environment. The company urged media outlets and the public to disregard misleading reports of an explosion, emphasizing that such claims are entirely false. NNPC Ltd. reaffirmed its commitment to operational safety and environmental protection while ensuring transparent communication with stakeholders.

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BusinessFeatured

NNPC, Stakeholders Reaffirm Commitment to Sustainable Growth in Oil Communities

Wendy R.

NNPC Limited has reiterated its commitment to ensuring that funds allocated under the Petroleum Industry Act (PIA) are efficiently utilized to drive meaningful development in host communities. This assurance was given during a stakeholder engagement session held in Yenagoa, Bayelsa State, with the KEFFESO Host Communities Development Trust (HCDT), a cluster representing several oil-producing communities in the region. The engagement was under the NNPC Limited/FIRST Exploration & Petroleum Development Company (FIRST E&P) Joint Venture.   Speaking at the session, the Chief Upstream Investment Officer of NNPC Limited, Engr. Seyi Omotowa, emphasized that PIA funds must be directed towards critical needs…

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BusinessFeatured

Displaced Anambra Traders Accuse Officials of Extortion, Seek Soludo’s Help

Wendy R.

Traders at Oyeagu Market, Abagana, in Njikoka Local Government Area of Anambra State have appealed to Governor Chukwuma Soludo to intervene and stop their eviction from shops they legitimately acquired. The traders said they were issued a sudden ejection order by the local government authorities, citing market reorganization and shop conversion to upstairs structures without consulting them. They lamented that their businesses and livelihoods are now at risk. Traders Share Their Plight Among the over 60 shop owners affected is Comfort Anunyaba, a 65-year-old widow, who tearfully recounted her struggle to secure the shop. “I went through a lot to…

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BusinessFeatured

Nigeria Lawmakers Demand Suspension of CBN’s New ATM Withdrawal Charges

Wendy R.

The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend its recent policy imposing new charges on Automated Teller Machine (ATM) withdrawals. Lawmakers warned that the policy, which eliminates free ATM withdrawals for customers using other banks, would place an additional financial burden on Nigerians. The resolution followed a motion of urgent public importance by Representative Marcus Onobun, who highlighted a CBN circular announcing the policy shift. The House urged the apex bank to halt implementation pending further engagement with relevant banking and finance committees. The CBN, in a directive issued on February 10, 2025,…

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FeaturedBusiness

ECOWAS, AfDB Ink $12M Deal to Strengthen Rice Production in West Africa

Wendy R.

The Economic Community of West African States (ECOWAS) and the African Development Bank (AfDB) have signed a $12 million grant agreement to implement the Rice Resilient Value Chains Development Project (REWARD) across 15 West African nations. According to a statement from the ECOWAS Commission in Abuja, the signing ceremony took place at the ECOWAS Headquarters, marking a significant step toward enhancing regional rice production. The project aims to strengthen public and private investments in rice value chains using successful business models. ECOWAS Commission President, Dr. Alieu Omar Touray, and AfDB’s Director General for Nigeria, Dr. Abdul Kamara, signed the agreement…

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FeaturedBusiness

Nigeria’s Ports to Drive Intra-African Trade Under AfCFTA

Wendy R.

The Managing Director of the Nigerian Ports Authority (NPA), Dr. Mohammed Dantsoho, has highlighted the anticipated benefits of the African Continental Free Trade Area (AfCFTA), emphasizing its potential to boost intra-African trade and enhance the competitiveness of Nigerian ports. Speaking at a forum organized by the Nigeria-British Chamber of Commerce, Maritime, and Logistics in Lagos, Dr. Dantsoho addressed the theme “Improving the Competitiveness of Nigerian Ports in an Era of Regional Integration.” He acknowledged the unwavering support of the Minister of Marine and Blue Economy, Chief Adegboyega Oyetola, in the ongoing rehabilitation and repositioning of Nigeria’s seaports. Dr. Dantsoho outlined…

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BusinessFeatured

Benue State Moves to Revamp Gaming Industry, Seeks Best Practices from Lagos

Toscad News

By Manasseh Akawe, Media Assistant to the Executive Secretary, Benue State Sports Marketing and Lottery Board In a bid to modernize its gaming and lottery industry, the Benue State Sports Marketing and Lottery Board (BSSMLB) has embarked on a strategic initiative to adopt global best practices. A high-level delegation, led by Executive Secretary Hon. Michael Uper, recently visited Lagos to engage key stakeholders in the industry, including the Lagos State Lotteries and Gaming Authority (LSLGA), Bet9ja, BetKing and Premier Lotto Company. The visit was a critical step towards strengthening regulations, increasing revenue generation, and leveraging technology to position Benue as…

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