5 May 2025
00:30

TOSCAD NEWS NIGERIA

News as it breaks

Category: Business

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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BusinessFeatured

Plateau State Government Suspends All Mining Activities

Wendy R.

Plateau State Governor, Caleb Mutfwang, has taken a decisive step to curb illegal mining by signing an Executive Order suspending all mining activities in the state. The announcement was made during a crucial meeting with key stakeholders in the mining sector. Governor Mutfwang emphasized that the suspension was necessary due to the surge in illegal mining, which poses significant security and environmental risks. He disclosed that 4,600 illegal mining ponds have been identified across the state and assured that a multi-faceted approach is being implemented to address the issue. To ensure compliance, the governor stated that security agencies would be…

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BusinessFeatured

Senate to Hold Public Hearing on Key Tax Reform Bills Next Week

Wendy R.

The Senate Committee on Finance will conduct a public hearing on key tax reform bills on Monday and Tuesday next week. The bills, which were submitted to the National Assembly by President Bola Tinubu on October 3, 2024, aim to enhance revenue generation and streamline tax administration in Nigeria. The proposed legislation includes: Nigeria Tax Bill (NTB) 2024 Nigeria Tax Administration Bill (NTAB) 2024 Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024 Joint Revenue Board (Establishment) Bill (JRBEB) 2024 These bills were passed for second reading in the Senate on November 28, 2024, and subsequently referred to the Committee on Finance…

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FeaturedBusiness

Reps Committee Extends Oil Sector Debt Inquiry Into 2025

Wendy R.

The House of Representatives Committee on Public Accounts has initiated a probe into outstanding debts owed to the Federation Account by the Nigerian National Petroleum Company Limited (NNPCL) and several oil firms. This investigation follows concerns raised by the Office of the Auditor General for the Federation regarding unsettled financial obligations by NNPCL and its industry counterparts. According to the Auditor General’s 2021 report, NNPCL and oil companies owed approximately $1.6 billion in unpaid royalties to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). These debts stem from various agreements, including the Production Sharing Contract, Repayment Agreement, and Modified Carry Arrangement.…

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BusinessFeatured

NNPC Completes Recruitment Process, Sends Appointment Letters to Successful Candidates

Wendy R.

The Nigerian National Petroleum Company (NNPC) Limited has officially concluded its latest recruitment exercise, emphasizing that the process was conducted with fairness, transparency, and rigorous evaluation. The company described the hiring process as one of the most competitive in the country. Following the completion of the selection process, NNPC has begun issuing appointment letters to successful candidates. Expressing appreciation to all applicants, the company encouraged those who were not selected to remain hopeful for future opportunities. “We sincerely appreciate everyone who participated in the process. While some may not have been selected this time, we encourage them to look forward…

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BusinessEntertainment

Kano Court Orders CBN to Release Local Government Allocations

Wendy R.

A Kano State High Court has issued a perpetual injunction restraining the Central Bank of Nigeria (CBN) from withholding funds meant for the 44 Local Government Areas (LGAs) of the state. The ruling follows a lawsuit filed by six applicants, including the Chairman of the Nigeria Union of Local Government Employees (NULGE), Ibrahim Muhd, along with Ibrahim Uba Shehu, Ibrahim Shehu Abubakar, Usman Isa, Sarki Alhaji Kurawa, and Malam Usman Imam. Represented by their counsel, Bashir Yusuf-Muhammad, they sought a court order preventing the withholding or delay of federal allocations essential for local governance. The respondents in the suit included…

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FeaturedBusinessForeignNewsToscadGists

AGOA’s Uncertain Future Puts Kenyan Jobs on the Line as US Decision Looms

Wendy R.

On the outskirts of Kenya’s capital, thousands of workers rely on one crucial trade agreement: the African Growth and Opportunity Act (AGOA). This 25-year-old U.S. law grants duty-free access to African-made goods, primarily clothing, fueling an industry that supports hundreds of thousands of livelihoods. But AGOA is set to expire in September unless former U.S. President Donald Trump, now leading the White House again, agrees to extend it. With Trump’s well-documented skepticism toward free trade, the future of AGOA—and the thousands of jobs it sustains—remains uncertain. A Thriving Industry Under Threat United Aryan, one of Kenya’s largest garment manufacturers, ships…

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BusinessFeaturedNewsToscadGists

CBN Ends Free ATM Withdrawals, Introduces New Charges Effective March 1

Wendy R.

The Central Bank of Nigeria (CBN) has scrapped the three free monthly withdrawals previously allowed for customers using ATMs of other banks, a move set to take effect from March 1, 2025. According to a circular dated February 10, 2025, and signed by John Onojah, Acting Director of the Financial Policy and Regulation Department, all banks and financial institutions must implement the revised ATM withdrawal charges. Under the new policy, customers withdrawing cash from ATMs belonging to banks other than their own will now incur a charge of N100 per N20,000 transaction when using machines within bank premises. For off-site…

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BusinessFeaturedForeign

Nigeria Joins BRICS as a Partner Country: What It Means for the Nation

Toscad News

The Nigerian government has officially announced its acceptance of an invitation to join BRICS as a partner country, signaling a significant step in its pursuit of global economic and strategic partnerships. BRICS, an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates, is often regarded as a viable alternative to the G7, representing some of the world’s largest emerging economies. In a statement issued by the Ministry of Foreign Affairs in Abuja, the government emphasized that this decision underscores Nigeria’s dedication to fostering international cooperation, driving economic growth, and strengthening strategic…

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EducationBusinessFeaturedNews

Yusuf Albdulazeez appointed as Centre Manager, Environmental Resource Information Centre

Toscad News

In a bid to provide capacity building and linkages that set to put the confluence town of Nigeria, Lokoja on the global education ranking amongst its peers, Comrade Yusuf Albdulazeez has been appointed as the Centre Manager for the newly established Environmental Resource Information Centre of the School of Environmental Technology, Kogi State Polytechnic. The centre is one of the first innovative joint collaborative initiatives recently approved by the Rector of Kogi State Polytechnic, Prof. Salisu Usman Ogbo, to serve as a platform for capacity building, knowledge transfer and exchange for the polytechnic to leverage technical assistance. The centre is…

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