The ex-tax boss gave props to the Chartered Institute of Taxation for basically carrying Lagos State when he ran their revenue service back in the day. Tunde Fowler said the guy they were memorializing had crazy foresight about collecting taxes when nobody else in the country cared about that stuff.
The tax institute threw a whole tribute event for their founder, who just died at 80, and everyone from accountants to the current revenue chief showed up to talk about how the man changed Nigerian tax administration through mentorship and integrity. The Kwara governor's office sent people to tell attendees they should try living up to what the deceased left behind.
The power company said bumping up generation output makes zero sense right now because the grid can't even handle what they're already producing. Niger Delta Power Holding is sitting on stranded capacity while the government owes them hundreds of billions for electricity that's been delivered but never paid for, and the transmission system is basically choking on what little it can move around.
Staff tried dragging the boss for allegedly wasting cash and flying private, but the company clapped back, saying chartered flights only happen when commercial schedules can't cut it for time-sensitive official business. That viral video showing the managing director handing out money to some Nollywood actress was apparently a personal charity...
Nigerian phone shipments absolutely popped off with a 29 percent jump after the naira stopped tanking and making everything expensive. The country basically carried Africa out of a five-quarter slump by flooding the market with cheap handsets under a hundred bucks, and the budget segment shot up 57 percent because brands like TECNO and Infinix went hard on entry-level devices.
The wild part is that premium phones over 500 dollars also grew 52 percent, which shows wealthy Nigerians kept buying iPhones and Samsungs while everyone else upgraded from feature phones. Currency stability made vendors confident enough to import aggressively, and the whole continent ended up growing 24 percent while the Middle East is apparently heading for a...
The Central Bank switched up how much it pays banks for parking cash instead of lending it out, and the new rate structure basically punishes lenders who hoard deposits. Banks used to get 250 basis points above or below the benchmark interest rate, but the central bank just widened that gap to plus 50 and minus 450 basis points, which means idle money sitting at CBN vaults gets way less interest.
Bismarck Rewane from Financial Derivatives said the move should push more capital toward businesses because keeping funds locked up at the central bank just became a terrible deal. Private sector credit jumped by almost 2 trillion naira between September and October, which marks the biggest monthly gain this year. Governor Olayemi Cardoso...
The oil and gas content board teamed up with the export bank to drop $42 million on local small businesses, beating their original $30 million target by a mile. The cash injection is meant to beef up Nigerian companies so they can actually compete in the energy game, and the whole thing ties into this big conference happening at the Nigerian Content Tower in Yenagoa.
Over 750 people from the oil industry are expected to show up for panel talks about streamlining projects, checking how the local content law worked out after 15 years, and figuring out if Nigeria can build world-class tech hubs. The event is pulling in heavy hitters from Chevron, Shell, ExxonMobil, TotalEnergies, plus government ministers and banking executives to hash...
Chevron just locked down a 40 percent stake in two offshore oil blocks from TotalEnergies, and both companies are basically teaming up to hunt for crude in Nigerian waters. The deal covers about 2,000 square kilometers in the West Delta basin, with TotalEnergies keeping the operator role at 40 percent and South Atlantic Petroleum holding the last 20 percent slice.
Kevin McLachlan from Chevron said they're hyped to expand their exploration game in the Niger Delta system, and the whole thing still needs regulatory sign-off before it goes through. The company's Nigeria chairman thinks the local oil and gas scene is about to blow up, and they want to be there when it happens.
SAHCO is going full tilt trying to turn itself into some aviation mega-hub by jumping into e-commerce logistics, helicopter ops, training academies, and cargo packaging. The managing director said they grabbed a bunch of land at Lagos Airport for warehouses and a hotel, and they want to push into West African markets while partnering with international companies to handle the technical stuff.
The airline handler is basically begging the government for tax breaks and single-digit loans because local carriers keep ghosting them on payments. They signed some deal with airlines to stop them from bouncing between service providers without settling bills, and they're rolling out electronic billing plus resource management tech to cut costs...
Unilever Nigeria brought Uchenna Nwakanma onto the board as an executive director after he spent over two decades grinding through the consumer goods sector. The guy ran research and development teams at PZ Cussons and Reckitt Benckiser at different points, working on everything from home care products to baby stuff and pharmaceuticals across Africa.
Nwakanma apparently pushes hard for local manufacturing and quality standards, teaming up with industry groups to get Nigerian factories using more domestic materials. He speaks at conferences about using innovation to boost economic development and has worked with government ministries on technical standards.
Majeurs Holdings just scored their MANCAP certification from the Standards Organisation of Nigeria, which basically means their furniture passed all the quality checks. The company's CEO said this whole thing proves they've been serious about using good materials and keeping their production standards tight since day one.
The certification is supposed to make customers feel better about buying local instead of imported stuff, and Majeurs is already shipping their furniture to Africa, Europe, and the Americas from their Lagos headquarters. The government rep said getting through the screening process shows the company is committed to making products that actually meet national standards.
