Financial expert Funsho Doherty has criticised the fifteen percent tariff on imported petrol and diesel approved by President Bola Tinubu, warning it could add about one hundred naira per litre and deepen inflationary pressures. Doherty, whose résumé includes roles at Goldman Sachs and Arthur Andersen, urged the Senate to investigate what he described as an ill-timed shift. He questioned why the Federal Inland Revenue Service proposed a measure better suited to the petroleum regulatory authority and the trade ministry, arguing that trade policy matters fall outside the agency’s mandate.
Doherty argued that the new levy would shield producers from price swings while shifting costs onto consumers and called for transparent hearings...
Neimeth International Pharmaceuticals reported a 62 percent jump in third-quarter sales, reaching N5.01 billion for the period ending September 30, 2025, compared with N3.09 billion a year earlier. Gross profit climbed 71 percent to N2.49 billion, while operating income rose 120 percent to N1.66 billion, reflecting gains from expanded business activities.
The company kept marketing and distribution costs in check, with expenses up just 6 percent to N437.4 million, though administrative outlays swelled 67 percent amid inflationary and foreign exchange pressures. A sharp 198 percent surge in finance charges to N1.3 billion curtailed earnings growth, resulting in net profit of N339.8 million, a modest 9 percent increase over the prior...
African start-ups secured more than $442 million in funding during October 2025, marking the second-strongest month of the year and the highest for equity deals. Companies raised $334 million in equity, led by Spiro’s record $100 million e-mobility investment and Moniepoint’s $90 million top-up of its mega-round. Other firms raising at least $20 million included Tagaddod, Ctrack and Mawingu.
Debt instruments made up the remaining $108 million, highlighted by bond issuances from MNT-Halan ($71 million) and valU ($23 million). In total, 53 ventures closed financings of at least $100 000, reflecting robust activity above recent averages.
Year-to-date funding in Africa has reached $2.65 billion, a 56 percent increase over the same period...
Rite Foods Limited reaffirmed its dedication to ethical conduct during Corporate Compliance and Ethics Week, an annual event that highlights integrity as a core business value. Through a series of internal workshops, awareness campaigns and vendor outreach sessions, the food and beverage producer underscored how accountability, transparency and excellence have underpinned its growth since its establishment in 2005.
Company leaders emphasised that a commitment to high moral standards shapes every decision and interaction. The managing director pointed to the firm’s long-standing culture of responsibility as the foundation for strong relationships with employees, customers and partners. The head of legal described the initiative as...
The Chartered Institute of Arbitrators Nigeria Branch has secured T2 as the exclusive technology partner for its Annual Conference and Gala Night slated for November 12 through 14 at The Jewel Aieda in Lekki, Lagos. The partnership follows the institute’s selection of a theme that links foundational principles with innovation and measurable impact in alternative dispute resolution. The conference traditionally draws legal practitioners, corporate leaders, and policy makers from across West Africa.
T2 will supply primary digital infrastructure to support high-speed internet live streaming, interactive sessions, and hybrid attendance. Event organizers anticipate that seamless connectivity will enhance engagement among in-person delegates...
Adewale Adeniyi reaffirmed the Nigeria Customs Service's commitment to working with the African Continental Free Trade Area Secretariat to boost intra-African trade and improve the reliability of trade data. During a visit to the Secretariat in Accra, the Customs chief secured endorsement for the Customs-Partnership for African Cooperation in Trade conference set for Abuja from November 17 to 19. He pledged to tackle structural barriers that limit integration and to reinforce the framework that brings together heads of Customs administrations under the AfCFTA.
Officials agreed that Customs administrations must lead efforts to correct deficiencies in continental trade statistics and to strengthen coordination and policy consistency...
Transnational Corporation of Nigeria reported a strong third quarter with revenue rising 39 percent to ₦413.4 billion. Executives attributed the performance to new state-level regulations under the Electricity Act of 2023, which opened local power markets and drew fresh investment. Improvements in operational processes and a rise in grid-connected generation capacity to 5,639 megawatts also boosted output, with plant availability climbing to 41 percent.
Leadership noted that Heirs Energies’ reliable gas supply revitalized Transafam Power’s turbines, driving greater electricity delivery to the national grid. The group secured government approval for its 24-floor Ikoyi hotel development, featuring a 900-seat ballroom and modern support...
Cocoa growers working within the Idanre and Akure forest reserves have formally challenged a state proposal that would charge two hundred fifty thousand naira per hectare for mapping and agroforestry permits. Their petition argues that the levy far exceeds existing fees and threatens to drive smallholders into financial distress amid a downturn in market prices. The policy is said to align with European Union deforestation rules but would impose a five-year permit limit that farmers describe as unfair compared with longer leases granted to large investors.
The letter from legal counsel highlights that small-scale operators currently pay only twenty thousand naira per hectare and rely on volunteer efforts to meet environmental...
Negotiations between FlySafair and the Cabin Crew Association continue after the carrier locked out 65 percent of its 800 flight attendants. The union accepted the airline’s proposal for a 5.7 percent salary boost and additional monthly allowances earlier this week, but identified a clause that had not been part of the talks. Membership rules prevented signing an agreement that introduced unvetted terms.
Union officials have called for the removal of a provision that alters lunch break rights. Under national labor law, employees working more than five hours in a row are entitled to a meal interval. Cabin crew cannot pause in-flight service for a formal break and union representatives argued that the airline should compensate for the...
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