AFRICa’s’s Global Bank, United Bank for Africa (UBA) Plc, is set to reinforce its role in shaping the continent’s financial ecosystem with the launch of its landmark whitepaper. The whitepaper, titled “Banking on Africa’s Future: Unlocking Capital and Partnerships for Sustainable Growth,” will be unveiled on the sidelines of the World Bank-International Monetary Fund (IMF) Annual Meetings in October 2025 in Washington, D.C., placing Africa’s economic agenda at the heart of global financial discussions. The document presents a comprehensive and actionable framework for unlocking Africa’s vast economic potential, providing analysis of critical growth pillars including trade facilitation, infrastructure development, digital…
Author: Abimbola Daniels
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TRANSCORP Power Plc, one of Nigeria’s leading power generation companies and a subsidiary of Transnational Corporation Plc (Transcorp Group), has posted an impressive financial performance for the third quarter of 2025, recording a ₦91.18 billion profit before tax and a 38% year-on-year revenue growth. According to its unaudited financial results for the period ended September 30, 2025 sent to News Point Nigeria, revenue rose to ₦308.5 billion, up from ₦223.5 billion in the corresponding period of 2024, underscoring the company’s continued expansion in generation capacity and operational efficiency. Transcorp Power attributed the strong performance to improved electricity generation and sustained…
NIGERA has lost an estimated $3.3 billion (about ₦5.4 trillion) to crude oil theft and pipeline sabotage between 2023 and 2024, the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed. News Point Nigeria reports that NEITI’s Executive Secretary, Dr. Ogbonnaya Orji, disclosed this on Thursday at the 2025 Association of Energy Correspondents of Nigeria (NAEC) Annual Conference in Lagos, themed “Nigeria’s Energy Future: Exploring Opportunities and Addressing Risks for Sustainable Growth.” Dr. Orji lamented that the country’s energy sector continues to bleed massive revenues to theft, vandalism, and opaque practices, adding that the losses recorded within just one year could…
THE International Criminal Police Organisation (INTERPOL) has confirmed the arrest of a wanted Nigerian national, identified as Ikechukwu N., by Argentine authorities over his alleged involvement in a sophisticated international cybercrime and romance scam syndicate. In a statement released on its official X handle (formerly Twitter) on Tuesday seen by News Point Nigeria, INTERPOL said the arrest marked a major breakthrough in the fight against West African–linked organised cybercrime. “Argentine authorities have captured Nigerian national, Ikechukwu N., marking the country’s first arrest of a Red Notice fugitive who was also the subject of an INTERPOL Silver Notice,” the global policing…
THE Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, is confident that the nation’s oil production would hit 1.8 million barrels per day crude benchmark before the year ends. News Point Nigeria reports that Ojulari stated this on Sunday after visiting President Bola Tinubu in Lagos. The NNPCL boss was in Lagos to brief the President on the activities of the national oil company since his appointment on April 2. “With some of the turnaround maintenance that we have done in August and September, all of those are meant to come back this month.…
NIGERIA’s Interbank Settlement System (NIBSS) is preparing a major policy shift that could reshape the nation’s financial landscape: the elimination of transfer fees on the widely used NIBSS Instant Payment (NIP) platform. News Point Nigeria reports that Premier Oiwoh, Managing Director and Chief Executive Officer of NIBSS, made the announcement on Thursday at the Globus Bank Fintech Summit 2025 in Lagos, where he delivered a keynote address titled “From Cashless to Smart Economies: Shaping the Next Frontier of Financial Innovation.” Oiwoh explained that the reform, expected to begin next year, will move the system from a fee-per-transaction model to a…
NIGERIA exported Premium Motor Spirit (PMS), popularly known as petrol, worth N371.54 billion in the second quarter of 2025, the first recorded shipment of the product since the Dangote Petroleum Refinery began operations. News Point Nigeria reports that this development marks a turning point for Africa’s largest crude producer, which for decades relied heavily on imports due to moribund state-owned refineries. According to trade data released by the National Bureau of Statistics (NBS), petrol accounted for 1.63 per cent of total exports in the quarter. No exports were recorded in Q1 2025 or the same quarter in 2024, underscoring the…
ELECTRICITY consumers relying on the national grid may face a prolonged blackout within hours as the National Union of Electricity Employees on Wednesday began a nationwide strike over unresolved labour disputes with the Transmission Company of Nigeria. The union, in a circular signed by its Acting General Secretary, Dominic Igwebike obtained by News Point Nigeria, directed its members across the country to withdraw their services indefinitely until management addresses long-standing welfare and operational concerns. According to NUEE, the strike became inevitable after the expiration of an ultimatum issued to TCN, accusing the company of failing to address grievances bordering on…
TEN staff members of the Federal Inland Revenue Service (FIRS) and the United Capital Plc lost their lives in a widely reported fire at Afriland Towers on Broad Street, Lagos, on Tuesday. The deaths have been confirmed in separate statements by the FIRS and United Capital Plc received by News Point Nigeria. While FIRS said it lost four of its staff members, UCP, on the other hand, lost six staff to the incident. A statement issued by the Special Adviser on Media to the FIRS Chairman, Dare Adekanmbi, identified the victims as Mrs Ekelikhostse George (Assistant Director), Mr David Sunday-Jatto…
A DRAMATIC twist has unfolded in Nigeria’s aviation sector as a disgruntled cabin crew graduate has taken his grievance against the Nigerian Civil Aviation Authority (NCAA) to an international stage, reporting its Director-General, Captain Chris Najomo, to the Irish Civil Aviation Authority (Irish CAA). News Point Nigeria reports that the revelation was made public on Tuesday by Michael Achimugu, the spokesperson of the NCAA, through a post on X (formerly Twitter). Although Achimugu did not disclose the name of the cabin crew graduate, he confirmed that the complainant copied him in the email sent to the Irish CAA. “This guy…
THE United Bank for Africa has confirmed that a fire outbreak occurred on Broad Street, Lagos Island, affecting a building that houses one of its branches. This was contained in a statement released by the bank on its official X account on Tuesday sent to News Point Nigeria. “We are aware of the fire incident at a building on Broad Street, Lagos Island, which incidentally houses one of our many branches”, the statement partly read. The bank, however, dismissed claims circulating on social media that its corporate head office was involved. “As against reports online and social media, the affected…
AFRICA’s Global Bank, United Bank for Africa (UBA) Plc is set to make a bold statement on the global stage as it will be gathering world leaders, policymakers, and investors and other private sector players at the forthcoming 2025 United Nations General Assembly (UNGA). This year’s gathering at the UNGA, which is the 80th Edition, will be held between September 15th and September 25th, and as always, UBA Group has mapped out series of engaging activities to spotlight Africa’s opportunities and foster high-level dialogue with global leaders towards boosting the continent’s potential. A key part of the event, will be…
THE Federal High Court in Abuja has ordered the final forfeiture of a staggering $7,000,000 (about ₦10.8 billion) in cash that was mysteriously abandoned inside the vault of a commercial bank branch located at 114 Adeola Odeku Street, Victoria Island, Lagos. News Point Nigeria reports that Justice Emeka Nwite delivered the ruling on Monday, granting the prayers of the Economic and Financial Crimes Commission (EFCC), which had earlier secured an interim forfeiture order on August 27. Lead prosecuting counsel, Rotimi Oyedepo (SAN), told the court that the EFCC complied with the court’s directive to publish the interim order in a…
NOBEL Laureate, playwright, and global literary icon, Prof. Wole Soyinka, has revealed that he was abducted and robbed during a recent trip to Romania, turning what was supposed to be a celebratory visit into a harrowing experience. News Point Nigeria reports that the 89-year-old literary giant had traveled to attend the Sibiu International Theatre Festival (FITS), one of the largest and most prestigious performing arts festivals in the world. The annual event, hosted in Sibiu, Romania, attracts thousands of theatre enthusiasts, performers, and cultural icons from across the globe. However, Soyinka’s experience took a frightening turn shortly after landing in…
MILLIONS of Nigerians will soon enjoy cheaper calls and data as the Federal Government has announced the revocation of the 5% excise duty previously imposed on telecommunications services. News Point Nigeria reports that the decision, which covers both voice calls and internet data, was revealed by the National Orientation Agency (NOA) in a statement posted via its official X (formerly Twitter) handle on Thursday. According to the announcement, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, disclosed that President Bola Tinubu personally directed the removal of the tax during discussions on the implementation of the…
NIGERIA is bracing for a crippling nationwide fuel scarcity as the National Union of Petroleum and Natural Gas Workers (NUPENG) and key transport associations have vowed to proceed with their planned strike today, September 8, 2025, despite last-minute government intervention. News Point Nigeria reports that the Nigerian Association of Road Transport Owners (NARTO) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) announced their solidarity with NUPENG in the looming industrial action, which threatens to paralyse fuel distribution across the country. On Sunday, the Federal Government, through the Minister of Labour and Employment, Muhammad Dingyadi, convened an emergency…
NIGERIA’s fragile petroleum distribution network faces fresh turbulence as the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) threatens to embark on a nationwide strike on Monday, September 8, in protest against alleged anti-labour practices at the Dangote Petroleum Refinery. News Point Nigeria reports that the crisis, which has sparked appeals from major fuel marketers and the Nigeria Labour Congress (NLC) for presidential intervention, revolves around Dangote’s plan to deploy 4,000 compressed natural gas (CNG)-powered trucks for direct fuel distribution to retailers, a move unions say could erode thousands of tanker drivers’ jobs and undermine existing operators. NUPENG, in…
FRESH concerns over fiscal responsibility and accountability have emerged after budget performance documents revealed that the Lagos State House of Assembly has earmarked N6.2 billion to purchase 40 residential properties for its members. The provision, captured in the second quarter 2025 budget performance report, indicates that each lawmaker will walk away with a house valued at approximately N155 million as part of their exit package. According to the document obtained by News Point Nigeria, N1 billion (16.1%) of the allocation has already been spent by the end of Q2 2025. The budget line specifically referenced the purchase of 40 properties…
THE Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has raised the alarm over an impending nationwide fuel scarcity, warning that its members may suspend operations following a festering dispute with the management of the Dangote Refinery. In a strongly worded statement signed by Williams Akporeha and Afolabi Olawale, President and General Secretary of NUPENG respectively, the union accused Dangote Refinery of “anti-labour practices” and an outright denial of workers’ constitutional right to freedom of association. According to the union, Dangote has barred drivers recruited to operate its newly imported 10,000 Compressed Natural Gas (CNG) trucks from joining any…
THE Special Adviser to President Bola Ahmed Tinubu on Media and Public Communications, Chief Sunday Dare, CON, has called on Nigerian youths to take full advantage of the youth-focused initiatives of the Tinubu administration, describing them as champions of the government’s Renewed Hope agenda. News Point Nigeria reports that speaking on Thursday at the Arise Congress 2.0, themed “The Emergence of Champions”, Dare addressed a mammoth crowd of over 24,000 youths at the Baptist International Convention Centre along the Lagos-Ibadan Expressway. The four-day event, which runs from September 3 to 6, 2025, brought together young people from across the country…