Author: Abimbola Daniels

PRESIDENT Bola Ahmed Tinubu on Saturday attended the Grand Finale of the week-long 2025 Eyo Festival, in a white robe, a damask sash slung over his shoulder, and a distinctive hat emblazoned with bold, decorative stars. Like other revellers, the President also carried a long staff called an opambata. The colourful event, held at Tafawa Balewa Square in Lagos, began with paying homage and presenting the festival staff to the President at his Lagos residence on Sunday, December 21. The Eyo Festival, which dates back to 1854, was held this year for the first time in eight years. The 2025…

A DUAL US-Nigerian citizen, Izunna Okonkwo, has been indicted alongside five other individuals of different nationalities over an alleged $41m stock market fraud in the United States. A statement obtained by News Point Nigeria from the United States Department of Justice website on Sunday that Okonkwo and the other defendants allegedly engaged in insider trading between June 2020 and February 2024. The statement added that the six suspects were charged on Friday for their participation in a years-long scheme to trade securities based on material non-public information. The statement identified the other defendants as Muhammad Saad Shoukat, 33; his brothers,…

AFRICA’s richest man and Chairman of the Dangote Group, Aliko Dangote, has released further details backing his allegation that the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, spent millions of dollars on the overseas education of his children. News Point Nigeria reports that in a paid advertorial published in some national dailies, Dangote claimed that Ahmed expended an estimated $5 million on the secondary school education of four of his children in Switzerland over a six-year period. The billionaire industrialist had earlier alleged that the NMDPRA boss paid about $5 million to…

FOUNDER and President/Chief Executive of the Dangote Group, Aliko Dangote, has accused the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, of corruption, alleging that he spent $5 million on secondary school education for his children in Switzerland. News Point Nigeria reports that Dangote made the allegation on Sunday during a media briefing at the Dangote Petroleum Refinery and Fertiliser Plant, Lekki, Lagos, describing the alleged expenditure as inconsistent with a public servant’s income and a threat to public trust in regulatory institutions. Dangote said the alleged payment covered six years of secondary…

NIGERIA’s energy infrastructure suffered a major setback on Thursday following an explosion along the Escravos–Lagos Gas Pipeline (ELGP), one of the country’s most critical gas transmission routes. The Nigerian National Petroleum Company Limited (NNPC Ltd) confirmed the incident in a statement sent to News Point Nigeria late Friday, noting that the blast disrupted gas supply and triggered a large-scale emergency response. According to NNPC, the explosion occurred near the Tebijor, Okpele, and Ikpopo communities in Warri South-West Local Government Area of Delta State. Engineers monitoring the system detected a sudden pressure drop on the pipeline, consistent with a breach or…

THE Dangote Petroleum Refinery has again reduced its petrol gantry price, slashing the ex-depot rate from N828 to N699 per litre. News Point Nigeria reports that Rral-time market data published on Petroleumprice.ng on Friday showed that the refinery implemented another major downward review, cutting the Premium Motor Spirit benchmark price by N129 per litre, a 15.58 per cent reduction. An official of the refinery, who spoke to this newspaper on condition of anonymity because he was not authorised to comment publicly, also confirmed the adjustment. He said, “The refinery has reduced petrol gantry price to N699 per litre.” The new…

OFFICIALS of the Federal Competition and Consumer Protection Commission (FCCPC) on Thursday sealed the premises of the Ikeja Electric Distribution Company (IKEDC) in the Alausa area of Lagos, for alleged violation of consumer rights. News Point Nigeria reports that FCCPC’s Director of Surveillance and Investigation, Bola Adeyinka, said the move was in line with the Federal Competition and Consumer Protection Act (FCCPA) 2018 after repeated attempts to resolve the matter. “Sealing this facility is a proportionate enforcement measure taken only after repeated engagement and several opportunities for voluntary compliance,” Adeyinka said in a statement. “The seal will remain in place…

AFRICA’s Global Bank, United Bank for Africa (UBA) Plc, has once again, reaffirmed its leadership as one of the continent’s most innovative and resilient financial institutions, as the bank has, for the third time in five years, been named the African Bank of the year 2025 by the Banker.com. UBA also won the Best Bank of the Year awards in nine of its 20 African subsidiaries, bringing its total awards this year to ten as UBA Benin, UBA Chad, UBA Republic of Congo (Congo-Brazzaville), UBA Liberia, UBA Mali, UBA Mozambique, UBA Senegal, UBA Sierra Leone, and UBA Zambia, all came…

THE Central Bank of Nigeria has ordered banks and other financial institutions to reimburse victims of Authorised Push Payment (APP) fraud within 48 hours, marking one of the strongest regulatory moves yet to protect customers from rising electronic fraud in the country. APP fraud occurs when customers are manipulated, persuaded or misled into voluntarily sending money to fraudsters who may impersonate legitimate entities or refuse to fulfil obligations. This type of fraud often relies on social engineering and exploits customer vulnerabilities. News Point Nigeria reports that the directive, which was issued through a circular addressed to all banks, other financial…

THE Lagos State Governor, Babajide Sanwo-Olu, has presented a budget estimate of ₦4.237 trillion for the year 2026. News Point Nigeria reports that submitting the 2026 budget on Tuesday to the Lagos State House of Assembly for approval, Sanwo-Olu described it as a “bold and forward-looking financial plan” aimed at consolidating his administration’s legacy in its final full year. “The Year 2026 Appropriation Bill, ‘Budget of Shared Prosperity,’ is a reaffirmation of our collective belief that Lagos can continue to rise, continue to lead, and continue to create opportunities for every resident of Africa’s preferred megacity,” he said, unveiling the…

A NEW federal audit has uncovered a major breach of Nigeria’s currency management protocols, indicting the Central Bank of Nigeria (CBN) for re-circulating N29.77 billion worth of dirty and unfit banknotes in violation of its own Clean Note Policy during the final months of former Governor Godwin Emefiele’s administration. News Point Nigeria reports that the damning revelations are contained in the Auditor-General of the Federation’s Annual Report on Non-Compliance and Internal Control Weaknesses in MDAs for the year ended December 31, 2022, a document now before the National Assembly. According to the report, several CBN branches including Abuja, Lagos, Bauchi,…

AFRICA’s Global Bank, United Bank for Africa (UBA) Plc, hosted another enlightening edition of the UBA Business Series, bringing together some of Africa’s most dynamic digital entrepreneurs and influencers to discuss the secrets behind building impactful online communities. News Point Nigeria reports that this edition of the Business Series, which had the theme, “Content that Converts: Building Influence and Driving Growth Through Strategic Marketing,” was held at the Tony Elumelu Amphitheatre in UBA Head Office, Marina, Lagos on Thursday. The very engaging session, shed light on how authenticity, consistency, and passion remain true cornerstones of success in the ever-evolving digital…

AFRICA’s Global Bank, United Bank for Africa (UBA) Plc, is set to host another impactful edition of its quarterly UBA Business Series, with the theme “Content that Converts: Building Influence and Driving Growth Through Strategic Marketing.” News Point Nigeria reports that this edition, the final for the year, which will be held at the UBA Head Office, Marina Lagos, on Thursday, November 6th, 2025, underscores the bank’s unwavering commitment toward supporting entrepreneurs and small business owners with the knowledge and tools they need to thrive especially in today’s competitive digital landscape. The event will bring together leading industry experts and…

THE Central Bank of Nigeria (CBN) has released a total of $1.259 billion to petroleum marketers for the importation of fuel and related products between January and March 2025, latest government data have shown. News Point Nigeria reports that the disbursement comes amid the ongoing debate over Nigeria’s continued reliance on imported petrol, despite the commencement of large-scale refining by the Dangote Petroleum Refinery. Fresh figures from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) reveal that imported petrol accounted for 69% of the 21 billion litres consumed nationwide between August 2024 and the first ten days of October…

THE Group Chairman, United Bank for Africa (UBA) Plc, and Heirs Holdings Limited, Tony Elumelu, CFR has challenged African policymakers to create environments that reward enterprise and unlock the continent’s vast potential. He said this much while delivering a keynote address during the Abuja Business & Investment Summit & Expo 2025, which held at the Bola Ahmed Tinubu International Conference Centre Abuja on Wednesday, said “Predictable regulation attracts long-term investment, while inconsistency drives it away. News Point Nigeria reports that he therefore urged governments to see private sector success as the foundation of national prosperity. Elumelu further who underscored the…

TENSION is rising across Nigeria’s aviation sector as workers of the Nigerian Meteorological Agency (NiMet) have declared an indefinite strike over what they describe as poor remuneration, stagnation, and the federal government’s failure to implement their long-awaited Conditions of Service (CoS). News Point Nigeria reports that the strike, jointly declared by key aviation unions, threatens to cripple vital weather observation and forecasting services that are indispensable to safe flight operations nationwide. NiMet, which provides real-time meteorological information, weather briefings, and forecasts to airlines, pilots, airports, and Air Traffic Controllers (ATCs), is a crucial component of Nigeria’s air safety infrastructure. Any…

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…

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…