New Tax Law: Banks to Report Accounts with ₦25m Quarterly Turnover Commercial banks will begin filing reports on bank accounts with a quarterly turnover of ₦25 million and above to the Federal Inland Revenue Service (FIRS) for tax monitoring, under Nigeria’s new tax administration framework effective January 1, 2026. ChairmanContinue Reading

BY GODWIN OBI The Economic and Financial Crimes Commission (EFCC) will today (Friday) arraign former Minister of Labour and Employment, Chris Ngige, over alleged fraud involving N2,261,722,535.84. Court officials confirmed that the arraignment will take place at the Gwarinpa Division of the Federal Capital Territory High Court. According to courtContinue Reading

The Federal Government has approved the recruitment of over 94,000 new personnel across Nigeria’s security architecture as part of a nationwide push to curb rising insecurity. Under the plan, the Police Service Commission (PSC) and the Nigeria Police Force (NPF) will enlist 50,000 police constables. The recruitment portal will beContinue Reading

By Frontline Reporters Nigeria’s petrol import bill plunged by N6.07tn in the first nine months of 2025, a sharp reversal driven largely by expanding domestic refining capacity, according to an analysis of National Bureau of Statistics (NBS) trade data. The country spent N5.42tn on petrol imports between January and SeptemberContinue Reading

BY GODWIN OBI Portbizness News, in collaboration with the Badagry Chamber of Commerce, Industry, Mines and Agriculture (BACCIMA), is set to host the second edition of the Ports & Trans-Border International Trade Discourse on Friday, December 12, and Saturday, December 13, 2025, in Badagry, Lagos. The annual event, designed asContinue Reading

A renewed clash has emerged between the Nigerian National Petroleum Company Limited and Periscope Consulting, the audit firm hired by the Nigeria Governors’ Forum to examine an alleged under remittance of oil revenue totalling $42.37bn (about N12.91tn) to the Federation Account between 2011 and 2017. The dispute, revived by freshContinue Reading

BY GODWIN OBI The Securities and Exchange Commission (SEC) has asked the Investments and Securities Tribunal (IST) to order the freezing of bank accounts belonging to Crypto Bridge Exchange (CBEX) and 25 other defendants alleged to have operated an unlawful digital asset investment scheme that defrauded Nigerians of an estimatedContinue Reading

Governor Siminalayi Fubara of Rivers State has defected to the All Progressives Congress (APC) from the Peoples Democratic Party (PDP). He announced this at a stakeholders meeting at the government house in Port Harcourt on Tuesday. Fubara said he decided to leave the PDP to support President Bola Tinubu ofContinue Reading

BY GODWIN OBI Stakeholders in Nigeria’s maritime industry have called for a comprehensive reform of the country’s port administration and shipping regulations to boost efficiency, competitiveness, and economic growth. The call was made during the TransQuest 20 Years of Media Excellence Seminar and Awards, held on Saturday, December 6, 2025,Continue Reading