First News Nation (2025)

12/03/2025

Suspended Senator Natasha Akpoti-Uduaghan, representing Kogi Central, escalated her dispute with Senate President Godswill Akpabio by addressing the United Nations during the Inter-Parliamentary Union meeting in New York. She accused Akpabio of political victimization and sexual harassment, claiming her six-month suspension was retaliation for rejecting his advances and demanding accountability.

Akpoti-Uduaghan called for international intervention to uphold democracy and women’s rights in Nigeria, vowing to continue her fight for justice upon her return. Meanwhile, Labour Party supporters protested her suspension, demanding sanctions against involved senators. The Arewa Revival Project rejected calls for her reinstatement through protests, advocating for legal resolutions instead. NANS urged civility in the Senate, while former Senate President Ahmad Lawan distanced himself from the controversy, emphasizing procedural integrity.

12/03/2025

Minister of Works, David Umahi, announced that the rehabilitation and reconstruction of the 56.10km Enugu-Port Harcourt Expressway Section II (Umuahia–Aba) will be completed and inaugurated by June. During an inspection of the project in Aba, Umahi expressed satisfaction with the progress made by the contractor, Arab Contractors (Nig.) Ltd., and noted that only a small portion of earthwork and asphalt work remains. He credited President Bola Tinubu for ensuring adequate funding in the 2024 and 2025 budgets and praised Abia State Governor Alex Otti for clearing traders and vehicles from the road, which accelerated construction. Umahi urged the South-East region to support Tinubu in the 2027 elections, emphasizing the president's commitment to infrastructure development in the area.

12/03/2025

Nigeria’s average daily crude oil production fell to 1.47 million barrels per day (mbpd) in February, below its OPEC quota of 1.5 mbpd, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This marks a decline from January’s 1.54 mbpd, resulting in a loss of approximately 70,000 barrels daily. The drop reverses the progress made in January when Nigeria exceeded its OPEC quota for the first time in years. Crude oil theft, pipeline vandalism, and other challenges have historically hindered production. Despite the setback, Minister of State for Petroleum Resources Heineken Lokpobiri remains optimistic, targeting 3 mbpd (including condensates) in 2025. However, the decline threatens Nigeria’s 2025 budget target of 2.06 mbpd and could impact local refineries due to potential feedstock shortages. Stakeholders emphasize the need for Nigeria to demonstrate its capacity to increase production to secure higher OPEC quotas.

12/03/2025

The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend the recently implemented increase in Automated Teller Machine (ATM) transaction charges, citing the current economic challenges faced by Nigerians. The motion, sponsored by Marcus Onobun, a lawmaker from Edo State, highlighted that the new policy imposes additional financial burdens on citizens already struggling with high inflation, fuel price hikes, and increased electricity tariffs.

The policy introduces a N100 fee for withdrawals above N20,000 from other banks’ ATMs and an additional N500 surcharge for transactions outside the bank’s premises. Onobun argued that the hike contradicts the CBN’s financial inclusion agenda and disproportionately affects low-income earners. The House unanimously adopted the motion, urging the CBN to halt the policy pending further consultations with relevant committees.

12/03/2025

Investment firm Afrinvest has raised concerns over Nigeria’s escalating debt profile, urging immediate action to prevent further deterioration. This follows the IMF’s recent assessment, during a visit by Deputy Managing Director Gita Gopinath, which classified Nigeria’s debt as "moderate risk" but cautioned against complacency. Gopinath highlighted that 75% of government revenue is spent on debt servicing, leaving little for social or developmental projects. She stressed the need for improved revenue mobilization, efficient spending, and redirecting savings from fuel subsidy removal into reserves.

Afrinvest’s report revealed Nigeria’s public debt hit a record N142.3 trillion in Q3 2024, driven by budget deficits and naira depreciation, with the debt-to-GDP ratio exceeding the 40% limit at 52.8%. Minister of Budget and Economic Planning Atiku Bagudu expressed optimism that improved economic conditions could reduce debt servicing costs, while Jimi Ogbobine of Agusto Consulting warned that the current administration’s "big-spending" approach heightens fiscal deficit concerns, challenging Nigeria’s debt sustainability.

06/03/2025

The Senate Committee on Ethics, Privileges, and Public Petitions has recommended a six-month suspension for Senator Natasha Akpoti-Uduaghan, representing Kogi Central, following her allegations of sexual harassment against Senate President Godswill Akpabio. The committee also advised withdrawing her salary and security details. Akpoti-Uduaghan was found guilty of failing to appear before the committee to address her conduct and is expected to issue a formal apology to the Senate. The controversy began when she accused Akpabio of obstructing her motions related to the Ajaokuta Steel Company and making derogatory remarks about her. Akpabio denied all allegations, calling them unfounded. The Senate will debate the committee’s report, with some senators suggesting a reduced suspension. The final decision remains pending as deliberations continue.

06/03/2025

Dr. Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise, has called on the Central Bank of Nigeria (CBN) to allow companies affected by unresolved $2.4bn matured foreign exchange forward contracts to present documentary evidence of their eligibility. Yusuf emphasized the need for fairness, urging the CBN to invite affected firms to clarify discrepancies and justify their claims. He suggested forming a verification committee to reassess the contracts, noting that while some firms may not qualify, many could validate their claims. The $2.4bn is part of a larger $7bn FX backlog, with the CBN citing issues like invalid import documents for non-clearance. Industry groups, including MAN and NACCIMA, have criticized the CBN’s refusal to clear the contracts, warning of severe financial strain, operational disruptions, and increased currency risk for businesses. Affected companies have repeatedly sought government intervention to resolve the issue, with the Minister of State for Industry promising to engage the CBN governor to address the deadlock.

06/03/2025

The Nigerian Senate has dismissed a sexual harassment petition filed by Senator Natasha Akpoti-Uduaghan against Senate President Godswill Akpabio, labeling it as "dead on arrival" due to violations of Senate rules. Akpoti-Uduaghan accused Akpabio of making sexual advances during a visit to his residence in December 2023 and alleged that he obstructed her legislative functions. However, the Senate Ethics Committee rejected the petition, citing that the matter is already in court and that the petition was improperly submitted by the senator herself, contrary to Senate rules. Akpabio denied the allegations, emphasizing his respect for women. Meanwhile, a Federal High Court issued a 72-hour ultimatum to the Senate to justify its investigation into Akpoti-Uduaghan, following her legal challenge. Supporters of Akpoti-Uduaghan protested at the National Assembly, demanding Akpabio's resignation, while a group of Kogi stakeholders condemned her actions, calling for adherence to Senate rules and decorum.

06/03/2025

President Bola Tinubu, represented by Vice President Kashim Shettima, laid the foundation for the new eco-friendly headquarters of FirstBank Group in Eko Atlantic City, Lagos. The 40-story building, set to be Nigeria’s tallest, symbolizes the nation’s economic ambition and progress. Shettima praised FirstBank’s 130-year legacy of driving financial innovation and supporting Nigeria’s economy, while Governor Babajide Sanwo-Olu presented the construction approval certificate. The project, designed to be a hub for financial innovation and digital transformation, reflects FirstBank’s commitment to sustainability and operational excellence. The event was attended by prominent figures, including state governors, business leaders, and Central Bank officials, highlighting the project’s significance for Nigeria’s financial sector and infrastructure development.

06/03/2025

A report by the Ministerial Task Force on Illegal Private Charter Operations reveals that Nigeria has lost over N120bn in revenue over the past decade due to illegal charter operations, regulatory loopholes, and weak enforcement by the Nigerian Civil Aviation Authority (NCAA). The report, commissioned by Aviation Minister Festus Keyamo, highlights security breaches, lack of interagency cooperation, and outdated policies as major challenges. Key recommendations include closing and restructuring the General Aviation Terminal in Abuja, repealing the controversial 22-year aircraft age ban, strengthening NCAA oversight, and introducing a licensing framework for air charter brokers. However, aviation experts criticize the task force’s effectiveness, citing poor enforcement and high-profile protection of illegal operators. The task force, established in June 2024, aims to address issues like money laundering, drug smuggling, and security breaches in the sector.

06/03/2025

The Federal Competition and Consumer Protection Commission (FCCPC) has filed charges against MultiChoice Nigeria Limited and its CEO, John Ugbe, for allegedly defying regulatory directives on subscription price adjustments. The FCCPC had ordered MultiChoice to suspend its planned price increase for DStv and GOtv services pending an investigation, but the company proceeded with the hike on March 1, 2025. The charges, filed at the Federal High Court in Lagos, include obstructing the commission’s inquiry, failing to comply with directives, and attempting to mislead the regulator. The FCCPC described MultiChoice’s actions as undermining consumer rights and fair competition, and it is considering further enforcement measures, including sanctions. MultiChoice had cited rising costs as the reason for the price adjustment, which affects several DStv packages.

06/03/2025

The Federal Government has encouraged women across Nigeria to explore investment opportunities in the capital market, highlighting its potential for wealth creation and economic empowerment. This appeal was made during the launch of the Securities and Exchange Commission (SEC) Podcast in Abuja, aimed at boosting financial literacy and inclusion. The Minister of State for Finance, Dr. Doris Uzoka-Anite, emphasized the transformative impact of women’s participation in the capital market, calling for policies and reforms to support their involvement.

She noted women’s innate financial management skills and their potential to drive Nigeria’s $1 trillion economy goal. The SEC also announced plans to train selected women in capital market activities through the Nigerian Capital Market Institute, as part of efforts to empower women and promote their role in the financial sector. The initiative aligns with the 2025 International Women’s Day theme, “Women: The Voice of the Capital Market.”

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