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Economy

Shettima Commissions Ultramodern Head Office Of Northwest Petroleum And Gas Firm In Lagos

In a massive boost for Nigeria’s energy sector, the Vice President, Senator Kashim Shettima, has officially commissioned the ultra-modern corporate headquarters of Northwest Petroleum & Gas Company Limited in Lagos. He hailed the state-of-the-art facility as a game-changer that will revolutionize local operations and completely rewrite the standards of excellence for the nation's multi-billion dollar oil and gas industry. Speaking on Friday during the commissioning of the regional petroleum and gas firm's corporate head office in Victoria Island, Lagos, Senator Shettima declared that the world-class facility sends a clear message to investors, clients, and Nigerians that Northwest Petroleum is poised for decades of service in an evolving global energy economy. According to Shettima, while the new corporate facility marks an expansion for Northwest Petroleum, a major indigenous player in Nigeria's downstream oil and gas sector, it will also provide a modern, world-class ...

Fortune October 02, 2026

Crime Economy

You Have Justified My Confidence In You - Tinubu Laud EFCC

President Bola Ahmed Tinubu has applauded the efforts and performance of the Economic and Financial Crimes Commission, EFCC, in tackling economic and financial crimes and other acts of corruption in the country, stressing that it has justified the confidence reposed on it    He gave this commendation on Friday, October 2, 2026 in Awka, Anambra State at the commissioning of a new Zonal Directorate of the EFCC. The President pointed out that there are evidential proofs of the success of the Commission in convictions, recoveries and other landmark achievements   Represented by Honourable Tajudeen Abbas, Speaker, House of Representatives, Tinubu noted that "supporting the EFCC is not particularly difficult. The agency has consistently demonstrated that the confidence reposed on it is well founded. Without mincing words, the evidential proof of the EFCC’s success speaks loudly in convictions secured, assets and properties recovered”   He affirmed that the strides of the C...

Fortune October 02, 2026

Economy

FAAC Shares N6.58trn to FG, States, LGs in Two Months – NBS

The Federation Account Allocation Committee (FAAC) disbursed N6.58 trillion to the Federal, States and Local Governments in May and June 2026, the National Bureau of Statistics (NBS) has said. According to NBS, N3.18trn was shared in May and N3.40trn in June, an increase of N210.68bn or 6.6%. Breakdown shows the Federal Government received N1.61trn, States N1.53trn, and Local Governments N1.07trn within the period. Oil-producing states got N345.38bn as 13% derivation fund. The total was sourced from N4.78trn Statutory Account, N1.55trn VAT and N250bn augmentation from non-oil revenue in May. Statutory revenue rose 24.4% from N2.13trn in May to N2.65trn in June, while VAT dropped 7.8% from N806.62bn to N743.67bn. NBS said the data was provided by the Office of the Accountant General of the Federation.

Fortune September 25, 2026

Economy

Tinubu Lauds $12 Million Abuja Entrepreneurship Centre To Strengthen Nigeria’s MSME Ecosystem

President Bola Ahmed Tinubu has welcomed the construction of the $12 million Abuja Centre for Entrepreneurship, saying the project will strengthen Nigeria’s MSME ecosystem and help more businesses grow, create jobs and expand economic activity.   The Centre, funded by the Republic of Korea through the Korea International Cooperation Agency, KOICA, is being developed at the SMEDAN Industrial Development Centre in Idu, Abuja, in partnership with the Federal Government through SMEDAN and the United Nations Development Programme.   ACE will support the wider MSME and entrepreneurship ecosystem, providing facilities, technology, training and enterprise support for aspiring entrepreneurs, start-ups and growing businesses, with an initial target of 500 entrepreneurs, 400 start-ups and 1,500 MSMEs.   About $5.9 million will go into construction, while $6.1 million will fund equipment and programmes for entrepreneurs and businesses.   President Tinubu said the Centre's would ...

Fortune September 23, 2026

Economy

President Tinubu Hails $800m IMA Gas FID As Nigeria Unlocks Five-Decade-Old Gas Resource

President Bola Ahmed Tinubu welcomes the $800 million Final Investment Decision (FID) on the Ima Gas Project, marking another major milestone in his administration’s drive to unlock Nigeria’s vast gas resources for investment, industrialisation, job creation and economic prosperity.   Developed by Nigerian independent AMNI International in partnership with TotalEnergies, the Ima Gas Project is expected to produce about 300 million standard cubic feet of gas per day at peak.   The Ima gas resource, located offshore in OMLs 112 and 117, was discovered in 1973 but remained undeveloped for more than five decades. Despite its significant reserves and potential as a source of feedgas for Nigeria LNG Limited, the resource remained underground and unable to contribute meaningfully to Nigeria’s economy. The FID, announced on September 23, has changed this.   The Ima gas project marks the fourth major gas project to reach Final Investment Decision since President Tinubu assumed off...

Fortune September 23, 2026

Economy

President Tinubu Extends Working Vacation By Some Days

President Tinubu will return to Nigeria at the weekend, following the extension of his working vacation by a few days. President Tinubu departed Nigeria on August 30 for London to begin the working vacation.  After spending a week in London, he moved to Paris, France, where he met with French President Emmanuel Macron and businessman Mr Vincent Bollore, whose media group includes Canal+, Multichoice, and Universal Music Group. Since he began the vacation, President Tinubu has continued to keep in touch with home, directing the affairs of the nation, like ordering an independent panel to investigate the death of 37 illegal miners in Minna,  following their detention by the Nigeria Security and Civil Defence Corps, among other things. While away, President Tinubu delegated Vice President Kashim Shettima to represent him at some official functions. Though Shettima left Abuja on September 20 for New York to attend the 81st United Nations General Assembly, the Secretary to the Gove...

Fortune September 21, 2026

Economy

President Tinubu Mandates VP Shettima To Lead Nigeria’s Delegation To 81st UNGA

Governors Fubara, Dauda Lawal, ministers, senior officials join delegation to New York President Bola Ahmed Tinubu has mandated Vice President Kashim Shettima to represent him and lead Nigeria’s delegation to the 81st Session of the United Nations General Assembly, UNGA, in New York, United States. VP Shettima will lead a high-level delegation comprising Governor Siminalayi Fubara of Rivers State; Governor Dauda Lawal of Zamfara State; ministers and other senior government officials. The 81st UNGA General Debate will hold from September 22 to 28, 2026, under the theme, “Restoring trust, managing transformation: A United Nations that delivers for all.”  At the General Debate, Senator Shettima will deliver Nigeria’s national statement, outlining the country’s position and priorities on major global issues with implications for national development, peace and security, economic growth and international cooperation. The Vice President will also participate in high-level meetings during...

Fortune September 20, 2026

Economy

Salako Graces The 62ND ICAN Presidential Investiture

Emmanuel Babawale Salako, FCA, fondly known across Osun State political and professional circles as "More Blessing," was among the distinguished guests who attended the Investiture Ceremony of the 62nd President of the Institute of Chartered Accountants of Nigeria (ICAN), Queensley Sofuratu Seghosime, FCA. Emmanuel, a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), Managing Partner of Babawale Salako & Co. Chartered Accountants, and Chairman of ICAN Kubwa and District Society, graced the historic occasion, reflecting his unwavering commitment to the advancement of the accounting profession and the promotion of excellence in leadership and governance. Widely respected for his contributions to professional development and public service, the APC leader from Boluwaduro/Ila/Ifedayo Federal Constituency of Osun State joined other eminent personalities in celebrating a new chapter for the Institute under the leadership of ICAN President Queensley...

Fortune June 02, 2026