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CAC
Business

CAC To Delist 100,000 Dormant Companies, Gives 90-Day Ultimatum

by Nelson Ugwuagbo July 29, 2025
written by Nelson Ugwuagbo

The Corporate Affairs Commission (CAC) has announced plans to delist 100,000 companies from its register over prolonged inactivity and failure to comply with statutory requirements under the Companies and Allied Matters Act (CAMA).

In a public notice issued by the Commission, the move is part of efforts to sanitise Nigeria’s corporate registry, promote regulatory compliance, and align with global anti-money laundering and corporate transparency standards.

According to the CAC, the affected companies have been identified as either inactive for over 10 years, not carrying on business, or consistently failing to meet key obligations such as the annual filing of returns and disclosure of Persons with Significant Control (PSC).

The Commission has given the companies a 90-day window from the date of the notice to regularise their status or face removal from the register.

To avoid delisting, affected entities are required to file all outstanding annual returns and, where necessary, send activation emails to activation@cac.gov.ng.

“It shall be unlawful for any company struck off the Register of Companies to continue carrying on business unless it is restored by an order of the Federal High Court,” the notice warned.

The Commission also recalled a similar exercise carried out last year, where companies that failed to comply after a public notice in July were delisted by November.

July 29, 2025 0 comments
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Dangote
Business

Dangote Refinery Withdraws Lawsuit Against NMDPRA, NNPCL, and Others

by Nelson Ugwuagbo July 29, 2025
written by Nelson Ugwuagbo

Dangote Petroleum Refinery and Petrochemicals has withdrawn its legal action against the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian National Petroleum Company Limited (NNPCL), and five other petroleum companies.

The suit, which was filed at the Federal High Court in Abuja, was formally discontinued by the company’s legal team through a notice of discontinuance submitted to the court.

Other defendants in the case included AYM Shafa Limited, A.A. Rano Limited, T. Time Petroleum Limited, 2015 Petroleum Limited, and Matrix Petroleum Services Limited.

No official reason was provided for the withdrawal, and details surrounding the lawsuit, including the reliefs sought and whether an out-of-court settlement was reached, remain undisclosed.

July 29, 2025 0 comments
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Business

MultiChoice Nigeria Loses 1.4 Million Subscribers Over Two Years Amid Repeated DStv Price Hikes

by Folarin Kehinde June 12, 2025
written by Folarin Kehinde

African Pay-TV operator, Multichoice Group, on Wednesday released its audited results for the year-ended March 31, 2025, revealing that its Nigerian operation lost 1.4 million in the last two years.

While Multichoice Nigeria had increased its DStv and GOtv subscription prices three times within the two years, the Group blamed several factors, including high inflation, power grid collapse, and fuel scarcity, for the subscriber loss in the country.

It further revealed that Nigeria accounted for 77% of the subscriber loss recorded across its Rest of Africa (RoA) operations between 2023 and 2025.

According to the figures released by the Group, the RoA lost a total of 1.8 million subscribers in the two years, bringing the total subscribers down to 7.5 million in 2025 from 9.3 million recorded in 2023.

A comparative analysis of the company’s figures shows that the subscriber loss, which hit its crescendo in the 2024 financial year, slowed down a bit in the 2025 financial year.

In 2024, Multichoice RoA’s subscriber base slumped to 8.1 million from 9.3 million recorded in 2023 as the company lost 1.2 million customers, representing 13% decline. However, figures for the 2025 financial year show a 7% decline from 8.1 million to 7.5 million subscribers.

Explaining the causes of the subscriber loss, Multichoice in its earnings report stated:

“Inflation across key markets remained high (around 20% on a weighted average basis, above 30% in Nigeria and Angola) and caused pressure on customer spending.

“Subscriber activity was further affected by power shortages across Zambia, Zimbabwe and Malawi, ongoing power and fuel shortages in Nigeria, and civil unrest in Mozambique.

“As a result of the above trading conditions, active subscribers declined 7% YoY, with Nigeria accounting for over half of this decline.”

June 12, 2025 0 comments
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Dangote
Business

Dangote Urges Government to Support Local Investors for Economic Growth

by Nelson Ugwuagbo May 21, 2025
written by Nelson Ugwuagbo

President of the Dangote Group, Aliko Dangote, has called on federal and state governments to prioritise support for local investors as a key strategy for driving economic development and attracting foreign investment.

Dangote made the call during the Taraba International Investment Summit held in Jalingo, which drew participants from across Nigeria and beyond.

The business magnate, who is Africa’s richest man, emphasised that thriving domestic investment is a prerequisite for foreign investor confidence.

“I want to give a word of advice, Your Excellency, the only way for you to attract foreign investments or investors is by having local investors. Domestic investors are the ones who actually attract foreign investors,” he said.

Dangote explained that foreign investors are drawn to environments where local businesses are already succeeding, noting that investment prospects and economic activity naturally attract external interest.

“If you don’t invite local investors to come and invest, no foreigner will come and invest. Foreigners are attracted only when they see prospects for investment. Once they see that, yes, things are flowing, you don’t have to invite them, they will come,” he added.

May 21, 2025 0 comments
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Stock Exchange
Business

Nigerians Investors Gain N315bn as NGX Stocks Rebounds

by Nelson Ugwuagbo May 14, 2025
written by Nelson Ugwuagbo

Investors at the Nigerian Exchange Limited (NGX) recorded a N315 billion gain on Tuesday as the market rebounded, reversing losses from the previous two trading sessions.

The NGX market capitalization rose to N68.357 trillion from N68.042 trillion on Monday, reflecting a 0.46 percent increase. Similarly, the All-Share Index (ASI) gained 501.14 points to close at 108,762.61, up from 108,261.47 in the previous session.

The positive performance was driven by bargain-hunting in select equities, pushing the market breadth into positive territory with 41 gainers against 24 losers.

Leading the gainers’ chart, Chellaram and Oando Plc both appreciated by 10 percent, closing at N11.44 and N49.50 per share, respectively. Transcorp followed with a 9.99 percent gain to close at N46.25, while Beta Glass rose by 9.96 percent to end at N194.30. Caverton Offshore Support Group also climbed 9.85 percent to finish at N3.68 per share.

On the losers’ table, Haldane McCall Plc declined by 9.85 percent to close at N4.21 per share, while Academy Press fell 7.33 percent to N4.30. UPDC Real Estate Investment Trust shed 6.25 percent to close at N3.00, ABC Transport dropped 6.13 percent to N2.91, and NPF Microfinance Bank lost 5.14 percent to settle at N2.03 per share.

Trading volume rose as 498.48 million shares worth N10.78 billion were exchanged in 14,916 deals, compared to 414.57 million shares valued at N10.72 billion traded in 16,664 deals in the previous session.

Tantalizer led the activity chart with 57.80 million shares valued at N131.32 million. Access Corporation followed with 36.79 million shares worth N784.43 million, while Guaranty Trust Holding Company traded 31.84 million shares valued at N2.19 billion. Fidelity Bank exchanged 23.39 million shares valued at N470.49 million, and Nigerian Breweries recorded 26.03 million shares worth N1.08 billion.

May 14, 2025 0 comments
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Tinubu
Business

Tinubu Orders Removal of Checkpoints to Boost ECOWAS Free Movement

by Folarin Kehinde May 8, 2025
written by Folarin Kehinde

President Bola Tinubu has ordered the setting up of a Presidential Task Force to dismantle multiple checkpoints that are hindering free movement.

Ambassador Musa Nuhu, Permanent Representative of Nigeria to ECOWAS, disclosed this during a visit to the Nigeria/Benin Republic border in Seme on Wednesday.

“We are starting with the Seme-Badagry Corridor first. That committee has been set up under the authority of the Secretary to the Government of the Federation, and we will soon start working to address this issue.

“So, we have noted all the issues mentioned, and I assure you that the government of Nigeria will also address the other issues that are subsequently mentioned.”

There have been complaints of multiple checkpoints along the Badagry-Seme corridor, which are affecting the smooth movement of people and goods between Nigeria and the Benin Republic.

Ambassador Nuhu said, “This is the busiest border in West Africa, in terms of passage of goods, people and services. And if free movement is working in West Africa, it is in this border that we will be able to find out”.

Most motorists who spoke during the meeting complained about multiple checkpoints and extortion by security agencies along the corridor.

Responding, the President of ECOWAS Commission, Omar Alieu Touray, said that any payment made by motorists must be accompanied by receipts.

He lamented that the multiple checkpoints and extortion of community citizens across the member states was defeating the intention of ECOWAS to have a more integrated region.

“While you check passengers and road users, we should go beyond these charges of being asked to pay money without receipts. If there are any payments to be done, those payments should be officially receipted.

May 8, 2025 0 comments
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Business

MTN Hit by Cyber Attack – Company Confirms Breach

by Folarin Kehinde April 25, 2025
written by Folarin Kehinde

MTN Group has confirmed it was the target of a cybersecurity breach that resulted in unauthorised access to personal data belonging to some of its customers in select markets.

However, the telecommunications giant insisted that its core infrastructure, including its network, billing systems, and financial service platforms, remained secure and fully operational. The telecommunications company also confirmed that its Nigerian operations were not affected by the incident.

In a statement released on Thursday, the company emphasised that there was “no evidence of compromise to any of our critical infrastructure, core MTN platforms or services.”

An unidentified third party has claimed responsibility for accessing data from segments of MTN’s systems, but the Group stated that, “at this stage we do not have any information to suggest that customers’ accounts and wallets have been directly compromised.”

MTN said it promptly activated its internal cybersecurity response protocols upon detection of the incident. Law enforcement agencies, including the South African Police Service (SAPS) and the Directorate for Priority Crime Investigation (Hawks), have been notified and are currently investigating the matter.

The company also reported that it has begun the process of notifying affected customers, in compliance with local data protection and privacy regulations in the affected markets. Relevant country authorities have also been informed, and MTN said it was providing ongoing updates and full cooperation with regulatory bodies and investigators.

As part of its response, MTN urged customers to remain vigilant by observing best practices in digital security. These include keeping apps and devices up to date, using strong and unique passwords, enabling multifactor authentication where available, and being cautious of suspicious messages or requests for sensitive information.

“The privacy of information is our top priority, and MTN remains committed to safeguarding the integrity of our systems and the trust placed in us by our customers and stakeholders,” the company stated.

Investigations were ongoing as MTN works to contain the incident and reinforce its defenses against future threats.

Meanwhile, MTN Nigeria, the Group’s largest and most lucrative subsidiary, remains unaffected by the breach. A source at the MTN Nigeria office confirmed that the cybersecurity incident did not extend to its operations, and that all services and systems in the Nigerian market are fully secure and functional.

“MTN Nigeria is not affected by this recent development,” the source stated, offering reassurance to Nigerian subscribers and stakeholders.

April 25, 2025 0 comments
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Business

Air Peace shuts flight operations nationwide

by Folarin Kehinde April 24, 2025
written by Folarin Kehinde

Nigeria’s airline, Air Peace, has announced the immediate suspension of all its flight operations across Nigeria following an ongoing strike by the Nigerian Meteorological Agency, NiMet.

The airline disclosed this in a statement on Wednesday.

Air Peace said the decision was taken in the interest of passenger safety, as NiMet’s weather updates, particularly the Current Nowcast of Hazardous Weather, CNH, reports, are essential for safe flight landings during the rainy season.

The statement read, “We regret to inform you that due to the ongoing strike by the Nigerian Meteorological Agency (NiMet), Air Peace is suspending all flight operations nationwide with immediate effect.

“This decision is necessary because NiMet is the agency responsible for issuing CNH (Current Nowcast of Hazardous Weather) reports, which are critical for safe landings, especially during this season of heavy rainfall and thunderstorms. Without these reports from the control tower, flight safety cannot be guaranteed.

“As a safety-first airline, we have chosen to act responsibly by suspending operations until NiMet resumes full service.

“We understand this may cause inconvenience, and we sincerely apologise. Passengers will be contacted with updates and options for rescheduling.”

April 24, 2025 0 comments
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IMF
Business

IMF Projects Nigeria’s Inflation to Rise to 37% in 2026

by Nelson Ugwuagbo April 23, 2025
written by Nelson Ugwuagbo

The International Monetary Fund (IMF) has forecast that Nigeria’s headline inflation will climb to 37.0 percent in 2026, highlighting persistent concerns over price stability in the country.

The projection was revealed in the IMF’s April 2025 World Economic Outlook (WEO), which outlines Nigeria’s macroeconomic outlook amid ongoing structural reforms and global economic uncertainties.

The Fund had earlier projected a temporary easing, with inflation expected to average 26.5 percent in 2025, down from 33.2 percent in 2024. However, the anticipated rebound in 2026 signals that underlying inflationary pressures remain unresolved.

The IMF warned that, despite short-term adjustments, sustained efforts will be required to address the structural factors driving inflation and to stabilise the country’s economy.

April 23, 2025 0 comments
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Business

JUST IN: EFCC assures CBEX investors will get their money back but….

by Folarin Kehinde April 16, 2025
written by Folarin Kehinde

The Economic and Financial Crimes Commission (EFCC) has assured individuals who invested in the CBEX digital trading platform that they would recover their funds.

The commission revealed that it had been monitoring the platform even before the recent wave of public complaints.

CBEX, which had promised investors a 100 percent return on investment, faced a crisis over the weekend as many users reported being unable to withdraw their funds, sparking outrage on social media.

On Monday, angry investors reportedly stormed and looted the office of Smart Treasure, an affiliate of CBEX, located in the Oke Ado area of Ibadan, Oyo State.

Speaking during Channels TV’s Morning Brief on Wednesday, EFCC spokesperson, Dele Oyewale, confirmed that the anti-graft agency had been fielding numerous calls from Nigerians seeking information and solutions regarding the CBEX platform.

Oyewale stressed that the EFCC had profiled the platform long before the recent outcry and had previously warned Nigerians about potential Ponzi schemes.

“We were not waiting for Nigerians to call us before we started our work, of course, we have been working,” he said.

“We were not beaten by what actually happened. Our dragnet is wide, our intelligence is very effective, and we were tracking that digital trading platform.”

He added, “We were tracking it, and we profiled several things concerning the platform. You will recall that March 11 this year, the executive chairman of the EFCC, Mr. Ola Olukoyede, had called to instruct us to alert Nigerians.”

Oyewale also recalled that the EFCC had earlier listed 58 suspected Ponzi scheme companies in March to caution the public.

“That shows that we are proactive and we have our hands on what is happening. So concerning this investigation, we were on it; it’s not that we didn’t know.

“We’ve been alerting Nigerians about ways and means of how to separate themselves from this kind of shenanigans.

“Before the calls came, we were working, while the calls are coming, we are working; And even after the calls, we are still working.”

He added that the commission would continue educating the public on how to identify fraudulent investment schemes.

“The essential thing is that, of course, we are going to recall some of the things that Nigerians should be looking out for, you know, concerning this kind of investment schemes and all of that.”

April 16, 2025 0 comments
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