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Business

Nigerian business and economy news: the naira, CBN policy, inflation, oil and gas, banking, markets, budgets and companies.

Bag of cement jumps to N11,000

Consumers and builders across several states are groaning under the weight of fresh increases in cement prices, with a bag now selling between N10,500 and N11,000…

Folarin Kehinde

FCT Bye-Law: Court bans AMAC from arresting private vehicles not used for commercial purposes while using Abuja roads The Federal Capital Territory (FCT) High Court has barred the Abuja Municipal Area Council (AMAC) from arresting private vehicles not being used for any commercial purposes while using Abuja roads within the AMAC Territory. In a suit filed by an Abuja resident, Salimon Abdulhakeem Abiodun through his counsel Qousim A. Opakunle Esq. against the Abuja Municipal Area Council (AMAC) and its chairman over the arrest and confiscation of his vehicle or any other private vehicles not being used for any commercial purposes while using Abuja roads within the territory of the Abuja Municipal Area Council. Delivering judgment on Wednesday, 4th February, 2026, in the suit number No: CV/1157/2025, Justice Y. Halilu said, “consequently judgement is hereby entered for the claimant against the defendants as follows; “An order of this honourable court prohibiting the Defendants, their agents, partners, subordinates from arresting the claimant`s vehicle or any other private vehicles not being used for any commercial purposes while using Abuja roads within the territory of the Defendants is hereby ordered. Other orders granted by the court also include; * A declaration that the arrest and confiscation of the Claimant`s car with Chasis Number 5TDZA23C75S264195 and registered with private plate number KWL-63CE is unlawful, oppressive and clear violation of Claimant fundamental right to own a private property. * A declaration that the forceful collection of the sum of N50,000 (fifty thousand naira only) on 11th January 2023, N50,000 (fifty thousand naira only) on 8th of February 2024 and sum of N20,000 (twenty thousand naira only) on 3rd of March 2025 from the Claimant by the Defendants for Mobile Advert fees and Daily and Yearly Ticketing fees are illegal, oppressive and amount to extortion. * An order directing the Defendants to refund with immediate effect all the sum of N120,000 (one hundred thousand naira only) being the amount of money forcefully and unlawfully collected by the Defendants from the Claimant in the year 2023, 2024, and 2025 for Mobile Advert Fees and Daily and Yearly Ticketing The court also awarded general damages of the sum of N2.5 million in favour of the claimant. It would be recalled that Abuja resident, Salimon Abdulhakeem Abiodun, has in March last year sued the Abuja Municipal Area Council (AMAC) and its chairman over the arrest and confiscation of his vehicle Among other things he sought for interpretation of the bye-laws of the Abuja Municipal Area council.

The Federal Capital Territory (FCT) High Court has barred the Abuja Municipal Area Council (AMAC) from arresting private vehicles not being used for any commercial purposes…

Leading Reporters

Former NEXIM MD bags 490-year jail term

An FCT High Court has convicted and sentenced a former managing director of Nigerian Export-Import Bank (NEXIM), Robert Orya, to 490 years in jail over a…

Folarin Kehinde

AI may outsmart humanity in five years — Musk

Billionaire entrepreneur and Tesla Chief Executive Officer, Elon Musk, has warned that artificial intelligence (AI) could surpass the combined intelligence of humanity within the next five…

Folarin Kehinde