Oluwatosin Ogunjuyigbe

I tell stories and increase audiences. @BusinessDayNg ex: @VenturesAfrica| Market analyst| Tech enthusiast. https://t.co/UXL8JgDirH

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Articles

NNPCL remits only half of fuel subsidy savings - World Bank

22 hours ago | businessday.ng | Oluwatosin Ogunjuyigbe

According to its latest Nigeria Development Update, the World Bank reports that Nigerian National Petroleum Company Limited (NNPCL) has been transferring only 50% of fuel subsidy removal savings to the Federation Account. It said out of the N1.1tn revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of N500bn unaccounted for.
Five things to know to start your Thursday

23 hours ago | businessday.ng | Oluwatosin Ogunjuyigbe

According to its latest Nigeria Development Update, the World Bank reports that Nigerian National Petroleum Company Limited (NNPCL) has been transferring only 50% of fuel subsidy removal savings to the Federation Account. It said out of the N1.1tn revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of N500bn unaccounted for.
Military rule should not return to Nigeria, says Yakubu Gowon

1 day ago | businessday.ng | Oluwatosin Ogunjuyigbe

Yakubu Gowon, former military head of state, says that despite democracy’s flaws, the era of military rule should never return to Nigeria. He said this while introducing a new history book in Abuja on Wednesday. The book covers Nigeria’s military from 1960 to 2018. Gowon admits the military helped Nigeria in some ways, but says it should now stick to its main job.
EFCC removes foreign national from CBEX wanted list

1 day ago | businessday.ng | Oluwatosin Ogunjuyigbe

The Economic and Financial Crimes Commission (EFCC) has taken Elie Bitar, a foreign national, off its wanted list for crypto bridge exchange (CBEX) fraud. On April 30, the EFCC declared Bitar wanted for alleged fraud on the CBEX trading platform. They posted his wanted notice on social media. In the notice (now deleted), the EFCC said Bitar was 41 years old and lived at “Eng. George Enemoh Crescent, Lekki Phase 1, Lekki, Lagos State.”In April, CBEX users reported they couldn’t withdraw their money.
Senate approves appointment of five new INEC RECs

1 day ago | businessday.ng | Oluwatosin Ogunjuyigbe

The Senate has given its approval to the appointment of five individuals as Resident Electoral Commissioners (RECs) for the Independent National Electoral Commission (INEC). This decision came after the Senate Committee on INEC submitted its report during plenary on Wednesday. The report was laid before the chamber by the committee chairman, Senator Simon Lalong (APC, Plateau).
Five things to know to start your Wednesday

1 day ago | businessday.ng | Oluwatosin Ogunjuyigbe

American lawmakers have introduced a draft bill that would add a 5 per cent tax on money sent to other countries, potentially hurting immigrant communities, including many Nigerians. This proposal adds to President Donald Trump’s growing list of tough immigration and trade policies launched in recent months. The tax would hit immigrant families hard, with Nigerians likely feeling a significant impact because Nigeria depends heavily on money sent home by citizens living abroad.
EFCC arrests Fred Ajudua after Supreme Court bail revocation

1 day ago | businessday.ng | Oluwatosin Ogunjuyigbe

EFCC agents have reportedly arrested Lagos businessman Fred Ajudua in Abuja after the Supreme Court cancelled his bail. A report by The Punch cited an anonymous high-ranking EFCC official as its source. The agency took Ajudua into custody on Tuesday. He faces charges of defrauding Palestinian businessman Zad Abu Zalaf of $1,043,000 and currently remains under EFCC detention. “We have arrested Ajudua pending his re-arraignment in court.
Atiku should write a book on defections, says Oshiomhole

1 day ago | businessday.ng | Oluwatosin Ogunjuyigbe

Adams Oshiomhole, senator representing Edo North, says former Vice-President Atiku Abubakar should write a book on why politicians defect from one party to another. The former Edo governor spoke on Tuesday during an appearance on ‘Politics Today’, a Channels Television programme. Oshiomhole highlighted how Abubakar switched from the Peoples Democratic Party (PDP) to the Action Congress of Nigeria (ACN) while serving as vice-president, calling it one of Nigeria’s most significant political moves.
'Pay Abiola family's N45bn debt'

2 days ago | businessday.ng | Oluwatosin Ogunjuyigbe

Sule Lamido, former governor of Jigawa, has asked President Bola Tinubu to pay the N45 billion allegedly owed by the federal government to the family of the late MKO Abiola. Lamido made this appeal in Abuja on Tuesday during the launch of his memoir titled ‘Being True To Myself’. “Before concluding, I appeal to President Bola Tinubu to finally close the June 12 chapter. In his book, Ibrahim Babangida acknowledged Abiola’s victory in that election,” he said.
Nigerians, others to be affected as US plans 5% tax on remittances

2 days ago | businessday.ng | Oluwatosin Ogunjuyigbe

The United States lawmakers have proposed a bill seeking to impose a 5 per cent tax on remittances sent abroad. House Republicans released a bill draft on Monday targeting money people send to foreign countries. This could create further strain for immigrant families, including Nigerians who send money home. Olayemi Cardoso, governor of Nigeria’s central bank (CBN), said diaspora remittances through official money transfer companies reached $4.22 billion between January and October 2024.