Business Archives - Page 9 of 33 - Independent Digital News Network

FG Begins ₦4tn Power Sector Debt Settlement as Five GenCos Sign Agreements

The Federal Government has launched a ₦4 trillion power sector debt settlement programme, with five electricity generation companies signing agreements under a bond-backed framework. Officials say the move is aimed at clearing long-standing arrears, restoring liquidity across the market and unlocking fresh investment in Nigeria’s fragile electricity value chain.

Diezani Alison-Madueke Faces UK Trial Over Alleged Luxury Bribes

IDNN8 months ago8 months ago0

Former Nigerian petroleum minister Diezani Alison-Madueke is at the centre of a UK corruption trial alleging she accepted luxury bribes, including high-value properties and designer goods, in exchange for oil contracts. Prosecutors say the case exposes how global financial systems were used to move illicit wealth, reviving scrutiny of Nigeria’s oil-era corruption and cross-border accountability.

FCT Strike Fallout: Wike Confirms ₦12bn Salary Approval as NLC Warns Against ‘Scapegoating’

IDNN8 months ago8 months ago0

The fallout from the suspended FCT workers’ strike deepened on Tuesday after FCT Minister Nyesom Wike confirmed a ₦12bn salary approval, while the Nigeria Labour Congress warned against scapegoating officials. Labour leaders insisted the dispute stemmed from delayed implementation, as court-ordered mediation moves the parties back to negotiations.

JOHESU Strike: Why Health Workers Are Split Over Salary Structures

IDNN8 months ago8 months ago0

The ongoing JOHESU strike has exposed deep divisions within Nigeria’s health sector over salary structures, with the Nigerian Medical Association rejecting claims backed by NLC and TUC. At the centre of the dispute are longstanding differences between CONHESS and CONMESS pay frameworks, raising broader questions about equity, roles, and remuneration across public hospitals.

NAFDAC Explains Sachet Alcohol Ban, Clarifies Scope and Timeline

IDNN8 months ago8 months ago0

The National Agency for Food and Drug Administration and Control has clarified the rationale, scope and timeline of the sachet alcohol ban, amid widespread public confusion. The regulator stressed that the policy is driven by public health concerns and is being implemented in phases, with engagement ongoing to balance health priorities and economic realities.

National Grid Collapses Again, Second Time in Four Days

IDNN8 months ago8 months ago0

Nigeria’s national electricity grid has collapsed again, marking the second system failure in four days and renewing concerns over the fragility of the country’s power infrastructure. The incident triggered widespread outages across several states, raising questions about grid stability, operational resilience, and the pace of long-promised reforms in the electricity sector.

NULGE FCT Joins JUAC, Begins Indefinite Strike

IDNN8 months ago8 months ago0

The Nigeria Union of Local Government Employees in the Federal Capital Territory has joined the Joint Union Action Committee in an indefinite strike, escalating labour unrest within the FCT. The unions say the action follows unresolved disputes over workers’ welfare, outstanding entitlements and compliance with agreements, raising concerns over service delivery across local government councils.

Soludo Shuts Onitsha Main Market Over IPOB Sit-at-Home Defiance

IDNN8 months ago8 months ago0

Anambra State Governor Chukwuma Soludo has ordered the closure of Onitsha Main Market following alleged defiance of the proscribed IPOB’s sit-at-home directive by traders. The state government says the decision is aimed at restoring order, enforcing the rule of law and preventing economic sabotage, amid rising security concerns and disruptions to commercial activity in the state.

Workers React to New Tax Laws as Take-Home Pay Changes

IDNN8 months ago8 months ago0

Nigerian workers have expressed mixed reactions to the new tax laws as changes to PAYE deductions alter take-home pay across income bands. While some employees report slight increases in net earnings, others say the gains are marginal and insufficient to offset rising living costs, highlighting uneven outcomes in early implementation of the reforms.

Rewane Projects Inflation Averaging 16% in 2026

IDNN8 months ago8 months ago0

Chief Executive Officer of Financial Derivatives Company, Bismarck Rewane, has projected that inflation averaging 16% will define Nigeria’s economic outlook in 2026. He attributes the forecast to base-year effects from the new CPI methodology, exchange rate pressures and debt servicing costs, urging businesses to prioritise strategic liquidity and risk management amid lingering macroeconomic uncertainty.