Court Convicts Three Firms for Illegal Capital Market Operations in Lagos

Justice D.I. Dipeolu of the Federal High Court in Ikoyi, Lagos, on Monday convicted two companies—FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited—for illegal capital market operations. According to a statement by the Economic and Financial Crimes Commission (EFCC), the firms were arraigned on June 16 by the Lagos Zonal Directorate 2 of the EFCC on…

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Power: FG Incurs ₦1.95 Trillion Tariff Subsidy Shortfall in 2024

The Federal Government incurred a gross tariff subsidy shortfall of ₦1.949 trillion in 2024, according to the Nigerian Electricity Regulatory Commission (NERC). The subsidy arose from the gap between the actual cost of electricity supply and the frozen customer tariffs, maintained at 2022 rates despite rising market costs driven by FX fluctuations and inflation. NERC’s…

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Electricity Subsidies Cost FG ₦1.94 Trillion in 2024 — NERC

The Nigerian Electricity Regulatory Commission (NERC) has revealed that the Federal Government spent ₦1.94 trillion on electricity subsidies in 2024. This disclosure was made in NERC’s latest report, which shows that the subsidy was necessary to bridge the gap between the actual cost-reflective tariff and the amount paid by consumers. The Commission noted that the…

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SEC Warns Public Against Forsman & Bodenfors Ltd Over Alleged Fraud

The Securities and Exchange Commission (SEC) has issued a public warning against engaging with Forsman & Bodenfors Ltd, citing alleged fraudulent activities linked to the company. In an official statement, the SEC stated that the entity is not registered with the commission and is operating without regulatory approval, which violates Nigeria’s capital market laws. The…

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Judiciary Denies Blocking Inauguration of Rivers Civil Service Commission Members

The Rivers State Judiciary has denied claims that it blocked the inauguration of newly appointed members of the Rivers State Civil Service Commission. In a statement released Tuesday, the judiciary clarified that it only acted within its constitutional mandate by issuing an order preserving the status quo pending the outcome of a legal dispute brought…

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Xi Jinping Meets Russian Foreign Minister Lavrov to Strengthen China-Russia Ties

Chinese President Xi Jinping met with Russian Foreign Minister Sergey Lavrov in Beijing on Monday, reaffirming the deepening strategic partnership between China and Russia amid shifting global power dynamics. The meeting, held at the Great Hall of the People, underscored the two nations’ shared commitment to a multipolar world order and closer diplomatic coordination. It…

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