Author: Opalim Lifted

Nollywood filmmaker Kunle Afolayan has lamented about the harsh impact of rising diesel costs on his business operations in Lagos. In a video shared on his Instagram page on Tuesday, Afolayan revealed how the increasing price of diesel is making it increasingly difficult for businesses like his to stay afloat. The movie producer, who owns the KAP Film Village and Resort, disclosed that the facility currently gulps around N11 million in fuel expenses every four to five weeks. “I have been sad because I can’t cope with the N1,500 per litre of diesel. In one of the businesses that we…

Iran has insisted it is not seeking a ceasefire, even as fresh explosions shook Tehran and tensions intensified around the strategic Strait of Hormuz. The conflict, which erupted after the Donald Trump-backed US–Israeli strikes on February 28 that killed Iran’s supreme leader Ali Khamenei, has rapidly spread across the Middle East, rattling global energy markets. Iran warned on Tuesday that no crude oil would leave the Gulf if the bombardment continued, raising fears of a major disruption to global energy supplies. Iranian parliament speaker Bagher Ghalibaf said Tehran had no interest in halting the conflict. “Certainly we aren’t seeking a…

Former Vice President of Nigeria, Prof. Yemi Osinbajo, will lead a new multi-country initiative aimed at strengthening health financing systems and climate resilience across West Africa. The programme, led by Future Perspectives in partnership with the Africa Centre for Future Perspectives, seeks to generate evidence, increase public awareness and guide policy responses on the growing intersection between climate change and health financing in Africa. Under the initiative, Osinbajo will oversee a comprehensive multi-sector evaluation in five West African countries: Côte d’Ivoire, Ghana, Nigeria, Senegal and Sierra Leone. The effort aims to advance domestic financing solutions that strengthen African health systems…

Toptip Knowledge Exchange conversations platform, a not-for-profit organisation committed to fostering informed professional dialogue, hosted the February edition of its webinar series titled “Nigeria’s New Tax Regime: Implications, Controversies, and Strategic Responses.” The session attracted legal practitioners, business owners, policy enthusiasts and young professionals eager to understand the far-reaching implications of the country’s evolving tax system. Delivering the keynote presentation, Ms Omowonuola Alabi, a legal practitioner, offered a balanced and analytical perspective on the new tax regime. She described the reform as structurally ambitious, noting that it reflects elements commonly found in modern tax systems around the world. However, she…

Fuel costs in Egypt have surged sharply after the government announced price hikes of up to 30 percent, blaming mounting global energy pressures linked to the ongoing Middle East conflict. The Egyptian petroleum ministry confirmed on Tuesday that the increases affect gasoline, diesel and natural gas used in vehicles. Officials said the adjustments were necessary due to severe disruptions in global energy supply chains triggered by the regional war. According to the ministry, rising security risks and soaring maritime shipping and insurance costs have pushed petroleum product prices to levels not seen in years. Global oil markets have been highly…

FCMB Group Plc has completed the capital raise programme for its banking subsidiary, First City Monument Bank Limited, as Nigerian banks rush to meet new regulatory capital thresholds set by the Central Bank of Nigeria. The recapitalisation exercise follows the banking sector reform announced by the apex bank in March 2024, which requires banks to meet higher minimum capital requirements by March 31, 2026. In a statement dated March 8, the group’s chief executive, Ladi Balogun, confirmed that the capital raising programme had received regulatory approval. According to the company, approvals were obtained from the Central Bank of Nigeria, the…

The trial of Nigerian businessman Fred Ajudua over an alleged $1.043 million fraud has been adjourned indefinitely by the Special Offences Court in Ikeja, Lagos. Justice Mojisola Dada of the Lagos State Special Offences Court ordered the adjournment on Monday after hearing submissions from both the defence and prosecution regarding a recent Court of Appeal judgment. Ajudua is facing trial for allegedly defrauding a Palestinian, Zad Abu Zalaf, of $1,043,000 under false pretences. The case dates back to 2005 when it first began before Justice M.O. Obadina of the Lagos State High Court in Ikeja. Proceedings were repeatedly delayed over…

The trial of former Kogi State governor Yahaya Bello continued on Monday at the Federal High Court Abuja, where a prosecution witness told the court the ex-governor was not directly linked to the property transactions under investigation. The 10th prosecution witness, Mahmoud Abdulazeez, an accountant with Dantata and Sawoe Construction Company Limited, made the disclosure while testifying before Justice Emeka Nwite. During cross-examination by defence counsel Joseph Daudu, Abdulazeez said the former governor did not participate in the preparation or execution of the property documents tendered as evidence in the alleged money laundering case. Court admits disputed documents Earlier in…

A Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of N81,108,143.08 linked to a massive fraud triggered by a system glitch at Sterling Bank Plc. Justice Yelim Bogoro gave the order on Monday, March 9, 2026, directing that the funds be forfeited to the Federal Government of Nigeria in favour of the bank. The ruling followed a motion filed by the Economic and Financial Crimes Commission (EFCC) through its counsel, Hannatu U. KofarNaisa. Background of the Sterling Bank glitch fraud The court had earlier granted an interim forfeiture order on October 2, 2025 and directed that the…

A senior officer of the Nigerian Army, Lieutenant Colonel Umar Farouq, has been confirmed dead after Islamic State West Africa Province (ISWAP) attacked a military base in Kukawa, Borno State. The assault, believed to have been carried out by fighters from the Islamic State-backed faction of Boko Haram, reportedly forced troops to retreat after hours of intense fighting. Sources said the heavily armed insurgents stormed the military facility in Kukawa town on Sunday, setting vehicles ablaze and looting ammunition before moving into nearby communities. Commanding Officer Among Casualties Military sources confirmed on Monday that Farouq, the commanding officer at the…