Author: Naija Daily News

Nigeria’s foreign exchange reserves have surged to $41.00 billion as of August 19, marking the highest level recorded in 44 months, according to data published by the Central Bank of Nigeria (CBN). The current figure is the strongest since December 3, 2021, reflecting a steady pace of external reserve accretion witnessed in recent weeks. The milestone follows a period of volatility and gradual depletion earlier in the year, largely driven by rising external debt repayments. In August alone, reserves have climbed by $1.46 billion, rising from $39.54 billion at the start of the month to $41.00 billion by mid-month—a 3.69%…

Nigerian production powerhouse Five 2 Media Entertainment has made a striking return to the international stage with Remi X Nneoma—a powerful new drama inspired by the Biblical story of Ruth and Naomi. Directed by Lyndsey Efejuku, the film delves into themes of womanhood, grief, resilience, and the bonds between generations. Speaking on Thursday in Lagos, Efejuku described the project as a deeply emotional and layered narrative. “This film is about more than survival; it’s about reinvention. Remi X Nneoma offers rare emotional honesty—both intimate and grand in scope,” Efejuku said. Set in Ikwerre, the story follows Nneoma and her daughter-in-law…

The Nigeria Customs Service (NCS), Ogun 1 Area Command, has impounded three luxury vehicles, including a 2021 Rolls-Royce Ghost valued at N905 million in duty paid value (DPV). Other vehicles seized include a 2014 Mercedes-Benz 4MATIC with a DPV of N21,423,400 and a 2018 Honda Accord valued at N32,200,000. In addition to the vehicles, the Command intercepted a range of contraband goods during the review period. These include 4,424 bags of foreign parboiled rice (equivalent to over seven truckloads), 1,936 parcels of cannabis sativa (commonly known as marijuana), and 105 used tyres. The total duty paid value of all seizures…

The Nigerian Education Loan Fund (NELFUND) has announced that upkeep loan disbursements will now be strictly aligned with the academic calendars of individual institutions. In a statement released in Abuja on Thursday, NELFUND’s Director of Strategic Communications, Mrs. Oseyemi Oluwatuyi, explained that students will only receive upkeep loans for their current academic session. Disbursements will automatically stop at the end of the institution’s academic year. “Students moving into a new academic year will not receive upkeep payments for the previous session,” she said. Oluwatuyi further noted that students must apply for loans at the start of each academic session to…

In a continued effort to combat illicit drug activities in the Federal Capital Territory (FCT), operatives from the Anti-Narcotics Section of the FCT Police Command have conducted a series of coordinated raids across several identified hotspots in Abuja. The operation, which commenced on August 1, 2025, targeted areas including Asokoro, Trademore, Mapape, Kurudu, Kubwa, Gwarimpa, Jikwoyi, Utako, Life Camp, Zuba, and Karshi. According to the Command’s spokesperson, SP Josephine Adeh, the raids resulted in the arrest of 116 suspects and the seizure of various hard drugs and dried leaves suspected to be cannabis. Following a thorough screening process, 89 individuals…

The Securities and Exchange Commission (SEC) has issued a fresh warning to the public about GVEST Global and its affiliated entities, cautioning that the company is operating like a Ponzi scheme and is not authorized to provide investment services in Nigeria. According to the SEC, GVEST Global has been illegally presenting itself as an investment adviser and fund manager, promoting unregistered investment opportunities to unsuspecting members of the public. In a recent notice, the Commission revealed that GVEST Global operates under multiple aliases, including: GVEST (Alausa) Cooperative Multipurpose Limited, GVEST Investment Limited, and GTEXT Holdings However, the SEC clarified that…

Photo: An iPhone from Apple Store Gabriel Efe, Lagos, Nigeria A mounting public dispute between Gbenga Samuel-Wemimo (GSW) and Apple Store Lekki has captured national attention, drawing focus to broader concerns surrounding consumer protection, corporate accountability and trust in local businesses. Allegations and Viral Post The controversy began when GSW published a viral post recounting his experience with the Apple Store located at Jakande, Lekki Phase 1, Lagos. He claimed that an iPhone purchased for his wife in September 2023 was later flagged as “stolen” and subsequently “missing” when they attempted to trade it in at an Apple Store in…

Femi Otedola, Nigerian billionaire and renowned philanthropist with business interests spanning energy, finance, and infrastructure, has broken into the top ranks of Amazon’s best-selling business memoirs. His newly released book, Making It Big: Lessons from a Life in Business, published on August 18, 2025, has swiftly climbed to No. 3 on Amazon’s “Best Sellers in Business Biographies & Memoirs” list. Available in paperback for £14.99, the memoir is competitively priced alongside other leading titles in the genre, appealing to a broad audience of aspiring entrepreneurs and business enthusiasts. Otedola’s memoir now shares company with some of the most influential titles…

By Deborah Nnamdi Champion Breweries Plc, a subsidiary of enJOYcorp, has agreed to acquire the brand assets and intellectual property rights of the Bullet range of alcoholic and energy beverages from Sun Mark International Limited. The company disclosed the development in a regulatory filing to the Nigerian Exchange (NGX) on August 20, 2025, stating that the acquisition aligns with its strategy to diversify into high-growth segments of the food and beverage industry. Structured as an asset carve-out, the transaction will result in the transfer of Bullet’s assets to a newly incorporated entity in the Netherlands. Champion Breweries will hold a…

By Deborah Nnamdi Twenty Ghanaian nationals, believed to be victims of human trafficking, have been rescued from a compound in Uyo, the capital of Akwa Ibom State. The victims — 10 men and 10 women — were freed during a joint operation involving the Akwa Ibom State Police Command, the Ghana Police Service, and INTERPOL. Police Public Relations Officer, DSP Timfon John, announced the rescue in a statement released on Wednesday. She revealed that the operation was launched following a formal request for assistance from the Ghanaian authorities. “On August 18, 2025, operatives of the Command successfully rescued 20 Ghanaians…