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Nigeria cuts oil production by 50,000 bpd in March as OPEC tightens quotas – Report
Nigeria made the biggest oil production cut among members of the Organization of Petroleum Exporting Countries (OPEC) in March, reducing output by 50,000 barrels per day. According to a Bloomberg report, Nigeria…
JP Morgan Aims to Expand into Merchant Banking in Africa
JP Morgan, an American Bank, is planning to transform its representative office in Lagos into a…
Net FX reserves surged to $23.11bn in 2024 – CBN
Nigeria’s net foreign exchange reserves rose significantly to $23.11bn at the end of 2024, marking the highest level in over three years, according to the Central Bank of Nigeria. In a press statement on Tuesday,…
Ponzi scheme operators risk jail term, N20m fine, SEC warns
The Securities and Exchange Commission, SEC, has warned that promoters and operators of any Ponzi Scheme in the country risk a penalty of not less than N20 million or imprisonment to a term of 10 years or both, upon…
FG threatens to revoke licences for dormant oil blocks
With the Federal Government setting a production target of 2.06 million barrels per day in 2025, the Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri Tuesday, threatened to withdraw oil…
Nigeria recognises cryptocurrencies as securities in landmark legal shift
Nigeria’s new capital market laws now officially classify cryptocurrencies and other virtual assets as securities for the first time, in what would lead to greater transparency and increased investments. President Bola…
Nigerians borrow N470 billion in personal loans as economic hardship bites harder
The Central Bank of Nigeria (CBN) has revealed that Nigerians borrowed a staggering N470 billion in personal loans from banks in the last quarter of 2024. This disclosure was contained in the apex bank’s Fourth Quarter…
Nigerian Airports As Drainpipe On FG’s Finances
Eighty percent of Nigerian airports are performing at a loss. Some airports generate between…
Nigeria’s foreign reserves dropped by $2.55bn in Q1 2025
Nigeria’s foreign reserves depreciated by $2.55 billion in the first quarter (Q1) of 2025. According to data obtained from the Central Bank of Nigeria (CBN), TheCable Index analysis showed that the foreign…
MultiChoice loses 3.7 million subscribers in 24 months
MultiChoice, operator of DStv and GOtv, has warned its shareholders to prepare for more difficult times ahead, as the company grapples with a tough economic landscape. The pay-TV…
Wema Bank’s Profit Jumps 135% To N102.5bn
Wema Bank grew its profit before tax to N102.51bn, representing an increase of 135 per cent over the N43.59bn recorded in the corresponding period in 2023. According to the statement made available to Daily Independent,…
China blocks $23 billion sale of Panama Canal, other ports worldwide to BlackRock-owned group
Chinese antitrust regulators are investigating a US consortium’s deal for two ports in the Panama Canal zone, reportedly…
Subscribers hit as telco towers turn targets for vandals
Persistent attacks on telecommunication infrastructure, including fibre cuts, vandalism, and theft, are disrupting network…
BOMBSHELL: Oando in accounting insolvency, financial woes raise eyebrows over refinery deal
Nigerian energy company, Oando PLC, the Government’s preferred bidder for the lease of the…
Petrol: Dangote refinery resumes loading trucks after payment
Dangote Petroleum Refinery has resumed loading of the Premium Motor Spirit, PMS, also known as petrol on trucks for oil marketers. With the suspension of Naira for crude programme, rising price of crude oil and…
Reps Panel Recovers N50bn In Unpaid Royalties, Taxes From Oil Firms
The House of Representatives Public Accounts Committee has recovered an additional N21 billion from four oil firms in unpaid revenue, royalties, and taxes, bringing the total money recovered to over N50 billion from…
Rising data costs may ambush Nigeria’s content creation boom
…Viewers reduce appetite for video content …Creators lament traffic slump …Nigerians now economical with data The content creation industry in Nigeria has seen an unprecedented boom in recent years, fueled…
Interbank rate hits 5 yr-high as CBN tightens liquidity
Nigeria’s interbank lending rate surged to a five-year high of 28.58 percent in January 2025, reflecting the Central Bank of Nigeria’s (CBN) aggressive monetary tightening measures. The interbank rate is the interest…
Nigerians to pay more for petrol amid domestic dispute, crude price hike
The Federal Government’s failure to renew the Crude for Naira agreement between NNPC Limited and Dangote Refinery, along with rising global crude oil prices, is set to push petrol pump prices higher across Nigeria in…
BREAKING: Petrol price increases to N970 per litre at filling stations
There are reports that the pump price of petrol has increased to between N930 and N970 per litre in some parts of Lagos and its outskirt as against the former price of N865 per litre. It was noticed that these price…
BUA Foods hits N1.5 trillion in revenue, profits soar 162% as it overtakes multinational competitors
BUA Foods Plc has reported record-breaking results for its 2024 financial year, with revenue crossing the trillion-naira mark for the first time, and profits rising sharply on the back of strong performance across…
Petrol price volatility plunges marketers to N200b losses in six months
Marketers of Premium Motor Spirit (PMS) petrol have lost N200billion in six months owing to the volatility of prices. Independent Petroleum…
President assents to new law for capital market
President Bola Tinubu has assented to the Investments and Securities Act (ISA) 2025, which repealed the Investments and Securities Act No. 29 of 2007. The new landmark legislation strengthens the legal framework…
Dangote, Adenuga, Rabiu, Otedola named in Forbes’ 2025 African billionaires list
Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu and Femi Otedola have been named in Forbes’ 2025 billionaires list in Africa. There are only four Nigerians named in the list published on Saturday. Forbes said Africa’s…