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Naira trades flat as CBN accounts for 50% dollar inflows
The naira on Tuesday closed flat at the official foreign exchange (FX) market as the Central Bank of Nigeria (CBN) recorded the highest dollar…
Aso Rock solar plan amplifies national grid failure
Imagine how investors would react if Jeff Bezos sold his Amazon shares or Elon Musk offloaded a chunk of Tesla stock. That’s the same…
BREAKING: IMF projects 37% inflation rate for Nigeria in 2026
The International Monetary Fund (IMF) has projected that Nigeria’s headline inflation will average 26.5% in 2025, following a recent rebasing of the Consumer Price Index (CPI) by the National Bureau of Statistics…
CBN: Cash Is King, As Nigerians Keep N4.6 trn Out Of Banks
Nigerians and other national living in the country prefer to hold on to their cash rather than keep them in the banks, according to the data released by…
Gold price hits record high above $3,500
Gold reached $3,500 an ounce for the first time Tuesday, as US President Donald Trump’s tariffs and verbal attack against the Federal Reserve sent investors snapping up the safe haven asset. The precious metal reached an…
Manufacturers groan as alternative energy gulps N1.1tr in one year
The manufacturing sector continues to groan under the weight of multiple grid failures and high energy costs, resulting in N1.11 trillion in…
13 Insurance Firms May Lose Licences Over Incoming New Insurance Act
As the 2024 Consolidated Insurance Bill awaits the presidential assent anytime soon after going through legislative processes in the both chambers of the National Assembly, 12 licensed composite insurance…
Nigeria’s foreign investments hit two-year high on juicy returns
Foreign investments into the Nigerian economy soared to its highest in at least two years on favourable returns buoyed by the Central Bank of Nigeria (CBN)’s jumbo rate hikes targeted at luring capital. Capital…
Manufacturers’ unsold inventory surges 87.5% to N2.14trn
A weakened consumer demand, escalating production costs and declining purchasing power pushed the value of unsold manufactured goods to N2.14 trillion in 2024 from about N1.142 trillion in 2023. This indicates…
NNPC reduces petrol price to N880/litre in Lagos, N935/litre in Abuja
The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of premium motor spirit (PMS), also known as petrol,…
FY2024: First Holdco Offers N25.1bn Dividend, Posts N663.4bn Profit
In a stellar financial performance for the fiscal year 2024, First Holdco, the parent company of First Bank and Nigeria’s oldest banking institution, has reported a profit after tax of N663.4 billion—its highest in…
Controversy surrounds $700m cabotage vessel financing fund
…No sign of imminent disbursement, exact amount unknown –Shipowners lament …Call for audit of 22-year contributions…
Ponzi influencers, bloggers risk imprisonment in new tight regulation
Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) has issued a stern warning to celebrities, social media influencers, and bloggers over the promotion of unregistered and…
Electricity Customers Owe DisCos N497bn In 2024
Electricity consumers across the county owed the 11 electricity Distribution Companies (DisCos) N497.4bn debt in 2024, analysis of a quarter report produced by the Nigerian Electricity Regulatory Commission…
How greed, regulatory lapses fueled N1.3trn CBEX heist
…We’re not sleeping –SEC Many did not see the heist coming. It looked so real and reliable, especially after early callers successfully cashed out. But the…
Interest boom: Nine local banks generate N14tn from loans
•How banks profited from lending in 12 months amid economic pressure Nine Nigerian banks raked in a combined interest income of N14.26tn in 2024, an analysis of the audited financial results of the financial…
Family Feud: Billionaire Indimi’s son testifies against sisters in $420m case
Nigerian oil magnate Muhammadu Indimi’s family feud deepens as his eldest son files affidavit against sisters Ameena and Zara; two judges set for…
Easter: Food prices reduction excites Lagos consumers, traders
Some Lagos State foodstuff traders and consumers have expressed respite over the price stability of foodstuff during this year’s Easter celebration. They disclosed this in separate interviews with the News Agency…
“I don’t want them to go higher because at a certain point you make it where people don’t buy”…
U.S. President Donald Trump on Thursday signaled a potential end to the tit-for-tat tariff hikes between the U.S. and China that shocked markets, and that a deal over the fate of social media platform TikTok may have to…
Palatial mansions, super exotic cars: How Nigeria’s fake investment gurus live in luxury while…
TESSY IGOMU gives insight into the enthralling lives of Nigeria’s foremost Ponzi scheme gurus, their sudden enrichment, lavish lifestyles and exotic collections, while referencing a gripping life of pain and yearnings…
How CBEX promoters used EFCC, CAC certificates to deceive 600,000 investors
More details have emerged on how promoters of the fraudulent Ponzi scheme, Crypto Bridge Exchange, aka CBEX, convinced hundreds of thousands of investors to put money into the trading platform. CBEX, a digital…
CBEX: Investors hospitalised following trading platform crash
Over 27 people are reportedly receiving treatment in various hospitals after digital asset trading platform CBEX crashed earlier this week. Nigerians who invested in CBEX continue to bemoan their losses after…
Motorists frustrated as Dangote’s partners fail to drop petrol price
Hopes of a swift drop in the retail price of petrol were dashed yesterday as Dangote’s key fuel retail partners- MRS, AP, Heyden and three others, failed to implement a renewed deal of N890 per litre petrol price.…
Money supply hits record N114.2trn in March despite CBN’s tightening
Nigeria’s broad money supply (M3) surged to an all-time high of N114.2 trillion in March 2025, defying the Central Bank of Nigeria’s (CBN) ongoing monetary tightening efforts aimed at reining in inflation. M3, which…