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Reps asks FG to immidiately halt Shell, TotalEnergies’ divestment
The House of Representatives on Thursday asked the federal government to immediately halt all divestment processes by Shell,…
US imports hit record high as Trump tariffs backfire
US imports surged to a record high in December, official figures showed today as Donald Trump’s threat of tariffs triggered a rush among American…
NIBSS bets big on contactless payment with new innovations
The Nigerian Interbank Settlement System (NIBSS) is reinforcing its commitment to a cashless economy with…
Naira appreciates further after CBN’s new BDC directives
The naira appreciated further in the parallel market, popularly called black market, on Thursday, a day after the Central Bank of Nigeria (CBN) issued new directives…
Dangote refinery attains peak PMS production of 33m litres a day
The giant Dangote refinery in Lagos has attained a peak PMS production of 33 million litres a day just as the plant attains another landmark of 550,000 barrels a day, proof that the refinery has significantly…
BREAKING: NPA increases tariffs by 15% after 32 years
The Nigerian Ports Authority (NPA) has announced a 15% tariff increase, the first in 32 years. NPA managing director, Abubakar Dantsoho, disclosed this on Thursday in Lagos during the stakeholders’ engagement for…
Importers to pay more as customs introduces 4% FOB levy
The Nigeria Customs Service (NCS) says it will implement a 4 percent charge on the free-on-board (FOB) value of imports. FOB is when the seller is responsible for delivering the goods to the port of departure,…
CBN Restricts BDCs To $25,000 Fx Weekly, One Dealer Bank
The Central Bank of Nigeria (CBN) yesterday released new guidelines which permits Bureau de Change (BDC) operators to purchase up to $25,000 weekly from Authorised Dealer Banks (ADBs) to meet retail market…
Dangote, in Africa’s first, exports jet fuel to Saudi Aramco
The giant Dangote refinery in Lagos has exported two cargoes of jet fuel to Saudi Aramco in what some analysts say truly…
PoS Transactions Hit All-Time High Of N18tr In 2024
The value of transactions over Point of Sales (PoS) terminals in Nigeria surged to N18 trillion in 2024, hitting an all-time yearly record. This is according to data obtained from the Nigeria Inter-Bank Settlement…
Naira sustains gains, appreciates to N1,595/$
The Naira yesterday appreciated to N1,595 per dollar in the parallel market from N1,610 per dollar on Monday. Thus the Naira has recorded N45 week-on-week, WoW appreciation from N1,640 per dollar Tuesday last…
Drivers to benefit from Lagos fare adjustments — Bolt
Ride-hailing company Bolt has dismissed claims that it implemented a 50 per cent price slash in Lagos, clarifying that recent fare adjustments were made to optimise driver earnings and create a more sustainable…
Govt releases power tariff hike guidelines for Discos
As controversies trailed the purported electricity tariff hike by the Federal Government, the Nigerian Electricity Regulatory Commission has issued regulations on the procedure for tariff reviews. The latest order,…
Marketers may dump NNPCL as price war with Dangote rages
Some oil marketers are beginning to change the logo of the Nigerian National Petroleum Company Limited on their filling stations, as the dealers dump the franchise deals with NNPCL due to the stiff competition in the…
Nigeria’s FX reserves fall by $1.16 billion in January as CBN boosts dollar sales to BDCs
Nigeria’s foreign exchange (FX) reserves declined significantly by $1.16 billion in January 2025, wiping out the $592.58 million gain recorded in December 2024. The latest figures from the Central Bank of Nigeria…
Crisis hits 9mobile as 6,079 subscribers abandon network in 60 days
This is not the best of times for 9mobile, one of Nigeria’s network service providers as its is currently facing crisis, losing 6079 of its subscribers who have…
Nigeria Generated $831.14bn From Oil & Gas In 24 Years — NEITI
The Nigeria Extractive Industries Transparency Initiative (NEITI) has stated that Nigeria generated over 831.14 billion dollars in revenue from the oil and gas sector between 1999 and 2023. NEITI’s Executive…
Trade war: Nigeria braces for impact as U.S. tariffs signal fresh inflation concern
• AfCFTA, local manufacturing risk more setback as China explores new markets African market, including Nigeria, may be up for a new…
Crude oil import may persist amid permit revocation, naira-for-crude reversal
• NUPRC blows hot, pushes for tougher implementation • Proper…
Lagos e-hailing drivers threaten protest over Bolt’s fare cut
E-hailing drivers in Lagos State have threatened to stage a protest over an alleged 50% fare cut by the ride-hailing company, Bolt. The drivers, under the auspices of the Amalgamated Union of App-Based Transporters…
Geregu makes N137bn, PAT rises 71%, declares N21.25bn dividends
Geregu Power Plc has announced an impressive audited financial year result and accounts for the full year ended December 31, 2024, with its profit before tax at N41bn, an increase of 69 per cent from…
CBN extends timeframe for BDCs to buy $25,000 weekly from banks
The Central Bank of Nigeria (CBN) has extended the timeframe for eligible bureau de change (BDC) operators to access the Nigerian Autonomous Foreign Exchange Market (NAFEM) for foreign exchange (FX). On December…
NUPRC bans export of crude oil allocated for domestic use
Following the inability of oil companies to meet the demand for crude oil by local refineries, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has warned that it will henceforth deny export permits for crude…
DMO offers two FGN bonds at 17.799%, 18.799%
The Federal Government, through the Debt Management Office (DMO), has opened offers for subscription to two Federal Government of…