Political Pressure Kept NNPC Refineries Running at Losses
NNPC GCEO Bayo Ojulari disclosed at NIES 2026 that political demands forced state refineries to operate despite internal reviews showing unsustainable losses and low efficiency.
Category : Business
Private Depots Undercut Dangote with Lower Petrol Prices
Private depot owners across Nigeria are implementing strategic price reductions on petrol to attract customers away from Dangote Refinery, sparking renewed competition in the fuel market.
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How Experienced Investors Move During Internet Market Panics
Discover the six strategic approaches experienced investors use to navigate market volatility when social media feeds explode with panic, focusing on cash flow analysis and disciplined decision-making.
Bill Gates Regrets Epstein Association, Denies Claims
Microsoft co-founder Bill Gates calls his association with Jeffrey Epstein 'foolish' while denying allegations in newly released documents about inappropriate relationships and medical claims.
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NNPC Can't Run Refineries Profitably - GCEO
NNPC Limited's Group CEO Bayo Ojulari reveals the corporation lacks operational capacity for profitable refinery management, citing Port Harcourt Refinery's $1.5bn rehabilitation as wasteful.
Winhomes Denies Estate Takeover, Calls Claims False
Winhomes Global Services Limited has firmly rejected reports of an estate takeover by subscribers, describing the claims as false and misleading. The company confirmed legal action over property damage and unlawful invasion.
Katsina Tops States in FG Project Completion - BudgIT
BudgIT Tracka reveals only 52% of 2024 federal capital projects completed nationwide. Katsina leads with 85.84% completion, while Delta trails at 15.63%. Report highlights transparency gaps despite N7.8 trillion disbursement.
Elon Musk First $800 Billion Person, Dangote Ranking
Elon Musk becomes the first person in history to surpass $800 billion in net worth after SpaceX acquires xAI. Africa's richest man Aliko Dangote ranks 86th globally with $26.3 billion.
Banks Deduct 10% Tax on Savings Interest, Nigerians Protest
Major Nigerian banks including Access, Zenith, and UBA have begun deducting 10% withholding tax on savings account interest following new government directives, causing widespread anger among savers already struggling with economic pressures.
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Epstein's Nigerian Oil Deal Interest Revealed in FBI Files
Newly released FBI documents show Jeffrey Epstein discussed lucrative Nigerian crude oil brokering opportunities in 2010 email correspondence, expressing both interest and skepticism about potential fraud.
CBN Approves FBNQuest Merchant Bank Rebrand to Quest Merchant Bank
The Central Bank of Nigeria has approved the rebranding of FBNQuest Merchant Bank to Quest Merchant Bank Limited following its sale by First Bank Holdings, marking a strategic shift in Nigeria's financial sector.
Customs Seizes N3.32B in Prohibited Goods in Lagos
Nigeria Customs Service intercepts prohibited items worth billions in Lagos, including foreign rice, synthetic drugs, and used vehicles, following intelligence-led operations.
Africa's Top Foreign Exchange and Gold Reserves 2026
Libya leads African nations with $92.9 billion in foreign reserves, ranking 31st globally. The World Gold Council lists Ghana, Mali, and South Africa as top gold producers.
African Energy Bank HQ Handed Over in Abuja, Launch Set for June
Nigeria has officially handed over the African Energy Bank headquarters in Abuja, with operations scheduled to commence by June 2026. The bank aims to mobilize capital for energy projects across Africa.
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Tax Reforms, Fuel Prices Slow Nigerian Business Growth in January 2026
Nigeria's business confidence fell to a six-month low in January 2026 due to rising operating costs from revised taxes and fuel price adjustments, according to NESG data.
FAAN to Shut Lagos Airport Terminal 1 for Rehabilitation
The Federal Airports Authority of Nigeria has scheduled a temporary closure of Terminal 1 at Murtala Muhammed International Airport in March 2026 for comprehensive rehabilitation and expansion works.
Naira Hits Record High Against Dollar in Official Market
The Nigerian naira surged to N1,372.91 per US dollar in the official market, gaining N17.45 without CBN intervention as external reserves rose to $46.59 billion.
Two Dead in Greater Manchester Light Aircraft Crash
Two men have died after a light aircraft crashed near Hollingworth Lake in Littleborough, Greater Manchester. The plane took off from Birmingham before coming down in farmland.
Fuel Prices Stay High Despite Crude Oil Drop in Nigeria
Petrol and diesel prices remain elevated across Nigerian depots despite a 5% decline in international crude oil prices, with supply constraints driving local market dynamics.
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World Bank $250B Procurement for Nigerian Firms
The World Bank has launched a $250 billion global procurement window, inviting Nigerian firms to bid for contracts across infrastructure, health, education, and other sectors worldwide.
First Bank Leads N333bn Stock Market Rebound
The Nigerian stock market advanced 0.31% on Tuesday as banking and industrial stocks drove gains. First Bank bounced back strongly while market capitalization increased by N333 billion.
African Energy Bank Targets $10bn for Nigeria, Angola, Libya
The newly established African Energy Bank aims to mobilize $10 billion for strategic energy projects across Africa, with initial focus on Nigeria, Angola, and Libya to unlock stalled developments.
FAAC Allocates N1.97 Trillion to FG, States, LGs
The Federal Accounts Allocation Committee disbursed N1.969 trillion from December 2025 revenue to all government tiers, with VAT receipts showing significant growth.
NPA MD Highlights Port Reforms, PPP Opportunities to Global Investors
Nigerian Ports Authority MD Dr. Abubakar Dantsoho reaffirms FG's commitment to port modernization and private investment at Investopia Global Lagos Summit, emphasizing opportunities under AfCFTA.
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Why Cement Prices Remain High in Nigeria Despite Local Production
Agora Policy reveals that weak competition and market concentration, not production costs, drive high cement prices in Nigeria despite surplus local capacity.
Fuel Prices Drop 11.81%: Cheapest States in Nigeria
Nigerian petrol prices fell significantly in December 2025, with Oyo State emerging as the cheapest location for fuel purchases according to NBS data.
CBN Sells N8.5 Trillion OMO Bills to Tighten Liquidity
The Central Bank of Nigeria sold N8.5 trillion in Open Market Operation instruments in January, driving system liquidity into a N2.4 trillion deficit and pushing interbank rates higher.
Epstein Associate's Secret Libya Plot Exposed
Newly released documents reveal Jeffrey Epstein's associate explored accessing Libya's $80 billion frozen assets and positioning for $100 billion reconstruction contracts during 2011 uprising.
AI Platform Fights Predatory Loan Apps in Nigeria
Andray Finance introduces an innovative SaaS platform using artificial intelligence to tackle unethical lending practices in Nigeria's digital credit market, promoting financial dignity and inclusion.
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Fuel Scarcity Looms in Nigeria as Marketers Warn of Supply Issues
Petrol marketers warn Nigerians to prepare for irregular fuel supply due to rising import costs, heavy bank debts, and global oil price pressures that threaten to push pump prices higher.
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