Petrol Prices Stay High Despite Global Oil Price Decline
Despite global crude oil prices falling from $130 to $100 per barrel, Nigerian petrol stations maintain rates above N1,300 per litre, causing transport fare hikes and consumer outcry.
Category : Business
DealMakers Africa Awards Top West Africa M&A Deals and Advisers
DealMakers Africa recognized leading mergers and acquisitions transactions and advisory firms in West Africa at its annual gala in Lagos, highlighting key deals and winners across multiple categories.
Group Warns NMDPRA Import Licences Undermine Local Refineries
An advocacy group criticizes NMDPRA's decision to resume petrol import licences, warning it could weaken domestic refining and allow substandard fuel into Nigeria's market.
Click and Carry's Growth After Shark Tank Deal
Click and Carry, featured on Shark Tank Season 12, has achieved nearly $8 million in sales despite its deal with Mark Cuban and Barbara Corcoran not closing. The company now sells in major retailers like Walmart and Amazon.
NERC Inaugurates Electricity Regulators' Forum for Market Reforms
The Nigerian Electricity Regulatory Commission has inaugurated the Forum of Nigerian Electricity Regulators to enhance coordination and address market-wide challenges in the electricity sector.
AfrexInsure Names Lesley Ndlovu as New Chief Executive Officer
AfrexInsure, the specialty insurance arm of Afreximbank, has appointed Lesley Ndlovu as its new CEO, replacing Jonas Mushosho. The move aims to strengthen trade insurance and investment risk coverage across Africa.
FG Defends OPL 245 Deal, Rebuts Atiku's Criticism
The Federal Government has defended its resolution of the OPL 245 oil block dispute, calling it a landmark achievement that saved Nigeria over $2 billion in liabilities and unlocked a major dormant asset, while rebuffing criticisms from former Vice-Presid
Nigeria's $6b Oil Funding Gap May Stall Production, Dangote Supply
Nigeria's push to increase oil production by activating over 400 idle wells faces a $6 billion capital expenditure hurdle, threatening crude supply to Dangote Refinery and domestic obligations amid production losses.
CBN Orders IMTOs to Use Naira Accounts for Remittances
The Central Bank of Nigeria directs international money transfer operators to route remittances through naira settlement accounts and use real-time exchange rates, effective May 1, 2026.
Petrol Prices Up in February, Dangote Refinery Supply Issues
NBS data shows petrol prices increased 1.62% in February 2026 to ₦1,051.47 per litre, though down 15.6% from last year. Dangote Refinery CEO reports receiving only 5 crude cargoes monthly instead of 13-15, impacting operations.
N1bn Yearly Loss for Travel Agencies Over Airline Sanctions
Nigerian travel agencies lose an estimated N1 billion yearly to Airline Debit Memos imposed by foreign carriers, with NANTA threatening to involve FCCPC over anti-competition practices.
Contractors Warned Over Sabotage in Foiled Niger Delta Oil Theft
Surveillance contractors face strict warnings against negligence and collusion after a foiled oil theft attempt in Rivers State. The incident highlights ongoing security challenges and calls for transparency in oil divestment processes in the Niger Delta
CBN Defies Court Ruling, Says Union Bank Status Unchanged
The Central Bank of Nigeria asserts Union Bank's status is unchanged despite a Federal High Court ruling invalidating its takeover, promising regulatory oversight and a review of the judgment.
Nigeria's Oil Gains Limited by Pre-Sold Crude, Loans
FNCCI Director-General Moses Umoru warns Nigeria may not fully benefit from rising oil prices due to crude-backed loan commitments like Project Gazelle and Project Leopard, which limit fiscal flexibility amid inflation.
PenCom Board Charged to Safeguard N28 Trillion Pension Funds
The Federal Government has inaugurated the PenCom Board, emphasizing the need for strong corporate governance to protect over N28 trillion in pension assets and ensure transparency for millions of contributors.
30% of Nigerians Earn Below N100,000 Monthly
A new PiggyVest report shows 30% of Nigerians earn less than N100,000 monthly, with 28% reporting no income, highlighting widespread financial strain despite economic reforms.
NERC: Nigeria's Electricity Crisis is a Market Sustainability Issue
NERC Chairman Musiliu Oseni identifies market sustainability as the core challenge in Nigeria's electricity sector, urging coordinated regulatory action to address structural issues beyond generation and distribution deficits.
Unilever Nigeria's Turnover Hits N214 Billion with 43% Growth
Unilever Nigeria Plc reports a turnover of N214 billion for 2025, up 43% from N150 billion in 2024, with net profit doubling to N32 billion, driven by power brands and operational efficiency.
Banks Raise N4.61 Trillion Capital, N1.2 Trillion Foreign
CBN Governor Olayemi Cardoso announces Nigerian banks raised N4.61 trillion in fresh capital, with 27% from foreign investors, during the recapitalisation programme. He warns of cross-border risks and emphasizes regulatory collaboration.
Nigeria's Banking Recapitalisation Must Drive Real Investment: World Bank
World Bank Country Director Matthew Verghis states that the success of Nigeria's banking recapitalisation hinges on channelling raised funds into productive investments like MSMEs and infrastructure to achieve tangible economic growth.
Domestic Investors Boost NGX Turnover to N1.5 Trillion
Nigerian Exchange Limited sees a 78.93% month-on-month rise in market transactions to N1.5 trillion in February 2026, with domestic investors dominating 91% of activity.
WMO Urges Nigeria to Strengthen Climate Resilience
The World Meteorological Organisation has called on Nigeria to bolster its resilience against climate change impacts, following warnings of extreme weather as a top global long-term threat.
NCC Commits to Broadband Expansion in Underserved Areas
The Nigerian Communications Commission reaffirms its commitment to delivering broadband access to underserved communities, emphasizing Plateau State's strategic role in national digital transformation efforts.
Capital Importation Rises 26.6% on Portfolio Investment Boost
Nigeria's capital importation increased by 26.6% in Q4, reaching $6 billion, with foreign portfolio investments dominating at 85.14%. The banking sector led inflows, while the UK was the top source.
Coronation Life CEO Lists Financial Security Benefits
Adebowale Adesona, CEO of Coronation Life Assurance, emphasizes life insurance as a key tool for long-term financial security, promoting the 'Insure & Win 2.0' raffle draw with prizes like generators and a car.
Group Alarms Over Plans to Distort Abuja Master Plan at Jabi Lake
The Housing Development Advocacy Network raises concerns about proposals to convert Jabi Lake into residential areas, warning of environmental, legal, and urban planning risks for Abuja's future.
NSIB Condemns Airlines for Altering Black Box Data
The Nigerian Safety Investigation Bureau warns airlines and pilots against overwriting flight data recorders, which undermines accident probes and aviation safety. The bureau also reiterates strict rules on substance use by crew members.
NIM Inductees Charged to Be Agents of Positive Change
The Nigerian Institute of Management (Chartered) has called on its newly inducted members to serve as agents of change, upholding ethical standards and interdisciplinary collaboration in their professional roles.
Sonaiya Named Board Chair at St. Ives Communications
St. Ives Communications Ltd. has appointed co-founder Toun Okewale Sonaiya as Chairman of the Board of Directors, part of a leadership restructuring that also sees Aramide Alakija-Ajeh as CEO of Women Radio WFM 91.7.
NCAT Boosts Security with Perimeter Fencing Against Encroachment
The Nigerian College of Aviation Technology is accelerating its perimeter fencing project to prevent land encroachment by neighboring communities and enhance operational safety, as disclosed by Rector Dr. Danjuma Ismaila.
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