Alphabet Jumps 2.8%, Adds $15 Billion to Founders Wealth
Alphabet shares surged 2.8%, boosting the combined net worth of Google founders Larry Page and Sergey Brin by $15 billion, driven by strong earnings and AI optimism.
Category : Economy
Falling Inflation, Shrinking Credit: Why Nigerian Businesses Can't Borrow
Despite falling inflation and shrinking credit, Nigerian businesses still face high borrowing costs due to tight monetary policy and risk aversion by banks, according to a new report.
ECOWAS Reaffirms ECO Single Currency Launch in 2027
ECOWAS leaders at the 69th Ordinary Session in Lungi, Sierra Leone, reaffirmed the launch of the ECO single currency in 2027, starting with qualifying states, and condemned xenophobia in South Africa.
Fasua Urges Less Pessimism, Defends Tinubu's $1 Trillion GDP Target
Tope Fasua, Special Adviser to the President on Economic Matters, calls for less negativity in Nigerian media, defends Tinubu's $1 trillion GDP goal, and explains naira depreciation benefits.
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Sao Tome Rejects Oil Bids, Experts Warn Nigeria on Diversification
Sao Tome and Principe rejected all bids for its three offshore oil blocs after only Petrobras and Oranto Petroleum submitted offers, prompting experts to urge Nigeria to diversify its economy.
FirstHoldCo H1 2026 profit before tax up 83.5% to ₦653.5bn
FirstHoldCo Plc reported H1 2026 profit before tax of ₦653.5 billion, up 83.5% year-on-year, with gross earnings of ₦1.93 trillion, reflecting strong balance sheet transformation.
Inflation Exceeds 30% in 19 States and FCT
Despite a slight decline in Nigeria's headline inflation to 34.19% in June 2026, 19 states and the FCT recorded inflation rates above 30%, according to the NBS report.
NRS Sets July 31 Deadline for Large Taxpayers E-Invoicing
The Nigeria Revenue Service has mandated all large taxpayers to fully adopt the national e-invoicing system by July 31, 2026, with sanctions for non-compliance.
Nigeria’s N31 Trillion Pension Industry Drives Major Merger Wave
Nigeria's pension industry is consolidating as a N31 trillion asset base fuels mergers among Pension Fund Administrators, driven by regulatory reforms and technology costs.
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States get N2.37trn VAT in 6 months under new formula
Nigeria's 36 states and FCT shared N2.37 trillion in VAT revenue in H1 2025 under a new formula, with Lagos, Rivers, and Delta as top beneficiaries.
FG Adopts New Scorecard for Economic Performance Measurement
The Federal Government is adopting a new scorecard to measure economic performance, focusing on key indicators like GDP growth, inflation, and unemployment, according to Taiwo Oyedele.
USAGov Updates: How Americans Can Lose Citizenship in 2026
The US government has published updated guidelines on how individuals can lose their American citizenship, including five involuntary acts and voluntary renunciation.
Delta, Lagos, Rivers Top Nigeria's ₦2.55 Trillion FAAC June 2026
Delta State received ₦86 billion, Lagos ₦74.7 billion, and Rivers ₦72.09 billion from June 2026 FAAC distribution, driven by oil derivation and strong tax collections.
Fuel marketers halt purchases over Dangote dollar pricing fears
Petroleum marketers have slowed fuel purchases due to uncertainty over Dangote Refinery's dollar-based pricing, raising fears of pump price hikes. The refinery denies halting loading, while FCCPC affirms naira as legal tender.
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GCR Upgrades Axxela’s Issuer Rating to ANG with Stable Outlook
GCR has upgraded Axxela's national scale long-term issuer rating to ANG with a stable outlook, reflecting improved credit profile and operational performance.
FX Spot Transactions Boost Nigeria's Weekly Turnover 46%
Nigeria's weekly FX turnover surged 46% to $2.39 billion, driven by a sharp increase in spot transactions, according to FMDQ data.
Regulatory Conflicts Raise Business Costs, Hurt Consumers
Financial analyst Kalu Aja and lawyer Ilemona Onoja warn overlapping agency mandates are making Nigeria more expensive for business, discouraging investment and raising consumer prices.
Transcorp Power H1 Profit Hits N54.99bn, N1.50 Dividend
Transcorp Power Plc reported a profit before tax of N54.99 billion in H1 2025, up 77% year-on-year, and declared an interim dividend of N1.50 per share.
GOtv Jinja Package 2025: Channels, Price, Subscription Guide
Complete GOtv Jinja package guide: 47 channels, ₦3,900 monthly price, how to subscribe, compare with Jolli, and troubleshooting tips for Nigerian subscribers.
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Renewed US-Iran Tensions Reverse Petrol Price Relief Hopes
Nigerians hoping for petrol price cuts may wait longer as renewed US-Iran tensions push crude oil above $87, reversing earlier declines from the ceasefire.
Ekiti IGR rises to N2.7bn monthly, achieves 51% target
Ekiti State's monthly IGR rose from N2.1bn in January to N2.7bn in May and June 2025, achieving 51% of its annual target without new taxes, says EKIRS chairman Olaniran Olatona.
CIBN Expects CBN to Hold Benchmark Interest Rate at 26.5%
The Chartered Institute of Bankers of Nigeria (CIBN) predicts the Central Bank of Nigeria (CBN) will maintain the benchmark interest rate at 26.5% at the upcoming MPC meeting.
Transcorp Power H1 Profit Dips 6.37% to N54.99bn, Declares N1.50 Dividend
Transcorp Power reported a 6.37% decline in H1 pre-tax profit to N54.99 billion, despite revenue growth of 167%. The board declared an interim dividend of N1.50 per share.
Strategic Leadership Impact on Business Performance
Strategic leadership is crucial for enhancing business performance. Effective leaders drive growth through vision, decision-making, and employee engagement.
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Dangote Refinery Raises $2.5B Private Placement
Dangote Refinery has secured $2.5 billion through a private placement, a major step before its planned initial public offering (IPO), according to company officials.
Liberia, Nigeria Deepen Economic Ties for Investment Boost
Liberia and Nigeria signed agreements to deepen economic partnership, unlocking investment opportunities in trade, energy, and agriculture. The deal aims to boost bilateral trade and regional integration.
Mali Visa-Free Entry 2026: 20 African Countries List
Mali has published the official list of 20 African countries whose citizens can enter without a visa in 2026, including all ECOWAS member states and several others.
Dangote Refinery Denies Petrol Sales Suspension Amid Price Surge
Dangote Refinery denies halting petrol sales as depot prices soar above N1,200 per litre, driven by rising crude costs and dollar-based transactions.
NFIU to Set Up Nigeria Branch of Women’s Anti-Money Laundering Network
The Nigerian Financial Intelligence Unit (NFIU) will establish a Nigerian chapter of the global Women in Anti-Money Laundering Network to promote gender inclusion and expertise in combating financial crimes.
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Nigeria's Inflation Dips to 15.91% in June
Nigeria's headline inflation eased to 15.91% in June 2026 from 15.93% in May, according to the NBS, though food inflation rose month-on-month to 3.75%.
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