Nigeria has emerged as the leading African exporter of crude oil to the United States, recording shipments valued at $2.57bn within the first ten months of the year. The development marks a significant boost for Africa’s largest oil producer, reaffirming its position as a dominant player in the global energy market despite persistent domestic production challenges. The surge in exports to the US reflects both the country’s improved output levels and America’s renewed reliance on West African crude to balance supply disruptions and diversify its import sources. The United States has historically maintained a fluctuating relationship with Nigerian crude, with…
Author: Temitope Nlewemchi
Nigeria’s equities market has recorded a remarkable N28.5 trillion gain over the first eleven months of 2025, reflecting strong investor confidence, improved market sentiment, and increased trading activities across various sectors. The surge underscores the resilience of the Nigerian Exchange (NGX) and highlights the attractiveness of local equities to both domestic and foreign investors seeking growth opportunities in Africa’s largest economy. Market analysts attribute the significant gains to a combination of factors, including robust corporate earnings, strategic policy interventions, and favorable macroeconomic conditions. Companies across banking, telecommunications, consumer goods, and industrial sectors posted strong performance figures, driving market valuations higher.…
The Nigerian National Petroleum Company Limited (NNPCL) has revealed that it spent N17.5 trillion over the past 12 months on securing fuel pipelines and other critical oil and gas infrastructure across the country. The disclosure underscores the persistent challenges the company faces in protecting vital energy assets from vandalism, theft, and sabotage, which have historically disrupted supply, caused revenue losses, and undermined investor confidence. The investment is part of a comprehensive strategy to safeguard national infrastructure, ensure uninterrupted fuel supply, and protect government revenue. NNPCL officials explained that the funds were deployed across multiple security initiatives, including the recruitment and…
The Central Bank of Nigeria has disclosed that commercial banks extended a total of N74.41 trillion in credit to the private sector in a single month, highlighting the continued expansion of lending activities and the central role of banks in supporting economic growth. The report underscores the resilience of Nigeria’s financial system and signals the banking sector’s readiness to provide liquidity to businesses across various industries, including manufacturing, agriculture, trade, and services. According to the apex bank, the increase in private sector credit reflects sustained confidence in economic recovery, improved credit management practices, and regulatory measures designed to enhance the…
The Securities and Exchange Commission has issued a firm directive requiring all capital market operators to register their investment instruments before January, marking a significant step in its ongoing efforts to strengthen regulatory oversight, improve investor protection, and restore confidence in the nation’s financial markets. The instruction is part of a broader push to enhance transparency and ensure that all products traded within the Nigerian capital market meet the minimum standards of disclosure, compliance, and risk management expected by the regulator. According to the Commission, the January deadline is non-negotiable and applies to all instruments currently in use, including those…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has concluded an extensive appraisal of the Petroleum Industry Act’s (PIA) impact on the country’s oil and gas sector, while the Institute of Energy Administration (IEA) has underscored the transformative effects of the legislation on regulatory frameworks, investment, and operational efficiency. The assessment and commentary signal a growing consensus among industry stakeholders that the PIA is reshaping Nigeria’s petroleum landscape, enhancing transparency, and promoting sustainable development within the sector. According to NUPRC officials, the appraisal focused on the PIA’s influence on key operational and financial aspects of upstream activities, including licensing, production optimisation,…
Nigeria has attracted a total of $20.98 billion in foreign capital inflows over the first ten months of 2025, reflecting a growing investor confidence in the country’s economic prospects and financial markets, according to financial strategist Cardoso. The figure underscores the resilience of the Nigerian economy, the effectiveness of policy reforms, and the increasing appeal of local markets to foreign portfolio and direct investors alike. The inflows are reported to have spanned multiple sectors, including banking, manufacturing, telecommunications, and the capital markets, highlighting the diversity of investment interest in Nigeria. Analysts note that foreign capital plays a critical role in…
OPay, one of Nigeria’s leading fintech companies, has officially inaugurated a new office in Ibadan, signalling the company’s continued commitment to expanding its operations, enhancing customer engagement, and strengthening its presence in key regional markets. The move reflects OPay’s strategic focus on deepening financial inclusion, improving access to digital payment services, and supporting small businesses and individuals across Nigeria’s rapidly growing fintech ecosystem. The Ibadan office is expected to serve as a regional hub, providing both operational support and customer service for OPay’s expanding user base in the Southwest. Officials explained that the new location will enable quicker response times,…
Nigeria’s National Bureau of Statistics has reported a remarkable 38 percent growth in Company Income Tax (CIT) revenue in the first half of 2025, underscoring the government’s success in revenue mobilisation and the resilience of the corporate sector amid economic challenges. The increase reflects both improved tax compliance by businesses and the ongoing reforms in tax administration aimed at broadening the tax base and enhancing efficiency in collection. According to the NBS, the surge in CIT receipts was driven by increased earnings among major corporations, enhanced monitoring of taxable activities, and stricter enforcement of tax obligations. The financial and telecommunications…
The Nigerian Navy has dismantled an illegal crude oil refining operation in Rivers State, recovering large quantities of stolen petroleum products as part of intensified efforts to curb economic sabotage in the Niger Delta. The operation, conducted by the Nigerian Navy Ship (NNS) Pathfinder Anti-Crude Oil Theft patrol team under the flagship maritime security initiative Operation Delta Sentinel, targeted illegal activities in the Ogba/Egbema/Ndoni area of the state . According to a statement released late Saturday on the Force’s official X handle, troops uncovered a tampered wellhead belonging to Renaissance African Energy Limited, which had been illegally connected to an improvised…
Abuja – The Federal Government has released emergency contact numbers for Nigerian nationals residing in the Middle East, as regional tensions escalate following coordinated military strikes involving Iran, Israel and the United States . The Nigerians in Diaspora Commission (NiDCOM) and the Ministry of Foreign Affairs issued separate advisories over the weekend, activating dedicated hotlines through Nigerian diplomatic missions across the region . The move comes as several countries have issued safety alerts to their nationals amid concerns that the conflict could broaden. In a statement posted on its official X handle, NiDCOM Chairman Abike Dabiri-Erewa urged citizens in affected countries to…
Geneva – Women now hold just 27.5 per cent of national parliamentary seats worldwide, marking the slowest growth in nearly a decade and raising fresh concerns about the pace of progress toward gender equality in political decision-making . The latest report from the Inter-Parliamentary Union (IPU), released ahead of International Women’s Day, shows a meagre 0.3 percentage point increase from 2025 – matching the previous year’s sluggish rate and representing the weakest annual improvement since 2017 . The stagnation persists despite growing international recognition that diverse leadership strengthens democratic governance and policy outcomes. The findings come as women’s leadership in parliament has…
The Nigeria Customs Service has issued a stern warning to importers and licensed clearing agents, declaring its intention to impose strict sanctions on operators who fail to comply with customs laws, procedures and documentation requirements. The Service said the move is aimed at strengthening compliance, protecting government revenue and improving transparency within the nation’s ports and border operations. Customs authorities explained that non-compliance by some importers and agents continues to undermine trade facilitation efforts and distort the integrity of the clearance process. According to the Service, infractions such as false declaration, under-valuation, concealment, misuse of licences and diversion of cargo…
British heavyweight boxing star Anthony Joshua was involved in a serious road accident on Tuesday, sparking widespread concern among fans and the sporting community after reports emerged that two people are feared dead. The accident reportedly occurred along a major highway, with eyewitnesses describing a violent collision involving multiple vehicles. Emergency responders were said to have arrived at the scene shortly after the crash, cordoning off the area as rescue operations and investigations began. While details remain sketchy, sources at the scene claimed that the impact was severe, leading to extensive damage to at least one vehicle. Anthony Joshua, a…
The Lagos State Government has announced the cancellation of the Greater Lagos Fiesta 2025, a major end-of-year entertainment event traditionally held across key locations in the state, citing the need for reflection and prayers as the year draws to a close. In a statement released on Monday, the state government said the decision was taken after careful consideration of prevailing circumstances, emphasizing the importance of unity, solemn reflection, and collective prayers as Lagosians prepare to enter 2026. The government urged residents to use the period to pray for peace, progress, and prosperity for the state and the nation at large.…
The collection of empty containers at the Apapa Port has been suspended indefinitely by APM Terminals, one of the key terminal operators in Lagos. This move, which took effect earlier this week, has already started causing concern among importers, truck operators, and other port users. According to industry sources, the suspension is due to congestion at the terminal, with a high volume of empty containers reportedly overwhelming available space. APM Terminals has not released an official statement detailing the exact reasons for the suspension or how long it is expected to last, but stakeholders say the backlog has become increasingly…
The Federal Airports Authority of Nigeria (FAAN) has announced plans to implement cashless payment systems at the Murtala Muhammed International Airport (MMIA), Lagos, and the Nnamdi Azikiwe International Airport (NAIA), Abuja, as part of its modernization drive to enhance transparency, accountability, and efficiency in airport operations. The initiative is expected to kick off before the end of the year and will serve as a pilot phase for a nationwide rollout. According to FAAN management, the adoption of cashless transactions will align the nation’s airport operations with global best practices, reduce leakages in revenue collection, and improve the ease of doing…
Champion Breweries Plc has secured shareholder approval to raise ₦45 billion in fresh capital as part of its strategy to scale operations, enhance competitiveness, and reposition the company for long-term growth. The decision was reached at the company’s Extraordinary General Meeting (EGM), held in a virtual format, where investors overwhelmingly supported the capital injection plan. The approved funds are expected to be raised through a combination of debt instruments, including bonds, notes, and other forms of capital market securities. According to the company’s board, the capital raise will be executed in tranches, with flexibility to explore both local and international…
Abbey Mortgage Bank has unveiled plans to raise ₦100 billion in fresh capital as part of its strategic transformation from a primary mortgage bank to a regional commercial bank. This move comes in response to the Central Bank of Nigeria’s (CBN) revised regulatory framework, which sets higher capital requirements for banks wishing to expand their scope and operations. Specifically, the CBN now mandates a minimum capital base of ₦50 billion for regional commercial banks, a threshold that Abbey Mortgage Bank intends to exceed in order to position itself strongly within Nigeria’s evolving banking landscape. The proposed capital raise is…
Heirs Energies has restated its dedication to unlocking value in Nigeria’s oil and gas industry, underscoring its strategic role in shaping the country’s energy future. The company, one of the leading integrated energy firms in Africa, emphasized that its long-term vision remains centered on maximizing Nigeria’s vast hydrocarbon resources while aligning with global standards of sustainability and innovation. Speaking at a recent industry engagement, company executives highlighted that Heirs Energies has consistently positioned itself as a forward-looking operator capable of driving efficiency and delivering value across the oil and gas value chain. They noted that Nigeria’s energy landscape is undergoing…