The management of Dangote Refinery has attributed recent increases in fuel prices across parts of Nigeria to charges imposed by transport unions on truck drivers. The company explained that these extra costs, which are outside the refinery’s control, have created distortions in the petroleum distribution chain, making petrol more expensive by the time it reaches filling stations and consumers. According to the refinery, the practice of unions imposing compulsory charges on truck operators has not only raised logistics costs but also undermined efforts to stabilize the supply of refined products in the local market. This revelation comes just weeks after…
Author: Temitope Nlewemchi
Billionaire businessman Femi Otedola has described the Dangote Refinery as a transformative development for Nigeria’s oil sector and overall economy, declaring that the project has ushered in a new era of change. Speaking in response to the controversy between the refinery and the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Otedola stressed that the 650,000 barrels-per-day facility is already altering the dynamics of petroleum supply, reducing Nigeria’s reliance on imports, and boosting confidence in the country’s energy self-sufficiency. Otedola, who has long been a key player in Nigeria’s energy and finance sectors, said the refinery should be seen…
Stanbic IBTC Bank has joined forces with the Chinese General Chamber of Commerce-Nigeria to organize a major badminton competition, bringing together sports enthusiasts, business leaders, and the Chinese community in Nigeria. The collaboration is designed not only to promote physical fitness and cultural exchange but also to strengthen bilateral relations between Nigeria and China through the unifying power of sports. The tournament, which is scheduled to hold in Lagos, has already generated significant attention from stakeholders in both the sporting and business communities. According to the organizers, the event aims to foster friendship, mutual respect, and collaboration while encouraging healthy…
MTN Nigeria has committed ₦100 million to its Cloud Accelerator Program, an initiative designed to empower startups across Africa with funding, mentorship, and access to its technological infrastructure. The company announced that the programme will provide early- and growth-stage entrepreneurs with the resources needed to scale their operations more effectively in Nigeria’s rapidly expanding digital economy. The Cloud Accelerator is structured as a 12-week hybrid programme targeting startups that are delivering innovative solutions in fintech, health tech, agritech, AI and data infrastructure, cybersecurity, e-commerce, and digital identity, among other areas. Beyond funding, MTN will provide participants with access to its…
The National Pension Commission (PenCom) has rolled out a decisive regulatory reform aimed at tightening governance within Nigeria’s pension industry by banning majority ownership in more than one Pension Fund Operator (PFO). The move, according to the Commission, is designed to prevent conflicts of interest, entrench transparency, and maintain fairness in a sector that now manages assets worth over ₦19 trillion. With the announcement, any shareholder—whether an individual, group, or corporate entity—who already controls majority stakes in one Pension Fund Administrator (PFA), Custodian, or related pension operator, will no longer be permitted to exercise similar control in another. This reform,…
The Federal Government has commenced a comprehensive training program for key government agencies and private sector players on the operational rules of the African Continental Free Trade Area (AfCFTA), in a renewed effort to strengthen Nigeria’s participation in the single market and boost non-oil exports. The initiative, spearheaded by the Ministry of Industry, Trade, and Investment in collaboration with the National Action Committee on AfCFTA, comes at a critical time when African countries are intensifying cross-border trade and regional integration efforts. The training, which brought together representatives from customs, immigration, standards agencies, trade associations, and manufacturing groups, focused on equipping…
Nigeria’s economy is beginning to feel the early impact of the Central Bank of Nigeria’s (CBN) sweeping reforms, as recent indicators suggest progress in the fight against inflation and the restoration of confidence in the financial system. The CBN, under the leadership of Governor Olayemi Cardoso, has introduced a series of policy measures aimed at stabilizing the naira, tightening monetary control, and addressing structural imbalances that have fueled price increases over the past two years. Inflation has remained one of the country’s most pressing economic challenges, with food and energy prices biting deep into household incomes. For months, Nigerians have…
The Federal Government has disclosed that Nigeria’s domestic refineries received a total of 67.6 million barrels of crude oil within the past year, underscoring ongoing efforts to strengthen local refining capacity and reduce reliance on imported petroleum products. The figure reflects both state-owned and private refinery allocations as the government intensifies its push to achieve energy security and stabilize fuel supply in the country. According to officials, the allocation marks a significant milestone in Nigeria’s quest to reposition its oil and gas sector. The government explained that ensuring adequate crude supply to refineries, including the state-run plants and new private…
Nigeria’s economy recorded a growth rate of 4.23 percent in the second quarter of 2025, according to the National Bureau of Statistics (NBS). The latest data reflect a continuation of the country’s economic rebound, with both oil and non-oil sectors contributing significantly to the expansion. The report has been welcomed by policymakers and private sector players as a sign of resilience in Africa’s largest economy despite global and domestic headwinds. The NBS report revealed that Nigeria’s Gross Domestic Product (GDP) performance was stronger than the 3.79 percent recorded in the first quarter of the year, marking an upward trajectory driven…
The Federal Government has revoked 1,263 mineral titles belonging to mining companies and operators across the country due to failure to meet the stipulated conditions of their licences. The decision, which comes as part of efforts to sanitize the solid minerals sector, was announced by the Ministry of Solid Minerals Development, marking one of the most sweeping actions in recent years against defaulters in the industry. According to the ministry, the revoked licences cut across various categories, including exploration, mining, quarry, and small-scale mining permits. Officials explained that the action became necessary following repeated defaults by licence holders who failed…
Artificial Intelligence (AI) is revolutionizing the marketing landscape, reshaping how businesses engage with consumers, analyze data, and optimize campaigns. As AI-driven tools become more advanced, companies are leveraging machine learning, automation, and predictive analytics to create highly personalized and efficient marketing strategies. One of the most significant changes AI brings to marketing is enhanced customer targeting. With AI-powered algorithms, businesses can analyze vast amounts of consumer data to identify patterns, preferences, and behaviors. This allows brands to deliver tailored content, recommend products, and anticipate customer needs with unprecedented accuracy. AI is also transforming content creation and management. Automated tools can…
The Nigerian Exchange (NGX) extended its bearish run as investors lost N265 billion in market value, deepening concerns over persistent sell-offs and weak market sentiment. The downturn, which has affected several key sectors, reflects growing investor caution amid economic uncertainties and global financial pressures. The latest decline saw the NGX All-Share Index drop further, erasing gains recorded earlier in the year. Analysts attribute the losses to profit-taking by investors, concerns over inflation, and fluctuations in foreign exchange rates. The banking, consumer goods, and industrial sectors were among the hardest hit, with major stocks recording price declines. Market watchers suggest that…
The nationwide blackout that gripped Nigeria over the past 48 hours has begun to ease after the National Union of Electricity Employees (NUEE) announced the suspension of its strike on Wednesday night. The strike, which had thrown homes, businesses, and industries into darkness, was called off following a marathon meeting between electricity sector unions and the Federal Government in Abuja. The industrial action began after unresolved disputes over workers’ welfare, pension entitlements, and stalled negotiations on salary reviews. The strike led to the shutdown of several critical facilities across the country, including transmission substations operated by the Transmission Company of…
The Central Bank of Nigeria (CBN) has announced a reduction in its benchmark interest rate, lowering the Monetary Policy Rate (MPR) to 27 percent. The move marks the first downward adjustment in months and signals the apex bank’s bid to ease credit conditions, stimulate investment, and consolidate gains from falling inflation. The decision was reached at the conclusion of the Monetary Policy Committee (MPC) meeting held in Abuja, where members voted to cut the rate after carefully reviewing recent economic data. According to the CBN, the adjustment reflects the need to balance inflation control with the urgency of stimulating growth…
Zenith Bank Plc has announced its financial results for the first half (H1) of 2025, recording a remarkable surge in gross earnings to ₦2.5 trillion. The performance reaffirms the bank’s position as one of Nigeria’s most resilient and profitable financial institutions, despite a challenging macroeconomic environment and tightening global financial conditions. The new figures represent a significant leap compared to the ₦1.4 trillion gross earnings reported in the corresponding period of 2024, underscoring the bank’s strong revenue-generating capacity across its core banking operations. The growth was largely driven by higher interest income, robust trading gains, and improved customer transaction volumes,…
The Manufacturers Association of Nigeria (MAN) has raised fresh concerns over the Federal Government’s proposed tax stamp policy, warning that the move could increase production costs, hurt local manufacturers, and ultimately shift the financial burden onto consumers. The association stressed that at a time when Nigerians are grappling with inflation, high energy costs, and dwindling purchasing power, implementing such a policy may worsen economic hardship. The Federal Government, through its revenue agencies, has been exploring new fiscal strategies to boost tax collection and curb illicit trade, including the introduction of excise stamps across various sectors. However, manufacturers argue that the…
The Federal Inland Revenue Service (FIRS) has defended the Federal Government’s borrowing framework, insisting that the country’s debt profile remains within sustainable limits when weighed against ongoing reforms, projected revenue growth, and fiscal consolidation plans. Speaking against the backdrop of mounting concerns over Nigeria’s rising debt stock and borrowing costs, the FIRS emphasized that public debt should be viewed in relation to revenue-generating capacity and economic growth, not just as isolated figures. The Service maintained that recent fiscal and tax reforms are designed to boost revenue and enhance the government’s ability to meet its obligations without jeopardizing financial stability. Nigeria’s…
Stanbic IBTC Holdings Plc has announced an impressive profit after tax of N173.4 billion for the first half of 2025, a performance that underscores the bank’s resilience in Nigeria’s evolving financial landscape. The results, filed with the Nigerian Exchange (NGX), highlighted the Group’s ability to leverage its diversified operations, even amid macroeconomic pressures. The bank attributed this strong financial showing to a significant boost in interest income, which benefited from the Central Bank of Nigeria’s (CBN) tight monetary stance. With the policy rate remaining elevated, yields on loans and investment securities surged, creating opportunities for banks to earn more from…
The National Pension Commission (PenCom) has announced plans to redesign the Micro Pension Plan (MPP) to capture millions of Nigerians in the informal sector, as the number of registered contributors remains slightly above 200,000 despite the scheme being introduced more than five years ago. PenCom said the revamp would make the scheme more attractive and accessible to workers in the informal economy, which accounts for over 80 percent of Nigeria’s labor force. The initiative is expected to deepen financial inclusion, strengthen social security, and provide retirement savings for millions of self-employed Nigerians, artisans, and small business operators who have…
The Nigerian Exchange (NGX) closed another volatile session in the red as investors lost an estimated N322 billion in market value, extending a bearish run that has persisted over the past week. The sustained downturn highlights growing concerns among market participants as macroeconomic headwinds, profit-taking, and weak investor sentiment continue to weigh on equities. At the close of trading, the market capitalisation of listed equities dropped to N88.6 trillion, compared to N88.9 trillion in the previous session. Similarly, the All-Share Index (ASI) shed 0.36 percent to close at 156,204.31 points, as investors offloaded shares in key sectors, including banking, industrial…