The Independent Petroleum Marketers Association of Nigeria (IPMAN) has attributed the recent increase in fuel prices to market deregulation. According to Mr. Chinedu Ukadike, IPMAN’s Public Relations Officer, “This is the nature of a deregulated market, prices rise and fall based on market forces and each marketer’s supply costs.”...
BUSINESS
Nigeria Government’s revenue has risen to N6.9 trillion in the first quarter of 2025, marking a 40% increase from N5.2 trillion in the previous quarter. Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, disclosed this during a Citizens and Stakeholders’ Engagement on implementing President Bola...
By EZEKIEL OBI, Abuja- The Nigerian Ports Authority (NPA) has set an ambitious revenue target of N1.28 trillion for 2025, representing a 40% increase from the N894.8 billion it realized in 2024. NPA Managing Director Abubakar Dantsoho revealed this during the 2025 budget defense session at the House of...
By MBAFAN ADE, Abuja- The Naira has appreciated against the US dollar at the official market, trading at N1,547.36 to a dollar. According to data from the Central Bank of Nigeria (CBN), the Naira gained N2.05, representing a 0.13% increase compared to Thursday’s rate of N1,549.41. This gain marks...
The Nigerian stock market continued its bullish trend on Friday, ending the week with N175 billion gain. Market capitalisation rose by N175 billion, or 0.24 per cent, to close at N74.533 trillion, up from N74.358 trillion recorded on Thursday. Similarly, the All-Share Index (ASI) rose by 277.09 points, or...
The Nigerian Communications Commission (NCC) has emphasized the crucial role of telecom services in ensuring national security, particularly in addressing issues that require effective communication. According to the Executive Vice-Chairman of NCC, Dr. Aminu Maida, achieving national security would be impossible without effective telecommunication. “Telecommunication services are now vital...
By MBAFAN ADE, Abuja- The Federation Account Allocation Committee (FAAC) has shared N1.659 trillion May revenue among the Federal Government, states, and Local Government Councils (LGCs). According to the communiqué issued after the June meeting of FAAC, the total distributable revenue comprised statutory revenue of N863.895 billion, Value Added...
Nigerian stock market rebounded on Wednesday after a two-day loss, with investors gaining N1.184 trillion. The market capitalisation rose by N1.184 trillion, or 1.63%, to close at N73.681 trillion. The All-Share Index (ASI) also rose by 1,876.71 points, or 1.63%, settling at 116,786.87. According to the market report, “This...
By OLA MODUPE, Lagos- Air Peace Airline has announced the commencement of direct flights from Abuja to London’s Heathrow Airport on October 26, following a grant from the British authority. Chairman of Air Peace Airline, Dr. Allen Onyema revealed this at a news conference on Wednesday in Lagos. Dr....
Fidelity Bank Plc has rewarded 29 customers with a total of ₦30 million in its GAIM Season 6 savings promo. The winners emerged during the 4th, 5th, and 6th monthly draws, showcasing the bank’s commitment to financial literacy, saving culture, and customer loyalty. A standout winner was Mr. Kizito...
Amazon‘s CEO, Andy Jassy, has revealed that the company’s adoption of artificial intelligence (AI) will likely reduce the number of office workers needed. In an email to employees, Jassy wrote, “We will need fewer people doing some of the jobs that are being done today, and more people doing...
By OFFOR CALLISTUS, Abuja- Starting June 18, 2025, telecom subscribers in Nigeria will be charged directly by their mobile network operators for Unstructured Supplementary Service Data (USSD) services. Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), Mr. Gbenga Adebayo, announced this in a statement issued on...
By MBAFAN ADE, Abuja- Nigerian stock market witnessed a significant downturn on Tuesday, with investors losing ₦183 billion in total market value. The Nigerian Exchange Ltd. (NGX) market capitalization dropped to ₦72.497 trillion from ₦72.680 trillion. The All-Share Index fell by 348.61 points or 0.30%, closing at 114,910.16. Key...
By JOY ADARA, Abuja- The Central Bank of Nigeria (CBN) has introduced time-bound measures to support banks transitioning from temporary regulatory support provided during the COVID-19 pandemic. This move aims to further strengthen the banking system as part of its broader recapitalization program announced in 2023. This is contained...
By MBAFAN ADE, Abuja- The Association of Securities Dealing Houses of Nigeria (ASHON) has expressed concern over the Central Bank of Nigeria’s (CBN) recent circular suspending dividend payments by banks, citing potential stock market volatility. ASHON Chairman, Mr. Sam Onukwue, described the timing of the directive as “inopportune,” given...
By JOY ADARA, Abuja- Nigeria’s headline inflation rate has further eased to 22.97% in May 2025, representing a 0.74% decline from the 23.71% recorded in April 2025, according to the latest Consumer Price Index (CPI) and Inflation report released by the National Bureau of Statistics (NBS). On a month-on-month...
By MBAFAN ADE, Abuja– Nigerian stock market opened the week on a negative note on Monday, with its key performance indicators experiencing a decline of 0.15%. The market capitalization shed N108 billion, closing at N72.680 trillion, down from N72.788 trillion recorded on Friday. The All-Share Index also declined, losing...
By OLA MODUPE, Lagos – The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns over Dangote Refinery’s plan to start direct nationwide distribution of petrol and diesel, warning that it could lead to widespread job losses, business closures, and a monopolistic market structure. PETROAN National...
By OLA MODUPE, Lagos- Dangote Petroleum Refinery has announced the commencement of a significant national initiative designed to transform Nigeria’s fuel distribution landscape. Effective 15th of August 2025, the Refinery will begin the distribution of Premium Motor Spirit (PMS) and diesel to marketers, petrol dealers, manufacturers, telecoms firms, aviation,...
US President Donald Trump has pocketed over $57 million from token sales by the crypto venture he and his sons helped launch last year, according to federal financial disclosure forms released by the White House. The document, issued by the Office of Government Ethics, lists Trump’s holdings, including stocks,...