•Tinubu and World Bank logo The World Bank has cautioned the Tinubu-led federal government against embarking on flamboyant spending as Nigeria reaps bountifully from higher oil prices driven by the ongoing war in the Middle East. With the shortage of petroleum products due to Iran’s closure of the Strait of Hormuz, Africa’s richest man, Aliko ...
A coalition of civil society organisations (CSOs) has lamented that despite federal budgets exceeding N100 trillion in the last two years, Nigerians are worse off, with worsening poverty, failing public services and deepening inequality. Similarly, former presidential candidate, Peter Obi, questioned the federal government’s latest approval of...
Nigerian crude oil, Bonny Light, dropped below $95 a barrel on Wednesday from above $130 after Iran agreed to reopen the Strait of Hormuz for two weeks in exchange for a temporary ceasefire with the United States. Strait of Hormuz is a vital route for 20% of the world’s energy supply, reports AFP. Bonny Light […]
•Dangote Refinery loading bay Amid rising geopolitical tensions in the Middle East and their ripple effects on global energy markets, the Dangote Petroleum Refinery has increased the gantry price of petrol and diesel, further tightening pressure on consumers and businesses across Nigeria. A top official at the refinery, who confirmed the devel...
Fresh details have emerged regarding the circumstances that led to the regulatory intervention in Union Bank of Nigeria (UBN), with a forensic audit report alleging wide-ranging financial irregularities under the bank’s former owners and directors. The Central Bank of Nigeria (CBN) had in January 2024 dissolved the bank’s board and management,...
Nigeria’s aviation industry is on the verge of a major transformation, with a surge in aircraft acquisition expected to boost capacity and drive down ticket prices, the Director-General of the Nigerian Civil Aviation Authority (NCAA), Chris Najomo, has said. Najomo in his presentation at the Nigerian Aircraft Acquisition and Investment Summit,...
•Dangote Refinery loading bay Nigeria’s Dangote refinery has boosted exports of petrol and urea to African countries hit by supply disruptions caused by the Iran war. Aliko Dangote said yesterday that the 650,000-barrels-per-day refinery had helped cushion the full impact of the crisis both in Nigeria and across the continent, reports Channels...
Nigeria’s govt says the nation’s oil Reserve can still last for the next 59 years while the gas can serve for 85 years. The Nigerian Upream Petroleum Regulatory Commission (NUPRC) confirmed this in its latest update estimated the nation’s 2P Crude Oil and Condensate reserves at 37.01 Billion Barrels as at January 2026, reports Daily [&he...
Two indigenous firms based in Port Harcourt, ELC Oil and Gas Services and Chiefest Nigeria Limited, have threatened to stage a large-scale protest over the alleged nonpayment of more than ₦1 billion for contracts executed in 2024. The companies lamented that the prolonged delay in payment has taken a severe toll on their operations and [&helli...
The Nigeria stock market traded cautiously last week, even as investors sustained the ongoing rally. Consequently, despite the shortened trading days of the week due to the Easter holidays, capital appreciation reached over N837 billion on the Nigerian Exchange Limited, NGX, reports Vanguard. The NGX market capitalisation, which represents the...
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