News and analysis of global and local business trends, markets, and industry developments.
Lagos, Nigeria — The Petroleum Tanker Drivers (PTD), a vital faction within the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), have launched a strong denunciation of the union’s national leadership, calling for the immediate arrest of key executives whom they accuse of reckless and destabilizing behaviors threatening Nigeria’s oil and gas industry. In…
Lagos, Nigeria — BUA Group has strongly denounced the recent violent assault near its Okpella facility in Edo State that led to the death of eight operatives of the Nigeria Security and Civil Defence Corps (NSCDC) and one civilian driver. The tragic incident also involved the abduction of a foreign expatriate, while four others were…
Kaduna, Nigeria— The Kaduna State chapter of the Nigeria Union of Local Government Employees (NULGE) has issued a 21-day ultimatum to the state government over the failure to implement the recently approved minimum wage of ₦72,000. The announcement was made in a communiqué following an emergency meeting of the union’s State Executive Council in Kaduna….
Abuja, Nigeria — The Vice President of Colombia, Her Excellency Francia Márquez, has landed at Nnamdi Azikiwe International Airport, Abuja, for a three-day official visit aimed at deepening ties between Colombia and Nigeria. She was welcomed by senior Nigerian government officials, including the Minister of Innovation, Science and Technology, Uche Nnaji, Minister of Women Affairs,…
Abuja, Nigeria —President Bola Ahmed Tinubu has placed a temporary ban on the export of raw shea nuts, with immediate effect. Mr Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, Office of the Vice President, made this known in a statement on Tuesday in Abuja. The News Agency of Nigeria reports…
Brasilia, Brazil — President Bola Tinubu has landed in Brasilia for a two-day State Visit, responding to an invitation from Brazilian President Luiz Inácio Lula da Silva. The visit aims to deepen Nigeria’s economic and political connections with Latin America’s largest economy and is expected to generate multi-billion dollar investments spanning agriculture, energy, and technology…
Lagos, Nigeria — Aliko Dangote has once more secured his position as Africa’s wealthiest individual, topping Forbes’ Real-Time Billionaires List with an estimated net worth of $24.4 billion, ranking 88th globally. The ranking, released on Saturday, highlights Dangote’s unmatched supremacy in Africa’s wealth hierarchy, far surpassing his fellow Nigerian billionaires. Following him are Abdulsamad Rabiu…
Sydney, Australia — Google has agreed to pay a fine of 55 million Australian dollars (US$36 million) after admitting to anticompetitive agreements with the country’s two largest telecommunications firms, the Australian Competition and Consumer Commission (ACCC) confirmed on Monday. According to the regulator, Google’s Asia Pacific division, based in Singapore, signed contracts with Telstra and…
Dubai, UAE — Remote work continues to redefine lifestyles worldwide, with more countries now competing to attract digital nomads through high-speed internet, flexible visa policies, affordable living, and vibrant communities. According to the VisaGuide Digital Nomad Visa Index released this week, the top 10 destinations for 2025 present diverse opportunities for professionals — from culturally…
The Nigeria Labour Congress (NLC) Lagos State chapter, has urged the Federal Government to prioritise selling crude oil to the Dangote Refinery in Naira. Lagos NLC Chairperson, Funmi Sesi, made the appeal during a Tuesday tour of Dangote Petroleum Refinery and Fertiliser Ltd. by Labour Writers Association of Nigeria (LAWAN) members and NLC officials. Sesi…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has reported a significant decline in fuel consumption for June 2025, with total fuel evacuation falling to 1.44 billion litres. The Director of Public Affairs, NMDPRA, George Ene-Ita, confirmed in a report on Wednesday that daily fuel consumption had averaged 48 million litres, correcting earlier reports…
Abuja, Nigeria — The National Bureau of Statistics (NBS) has reported a significant 84.6 percent year-on-year increase in Value Added Tax (VAT) revenue, which rose to N6.72 trillion in 2024 from N3.64 trillion in 2023. Quarter-on-quarter data from the NBS VAT report reveals steady growth throughout 2024. VAT collections grew by 9.09 percent from N1.43…
Lagos, Nigeria — In a landmark move to redefine its corporate identity and market positioning, 9mobile has officially rebranded to “T2,” signalling the start of a new era for the telecommunications giant. The announcement was made on Friday during a high-profile relaunch event in Lagos, attended by Obafemi Banigbe, Chief Executive Officer of T2; Dr….
Accra, Ghana — Tensions flared between Ghanaian citizens and Nigerians residing in the country following a street protest dubbed “Nigerians Must Go” , which erupted on July 29, with demonstrators accusing Nigerians of rising crime, ritual activities, and economic dominance. Protesters, seen in viral videos brandishing placards with inflammatory messages, demanded the expulsion of Nigerians….
NIGERIA – Globacom has announced ongoing network upgrade efforts aimed at enhancing the customer experience. The company disclosed that it has been working nonstop to guarantee that customers nationwide continue to receive good value, particularly in light of the most recent tariff increase that was authorised by the Nigerian Communications Commission (NCC). In order to…
Washington, D.C.— The United States Department of Agriculture (USDA) has taken decisive action to strengthen national security by terminating approximately 70 foreign researchers, most of whom were Chinese nationals. The move follows a sweeping national security review initiated to protect the integrity of the country’s agricultural sector from potential threats linked to nations such as China,…
Lisbon, Portugal — Despite the widespread belief that European travel is costly, new insights reveal that several countries across the continent offer surprisingly affordable experiences for tourists. This observation was drawn from current travel reports emphasizing that beyond expensive hubs like Paris, London, and Zurich, lie destinations where history, culture, and adventure are available at…
Cryptocurrency is no longer a niche tool for tech enthusiasts. It has become an essential payment method in global finance. In 2024, the total transaction volume of stablecoins reached $27.6 trillion, surpassing the combined volume of Visa and Mastercard by 7.68%. Such figures show how rapidly the adoption of digital assets is accelerating. With millions of consumers…
NIGERIA – Nigerian petroleum products marketers have announced a reduction of premium motor spirit prices, starting from today, Tuesday. This comes as the economy shuts down today owing to the public holiday declared by the federal government to honour ex-president Muhammadu Buhari. The national president of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, disclosed…
Nigeria – The Senate has launched a comprehensive investigation into the operations of Ponzi schemes in Nigeria, with specific reference to the recent collapse of the Crypto Bullion Exchange (CBEX), which reportedly defrauded Nigerians of over ₦1.3 trillion (approximately $847 million). The resolution followed a motion sponsored by Senator Adetokunbo Abiru (APC, Lagos East), and…
Asaba, Nigeria— The Delta State Civil Service Commission has directed the immediate retirement of over 200 civil servants found to have falsified their ages to prolong their tenure in public service. This decisive action was announced by Chief Roseline Amioku, Chairman of the Delta State Civil Service Commission and head of the ongoing state screening…
Abuja, Nigeria — The House of Representatives Committee on Maritime Safety, Education, and Administration has sanctioned a ₦774.77 billion budget for the Nigerian Maritime Administration and Safety Agency (NIMASA) for the 2025 fiscal year. This decision emerged during a budget defence session in Abuja, where Committee Chairperson, Hon. Khadija Abba-Ibrahim, confirmed the figures following an…
Washington, D.C., USA — The International Monetary Fund (IMF) has called on the Federal Government of Nigeria to revise its 2025 budget of N54.99 trillion in response to lower-than-expected global oil prices. This recommendation was detailed in the IMF’s Article IV Consultation Report on Nigeria, released yesterday in Washington, D.C. The IMF projects Nigeria’s economy…
ABUJA – The Nigerian National Petroleum Company Limited (NNPCL) has reported a profit after tax of ₦1.054 trillion for the month of May 2025, marking a significant 40.37 percent increase from the ₦748 billion posted in April. According to its latest Monthly Report Summary for May 2025, released on Tuesday, the national oil company also…
Lagos, Nigeria— Guaranty Trust Bank Ltd. has announced a temporary adjustment to its branch operating hours nationwide to facilitate its mid-year audit process. The notification was issued to customers on Saturday, June 28, via email, detailing the bank’s plan to close all branches earlier than usual on Monday, June 30, 2025. In its official communication,…
Abuja, Nigeria — Nigeria has emerged as Africa’s best-performing nation in the global energy transition rankings, climbing to 61st place globally in the 2025 Energy Transition Index (ETI) released by the World Economic Forum (WEF). This marks a significant leap of 48 positions from last year’s report, with Nigeria scoring 54.8 points—an improvement attributed to…
Nigeria – In a development for Nigeria’s digital financial services, thirteen commercial banks have fully settled their outstanding debts for Unstructured Supplementary Service Data, USSD, services owed to Mobile Network Operators, MNOs, paving the way for a new, streamlined billing structure. The remaining three banks are nearing completion of their payments, having cleared over 95…
WhatsApp on Monday announced that users will begin seeing advertisements within the app. This development comes as parent company, Meta, seeks new ways to generate revenue from the messaging service’s vast user base. Nikila Srinivasan, Vice President for product management at Meta, announced this to reporters. According to Meta, the ads will appear in the…
Lagos, Nigeria — The Dangote Petroleum Refinery has announced it will commence nationwide distribution of Premium Motor Spirit (PMS) and diesel from August 15, 2025, in a bid to bolster fuel supply and support economic development across Nigeria. This announcement was made in a statement released on Sunday, highlighting the refinery’s wide-scale distribution strategy, which…
Nigeria – Nestlé Nigeria Plc has announced an ongoing collaboration with the Federal Ministry of Livestock Development to launch a dairy technical skills development program aimed at enhancing the quality and volume of milk production in Nigeria. A statement by Victoria Uwadoka, Corporate Communications, Public Affairs and Sustainability Lead, Nestlé Nigeria, said the initiative has…
Abuja, Nigeria—The Peoples Democratic Party (PDP) has called on President Bola Tinubu to urgently review and reverse economic policies burdening Nigerians, particularly high fuel prices, electricity tariffs, and charges on essential services. In a statement issued Friday by its National Publicity Secretary, Debo Ologunagba, the PDP urged the government to use the Eid-el-Kabir season to…
