News and analysis of global and local business trends, markets, and industry developments.
Nigeria — In a new development, Dangote Petroleum Refinery has announced a further reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol. The new price is set at N835 per litre, down from N865 per litre, marking a 3.5 per cent decrease. This price adjustment follows the recent decline in…
Oyo, Nigeria — Nigerians have taken to social media to express frustration over the recent crash of a high-yield investment platform, CBEX, which netizens have widely described as “MMM Pro Max.” It was reported that a group of angry individuals stormed the CBEX office in the Oke-Ado area of Ibadan, Oyo State, on Monday evening,…
ITALY – Italian fashion house Prada announced Thursday that it had reached a deal with US group Capri Holdings to buy Versace for 1.25 billion euros ($1.39 billion). The acquisition will create a luxury group with revenues of over six billion euros that could better compete with industry giants such as the French conglomerates LVMH…
United States — The United States Trade Representative on Monday, criticised Nigeria’s import ban on 25 categories of goods, claiming that the restrictions limit market access for American exporters. This came shortly after President Donald Trump introduced tariffs on goods entering the US, with Nigeria facing a 14 per cent duty. The USTR highlighted the…
Nigeria – In the first-quarter (Q1) period ended March 31, 2025, 10 stockbroking firms were responsible for 65.79 per cent of the value of stocks traded on the Nigerian Exchange Limited (NGX). Equities transactions by these stockbroking firms, which included Chapel Hill Denham Securities Limited, Cardinalstone Securities Limited, APT Securities and Funds, and other seven…
Nigeria – Dangote Industries Ltd. has reaffirmed its commitment to making Nigeria self-sufficient in key sectors such as cement production, agriculture, mining, and petroleum refining. Dr. Abayomi Shittu, Regional Sales Director (Southeast) of Dangote Cement, made the pledge during an interview with the News Agency of Nigeria (NAN) on Sunday at the ongoing 36th Enugu…
Abuja, Nigeria — The recent announcement of the newly constituted board of the Nigerian National Petroleum Company Limited (NNPCL) by President Bola Ahmed Tinubu has drawn sharp criticism from the Women in Energy Network (WIEN) over glaring gender imbalance. In a statement issued on Friday, WIEN President Eyono Fatai-Williams praised the president’s reorganisation of the…
Nigeria – The leaders and people of the Host Communities of Nigeria Producing Oil and Gas (HOSTCOM) have urged President Bola Tinubu to contest the 2027 presidential election. They said his reelection would enable him to continue his reforms aimed at Nigeria’s economic recovery, stability, and growth. The President of HOSTCOM, Chief Benjamin Style Tamaranabi,…
Nigeria – The Securities and Exchange Commission, SEC, has warned that promoters and operators of any Ponzi Scheme in the country risk a penalty of not less than N20 million or imprisonment to a term of 10 years or both, upon conviction as prescribed by the provisions of the newly signed Investments and Securities Act…
Abuja, Nigeria — Nigeria is losing an estimated $10 billion annually due to its inability to tap into the lucrative global honey market, a challenge largely attributed to an underdeveloped beekeeping industry. This concern was raised by Gideon Dagundoro, President of the Grassroots Beekeepers Association of Nigeria, in an interview where he urged the federal…
Nigeria – Dangote Petroleum Refinery has temporarily stopped selling petroleum products in naira. This decision was communicated to petroleum marketers through an official notice on Wednesday afternoon. According to the refinery, the suspension aims to align sales revenue with crude oil purchase obligations, which are currently in U.S. dollars. The company explained that the value…
Ogun, Nigeria — The President of the Dangote Group, Aliko Dangote, has accused former Governor of Ogun State, Senator Ibikunle Amosun, of demolishing his cement plant twice during his administration. Dangote made the allegation during his meeting with the state governor, Prince Dapo Abiodun on Monday, March 17, 2025. A statement by the Ogun State…
EU – The European Union (EU) has announced a set of countermeasures against the United States, targeting American products such as boats, bourbon, and Harley-Davidson motorbikes in response to new tariffs on steel and aluminum imports. European Commission President Ursula von der Leyen criticized the 25% tariffs imposed by President Donald Trump on steel, aluminum,…
NIGERIA – The harsh economic environment led to the closure of about 30 percent of Micro and Small Medium Enterprises (MSMEs) in Nigeria, amounting to about 7.2 million of the country’s estimated 24 million MSMEs, between 2023 and 2024, the Nigerian Economic Summit Group (NESG) has stated. Chief Economist and Director of Research at NESG,…
LAGOS – The National Agency for Food and Drug Administration and Control (NAFDAC) has destroyed a massive consignment of expired, falsified, unregistered, and banned medicines seized from the Idumota Open Drug Market in Lagos. In a statement released on Sunday, the agency confirmed that the confiscated drugs, valued at approximately ₦100 billion, were intercepted during…
Onitsha, Nigeria — The Federal Government has introduced a specialized workforce development initiative aimed at strengthening Nigeria’s industrial sector, particularly in metallurgy and steel production. Speaking at the inauguration of a Boot Camp Training Programme at the Metallurgical Training Institute (MTI), Onitsha, Dr. Chris Isokpunwu, Permanent Secretary of the Federal Ministry of Steel Development, underscored…
Anambra, Nigeria — The National Agency for Food and Drug Administration and Control, NAFDAC, has finally announced the reopening of the Onitsha Drug Market and other adjoining markets after nearly one month of closure. The South-East Zonal Director of the agency, Mr Martins Iluyomade, revealed this on Thursday after a meeting between officials of the agency,…
CBN, Nigeria – In a significant overhaul, the Central Bank of Nigeria (CBN) has appointed 16 new directors to lead key departments, effective March 3, 2025. This strategic move aims to enhance oversight and operational efficiency within the apex bank. The newly appointed directors and their respective departments are as follows: Banking Supervision: Akinwunmi Olubukola…
CHINA – Alibaba shares surged more than seven percent in Hong Kong trade on Thursday after the Chinese tech giant launched an artificial intelligence model it says can compete with DeepSeek, this year’s surprise tech star. Investors have been riding high on China’s AI capabilities since January, when DeepSeek unveiled a state-of-the-art chatbot seemingly at…
United States – Meta CEO Mark Zuckerberg has dismissed approximately 20 employees for leaking internal company information to the media. The decision follows a series of breaches where confidential discussions, including comments from Zuckerberg and other senior executives, were made public. A Meta spokesperson confirmed the terminations, emphasizing that leaking internal data is a violation…
FG Sets New Cement Price, Orders Dangote, BUA, Others to Adjust Immediately NIGERIA – The Federal Government has directed cement manufacturers to reduce the price of a bag of cement to ₦7,000 with immediate effect. This directive was issued by David Umahi, the Minister of Works, during a meeting with MTN and RCC Company…
Nigeria — MTN Nigeria has reported a N400.44bn loss after tax for the year ended December 31, 2024, as the devaluation of the naira drove up foreign exchange losses and weighed on the company’s earnings. The loss, disclosed in the company’s audited financial statements released on Thursday, represents a 192 per cent increase from the…
Nigeria — The Federal Competition and Consumer Protection Commission has directed MultiChoice Nigeria, the operator of DStv and GOtv, to maintain its current subscription prices pending the conclusion of an ongoing investigation into the company’s proposed tariff adjustment. The consumer watchdog on Thursday, disclosed this in a statement signed by its Director of Corporate Affairs,…
Lagos –Lagos State Governor, Mr. Babajide Sanwo-Olu, has announced that his administration is actively working on policies and initiatives to position Lagos as Africa’s leading hub for digital gaming, fintech solutions, and AI-driven creative enterprises. Speaking at the Africa Gaming Expo (AGE) 2025 at Eko Hotels and Suites, Victoria Island, Lagos, the governor reaffirmed his…
Lagos, Nigeria — Dangote Petroleum Refinery and Petrochemicals has implemented another price reduction on petrol, marking the second adjustment within a month. In a statement released Wednesday in Lagos, the company’s Head of Media Communications, Anthony Echiejina, announced a ₦65 per litre cut, lowering the ex-depot price from ₦890 to ₦825 per litre. This follows…
Abuja, Nigeria — The Nigerian government is set to acquire six new World Bank loans amounting to $2.23 billion in 2025, reinforcing its commitment to economic development and social welfare. This move will bring the country’s total approved World Bank loans to $9.25 billion over three years, with funding channeled into critical sectors such as…
Abuja, Nigeria — The Federal Government has intensified efforts to rejuvenate Nigeria’s steel sector through the Nigerian Metallurgical Industry Bill 2023, aimed at strengthening regulatory oversight and fostering sustainable growth. The Ministry of Steel Development convened a stakeholder meeting to deliberate on the Bill, which is expected to provide a structured legal and regulatory framework…
Lagos, Nigeria — The Exponential Conference 2025, a premier gathering of global ministry and marketplace leaders, is set to inspire transformative leadership with its dynamic lineup of speakers. The organizers confirmed the participation of former Vice President Prof. Yemi Osinbajo, alongside other distinguished figures, in the highly anticipated event scheduled to take place in Lagos…
Nigeria — Over 1,000 stakeholders at the Africa Raw Materials Summit 2025, an event aimed at transforming the continent’s raw materials sector is set to be host in Nigeria. The country is also eyeing the creation of about 3 million jobs annually from the transformation of the raw materials industry. The three-day summit, scheduled for…
Abuja, Nigeria — The Dangote Petroleum Refinery has assured Nigerians of an adequate fuel supply, emphasizing its ability to meet both local and international demand. This assurance was given by the President of the Dangote Group, Alhaji Aliko Dangote, during a facility tour of the $20 billion refinery in Lekki, Lagos State, alongside Zambia’s Minister…
Lagos, Nigeria — Stakeholders in Nigeria’s Free Trade Zones have voiced concerns over aspects of the 2024 Tax Bill, particularly proposals that could alter key fiscal incentives for the Special Economic Zones (SEZs). These concerns were highlighted in a communiqué issued at the 3rd Special Economic Zones Annual Meeting, organized by the Nigeria Economic Zones…
