Latest economic news, trends, and insights from around the world, impacting businesses and consumers.
Abuja, Nigeria— Social media activist Martins Otse, popularly known as VeryDarkMan (VDM), has been released from the custody of the Economic and Financial Crimes Commission (EFCC) after five days. This was confirmed by his legal representative, Deji Adeyanju, who told our correspondent on Wednesday, “He has been released.” Otse had been in EFCC custody since…
Lagos, Nigeria — The Economic and Financial Crimes Commission (EFCC) has withdrawn earlier allegations of fraudulent conversion of funds against gospel music producer Ezekiel Onyedikachi, popularly known as EeZeeTee, filed by gospel singer Mercy Chinwo. In a statement following court proceedings on Wednesday, the EFCC confirmed the filing of a revised eight-count charge against…
NIGERIA – The Economic and Financial Crimes Commission (EFCC) has stated that social media activist Martins Otse, popularly known as VeryDarkMan (VDM), will be released upon fulfilling his bail conditions. EFCC spokesperson Dele Oyewale told BBC Pidgin that VDM’s arrest followed multiple petitions from unnamed individuals alleging misconduct. Although speculation linked GTBank to the arrest,…
Abuja, Nigeria — The Federal Ministry of Art, Culture, Tourism, and Creative Economy has unveiled the Creative Economy Development Fund (CEDF), a strategic financial initiative aimed at unlocking opportunities for creatives and entrepreneurs across Nigeria. The announcement was made by Ms. Nneka Anibueze, Special Adviser to the Minister of Art, Culture and Creative Economy, Hannatu…
Akure, Nigeria — Ondo State has emerged as the nation’s leading sub-national in fiscal responsibility, recording the sharpest domestic debt reduction across Nigeria’s 36 states. This development was confirmed through fresh statistics released by the Debt Management Office (DMO), which compared states’ debt profiles from 2023 to 2024. The report revealed that Ondo State reduced…
Lagos, Nigeria — The Cherubim and Seraphim Church (Praying Band) has called on the Federal Government to prioritize job creation and youth empowerment as a strategy to curb insecurity and killings across Nigeria. The call was made by His Eminence Ferguson Eneogwe, Supreme Head of the Church, in a statement commemorating the Church’s 100th anniversary,…
Abuja, Nigeria — The Presidential Compressed Natural Gas Initiative (PCNGI) has rolled out a revised transport fare structure for intra-city routes within Nigeria’s Federal Capital Territory (FCT), aimed at easing the economic burden on commuters following the fuel subsidy removal. The update was disclosed by Mr. Michael Oluwagbemi, Programme Director of PCNGI, during a sensitization…
Lagos, Nigeria — The Lagos State chapter of the Nigeria Labour Congress (NLC) has called on Governor Babajide Sanwo-Olu to extend the implementation of the N85,000 new minimum wage to workers in all state agencies and parastatals as means of alleviating the economic hardships faced by workers. The appeal was made during the 2025 International…
Nigeria — The Nigeria Labour Congress and Trade Union Congress on Thursday blamed the Federal Government for continuous neglect of the energy sector, saying it has consistently failed to consult stakeholders in its efforts to come up with lasting solution to challenges in the sector. NLC and TUC made this statement in a joint address…
Warri, Delta State — The Nigerian National Petroleum Company Limited (NNPCL) has come under intense criticism from energy stakeholders and industry analysts over the shutdown of the Warri Refining and Petrochemical Company (WRPC), despite a reported $897.6 million overhaul. The refinery, which was declared operational in December 2024 following years of dormancy, ceased operations on…
2027 – Dr Jibril Mustapha, the President of the Nigeria Rescue Mission Organisation and former leader of the Buhari Youth Organisation (BYO), has appealed to former President Goodluck Jonathan to contest the 2027 presidential election. Mustapha made this appeal in a statement issued on Sunday, April 27, in Lagos, calling on Jonathan to heed growing…
Nigeria – Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, yesterday revealed that the forensic audit of the Nigerian National Petroleum Company Limited (NNPCL) was underway. Also, as the ripple effects of United States’ reciprocal tariffs continue to reverberate across the globe, causing uncertainties, Edun asserted that the cocktail of…
Nigeria – The federal government has said it is committed to safeguarding the dignity and well-being of retired Nigerian workers. It said that while a number of policy reforms have been implemented to address challenges affecting workers during retirement, the present administration is pursuing other initiatives meant to improve life of pensioners. In another related…
US – The dollar on Tuesday marked a fresh low against the yen and hovered around multi-year lows versus the euro and the Swiss franc as the attacks of US President Donald Trump on the Federal Reserve raised concerns about the central bank’s independence. Debating on the development, analysts said the dollar was left in…
Easter – The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has called on Christians across Nigeria to use the Easter season as a time of rededication to integrity and anti-corruption values. Speaking in Abuja on Saturday, April 19, 2025, Olukoyede emphasized that Easter, which commemorates the death and resurrection…
NIGERIA – The Dangote Refinery has notified marketers and customers of a reduction in its the price of Premium Motor Spirit (PMS) popularly called petrol at the point of loading from the refinery’s gantry from N880 to N865 per litre The refinery notified its customers through a notice sent on Thursday morning, which was also…
NIGERIA – Billionaire businessman Femi Otedola has extended heartfelt birthday wishes to his fellow mogul, Aliko Dangote, describing him as “the greatest entrepreneur to have come out of Africa.” Otedola shared the tribute on his social media platform on Thursday, commemorating Dangote’s birthday with a message of admiration and respect. “Happy Birthday to my dear…
NIGERIA – President Bola Tinubu has congratulated Africa’s foremost industrialist and philanthropist, Alhaji Aliko Dangote, founder and President of the Dangote Group, on his birthday. According to a statement by Bayo Onanuga, Special Adviser to the President (Information & Strategy), the President celebrates the life of a visionary whose resilience and unwavering commitment to Africa’s…
Nigeria – Tope Fasua, President Bola Ahmed Tinubu Special Adviser on Economic Affairs, has doubled down on his controversial claim about the $1 feeding argument, saying $1 is a valuable amount in Nigeria. In a recent interview with Seun Okinbaloye, Fasua argued that many Nigerians misunderstand the concept of multi-dimensional poverty, which is often used…
Lagos State – Lagos State Governor, Babajide Sanwo-Olu, is among the dignitaries expected to officially inaugurate the newly built state-of-the-art LGS2 Data Centre by a leading carrier-neutral data centre operator, Rack Centre, on April 10, 2025. The governor, who confirmed his attendance for the inauguration, to be led by the Chief Executive Officer of the…
Abuja, Nigeria — The Debt Management Office (DMO) has raised the alarm over Nigeria’s ballooning public debt, which surged to ₦144.67 trillion ($94.23 billion) as of December 31, 2024, marking a 48.58% increase within one year. In its latest report released on Friday, the DMO disclosed that the sharp rise from ₦97.34 trillion in 2023…
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…
Bayelsa – Organisers of the mega rally scheduled to be held in Yenagoa, Bayelsa State, on April 12, in solidarity with President Bola Tinubu and the Minister of the Federal Capital Territory, Nyesom Wike, have said the event will go on as scheduled. They decried what they termed as a misinterpretation of the judgement of…
Abuja, Nigeria — Nigeria’s oil production saw a decline of 50,000 barrels per day (bpd) in March, averaging 1.5 million bpd in line with its designated quota. The drop comes amid delays in loading the Bonny Light crude grade, following a fire outbreak at the Trans-Niger Pipeline. This development coincided with the Organisation of Petroleum…
Niger – As part of its annual events, Stanel World Suleja has identified with Muslim community in Suleja, Niger State with the distribution of over 10,000 loaves of bread to break Ramadan fast with at the weekend. The household brand in Nigeria States, Stanel World, is a subsidiary of Stanel Group of companies that has…
Nigeria – The Central Bank of Nigeria (CBN) has reported a Net Foreign Exchange Reserve (NFER) of $23.11 billion as of the end of 2024, marking the highest level in over three years. In a statement released in Abuja, the apex bank described the increase as a reflection of improved external liquidity, reduced short-term obligations,…
Lagos – The Presidency has described as baseless and misleading, recent claims by former vice president, Atiku Abubakar, alleging that he was under investigation by the Economic and Financial Crimes Commission (EFCC) over financial transactions linked to Lagos State. In a statement issued yesterday by the special adviser to the president on information and strategy,…
Ogun, Nigeria — The Commissioner for Women Affairs and Social Development in Ogun state, Adijat Adeleye, on Thursday said that 33,530 women have received N536,480,000 in revolving grants under Oko’wo-Dapo to support their various business endeavours. Adeleye said that through the ministry’s skill acquisition programmes, no fewer than 5,000 women were equipped through training in…
Nigeria — The Naira appreciated to N1, 560 per dollar in the parallel market yesterday from N1,570 per dollar on Wednesday. However, the Naira depreciated to N1,540 per dollar in the Nigerian Foreign Exchange Market (NFEM). Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose…
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 – The United Nations Conference on Trade and Development (UNCTAD) has raised concerns over the increasing debt burdens faced by developing nations, warning that many are struggling under financial pressure. According to the agency, by 2023, external debt for developing countries had reached $11.4 trillion, nearly equaling their total export earnings. Nigeria’s debt is…
