Business

The Central Bank of Nigeria (CBN) has imposed temporary restrictions on capital distributions, including dividends and bonuses, on Zenith Bank, other banks under its regulatory forbearance to support the retention of their internally generated funds and enhance their capital adequacy. The temporary restrictions and other measures announced by the apex bank are additional regulatory measures for a small group of…

Fidelity Bank on Tuesday denied reports that its Managing Director (MD) and Chief Executive Officer (CEO), Dr. Nneka Onyeali-Ikpe, allegedly paid a bribe of N5 billion to avoid detention by the police. This disclosure is contained in a press statement issued by Fidelity Bank, where it clarified that its Managing Director was asked to sign a N5 billion bail bond…

Vice President Kashim Shettima on Tuesday in Abuja opened the PPP Summit on behalf of President Tinubu. Shettima said the Federal Government would fast-track approvals for viable projects. The VP wrote in a social media post: “On behalf of my boss, President Bola Ahmed Tinubu, I today declared open the 2025 Nigeria Public-Private Partnership Summit, held at the State House…

A recent initiative by the Dangote Petroleum Refinery, which includes the distribution of Premium Motor Spirit (PMS) and diesel to marketers, petrol dealers, manufacturers, telecommunications companies, the aviation sector, and other large-scale users across the country, with free logistics support to enhance the distribution network, has the potential to reduce inflation, create employment opportunities, and lower the prices of petroleum…

By Kunle Sanni – Vice President Kashim Shettima has assured the global investment community that Nigeria is open for business and ready to partner with credible investors to bridge the country’s massive infrastructure deficit through strategic Public-Private Partnerships (PPPs). Shettima made this declaration on Monday while declaring open the 2025 Nigeria PPP Summit at the State House, Abuja. The event,…

The Group Chief Executive Officer of NNPC Ltd., Engr. Bashir Bayo Ojulari, represented by the Executive Vice President, Downstream, Mumuni Dagazau, on Monday received a delegation from the Independent Petroleum Marketers Association of Nigeria (IPMAN) led by the National President, Abubakar Maigandi Shettima Garima, on a courtesy visit to the NNPC Towers in Abuja. Discussions focused on the long-standing relationship…

By Kunle Sanni – The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has expressed strong opposition to Dangote Refinery’s plan to distribute petroleum products directly to retail outlets across the country, warning that the move could stifle competition and lead to massive job losses in the sector. Dangote Refinery, with a production capacity of 650,000 barrels per day,…

The Nigerian Exchange Limited (NGX) Banking Index, on Monday opened the week on a bearish note, dropping by four per cent to 1,169.74 basis points amid investors reaction to the Central Bank of Nigeria’s (CBN) directive suspending bank dividend payouts, director bonuses, and new foreign investments. Accordingly, the NGX ASI Month-to-Date and Year-to-Date returns moderated to +3.2per cent and +12per…

The Director General, Securities and Exchange Commission (SEC), Dr Emomotimi Agama has disclosed that the Commission is engaging with developers to co-create a framework for regulation of stablecoins. Agama who made this disclosure in a keynote speech at the 2025 Decentralised Finance (DeFi) in Lagos, said the Commission is not looking to fight with DeFi but is working to attract…

Based on the Consumer Price Index (CPI) data from the National Bureau of Statistics (NBS), Nigeria’s headline inflation eased by 74basis points to 22.97 per cent  in May 2025  from 23.71 per cent reported in April 2025. On a month-on-month basis, consumer prices moderated to 1.53 per cent from 1.86 per cent month-on-month (m/m) in  April 2025. Accordiing to NBS…