Business

Tony Elumelu, founder of Heirs Energies, has emphasized the need for increased oil production to generate revenue for Nigeria’s economic diversification. Speaking at the 2025 Heirs Energies Petroleum Industry Leadership Forum on Thursday in Abuja, Elumelu highlighted the importance of massive investments in oil and gas to sustain industrialization and ensure energy security. “We cannot industrialize Africa, especially Nigeria, without…

A group of analysts at Cordros Research have hinted on the Nigerian Exchange Limited (NGX) equities market section to respond positively to the Monetary Policy Committee (MPC) members of the Central Bank of Nigeria (CBN) to pause interest rate or Monetary Policy Rate (MPR) hikes as investors assess the likelihood of policy easing in the medium term.  The MPC of…

…As Society celebrates 64 years of existence A research Director of the National Agency for Science and Engineering Infrastructure (NASENI), Engr. Dr. Samuel Olusunle has been conferred with the prestigious Fellow of Nigerian Mining and Geosciences Society (FNMGS), one of the oldest professional bodies in the history of Nigeria. The Nigeria’s late sage, Pan Africanist and President during the First…

The Governor, Central Bank of Nigeria (CBN) on Thursday revealed that Nigeria’s external reserves remained robust at $39.4 billion as of 14th February 2025, translating to an import cover of 9.6 months for goods and services.  Speaking after the first Monetary Policy Committee (MPC) meeting in 2025, Cardoso revealed that the Balance of Payments has remained strong with a positive…

The President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has praised former Head of State, Gen. Ibrahim Badamasi Babangida, popularly known as IBB, for implementing policies that liberated the private sector in Nigeria during his regime. Dangote made this statement on Thursday during the unveiling of the book “A Journey in Service”, the autobiography of the former Head…

The Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) has voted to hold all rates across board with the headline monetary policy rate (MPR) held at 27.5 per cent.  This was announced by the central bank governor, Yemi Cardoso, at the press briefing of the monetary policy committee on Thursday. Raise the MPR by 25 basis points to 27.50…

The Nigerian naira posted decent gains against the American dollar on the parallel foreign exchange market during the mid-week trading session, amid ongoing improved market sentiments in Nigeria’s capital market. Currency traders exchanged the naira at an average rate of N1,515 on Wednesday, up from N1,520/$ on Monday, representing a gain of N5 within a single day. The changing dynamics…

Aliko Dangote, Africa’s richest man, has announced a $400 million plan to revive a second production line at the Mugher cement plant in Ethiopia, aiming to double the facility’s annual capacity to three million tons. The Ethiopian plant that became operational in 2015 has faced challenges, including recurrent violence in the region, Bloomberg reported. This led to the vandalism of…

By Kunle Sanni The Federal Government has announced a ban on 60,000-litre fuel tankers from operating on Nigerian roads, effective March 1, 2025. Ogbugo Ukoha, Executive Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), made the announcement after a meeting with key stakeholders, including the Department of State Services (DSS), Federal Road Safety Corps (FRSC), and the…

The Nigeria Data Protection Commission (NDPC) on Wednesday announced that it is collaborating with the Nigerian Communications Commission (NCC) to strengthen data protection and privacy in Nigeria’s telecommunications sector.  The National Commissioner/CEO of the NDPC, Dr. Vincent Olatunji, inaugurated a joint working group between the NDPC and the NCC named, Data Protection in Telecommunications Working Group (DPTWG).  The group was…