Business

The Nigerian Electricity Regulatory Commission (NERC) has sanctioned eight Distributing Companies (DisCos) for failing to comply with monthly energy caps for unmetered customers between July and September 2024. The affected DisCos include Abuja, Eko, Enugu, Ikeja, Jos, Kaduna, Kano, and Yola. The commission, in a statement on Thursday, said these DisCos have been fined over N628 million and must issue…

Nigeria’s private sector activity continued its upward trajectory in March 2025, with the Central Bank of Nigeria’s (CBN) Purchasing Managers’ Index (PMI) rising to 52.3 index points, up from 51.4 recorded in February 2025. The latest PMI data highlights a third consecutive month of expansion in business activity and new orders, driven by improving customer demand and increased commitment to…

The Securities and Exchange Commission (SEC) has disclosed that the nation may exit the grey list soon with the inclusion of digital assets regulation in the recently signed Investments and Securities Act 2025 by President Bola Tinubu. The  Director General of the SEC, Dr. Emomotimi Agama who stated this in an interview in Abuja Wednesday, said the inclusion of digital…

The Federal Government has overruled the former Group Managing Director, Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari decision on Naira-for-crude, stressing that the initiative with local refineries is not a temporary measure but a “key policy directive designed to support sustainable local refining”. The government also said the initiative is still in effect and will continue immediately. The…

The Central Bank of Nigeria (CBN) on Wednesday announced a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year, marking a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022.  The Acting, Director, Corporate Communication, CBN, Mrs. Sidi-Ali, Hakama in a signed statement stated that the improvement reflects the impact of…

The Chairman of NGX Group Plc, Dr. Umar  Kwairanga, on Wednesday vowed to shareholders that Dangote Refinery will be listed on the Exchange this year. “We are bringing the Dangote Refinery this year. I’m giving you my word,” he said this to shareholders at the NGX Group 64th Annual General Meeting (AGM) held in Lagos.  He boasted of doubling the…

The Nigerian Railway Corporation (NRC) has signed Memorandum of Understanding (MoU) with Plateau State Government to reopen and operate the Jos–Kuru rail corridor, aiming to boost regional transport infrastructure and stimulate economic activity. This landmark agreement, was signed in Lagos by the Plateau State Commissioner for Transportation, Mr. Jatau Davou, and NRC Managing Director, Dr. Kayode Opeifa to signifies a…

In an effort to position Nigeria as a global technology hub, the Federal Government of Nigeria, through the National Information Technology Development Agency (NITDA), would be collaborating with KAOUN International to host the world-renowned Gulf Information Technology Exhibition (GITEX) in Nigeria. This was made known at NITDA’s corporate headquarters in Abuja during the inauguration of the Local Organising Committee (LOC)…

Paschal Dozie, a doyen of banking in Nigeria and founder of Diamond Bank, is dead. According to Arise News on Tuesday morning, Dozie, who was the former chairman of MTN Nigeria, died at 85. He lost Diamond to Access Bank’s acquisition after the bank ran into troubled water under the leadership of his son, Uzoma Dozie. With a net worth…

The domestic equities market on Monday began the week on a bearish trend as investors’ investment down by N658 billion. The All Share Index (ASI) lost by 1,295.02 points, representing a loss of 1.23 per cent to close at 104,216.87 points. Also, market capitalisation shed N658 billion to close at N65.489 trillion. The overall downturn was impacted by losses recorded…