Business

The Central Bank of Nigeria (CBN) has reduced the interest rate or Monetary Policy Rate (MPR) by 50 basis points to 26.5 per cent from 27 per cent. The decision was taken at the 304th meeting of the Monetary Policy Committee (MPC) held in Abuja on Tuesday. The outcome was announced by the CBN Governor, Mr. Olayemi Cardoso, with 11…

The Minister of Aviation and Aerospace Development, Festus Keyamo, made an emergency overnight visit to the Murtala Muhammed International Airport (MMIA) following Monday’s fire outbreak at Terminal 1, the airport’s old international wing. The blaze, which began at about 3:30 p.m on Monday, reportedly started in the terminal’s IT server room within the five-storey building currently undergoing extensive renovation. The…

The Federal Airports Authority of Nigeria (FAAN) has confirmed the safe rescue of 14 persons initially trapped during a fire outbreak at Terminal 1 of the Murtala Muhammed International Airport, Lagos. In an update issued on Monday, FAAN said emergency response operations remain ongoing, with coordinated firefighting, rescue and safety teams continuing containment and recovery efforts at the affected facility.…

The Nigerian equities market on Monday started the week on surge investors demand for Okomu Oil Plc, to extend its winning streak to the fourth consecutive trading session with a gain of N805 billion. The All Share Index (ASI) gained by 1,273.79 basis points or  0.65 per cent to close at 196,263.56 basis  points. Also, market capitalisation up by N805…

NGX Regulation Limited (NGX RegCo), the independent regulatory arm of Nigerian Exchange Group, has issued an advisory to the investing public in response to notable price movements observed in the shares of certain listed companies over recent trading sessions. Issued as part of NGX RegCo’s standard market surveillance functions, the advisory serves as a measured reminder for investors to prioritize…

A fire broke out on parts of the fourth, fifth, and sixth floors of Murtala Muhammed International Airport Terminal One—the old terminal undergoing multibillion-naira renovations—in Lagos on Monday, triggering an emergency response and temporary flight disruptions. Eyewitnesses said the blaze started on one floor before spreading to adjacent sections, forcing evacuations as thick smoke filled the building. Air traffic controllers…

The Petroleum and Natural Gas Senior Staff Association of Nigeria has renewed its call for the Federal Government to divest majority shares in the nation’s state-owned refineries, recommending a structure similar to the Nigeria LNG model where government retains a minority stake while core investors hold controlling equity. The National President of PENGASSAN and the Trade Union Congress, Festus Osifo,…

The equities market section of the Nigerian Exchange Limited (NGX) gained 6.95 per cent in its Week-on-Week (WoW) performance last week over expected 2025 corporation filing by listed firms. Specifically, the NGX All-Share Index advanced 6.95 per cent WoW to close at 194,989.77 basis points. Similarly, the market capitalisation sold by N8.14 trillion to close the week at N125.164 trillion.…

Waziri Adio, founder and executive director of Abuja-based public policy think tank, Agora Policy, has commended Bola Tinubu for taking steps to address perceived shortcomings in the Petroleum Industry Act (PIA), while calling for further reforms to strengthen the law. Tinubu recently signed an executive order directing the direct remittance of oil and gas revenues to the federation account. The…

The Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, has reaffirmed the agency’s commitment to deepening its partnership with the Universal Basic Education Commission (UBEC) to boost digital literacy and expand access to technology in Nigeria’s basic education system. Inuwa spoke while receiving the UBEC management team, led by its Executive Secretary, Dr Aisha Garba, during…