Economy
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Deregulation not licence for profiteering, Lokpobiri warns oil marketers
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, yesterday warned that the Federal Government would not tolerate profiteering in the downstream petroleum sector under the guise of deregulation, insisting that marketers must adjust petrol prices to reflect the recent decline in global crude oil prices. Speaking at a stakeholders’ meeting on cost-reflective pricing of Premium Motor Spirit…
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FCCPC to investigate Big Tech, AI platforms over copyright concerns
The Federal Competition and Consumer Protection Commission (FCCPC) has commenced an investigation into major global technology companies and Generative Artificial Intelligence (AI) platforms over allegations of anti-competitive practices, copyright infringement and the alleged exploitation of content belonging to Nigerian media organisations. The investigation follows a directive by President Bola Tinubu after a joint petition submitted to the Presidency by the…
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2025FY: Oando announces 7% drop in profit to N204.81bn
Oando Plc on Monday reported seven per cent to N204.81 billion profit after tax in audited result and accounts for full year ended December 31, 2025 as against N220.12 billion reported in audited result and accounts for full year ended December 31, 2024. The audited financial results, released to the Nigerian Exchange Limited (NGX) showed that the indigenous energy company…
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BREAKING: Tony Elumelu to retire as UBA chairman, bank names successor
United Bank for Africa Plc has announced that its group chairman, Tony Elumelu, will retire from the board of directors on August 21, 2026. The bank disclosed this on Monday during its board meeting, asserting that the process was necessary after the completion of the maximum 12-year tenure for non-executive directors prescribed by the Central Bank of Nigeria. The financial…
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Manufacturing , trade drive business activity in June 2026, says NESG
The Nigerian Economic Summit Group (NESG) has said Nigeria’s business activity remained in expansion territory for the sixth consecutive month in June as manufacturing and trade sustained growth despite persistent cost pressures, supply bottlenecks and insecurity. NESG’s June 2026 Business Confidence Monitor (BCM) showed that the current business performance index (CBPI) stood at 104.6 points, unchanged from May but below…
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Nigeria’s foreign reserves gain $1.88bn in June 2026
The Nigerian foreign reserves gained $1.88 billion or 3.2 per cent in June 2026 to $51.46 billion from $49.88 billion when it closed in May 2026. This is according to the latest data by the Central Bank of Nigeria (CBN). The data by CBN revealed that the country’s foreign exchange buffer for the first time in 2026 crossed the $51…
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Nigerian equities market to remain cautious this week, says analysts
Capital market analysts have expressed that investor sentiment on the equities market section is expected to remain cautious in the near term. They listed corporate earnings releases of the half year ended June 2026, developments in the foreign exchange market, FTSE latest reclassification update and macroeconomic policy signals as the major drivers. Speaking on equities market outlook, a group of…
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FG denies spending ₦8tn outside approved budget, dismisses ‘shadow budget’ claims
The Federal Government has dismissed claims that it spent more than ₦8 trillion outside the approved budget, describing reports suggesting the existence of a “shadow budget” as false and misleading. In a statement issued on Sunday, the Federal Ministry of Finance said recent public commentary alleging that about two per cent of Nigeria’s Gross Domestic Product (GDP), amounting to over…
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FG disburses ₦39.63bn to 24,814 DBS pensioners
The federal government has disbursed ₦39.63 billion to 24,814 eligible pensioners under the Defined Benefit Scheme (DBS), clearing several outstanding pension liabilities through the Pension Transitional Arrangement Directorate (PTAD). The payment, approved by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, covers outstanding pension obligations owed to retirees of the defunct Nigerian Telecommunications Limited (NITEL),…
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Shell launches $3bn finance scheme for local oil contractors
Shell Nigeria Exploration and Production Company Limited (SNEPCo) has partnered with nine Nigerian banks to establish a $3 billion contract finance facility aimed at improving access to funding for indigenous oil and gas contractors executing projects for the company. The financing initiative, unveiled on Thursday, will provide eligible local contractors with access to credit in both naira and United States…
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