Business

The Central Bank of Nigeria (CBN) has reduced its benchmark interest rate from 26.5 per cent to 23 per cent, marking a significant shift in its monetary policy direction. CBN Governor, Olayemi Cardoso, announced the decision on Tuesday following the conclusion of the Monetary Policy Committee’s (MPC) 307th meeting in Abuja. According to Cardoso, the […]

Nigeria’s banks are rapidly abandoning the traditional banking model, shutting down hundreds of branches and cash centres as customers increasingly move to digital and electronic channels. Data from the Central Bank of Nigeria show that banks closed a net 476 branches and cash centres between 2022 and 2025, cutting the country’s physical banking network by […]

The Dangote Petroleum Refinery and Petrochemicals FZE is set to offer shares to the Nigerian public, giving individuals an opportunity to become shareholders in one of Africa’s largest refineries. The public offer is expected to open on Monday, September 14, 2026, and close on October 13, 2026, subject to the final offer documents. The offer […]

• Manufacturers, bakers warn of crippling production costs • Workers, households caught in fresh cost-of-living squeeze• CORAN demands urgent action as diesel imports surge despite local refining capacity• Industrial growth plunges as energy costs bite Nigeria’s manufacturers are facing a fresh economic storm as diesel prices race towards ₦2,000 per litre, piling unbearable costs on […]

A major regulatory battle is brewing between the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Dangote Petroleum Refinery, with billions of dollars in investments and the future reach of Nigeria’s petroleum regulator potentially at stake. The NMDPRA is weighing its next legal move after a Federal High Court in Lagos barred the […]

The Central Bank of Nigeria (CBN) has elevated terrorism financing (TF) to a key area of supervisory attention as part of efforts to prevent the country’s financial system from being exploited for illicit activities. The apex bank disclosed the development in a statement signed by Hakama Sidi-Ali, Acting Director of the Corporate Communications and Investor […]

Billionaire businessman Aliko Dangote has thrown open the doors of his multibillion-dollar refinery to ordinary Nigerians, declaring that even drivers, cooks and other workers should have the opportunity to own a stake in the massive industrial project. Dangote made the declaration on Monday in Lagos as he formally signed the documents for the Initial Public […]

The Dangote Petroleum Refinery and Petrochemicals FZE is set to take a major step toward becoming a publicly traded company as its Initial Public Offering (IPO) signing ceremony takes place in Lagos on Monday. The ceremony, scheduled to bring together the refinery’s management, financial advisers and other key stakeholders, marks a significant milestone in the […]

The ride is over. After 12 years of moving passengers across Nigerian cities, global ride-hailing giant Uber has pulled out of Nigeria, shutting down its operations in the country effective Wednesday, September 2, 2026. The dramatic exit brings an end to a journey that began in Lagos in 2014 and went on to transform the […]

A Federal High Court in Lagos has restrained Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) from enforcing its directive suspending the loading and truck-out of petroleum products from Dangote Petroleum Refinery. Justice Akintayo Aluko issued the interim injunction on Monday in a fresh legal battle between the refinery and the petroleum regulator over NMDPRA’s […]

Chairman of BUA Group, Abdul Samad Rabiu, has welcomed the Consul General of the United Arab Emirates (UAE) in Lagos, Salem Aljaberi, in a meeting centred on strengthening bilateral relations and identifying fresh avenues for investment and economic cooperation. The meeting brought together two key figures to discuss the prospects for expanding business and investment […]

Nigerian motorists are facing fresh petrol-price uncertainty after the Dangote Petroleum Refinery raised its gantry price by ₦65 per litre, bringing the cost of petrol to ₦1,265 — the refinery’s third increase in just eight days. The latest adjustment has intensified fears of another round of pump-price increases as marketers grapple with rising supply costs. […]