Business

Founder and President/Chief Executive of the Dangote Group, Aliko Dangote, has accused the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, of corruption, alleging that he spent $5 million on secondary school education for his children in Switzerland. Dangote made the allegation on Sunday during a media briefing […]

The Federal Inland Revenue Service (FIRS) says the memorandum of understanding (MoU) it signed with France’s Direction Générale des Finances Publiques (DGFiP) does not give France access to Nigerian taxpayers’ data or systems. The DGFiP (Directorate General of Public Finances) is an agency of the French government that plays a key role in public finance […]

The Dangote Petroleum Refinery has again reduced its petrol gantry price, slashing the ex-depot rate from N828 to N699 per litre. Real-time market data published on Petroleumprice.ng today showed that the refinery implemented another major downward review, cutting the Premium Motor Spirit benchmark price by N129 per litre, a 15.58 per cent reduction. An official […]

The Federal Government plans to borrow N17.89tn in 2026 to fund a widening budget deficit as revenue projections fall sharply below expenditure needs, according to the 2026 budget framework obtained from the Budget Office of the Federation. The borrowing requirement is driven by a larger fiscal deficit and a weaker revenue outlook, even though overall […]

Electricity available on Nigeria’s national grid dropped to 5128.50 megawatts as of October 2025, and according to recent national grid performance data released by the Nigerian Independent System Operator, the figure is a 12.32 percent drop when compared to the peak of 5,801.84 megawatts recorded on March 4th, 2025. This development showed that power supply has not […]

The Crude Oil Refinery Owners Association of Nigeria has appealed for calm in the ongoing dispute between the Dangote Refinery, Depot and Petroleum Products Marketers Association of Nigeria, warning that rivalry could derail Nigeria’s refining progress. In a statement issued in Lagos on Thursday and signed by its Chairman, Momoh Oyarekhua, the association urged both […]

The Dangote Petroleum Refinery and Petrochemicals Limited has suspended self-collection gantry sales of petroleum products at its facility with effect from Thursday, September 18, 2025, contained in a mail correspondence, which was signed by the Group Commercial Operations Department of the company. The directive aims to promote wider adoption of the refinery’s free delivery scheme […]

The Economic Community of West African States has announced plans to activate a 260,000-strong rapid deployment counter-terrorism brigade, with an annual funding requirement of $2.5bn.‎‎President of the Commission, Omar Touray, disclosed this at the 2025 African Chiefs of Defence Staff Summit in Abuja, with the theme “Combating Contemporary Threats to Regional Peace and Security in […]

Despite the fourth consecutive decline in the country’s inflation rate, Nigerians and businesses are yet to experience the much expected relief.‎‎News men reported that Nigeria’s inflation dropped to 21.88 percent in July from 22.22 percent in June. A decline has been the case since April 2025, when it stood at 23.7 percent on a month-on-month […]