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The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued new petrol import licences to six firms, authorising the importation of 720,000 metric tonnes. This move, confirmed on May 6, 2026, signals a pivot in the federal government’s downstream strategy, which had recently prioritised domestic refining. The licensed companies Matrix, AA Rano, AYM Shafa,…
Rano Air has grounded flights on several key routes as the cost of aviation fuel becomes impossible to bear. The airline blames a 300 per cent spike in the price of Jet A1 for making these operations commercially unsustainable. It has not yet named the specific paths it is cutting from its schedule. This retreat…
Nigeria’s food price situation took another difficult turn in March 2026, with official government data showing sharp increases in the cost of staple food items, even as independent market checks suggest a significant gap between bureau figures and what consumers are actually paying. The National Bureau of Statistics, NBS, in its Selected Food Price…
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has issued a stark warning: Nigeria’s slow pace in onboarding new businesses is a direct threat to its economic competitiveness. During a high-level meeting in Abuja, Enefe Ekene, Chairman of RMAFC’s Investment Monitoring Committee, told the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, that the…
Zenith Bank has formally parted ways with its founder and group chairman, Jim Ovia, ending a remarkable three-and-a-half decade association that transformed the lender from a modest startup into one of Africa’s most profitable financial institutions. The bank disclosed the development in a corporate notice issued in Lagos on May 5, 2026, during its…
Central Bank of Nigeria Governor Olayemi Cardoso has issued a firm warning to bank directors and industry leaders, declaring that the apex bank will take decisive regulatory action against any institution where corporate governance failures are identified. Cardoso delivered the warning in a keynote address at the Chartered Institute of Directors induction ceremony in…
Nigeria’s equities market extended its winning streak to a fifth consecutive week, with the NGX All-Share Index leaping 7.33 per cent to close at 242,277.81 points but a sharp split in sectoral performance revealed that not all investors were sharing in the euphoria. Market capitalisation swelled by N10.66tn to reach N155.99tn, driven by aggressive…
The Nigerian National Petroleum Company Limited has taken a formal step towards reviving its long-troubled refining infrastructure, signing a Memorandum of Understanding with two Chinese companies for a potential Technical Equity Partnership aimed at completing and operating the Port Harcourt and Warri refineries. The agreement was signed on April 30, 2026, in Jiaxing City,…
Nigerian telecom operators are refusing to budge on the contentious N6.98 fee for bank transactions and data expiration rules. Gbenga Adebayo, chairman of the Association of Licensed Telecommunications Operators of Nigeria, argues that providers must get paid for every connection attempt. He compares his members to taxi drivers who expect a fare even if the…
Nigerian lenders are pulling back from the central bank’s safety net. Banks and merchant banks slashed their deposits with the Central Bank of Nigeria (CBN) by 28 per cent in April 2026. This retreat follows a decision by the Monetary Policy Committee to cut the headline interest rate to 26.5 per cent. Total deposits dropped…
