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Dangote Refinery has reversed its recent fuel price adjustment, reducing the ex-gantry price of Premium Motor Spirit by ₦75 to ₦1,200 per litre, industry sources confirmed on Wednesday. The reduction comes weeks after the facility raised petrol prices to approximately ₦1,275 per litre, citing volatility in international oil markets that had elevated supply costs….
The Nigerian Naira opened trading on Wednesday, April 8, 2026, with modest appreciation against the United States Dollar at the Nigerian Foreign Exchange Market, even as the parallel market continued to trade at a significant premium. The divergence between official and unofficial exchange rates highlights persistent structural pressures within the domestic foreign exchange ecosystem….
The Dangote refinery has emerged as a critical energy lifeline for Africa as the conflict between the United States and Iran paralyses Middle Eastern shipping. Operating at its full 650,000-barrel-per-day capacity, the Lagos-based facility recently exported 17 cargoes of petrol to nations across West, Central, and East Africa. This surge in regional trade follows the…
The National Insurance Commission (NAICOM) has raised the minimum capital for national microinsurance firms to N3 billion. This sharp increase, contained in the 2026 licensing guidelines, seeks to force financial stability upon a sector designed to serve the poor. Previous requirements for national players stood at just N600 million. Regulators now demand a five-fold increase…
Cross-border onion trade between Nigeria and Ghana has ground to a halt following a suspension announced by the National Onion Producers, Processors and Marketers Association of Nigeria, citing persistent harassment of its members and the alleged seizure of onion-laden trucks at the Kotoku Market in Accra. The National President of NOPPMAN, Isa Aliyu, announced the…
The Federal Government has replaced luxury prizes with cold cash in its latest attempt to bolster small businesses. Through the 2026 National MSME Awards, the state will distribute more than N1 billion in grants to entrepreneurs across the country. Temitola Adekunle-Johnson, the President’s Senior Special Adviser on Job Creation and MSMEs, announced the shift in…
Africa’s payments giant, Flutterwave, has secured a Nigerian banking licence, marking a definitive end to its reliance on the “sponsorship model.” For years, the fintech functioned by partnering with established commercial banks to access clearing and settlement systems. This new regulatory milestone allows the company to hold deposits directly and internalise its financial value chain….
The Nigerian National Petroleum Company Limited has increased crude oil supply to the Dangote Petroleum Refinery to seven cargoes for May 2026, up from the five cargoes supplied in previous months, two trade sources and a refinery official told Reuters. The increase follows a directive to prioritise domestic crude supply and comes as the…
The Maritime Academy of Nigeria (MAN) expects to rake in N24.01 billion in the 2026 fiscal year. Acting Rector Kevin Okonna presented this ambitious roadmap to the House of Representatives on Wednesday. The projection rests heavily on statutory support from the Nigerian Maritime Administration and Safety Agency (NIMASA). This single source should provide N13.33 billion,…
The Central Bank of Nigeria (CBN) has formally announced the conclusion of its 24-month banking sector recapitalisation programme, with participating lenders raising a combined N4.65 trillion in fresh capital. Domestic investors accounted for 72.55 per cent of the total funds raised, contributing approximately N3.37 trillion, while international investors supplied the remaining 27.45 per cent,…
