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The Centre for the Promotion of Private Enterprise has warned that Nigerian businesses face mounting existential threats from the current surge in global energy prices, driven by escalating geopolitical tensions in the Middle East that have pushed crude oil to $100 per barrel and refined fuel above N1,000 per litre. In an advisory note…
Japan has commenced the release of its strategic petroleum reserves in response to a coordinated global effort by International Energy Agency member states to stabilize oil markets following price surges triggered by escalating conflict in the Middle East. The Japanese government confirmed the drawdown on Monday through an official notice published in the government…
Nigeria has ended the era of “paper oil” by enforcing strict relinquishment rules for exploration licences. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed that operators must now develop assets or lose them. This “drill-or-drop” provision, enshrined in Section 94 of the Petroleum Industry Act, targets companies that previously held blocks for decades without investment….
Nigeria’s tax landscape is undergoing a fundamental restructuring aimed at relieving low-income earners while tightening the net on high-net-worth individuals and corporate profits. Speaking at the 2026 BusinessDay Tax Conference in Lagos, Adesokan of the Joint Revenue Board (JRB) revealed that the reforms seek to stop “taxing poverty.” The new regime consolidates a fragmented library…
The National Insurance Commission (NAICOM) has commenced the rigorous verification of 20 insurance companies as the industry races toward a July 30, 2026, recapitalisation deadline. To ensure the process remains beyond reproach, the regulator has hired “Big Four” global firms, PricewaterhouseCoopers, KPMG, Deloitte, and Ernst & Young, to audit the financial standing of these firms….
Tehran’s military command has issued one of its starkest warnings since the outbreak of the US-Israeli war on Iran, declaring that it will block all oil shipments through the Strait of Hormuz destined for the United States, Israel and their allies, and warning that crude prices could climb to $200 per barrel. The declaration,…
Global oil markets swung sharply upward on Wednesday, recovering five per cent after a brief retreat to $88 per barrel the previous day, as the conflict involving the United States, Iran, and Israel continued to drive volatility across energy markets and its consequences rippled directly into Nigeria’s fuel economy. Brent crude climbed to $92.43…
The Central Bank of Nigeria has extended the deadline for commercial banks to automate their anti-money laundering systems. Lenders now have 18 months to meet these baseline standards, while smaller financial institutions have two years. This shift moves the goalposts from a previously proposed 12-month window. The apex bank wants every transaction under its watch…
The Nigerian Exchange Limited closed Tuesday in negative territory, as investors moved to lock in gains from a sustained rally, triggering a broad sell-off that reversed Monday’s advances and shaved nearly three-quarters of a trillion naira from the market’s total value in a single session. The benchmark All-Share Index fell by 1,130.87 points, settling at…
Generative artificial intelligence is poised to reshape global labour markets, but new data from the International Labour Organisation confirms that women will bear a disproportionate share of the disruption, with female-dominated occupations facing nearly twice the exposure risk of male-dominated roles. The findings, published in the research brief titled “GenAI, Occupational Segregation and Gender…
