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Nigerians are paying significantly higher electricity tariffs under the Band A classification framework but receiving far less than promised, as fresh data and consumer accounts from across the country expose a deepening crisis of service delivery, regulatory failure, and growing public frustration. Two years after the Nigerian Electricity Regulatory Commission (NERC) decoupled Band A feeders…
Gold opened the new trading week on a cautious note, slipping below the $4,700 mark as geopolitical tensions and expectations of a hawkish United States Federal Reserve continued to weigh on the precious metal’s recent recovery. The commodity fell 0.5 percent to $4,690 per ounce at the London stock market on Monday, according…
Nigeria’s capital market regulator, NGX Regulation Limited, has facilitated the recovery of more than N500 million for shareholders following the resolution of multiple complaints involving market operators, according to statements from the organization. The independent regulatory arm of the Nigerian Exchange Group announced its most significant breakthrough earlier this year when it secured the…
Nigerian ports are suddenly teeming with cars. New data from the Nigerian Ports Authority shows vehicle imports jumped to 58,870 units in the first quarter of 2026. This is a massive 67 per cent increase from the 35,262 units handled during the same period last year. The surge suggests that domestic demand is finally defying…
Eight vessels carrying approximately 164,000 metric tonnes of petroleum products are headed to Nigerian ports, according to the Daily Shipping Position obtained on Sunday, raising fresh questions about the country’s dependence on imported refined fuel despite the ongoing operations of the Dangote Petroleum Refinery. The incoming shipments comprise 82,000 metric tonnes of Automotive Gas…
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…
