By Ajibola Olarinoye The Centre for the Promotion of Private Enterprise, the CPPE is basically giving a standing ovation to Olayemi Cardoso, the Governor of the Nigeria’s Central Bank, for what they say has been a pretty wild two-year ride. They’re hyped about naira stabilizing (well, sort of), the FX market looking less like the…
By Ajibola Olarinoye Nigeria’s crude oil import game has seriously leveled up— a jump of over 26% in the first half of 2025. That’s 5.6 million metric tons, up from 4.4 million last year. Wild, right? And yeah, you can pretty much thank the Dangote Refinery for that. This beast of a plant (650,000 barrels…
By Ajibola Olarinoye Dangote Refinery and DAPPMAN—basically the big shots in Nigeria’s oil scene—are at each other’s throats over this mind-blowing N1.5 trillion fuel subsidy mess. Dangote’s $20 billion mega-refinery (the one churning out 650,000 barrels a day) drops a statement basically calling out DAPPMAN for trying to hustle the government into coughing up a…
By Ajibola Olarinoye Aliko Dangote, who is basically running the Dangote Refinery says he’s not exactly sugarcoating his thoughts on the Ajaokuta Steel Company. The man straight-up said it’s a lost cause. He’s got this pretty blunt view: if you’re dreaming about a strong nation but your steel industry is basically a pile of old…
The formation of new enterprises in Nigeria has been experiencing a downward trajectory over the past three years, as unveiled by a recent report. The 2024 State of Entrepreneurship (SoE) Report, freshly launched by Fate Foundation, a non-profit organization driven by the private sector, reveals that the business birth rate in Nigeria plummeted to 24…
On Friday, the Naira made a commendable comeback against the dollar in the official foreign exchange arena, concluding the week on a positive note. Data from the Central Bank of Nigeria indicated that the Naira appreciated on Friday to N1,501.5 per dollar, a rise from the N1,502.13 recorded on Thursday. This signifies a modest daily…
Effective January 1, 2026, all Nigerian citizens and foreign residents will be mandated to secure a Tax Identification Number, commonly known as Tax ID, to establish or manage bank accounts. This significant development emerged from the ratification of the Nigeria Tax Administration Act, 2025, which was recently signed into law by President Bola Tinubu. According…
Following Oracle’s astonishingly impressive earnings report on Tuesday evening, Ellison’s fortune skyrocketed by an astounding $101 billion, elevating his wealth to $393 billion, thereby eclipsing Musk’s net worth of $385 billion, as reported by Bloomberg. Oracle (ORCL) unveiled an unprecedented surge in demand for its data center capabilities from its AI clientele, which catapulted the…
Profit-taking actions have continued on the Nigerian Exchange Limited (NGX), where, for the fourth consecutive week, the equities market has witnessed pronounced losses. The principal performance barometer, the NGX All-Share Index (ASI), reflected a Week on Week (WoW) decline of 0.9%. Throughout the reviewed week, the Index experienced downturns in three out of the four…
The esteemed Nigerian financial institution, First Bank, has announced a notable service disruption on Thursday. The bank conveyed this information in a notice published on its X account. It indicated that the disruption has impacted its online services, including the FirstMobile app, FirstOnline platform, and Unstructured Supplementary Service Data (USSD). First Bank assured its patrons…
