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…
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…
The Federal Government has introduced the Electronic, Online, or Non-Traditional Consumer Lending Regulations (Consumer Lending Regulation) 2025 to tackle persistent grievances regarding the operations of Digital Money Lenders and Mobile Money Operators (MMOs), commonly referred to as loan sharks. Ondaje Ijagwu, the Director of Corporate Affairs at the Federal Competition and Consumer Protection Commission (FCCPC),…
The Presidential office declared on Wednesday that Nigeria’s fiscal standing has reached unprecedented heights, amassing N20.59 trillion in revenues from January through August 2025. The disclosed statistics indicate that these collections reflect a striking 40.5 per cent surge compared to N14.6 trillion during the equivalent timeframe in 2024, with non-oil revenue sources contributing an astounding…
