Business Archives - Page 17 of 23

Dangote Refinery Denies Importing Finished Petroleum Products, Calls Claims False and Misleading

February 5, 2026

Dangote Petroleum Refinery & Petrochemicals (DPRP) has denied reports suggesting that it imports finished petroleum products, describing the allegations as false and misleading, officials said at a media briefing. The clarification was issued during a press conference at the refinery in Lekki, Lagos. DPRP Chief Executive Officer and Managing Director, David Bird, said the refinery...

Net Forex Inflow to Nigeria Falls 18.3% to $48.1bn in Nine Months, CBN Data Shows

February 5, 2026

Net foreign exchange (FX) inflow into the Nigerian economy decreased by 18.3 per cent, falling to $48.1 billion in the nine months ended September 2025, from $58.8 billion in the corresponding period of 2024, data from the Central Bank of Nigeria (CBN) show. The decline stemmed from a 15 per cent year‑on‑year drop in total...

Nigeria’s Economic Activity Expands to 55.7 Index Points in January, CBN PMI Report Shows

February 5, 2026

Nigeria’s economic activity expanded in January 2026, with the Purchasing Managers’ Index (PMI) reaching 55.7 index points, the Central Bank of Nigeria (CBN) reported, indicating continued expansion in aggregate business activity across sectors monitored by the PMI survey. This figure was disclosed in the central bank’s January 2026 PMI report, a key indicator of economic...

Nigeria’s Telecom Market Expands as Subscribers Hit 179.6m

February 4, 2026

Total telecommunications subscriptions in Nigeria rose to 179.6 million by the end of January 2026, while teledensity (the number of active connections per 100 inhabitants) increased to 82.9 per cent, the Nigerian Communications Commission (NCC) said in its latest data release. The figures, contained in the NCC’s January 2026 Subscriber/Network Data report, show growth in...

Right‑of‑Way Bottlenecks Stall 624MW Abuja Power Scheme, TCN Says

February 4, 2026

The Transmission Company of Nigeria (TCN) has said right‑of‑way (RoW) bottlenecks are delaying progress on the 624-megawatt (MW) Abuja power transmission scheme, affecting the project’s implementation timeline, TCN officials confirmed. TCN said the project, designed to enhance network reliability and power evacuation capacity in Abuja and adjoining areas, has been impacted by challenges securing RoW...

UBA Group Appoints Loknath Mishra as Chief Executive Officer of UBA UK

February 4, 2026

United Bank for Africa (UBA) Group has appointed Loknath Mishra as the Chief Executive Officer of UBA UK, the bank said in a statement confirming the leadership change effective February 2, 2026. The appointment reflects the group’s ongoing focus on enhancing its international operations and financial services capabilities in the United Kingdom. In the announcement,...

Businesses Feel the Heat as Taxes and Fuel Costs Stall January Growth – NESG

February 4, 2026

Business growth in Nigeria slowed in January 2026, according to the latest Business Confidence Monitor (BCM) report by the Nigerian Economic Summit Group (NESG), which identified rising taxes and fuel price adjustments as key factors affecting commercial activity during the month. The BCM report, produced jointly by NESG and Stanbic IBTC, showed that overall business...

Businesses Buckle Under Debt as Defaults Push Bad Loans to ₦21.2tn

February 2, 2026

Nigerian banks are recording a significant increase in non-performing loans (NPLs) as defaults by businesses intensify, driving the total bad loans portfolio of the top eleven banks to ₦21.2 trillion by the end of the third quarter of 2025, financial data show. The surge reflects mounting financial stress among corporate borrowers amid tightening economic conditions....

FG Sets Target to Raise Manufacturing Share of GDP to 20–25% by 2030

February 2, 2026

The Federal Government has set an ambitious goal to increase the manufacturing sector’s contribution to Nigeria’s Gross Domestic Product (GDP) to between 20 per cent and 25 per cent by 2030, authorities said, as part of the imminent Nigerian Industrial Policy aimed at revitalising industrial growth. The announcement was made in Abuja on February 2,...

Dangote and NNPC Seal Strategic Gas Agreements to Support Expansion Projects

February 2, 2026

Dangote Industries Limited and the Nigerian National Petroleum Company Limited (NNPC Ltd) have finalised strategic gas supply agreements to support energy needs for the conglomerate’s major expansion projects, the parties said at a signing ceremony held alongside the launch of the NNPC Gas Master Plan (NGMP) 2026 in Abuja. Under the revised Gas Sales and...

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Oshiomhole Attacks Obi, Says Four Years Not Enough to Transform Nigeria

July 28, 2026

Former Edo State Governor and Senator Adams Oshiomhole has criticised the 2027 presidential ambition of Nigeria Democratic Congress (NDC) candidate Peter Obi, describing his promise to transform Nigeria within a single four-year term as unrealistic and driven by desperation. Speaking on Obi’s campaign promises, Oshiomhole questioned the former Anambra governor’s political consistency, arguing that his...

SERAP Drags NNPCL to Court Over Unexplained ₦211 Trillion Entries

July 26, 2026

The Socio-Economic Rights and Accountability Project (SERAP) has instituted legal proceedings against the Nigerian National Petroleum Company Limited (NNPCL) over what it describes as the company’s failure to properly explain ₦211 trillion recorded in its 2023 audited financial statements. The lawsuit, filed before the Federal High Court in Abuja, challenges financial entries listed as “Sundry...

Troops Rescue Five Relatives as Search for Abducted Zamfara LG Chairman Intensifies

July 26, 2026

Security forces have intensified efforts to rescue the Zamfara LG chairman, Hon. Nura Umar Abdullahi, after suspected terrorists abducted him during an overnight attack on his residence in Bungudu Local Government Area of Zamfara State. The Joint Task Force (North West), operating under Operation Fansan Yamma, confirmed in a statement issued on Saturday that the...

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Oshiomhole Attacks Obi, Says Four Years Not Enough to Transform Nigeria

SERAP Drags NNPCL to Court Over Unexplained ₦211 Trillion Entries

Troops Rescue Five Relatives as Search for Abducted Zamfara LG Chairman Intensifies

Kwankwaso Breaks Silence on Peter Obi’s One-Term Promise Ahead of 2027

Latest News

Dangote Refinery Denies Importing Finished Petroleum Products, Calls Claims False and Misleading

Net Forex Inflow to Nigeria Falls 18.3% to $48.1bn in Nine Months, CBN Data Shows

Nigeria’s Economic Activity Expands to 55.7 Index Points in January, CBN PMI Report Shows

Nigeria’s Telecom Market Expands as Subscribers Hit 179.6m

Right‑of‑Way Bottlenecks Stall 624MW Abuja Power Scheme, TCN Says

UBA Group Appoints Loknath Mishra as Chief Executive Officer of UBA UK

Businesses Feel the Heat as Taxes and Fuel Costs Stall January Growth – NESG

Businesses Buckle Under Debt as Defaults Push Bad Loans to ₦21.2tn

FG Sets Target to Raise Manufacturing Share of GDP to 20–25% by 2030

Dangote and NNPC Seal Strategic Gas Agreements to Support Expansion Projects

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Oshiomhole Attacks Obi, Says Four Years Not Enough to Transform Nigeria

SERAP Drags NNPCL to Court Over Unexplained ₦211 Trillion Entries

Troops Rescue Five Relatives as Search for Abducted Zamfara LG Chairman Intensifies

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