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Dangote Revives Olokola Seaport Project in Ogun State

May 20, 2026
Dangote Group has activated plans for the Olokola Seaport project in Ogun State as part of efforts to strengthen industrial logistics, export operations, and maritime infrastructure in Nigeria. The development signals renewed investment activity around the Olokola Free Trade Zone after years of limited progress on the project. President of Dangote Group, Aliko Dangote, disclosed...
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SEC Confirms T+1 Settlement Cycle for Capital Market

May 20, 2026
Nigeria’s capital market will officially transition to a T+1 settlement cycle from June 1, 2026, following a directive issued by the Securities and Exchange Commission, SEC. The commission said the migration forms part of broader efforts to modernise market operations, improve liquidity, strengthen risk management, and align Nigeria’s financial market with international standards. Under the...
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Nigeria Oil Exploration Falls 41.7% as Rig Count Drops

May 20, 2026
Nigeria’s oil exploration activities declined by 41.7 percent in April 2026 following a sharp drop in upstream drilling operations and investment activities, according to the latest report released by the Organization of the Petroleum Exporting Countries, OPEC. The report showed that Nigeria’s active rig count fell from 17 in March to 12 in April 2026....
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NEITI Raises Alarm Over Illicit Financial Flows in Mining Sector

May 15, 2026
The Nigeria Extractive Industries Transparency Initiative, NEITI, has raised concerns over rising illicit financial flows in Nigeria’s solid minerals sector, warning that illegal mining, weak regulation, and opaque ownership structures are undermining the industry’s economic potential. The agency said the growing activities threaten revenue generation, weaken transparency, and fuel criminal operations within mining communities. In...
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Dangote Refinery Faced Mafia Resistance, Says Aliko Dangote

May 15, 2026
President of the Dangote Group, Aliko Dangote, has disclosed that the Dangote refinery faced strong resistance from powerful interests within Nigeria’s oil sector during its development phase. He said some fuel importers and entrenched business groups attempted to frustrate the $20 billion refinery project because it threatened existing import-dependent trade structures. Dangote made the remarks...
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Customs Hands Over Illicit Substances Worth N16.7bn to NDLEA

May 15, 2026
The Nigeria Customs Service, NCS, Tin Can Island Port Command has handed over seized illicit substances valued at N16.7 billion to the National Drug Law Enforcement Agency, NDLEA, following a joint intelligence-led operation at the Lagos port. The interception involved a container loaded with Cannabis Indica imported into Nigeria through the seaport system. Speaking during...
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Ecobank $3bn commitment strengthens intra-African trade growth

May 14, 2026
Ecobank Group has announced a Trade finance commitment of $3 billion over the next three years to support intra-African and global trade expansion. The bank said the Trade finance commitment will help improve access to liquidity, strengthen value chains, and boost cross-border commercial activity across Africa. The announcement was made during the Africa Forward Summit...
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Invest Lagos 3.0 Targets N4trn Investment Inflows

May 14, 2026
Lagos State Government will host the third edition of Invest Lagos Summit in June, targeting over N4 trillion in investment inflows from local and foreign investors. The summit, tagged “Invest in Lagos 3.0,” is expected to strengthen Lagos’ position as a leading investment destination in Africa. The two-day summit will hold from June 8 to...
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SEC Says Data, AI Technology Will Shape Investment Decisions

May 14, 2026
The Securities and Exchange Commission, SEC, has stated that data, artificial intelligence, and digital technology will increasingly shape investment decisions in Nigeria’s financial markets. The commission said emerging technologies would improve market access, expand financial inclusion, and support smarter investment practices across different income groups. Director-General of the SEC, Emomotimi Agama, made the remarks while...
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Nigeria Oil Output Rises Slightly Below OPEC Quota

May 14, 2026
Nigeria’s oil output increased marginally in April 2026 but remained below the production quota allocated by the Organization of the Petroleum Exporting Countries, OPEC. Latest figures released by OPEC showed that Nigeria produced 1.489 million barrels per day, bpd, in April, compared to 1.383 million bpd recorded in March. Despite the improvement, the country still...
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Reps Probe N432bn Oil Revenue Debt Owed to NMDPRA

September 10, 2026
The House of Representatives Public Accounts Committee, PAC, has commenced an investigation into outstanding oil revenue debt owed to the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, by the Nigerian National Petroleum Company Limited, NNPCL, and oil companies. The liabilities under investigation have been put at N432.07 billion. The probe followed findings contained in...

Reps Probe N432bn Oil Revenue Debt Owed to NMDPRA

September 9, 2026
The House of Representatives Public Accounts Committee, PAC, has commenced an investigation into an oil revenue debt of N432.07 billion owed to the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, by the Nigerian National Petroleum Company Limited, NNPCL, and oil companies. The investigation followed findings contained in the Auditor-General’s annual audit reports, which identified...

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