In a major development for Nigeria’s energy sector, the Dangote Petroleum Refinery has announced it will commence nationwide distribution of Premium Motor Spirit (PMS) and diesel starting August 15, 2025. The announcement was made in a statement released Sunday, revealing the deployment of 4,000 brand-new Compressed Natural Gas (CNG)-powered tankers to facilitate fuel distribution across…
ABUJA- JUNE 14, 2025. In a bold move to strengthen Nigeria’s banking sector, the Central Bank of Nigeria (CBN) has directed all banks under regulatory forbearance to temporarily suspend dividend and bonus payments to their foreign subsidiaries and ventures. This was announced in a circular released on Friday and signed by the CBN Director of…
Nigeria’s petrol import bill has seen a dramatic reduction in the first quarter of 2025, dropping to ₦1.76 trillion from ₦3.81 trillion recorded in Q1 2024 — a year-on-year decline of over ₦2 trillion. According to the latest foreign trade report by the National Bureau of Statistics (NBS), this marks a significant 54% decrease and…
A new report by Proshare has revealed that only two Tier 1 Nigerian banks — Zenith Bank and Access Holdings Plc (AccessCorp) — have successfully met the N500 billion recapitalisation target mandated by the Central Bank of Nigeria (CBN) for banks with international operating licences. The report, titled “Tier 1 Banks Report: Getting Bigger, Braver,…
The Nigerian Minister of Aviation and Aerospace Development, Festus Keyamo (SAN), has launched a formal investigation into the recent clash between leading Nigerian airline Air Peace and Senator Adams Oshiomhole, who represents Edo North in the National Assembly. In a statement posted to his official X (formerly Twitter) account on Friday, Keyamo confirmed that he…
Billionaire industrialist Aliko Dangote has officially announced his retirement as Chairman of the Board of Dangote Sugar Refinery Plc, marking the end of a historic 20-year leadership in one of Nigeria’s leading manufacturing companies. According to a statement released on Wednesday by the company’s secretary, Temitope Hassan, Dangote’s retirement will take effect from June 16,…
There was tension at Murtala Muhammed Airport Terminal 1 in Lagos on Wednesday morning as Senator Adams Oshiomhole, former Governor of Edo State and current Senator representing Edo North, clashed with Air Peace airline officials over what he described as passenger exploitation and flight mismanagement. Oshiomhole, speaking to Vanguard, narrated how he and several other…
The Central Bank of Nigeria (CBN) has firmly denied reports suggesting an extension of the recapitalisation deadline for Bureau De Change (BDC) operators to December 31, 2025. In a statement issued on Wednesday, the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, clarified that the official deadline remains June 3, 2025, as earlier announced…
The World Bank has downgraded its 2025 global economic growth forecast, citing rising trade tensions and increasing global economic uncertainty fueled by U.S. President Donald Trump’s protectionist policies. In its latest Global Economic Prospects report released on Tuesday, the World Bank cut its global GDP growth projection from 2.7% (January estimate) to 2.3%, marking one…
Top Nigerian economist and Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, has projected that the naira will trade within N1,600–N1,650/$ in the near term. Rewane shared this insight during the June 2025 Lagos Business School Breakfast Session, where he delivered a mid-term economic review of the current administration. According to Rewane, the Nigerian…
