Economy
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The Federal High Court in Lagos has struck out the N12.3bn fraud charge filed by the Economic and Financial Crimes Commission against the Chairman of Honeywell Group, Dr. Oba Otudeko, and three others, after the anti-graft agency formally withdrew the case on Wednesday. The EFCC had arraigned Otudeko, former First Bank Managing Director Olabisi Onasanya, […]
Global markets are treading cautiously ahead of a looming August 1 deadline for new US tariffs, as investors weigh the risk of fresh trade tensions alongside major corporate earnings announcements this week. Asian stocks were mixed on Tuesday. Gains in Tokyo, Hong Kong, Shanghai, and Sydney were offset by losses in Singapore, Seoul, Wellington, and […]
The naira weakened slightly against the dollar last week, closing at ₦1,532.34/$ at the Nigerian Foreign Exchange Market (NFEM), despite continued interventions by the Central Bank of Nigeria (CBN) and improvements in market liquidity. Data from the official window showed that the currency depreciated by 0.14 percent week-on-week. Although the naira started the week on […]
The Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi (SAN), has distanced the Federal Government from the recent acquisition of about 25 percent of FirstHoldCo shares, a transaction valued at ₦323.4 billion. A statement issued by the AGF’s Office on Friday dismissed claims circulating in the media that the deal was […]
The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate has dropped to 22.22 percent in June 2025, down from 22.97 percent in May. NBS announced the increase in its consumer price index (CPI) on Wednesday. “On a year-on-year basis, the Headline inflation rate was 11.97% lower than the rate recorded in June 2024 […]
The Ministry of Petroleum Resources has paid tribute to former President Muhammadu Buhari, describing him as a foundational figure in Nigeria’s oil and gas industry whose contributions continue to shape the sector. In a condolence message issued in Abuja on Monday, the Ministry expressed deep sorrow over Buhari’s death, which occurred on Sunday at a […]
Markets rallied on Tuesday following news that China’s economy grew by 5.2% in the second quarter of 2025, in line with forecasts and fuelled by a surge in exports. The official data, released by Beijing, offered a degree of stability amid ongoing global economic uncertainty and persistent trade threats from U.S. President Donald Trump. The […]
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has affirmed that the sweeping legal and regulatory reforms introduced by President Bola Ahmed Tinubu’s administration have laid a solid foundation for energy sector investment in Nigeria. Speaking during the Ministerial Session of the 9th OPEC International Seminar in Vienna, Lokpobiri urged the international community, […]
The President of the Dangote Group, Alhaji Aliko Dangote, has cast serious doubt on the future viability of Nigeria’s state-owned refineries in Port Harcourt, Warri, and Kaduna, describing them as a long-standing economic drain. Speaking on Thursday while hosting members of the Global CEO Africa from the Lagos Business School at the Dangote Petroleum Refinery […]
The National Agency for Food and Drug Administration and Control (NAFDAC) has uncovered a massive illegal operation involving the sale of fake chemicals, expired food flavours, unauthorised fertilisers, and repackaged pharmaceutical raw materials in the Alapere area of Ketu, Lagos. The agency, in a statement, disclosed that the operation led to the arrest of several […]
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