Business

Nigerian Billionaire and Africa’s Richest man, Aliko Dangote, has revealed why he abandoned his long-standing dream of buying Arsenal F.C., saying he chose instead to channel his resources into completing the $20 billion Dangote Refinery project. The billionaire industrialist made the disclosure during a recent podcast interview with Nicolai Tangen, CEO of Norges Bank Investment Management. Dangote said Arsenal was valued at approximately $2 billion at the time he was seriously considering a takeover, but ultimately concluded that investing in his refinery project was the wiser decision. “I’m a big Arsenal fan, yes, I nearly bought the team,” Dangote said. “When I was focused on buying Arsenal, I was also focus on the refinery get to its completion. At the time, Arsenal was wor...

Global music icons Madonna, Shakira, and BTS have been confirmed as headline performers for the first-ever Super Bowl-style half-time show at a FIFA World Cup final. The highly anticipated performance is set to take place on July 19 in New Jersey, where the final match of the 2026 FIFA World Cup — jointly hosted by the United States, Canada, and Mexico — will be played. According to BBC Sport, the show is expected to last around 11 minutes, although discussions are reportedly ongoing about extending it closer to FIFA’s permitted 15-minute half-time limit. The initiative marks the first time a FIFA World Cup final will feature a large-scale entertainment spectacle of this nature, introducing an American-style half-time production to football’s biggest global event. FIFA presiden...

President of the Dangote Group, Alhaji Aliko Dangote, has revealed that they turned down offers from the Nigerian National Petroleum Company Limited (NNPCL), to increase its 7.25% stake in the Dangote Petroleum Refinery. Dangote was speaking in an interview with the Chief Executive Officer of the Norwegian Sovereign Wealth Fund, Nicolai Tangen. According to him, the NNPC’s offer to increase its 7.25% stake in the refinery was rejected because the company is planning to go public and give other Nigerians the opportunity to own shares in the plant. It was reported that in 2021, the NNPC acquired the 7.25% stake in the refinery for $1bn, with an option to acquire the remaining 12.75% stake by June 2024.But the national oil firm reneged on its decision. Dangote said: “Actually, if ...

The Nigerian Medical Association, NMA, Akwa Ibom State Council, has concluded plans to initiate a one billion naira suit against the Economic and Financial Crimes Commission, EFCC, over the alleged assault of its member, Professor Eyo Ekpe, a Professor of Cardiothoracic Surgery at the University of Uyo Teaching Hospital, UUTH. This was among the 10 resolutions reached by the body at the end of its emergency virtual meeting on Tuesday in respect of the arrest and alleged assault of Professor Ekpe by the commission. Recall that EFCC operatives, on the grounds of authenticating a medical report presented by a suspect, were said to have invaded the hospital and subsequently arrested Prof. Ekpe under demeaning circumstances. It was gathered that when the professor was accosted by the o...

May 13, 2026 9:32 am The United States is projected to remain the world’s largest economy in 2026 with a gross domestic product estimated at $32.1 trillion, according to new global economic forecasts obtained from Focus Economics on Wednesday. The U.S. continues to lead global output through dominance in technology, finance, healthcare, and advanced manufacturing. Growth in artificial intelligence, healthcare innovation, and high-value industries has further widened its lead over other major economies in recent years. The top 10 world economies ranked in numbers 1. United States — $32.1 trillionThe United States remains the world’s largest economy, accounting for over a quarter of global output in nominal terms. Its economy is highly diversified, with Silicon Valley dri...

Famous Nigerian actor Alex Ekubo has sadly died. Family sources say he passed away yesterday Monday, May 11, after a battle with Cancer. He was 41 years old. His whereabout has been of concern to many as he has been off social media for a long time. His last post on social media was in December 2024. Alex was famous for his versatility as an actor as well as his good looks. May his soul rest in peace, Amen!

The Federal Government has stepped up engagement with the World Bank for a fresh $1.25bn loan to support economic reforms, job creation, and competitiveness, as findings by The PUNCH showed that the facility has reached a critical stage in the lender’s approval process. The proposed loan, titled Nigeria Actions for Investment and Jobs Acceleration, is expected to be presented for approval on June 26, 2026, about six months and 21 days before the January 16, 2027, presidential election, according to the revised timetable of the Independent National Electoral Commission. If approved, the loan will rank as the second-largest single World Bank facility secured under President Bola Tinubu, behind only the $1.5bn Reforms for Economic Stabilisation to Enable Transformation Development Polic...

The Dollar to Naira exchange rate at the black market, popularly known as the parallel market (Aboki FX), has been revealed for May 11, 2026. According to information obtained from Bureau De Change (BDC) operators in Lagos, the dollar exchanged at ₦1,400 for selling and ₦1,387 for buying on Monday, May 11, 2026. Current Black Market Dollar To Naira Rate: Dollar to Naira (USD to NGN)Black Market RateSelling Rate₦1,400Buying Rate₦1,387 Meanwhile, the Central Bank of Nigeria (CBN) maintains that it does not recognize the parallel market and has advised individuals seeking foreign exchange transactions to use authorized commercial banks. CBN Dollar To Naira Exchange Rate: Dollar to Naira (USD to NGN)CBN RateHighest Rate₦1,375Lowest Rate₦1,367 It is important to note that f...

The capital expenditure by 26 state governments plunged by N2.19tn within three months in the first quarter of 2026, raising concerns over slowing infrastructure development and worsening fiscal pressures as politics for next year’s elections intensifies. An analysis of quarter-on-quarter financial reports published on the official websites of the states showed that total capital expenditure fell by N2.20tn, representing a 58.1 per cent decline, from N3.79tn recorded in the fourth quarter of 2025 to N1.59tn in the first quarter of 2026. Similarly, a breakdown of state government expenditure between January and June 2025 showed that 31 states collectively spent N2.75tn, averaging N1.38tn on capital projects during the six-month period. The sharp contraction comes amid growing polit...

The Nigerian naira maintained a relatively stable position against the United States dollar on Monday, May 11, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market. Official data from the Central Bank of Nigeria’s exchange rate portal indicated that the NFEM rate settled around ₦1,361 per dollar. Throughout the trading session, the rate experienced minor fluctuations, moving between approximately ₦1,355 and ₦1,366 as supply and demand dynamics played out. In the parallel market, Bureau De Change operators in Lagos and Abuja were buying the dollar at approximately ₦1,385 and selling it within a range of ₦1,395 to ₦1,405. These figures varied slightly based on the transaction volume and specific location. Market analysts observe...