Business

Nigerian banks and their customers lost a combined N134.48 billion to fraud between 2020 and 2025, according to data contained in the Central Bank of Nigeria’s (CBN) Nigeria Payments System Vision 2028 report. The report revealed that fraudsters attempted to steal a total of N187.79 billion during the six-year period, with N134.48 billion successfully lost across the country’s banking and payment ecosystem. The losses occurred across multiple transaction channels, including over-the-counter banking services, Automated Teller Machines (ATMs), cheques, e-commerce platforms, internet banking, mobile banking applications, Point of Sale (POS) terminals and other electronic payment systems. The figures highlight the growing security challenges facing Nigeria’s expanding digital payments se...

Dangote Refinery backed MRS filling station has reduced the pump price of its premium motor spirit, PMS . A market survey by DAILY POST on Friday showed that the petrol retail outlet has adjusted its pump price to N1,241 down from N1,317 per litre – in Abuja and its environs. This means that the filling station cut its petrol price by N76 per litre, or 5.77 per cent. The development comes three days after Dangote Refinery reduced its petrol gantry price by N75 per litre after crude oil prices fell to below $80 per barrel. Meanwhile, Nigerian National Petroleum Company Limited, Ranoil, AA Rano, Empire Energy and other filling stations in the nation’s capital have failed to cut their petrol pump prices despite the drop in crude oil prices and Dangote Refinery’s gantry f...

Growing tensions sparked by anti-immigrant protests in South Africa have renewed calls for stronger economic integration across Africa, with MTN Group Chief Executive Officer Ralph Mupita urging governments and citizens to embrace unity rather than division. Speaking in an interview with Bloomberg, Mupita addressed concerns surrounding the backlash against South African businesses operating in other African countries amid rising public anger over migration-related issues. He emphasized that many large African corporations have evolved beyond their countries of origin and now operate as truly pan-African enterprises. According to Mupita, MTN derives less than 20 percent of its earnings from South Africa, while more than 80 percent comes from operations in...

The Federal Government has released guidelines to steer Nigeria’s transition to a new tax regime. The guidelines, released on Thursday by the Ministry of Finance, are expected to guide taxpayers, revenue agencies, tax consultants and other stakeholders through the transition period. The government said the framework addresses key issues surrounding the implementation of the new tax laws, particularly on matters involving existing tax obligations, ongoing audits, pending disputes, tax incentives and transactions that may overlap between both regimes. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, while speaking on the development, said the guidelines were designed to ensure a smooth transition without creating uncertainty for taxpayers or...

Oil prices fell further below $80 per barrel on Thursday, June 18, after the United States and Iran signed a peace agreement aimed at ending the conflict between the two countries and reopening the strategically important Strait of Hormuz. Benchmark Brent crude dropped by 2% to $77.90 per barrel, after briefly falling to $77.10 during trading. The decline followed confirmation from Pakistan’s Prime Minister, Shehbaz Sharif, who said leaders of both countries had signed the agreement, paving the way for the immediate reopening of the Strait of Hormuz and the lifting of the US naval blockade. According to Sharif, “Iran will instantly reopen the Strait of Hormuz and the United States of America will immediately lift the naval blockade.” Although a formal signing ceremony is scheduled to...

Ukraine has launched its largest drone offensive on Moscow in two years, according to Russian state-run news agency TASS, in an attack that damaged infrastructure, caused fires, and sent debris raining down in areas across the capital region. Air defenses shot down more than four dozen drones bound for the Russian capital overnight into Thursday, according to Moscow Mayor Sergei Sobyanin. While a massive assault for the capital, the barrage was part of a larger Ukrainian operation targeting a broad swath of Russia, with air defenses active across multiple regions. Flights at all major Moscow airports were temporarily suspended on Thursday, Reuters reported, citing the Russian aviation agency. Kyiv has been stepping up its targeting of Russian energy infrastructure in long-rang...

Today, Nigeria launched FreeTV, a national free-to-air digital television platform that will give households across the country access to digital television, more channels, clearer pictures, and Nigerian content without monthly subscription fees. The launch, announced by the State House, marks a significant milestone in the country’s Digital Switch-Over (DSO) programme and its transition from analogue to digital broadcasting, and is framed by the presidency as part of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises inclusion, access to opportunity, job creation, local enterprise, and the use of technology to improve everyday life for Nigerians. The platform offers access to over 100 national, regional and state channels spanning news, sports, movies, music...

The Nigerian Communications Commission (NCC) has initiated a review of interconnection tariffs for telecommunications operators, a move that could lead to increased call and SMS charges for subscribers nationwide. The review comes eight years after the last major assessment of the Mobile Termination Rate (MTR), the fee paid by one network operator to another when a call is completed on a different network. Current interconnection rates range between ₦3.90 and ₦4.70 per minute. Industry experts say adjustments to these rates could eventually impact retail pricing for consumers. However, the NCC maintains that the exercise is intended to ensure tariffs remain fair, cost-reflective, and aligned with current market realities. The announcement was made during a stakeholders’ consultati...

The Federal Government has denied media reports claiming it is considering new taxes on telecommunications services and petroleum products following the publication of the International Monetary Fund (IMF) Article IV Consultation Report on Nigeria. According to a statement released by the Head Information and Public Relations Unit, Ministry of Finance, Efe Ovuakporie, the Federal government said the reports misrepresented the content of the IMF report and did not reflect its policy direction. “The IMF Article IV Consultation Report contains the Fund’s assessment of Nigeria’s economy as well as recommendations for consideration by the authorities. Those recommendations do not amount to government policy and are not binding on Nigeria. Decisions on tax matters are taken through est...

Marketers of petroleum products say petrol prices may drop to about N1,200 per litre as the Dangote Petroleum Refinery leads efforts to reduce ex-depot rates. As crude prices continue to fall following a peace deal signed between the United States and Iran, the Dangote Petroleum Refinery has slashed its petrol gantry price by N75 per litre, from N1,250 to N1,175. This has prompted other depot owners to lower their prices to about N1,180, according to Petroleumprice.ng. However, filling stations have yet to adjust pump prices, as many still sell petrol at around N1,280, as observed on Tuesday. Marketers attribute this to the need to sell off old stock to avoid losses. In a circular to fuel marketers on Monday, the Dangote refinery said the price adjustment followed the de-es...