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Chairman of BUA Cement, Abdul Samad Rabiu, has emerged as Africa’s second-richest individual, according to the latest Bloomberg Billionaires Index released on May 7, 2026. Reports indicate that Rabiu’s net worth climbed to $19.1 billion, placing him behind Africa’s richest man, Aliko Dangote. The development means Rabiu has overtaken South African billionaire Johann Rupert, whose fortune reportedly dropped to $17.7 billion. According to reports, Rabiu’s wealth has increased significantly this year, rising by approximately $8.88 billion since the beginning of 2026. His position on the global rich list also improved, moving him to 138th among the world’s wealthiest individuals. The businessman’s fortune reportedly stood at $15.9 billion just a week earlier, reflecting rapid growt...

Dangote Refinery has reversed the earlier announced ₦75 increase in the depot price of Premium Motor Spirit. The refinery decided to bring the price back to ₦1,275 per litre instead of N1,350 as earlier announced. Earlier on Wednesday, May 6, the refinery increased the price of its Premium Motor Spirit – the third upward adjustment within a week. The development forced marketers to immediately adjust their pricing templates before the refinery reversed the price hike. Recent hike in the price of petrol has been linked to the ongoing conflict in the Middle East, between the United States-Israel and Iran.

The exchange rate between the US dollar and the Nigerian naira in the parallel market, commonly known as the black market (Aboki FX), has been outlined for May 5, 2026. According to Bureau De Change (BDC) sources in Lagos, the dollar was sold at ₦1,400 and bought at ₦1,385 in the black market on Tuesday. Black Market (Parallel Market) Rates Selling Rate: ₦1,400 Buying Rate: ₦1,385 Meanwhile, the official rates from the Central Bank of Nigeria (CBN) showed a slightly lower range: CBN Official Rates Highest Rate: ₦1,370 Lowest Rate: ₦1,362 It is important to note that the CBN does not recognise the parallel market and advises individuals seeking foreign exchange transactions to go through authorised banks. Rates may also vary depending on location and market...

Founder and Group Chairman of Zenith Bank, Jim Ovia, has officially retired after completing his tenure in line with regulatory guidelines. The bank confirmed his exit in a corporate notice released in Lagos on May 5, 2026, stating that Ovia had reached the maximum 12-year tenure allowed under corporate governance rules for financial holding companies, non-interest banks, and payment service banks in Nigeria. According to the statement, Ovia played a pivotal role in shaping the bank’s growth and success. The Board commended his leadership, noting that his strategic vision, strong oversight, and commitment to high governance standards greatly strengthened the institution’s reputation and standing within the financial services industry.

The latest update on the dollar-to-naira exchange rate shows continued activity across both the parallel market and official channels. Black Market (Parallel Market) Rates As of Monday, May 4, 2026, traders in Lagos’ parallel market (commonly referred to as Aboki FX) are selling one US dollar at ₦1400 and buying at ₦1385, based on information from Bureau De Change (BDC) operators. Official CBN Rates According to the Central Bank of Nigeria, the official exchange rate for the dollar ranges between ₦1362 (lowest) and ₦1374 (highest). The apex bank continues to distance itself from the black market, advising individuals and businesses seeking foreign exchange to transact through authorized financial institutions. It’s important to note that forex rates may vary slightly depe...

Nigerian billionaire, Femi Otedola, has dismissed reports alleging that he financed the Dangote Petroleum Refinery, describing the claims as entirely false and misleading. In a statement issued on Monday, Otedola clarified that he has not invested any funds in the refinery. He explained that, contrary to the circulating reports, he has only expressed interest in securing a special allocation to participate in the refinery’s upcoming public offer. “Claims that I funded the Dangote Petroleum Refinery are completely untrue. I have not invested a single kobo,” he stated. No Funding Request from Aliko Dangote Otedola also refuted suggestions that the President of the Dangote Group, Aliko Dangote, sought financial support from him or other top Nigerian businessmen. According to ...

What is the current Dollar to Naira rate at the black market, also known as the parallel market (Aboki FX)? Here’s a breakdown of the exchange rates recorded on May 3, 2026. Individuals looking to exchange dollars for naira may find the following rates applicable at the Lagos parallel market. At the black market, Bureau De Change (BDC) operators were buying one dollar at ₦1,385 and selling at ₦1,400 on Sunday. It is important to note that the Central Bank of Nigeria (CBN) does not officially recognise the parallel market and has advised individuals seeking foreign exchange to transact through authorized banks. Black Market Rates (USD to NGN): Buying Rate: ₦1,385 Selling Rate: ₦1,400 CBN Official Rates (USD to NGN): Highest Rate: ₦1,378 Lowest Rate: ₦1,370 ...

Nigeria’s Federal Executive Council (FEC), chaired by President Bola Tinubu, has approved the creation of a Nigeria Aircraft Leasing Company as part of efforts to strengthen the country’s aviation sector. Minister of Aviation and Aerospace Development Festus Keyamo said the new entity will operate as a Special Purpose Vehicle (SPV), fully funded by private investors and run on a commercial basis, with no direct financial obligation on the federal government. According to the minister, the government’s role will primarily involve providing sovereign guarantees to international aircraft lessors and manufacturers. This is expected to reduce investment risks by assuring asset repossession in case of default, thereby making it easier for local airlines to access aircraft. He added that...

Nigerian airline Air Peace has issued an official explanation for the disruption of its London Gatwick to Lagos flight, following public criticism by popular Nollywood actress and producer, Funke Akindele.    In a statement issued on Friday, the airline’s spokesperson, Osifo-Whiskey Efe, revealed that the incident was caused by a bird strike on the aircraft scheduled for the London (Gatwick)–Lagos service.  Nigeria travel guide The affected aircraft was immediately grounded for comprehensive safety inspections and engineering checks in compliance with international aviation safety protocols.   “We wish to inform our esteemed passengers that our London (Gatwick) - Lagos service today experienced a bird strike. In line with standard safety pr...