Business

The Trade Union Congress of Nigeria (TUC) has warned that the price of Premium Motor Spirit (petrol) may rise to about ₦2,000 per litre if immediate steps are not taken to address the impact of rising global crude oil prices and the weakening naira. Speaking on Thursday, April 9, TUC President Festus Osifo called on the Federal Government to act swiftly by allocating 60% of excess crude oil revenue above the 2026 budget benchmark to subsidise crude supply for refineries, including the Dangote Refinery and other modular plants. He noted that this move could reduce petrol, diesel, and jet fuel prices within weeks. Osifo expressed concern that petrol prices are already approaching ₦2,000 per litre in some parts of the country, placing severe strain on Nigerian workers. He explained that...

Nigeria’s Bonny Light crude oil price has declined sharply by 14.2 percent, falling to $94.41 per barrel from $110 earlier in the week, following changes in global oil market conditions triggered by a ceasefire announcement by former U.S. President Donald Trump. The drop comes amid renewed confidence in global oil supply stability, as tensions along key shipping routes begin to ease. Further easing market concerns, Iran reassured the international community of safe passage for oil tankers through the Strait of Hormuz—one of the world’s most critical oil transit routes—reducing fears of supply disruptions that had previously driven prices higher. Similarly, global benchmark Brent crude also fell, dropping to around $94 per barrel from about $100. Industry players have expressed ...

Amid escalating geopolitical tensions in the Middle East and their impact on global oil markets, the Dangote Petroleum Refinery has increased the gantry prices of petrol and diesel, adding further strain on consumers and businesses across Nigeria. A senior refinery official confirmed the adjustment on Tuesday night, explaining that the new pricing reflects current international crude oil benchmarks and prevailing market conditions. Under the revised rates, petrol has risen by ₦75 per litre to ₦1,275—an increase of about 5.02 percent—while diesel jumped by ₦200 per litre to ₦1,950. This marks a notable rise from last month’s prices of ₦1,200 for petrol and ₦1,750 for diesel, bringing diesel closer to the ₦2,000 per litre threshold. According to the official, the price hike is drive...

The Debt Management Office has announced interest rates of up to 14.082% per annum for the April 2026 Federal Government Savings Bonds, offering retail investors a secure investment option amid changing market conditions. According to the circular, the bond offer includes two tenors. The two-year bond, maturing on April 15, 2028, carries an interest rate of 13.082% per annum, while the three-year bond, due April 15, 2029, offers a higher return of 14.082% per annum. The subscription window opened on April 7, 2026, and is set to close on April 10, 2026, with settlement scheduled for April 15, 2026. Interest payments will be made quarterly on July 15, October 15, January 15, and April 15. Each unit of the bond is priced at ₦1,000, with a minimum subscription of ₦5,000. Investors...

The Nigerian Communications Commission has announced that its directive requiring telecom operators to compensate subscribers for poor service quality will take effect from this month. In an FAQ released on Tuesday, April 7, the Commission clarified that the directive applies specifically to Mobile Network Operators (MNOs) that fail to meet their Quality of Service (QoS) Key Performance Indicators (KPIs). These include major operators such as MTN, Airtel, Globacom, and 9mobile, although the NCC did not specify which of them fell short of the required standards. The Commission explained that the compensation framework covers service failures affecting voice calls, data services, and SMS. It also applies to both individual and corporate subscribers. According to the NCC, subscri...

Iran has reportedly cut off all diplomatic and indirect communication channels with the United States following a series of escalating developments tied to statements by Donald Trump. The move comes after Trump posted a strongly worded message on Truth Social, warning of severe consequences and suggesting the possibility of “complete and total regime change” in Iran. His comments followed reports of a strike on Kharg Island, a key oil export hub located in the Persian Gulf. According to Mehr News Agency, multiple explosions were heard on the island, with claims that the attacks were carried out by what it described as an “American-Zionist enemy.” However, initial reports indicated that oil refineries on the island were not directly hit. The developments occurred just hours bef...

Veteran Nollywood actor Davis Ofor, widely recognised for his role as Clarus in the classic 1980s sitcom New Masquerade, has passed away at the age of 85. The news of his death was announced on Tuesday by fellow actor Tony Akposheri via an Instagram post. Akposheri expressed deep shock and sorrow, reflecting on their recent time together. He shared that they had celebrated the New Year side by side, reminiscing, laughing, and speaking optimistically about the future. “Today, my heart is heavy. Davis Ofor, fondly known as Clarus from New Masquerade, is gone,” he wrote.“We crossed into the New Year together—laughing, talking, sharing memories, and looking forward to what lay ahead. We spoke about life and plans, never imagining that time was already slipping away from you.” Payin...

The Transmission Company of Nigeria (TCN) has kicked off the reconstruction and upgrade of the 138-kilometre Alaoji–Onitsha 330kV transmission line, a strategic move to strengthen electricity supply in the South-East. The project, executed in collaboration with the African Development Bank (AfDB), involves clearing the Right of Way (RoW) under a Resettlement Action Plan (RAP), according to a Monday statement from TCN. The upgrade will convert the existing single-circuit line into a 330kV double-circuit quad-conductor line, greatly boosting the grid’s capacity and efficiency. Aromeh Adole, Assistant General Manager at the AfDB Project Implementation Unit, stated that the new line will deliver four times the transmission capacity of the current line, revolutionizing bulk power delivery in...

PayPal has become the latest brand to distance itself from Wireless Festival amid backlash over Kanye West headlining the event. Festival organisers confirmed that PayPal will not appear on any event branding while the rapper is involved, and potentially going forward. Although not a headline sponsor, PayPal plays a key role as the payments partner for Live Nation UK Festivals, including offering early ticket access. The move follows similar decisions by Diageo and Pepsi, both of which recently withdrew sponsorship amid growing criticism. The controversy has drawn political attention, with Keir Starmer describing Kanye West’s involvement as “deeply concerning” due to his past antisemitic remarks. Despite the backlash in the UK, the artist’s performances in the United State...

Global oil prices have climbed close to $120 per barrel, even as OPEC+ approved a production increase of 206,000 barrels per day for May. The decision was reached during a virtual meeting of eight member countries, but analysts say the planned output boost may have little real impact due to ongoing supply disruptions. Many major producers are struggling to raise production amid geopolitical tensions, particularly the conflict involving the United States, Israel, and Iran, which has damaged infrastructure and created security risks. The alliance’s Joint Ministerial Monitoring Committee also raised concerns about repeated attacks on oil facilities, noting that repairs are costly and slow, further limiting supply. A major factor driving the surge in prices is the disruption in the...