Business

The Corporate Affairs Commission (CAC) has issued a warning to commercial banks against permitting inactive or non-compliant companies to carry out financial transactions. The commission disclosed that it has forwarded 263 illegally registered companies to the Economic and Financial Crimes Commission (EFCC) for investigation and possible prosecution. Speaking at an event in Abuja to mark the CAC’s 35th anniversary, the Registrar-General and Chief Executive Officer of the commission, Hussaini Ishaq Magaji (SAN), revealed that 248 of the firms were fraudulently added to the CAC database, while 15 others were later uncovered and referred to the EFCC. “In the year under review, we submitted a list of 248 fake company registrations to the EFCC. These entities were illegally inserted in...

The National Agency for Food and Drug Administration and Control (NAFDAC) has seized more than 10 million doses of counterfeit malaria medicines and cosmetic products valued at about N3 billion at the Trade Fair Market in Lagos. This was disclosed by Director of Investigation and Enforcement, Dr. Martin Iluyomade, during a media briefing in Apapa.  Iluyomade, who is also Chairman of the Federal Task Force on Counterfeit and Fake Drugs and Unwholesome Processed Foods, said the operation followed credible intelligence received on February 3. He said the seized items included fake anti-malaria drugs and injections used for cerebral malaria, antibiotics, Postinor, and Analgin, an analgesic banned in Nigeria for nearly 15 years, among other products.  According to him, eight truckloads of fake ...

The Nigerian stock market opened the week on a bullish trajectory on Monday, with investors recording gains of N1.424 trillion. Market capitalization rose by 1.29 percent to close at N111.658 trillion, up from an opening figure of N110.234 trillion, reflecting a N1.424 trillion increase. Similarly, the Nigerian Exchange Limited (NGX) All-Share Index advanced by 1.29 percent, gaining 2,218.73 points to settle at 173,946.22 from 171,727.49. As a result, the market’s year-to-date return improved to 11.78 percent, while market breadth closed positive with 59 gainers against 26 losers. The rally was driven by strong demand for large- and mid-cap stocks such as CAP, Daar Communications, May & Baker, RT Briscoe, and Zichis Agro Allied Industries, alongside 54 other advancing equit...

The National Agency for Food and Drug Administration and Control (NAFDAC) has denied reports claiming it has secretly banned the antibiotic, Amoxicillin, in Nigeria. In a public notice shared on its social media handles on Monday, February 9, NAFDAC stated that the claim is entirely false. The agency clarified that while it routinely issues targeted safety alerts and recalls for specific substandard or affected batches of medicines, there is no blanket ban on Amoxicillin. “NAFDAC has not banned Amoxicillin in Nigeria, either secretly or openly. As a responsible regulatory authority, the Agency publicly notifies Nigerians of any regulatory actions through official channels,” the statement read. The agency emphasised that its safety communications, including Recalls, Safety Alerts...

Here is the latest update on the Dollar to Naira exchange rate in the Nigerian foreign exchange market. Dollar to Naira Black Market (Aboki FX) Rate What is the current Dollar to Naira rate at the parallel market, commonly referred to as the black market? According to Bureau De Change (BDC) sources in Lagos, the Dollar exchanged at the following rates on Friday, February 6, 2026: Selling rate: ₦1,450 per dollar Buying rate: ₦1,435 per dollar This means you can sell your dollars or buy naira at these prevailing black market rates. It is important to note that the Central Bank of Nigeria (CBN) does not officially recognise the parallel market. The apex bank has consistently advised individuals and businesses seeking foreign exchange to conduct transactions through lice...

Japan is set to restart the Kashiwazaki-Kariwa nuclear power plant next week, following a brief operational suspension caused by an alarm malfunction during its initial restart attempt. This marks the first restart of a Tokyo Electric Power (TEPCO)-operated reactor since the 2011 Fukushima disaster. At a press conference on Friday, plant chief Takeyuki Inagaki announced the planned reactor start-up for February 9. The facility had been restarted on January 21 but was shut down the following day after a monitoring system alarm was triggered. Inagaki explained that the alarm had been incorrectly configured, causing it to sound in response to minor, safe fluctuations in an electrical cable's current. The issue has since been resolved. "The firm has now changed the alarm’s settings as th...

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has disclosed that Nigeria’s state-owned refineries were operating at what he described as a monumental loss, prompting his management team to suspend operations to prevent further financial damage. Ojulari made the revelation on Wednesday in Abuja during a fireside chat titled “Securing Nigeria’s Energy Future” at the Nigeria International Energy Summit 2026, where he offered a blunt assessment of the operational and commercial realities facing the country’s refining assets. Acknowledging public frustration, the NNPC boss said Nigerians were justified in their anger, given the enormous sums invested in the refineries over the years. “On the refineries, Nigerians were angry....

Rivers and Lagos states top the list in the consumption of alcoholic drinks sold in sachets and Polyethylene Terephthalate bottles among minors and underage persons, according to a nationwide survey by the National Agency for Food and Drug Administration and Control. The survey, conducted by NAFDAC in collaboration with the Distillers and Blenders Association of Nigeria and carried out by Research and Data Solutions Ltd, Abuja, covered 1,788 respondents across six states between June and August 2021. NAFDAC said the study examined access to alcohol and drinking frequency among minors below 13 years, underaged persons aged 13 to 17 years, and adults aged 18 years and above. Presenting the findings on Tuesday, February 3, the Director-General of NAFDAC, Mojisola Adeyeye, said al...

By Richard Ogunsile | Published February 3, 2026 Prices of cooking gas and petrol declined across Nigeria in December 2025, indicating a gradual reduction in household energy costs, according to separate reports released by the National Bureau of Statistics (NBS). Data from the bureau showed that the prices of Liquefied Petroleum Gas (LPG), widely used for cooking, and Premium Motor Spirit (PMS), commonly known as petrol, recorded significant year-on-year decreases compared with December 2024. The figures also reflected modest month-on-month reductions, although prices continued to vary across states and geopolitical zones. 5kg Cooking Gas Price Falls by 25% The NBS reported that the average cost of refilling a 5kg LPG cylinder dropped by 1.20 per cent month-on-month, from ₦5,4...

Ikeja Electric Plc has issued a strong warning to residents and business operators in Lagos over the increasing presence of illegal structures and commercial activities under high-voltage power lines, describing the practice as extremely dangerous and potentially fatal. The electricity distribution company said operating shops, workshops or constructing buildings within designated Right-of-Way corridors puts lives at serious risk, exposing occupants to hazards such as electrocution, fire outbreaks and severe injuries—even without direct contact with live cables. According to the company, the danger is heightened during the rainy season, when wet conditions significantly increase the chances of electrical accidents. In a public notice released on Monday, Ikeja Electric disclosed th...