Business

US Energy Secretary, Chris Wright has said Washington will control the sale of Venezuelan oil “indefinitely,” following President Donald Trump’s announcement that Venezuela’s interim leadership had agreed to US-managed marketing of between 30 and 50 million barrels of crude. Entertainment center Speaking on Wednesday, January 7 at a Goldman Sachs energy event in Miami, Wright said the United States would oversee the sale of Venezuela’s crude oil, starting with stored supplies and continuing into the future. “We’re going to market the crude coming out of Venezuela, first this backed-up stored oil, and then indefinitely, going forward, we will sell the production that comes out of Venezuela into the marketplace,” he said. His comments came days after the US-led removal of Ven...

Nigeria’s 36 states are projected to receive about N5.07 trillion in Value Added Tax (VAT) revenue in 2026 following the implementation of a new VAT sharing formula under the National Tax Acts. Findings from the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper approved by the Federal Executive Council show that, from January 2026, the Federal Government’s VAT share will drop from 15% to 10%, while states’ allocation will rise from 50% to 55%. Local governments will retain their 35% share. Under the new structure, the Federal Government is expected to earn N922.5 billion in VAT revenue in 2026, down from N1.04 trillion in 2025, despite an increase in the overall VAT pool to N9.23 trillion. States, meanwhile, will see their collective share jump from N3.47 trillion...

The Nigerian Electricity Regulatory Commission (NERC) has revealed that 5.36 million electricity customers nationwide are still without meters, leaving them at the mercy of unpredictable estimated billing by distribution companies (DisCos). According to NERC’s third-quarter 2025 industry report, published on its website, as of 30 September 2025, only 6.662 million of the 12.03 million active registered electricity customers across the 12 DisCos were metered, representing 55.37% coverage. During the quarter, a total of 228,614 end-user customers were newly metered, with Ibadan, Aba, and Abuja DisCos recording the highest number of installations, accounting for 23.38%, 20.81%, and 19.06%, respectively. Compared to the 226,959 customers metered in Q2 2025, there was a slight increase of 0....

Gunmen suspected to be bandits have reportedly attacked the National Park Service Office in Oloka, in the Oriire Local Government Area of Oyo State. The PUNCH investigation revealed that the attack occurred at about 9p.m. on Tuesday. Unconfirmed reports added that about five NPS personnel were killed during the attack. When contacted, the state Police Public Relations Officer, Olayinka Ayanlade, confirmed the incident to our correspondent. He said, “Yes, there was an attack by yet to be identified men against the men of the National Park. The Commissioner of Police and other service chiefs are currently on their way to the location. “Meanwhile, the CP Femi Haruna has deployed tactical teams, Mobile Police Force officers of the NPF and EOD to the affected area to prevent furt...

As of January 6, 2026, nineteen Nigerian banks have fulfilled the Central Bank of Nigeria’s (CBN) recapitalisation requirements ahead of the March 31 deadline. This was revealed in data released on Tuesday by The Cable Index. Among banks with international licences that have met the benchmark are Access Bank, Fidelity Bank, First Bank, GTBank (GTCO), United Bank for Africa (UBA) and Zenith Bank. For institutions holding national and regional licences, Citibank Nigeria, Ecobank Nigeria, Globus Bank, Stanbic IBTC, Sterling Bank, Wema Bank, PremiumTrust Bank and Providus Bank have also complied with the CBN directive. In addition, two non-interest banks—Jaiz and Lotus—as well as three merchant banks, FSDH, Greenwich and Nova, have reached the required capital thresholds. Howeve...

Global oil prices extended losses on Wednesday after U.S. President Donald Trump announced that Venezuela would hand over between 30 and 50 million barrels of oil to the United States. Crude prices, already volatile following Washington’s move to remove Venezuelan President Nicolás Maduro and assume control of the country, fell by more than one percent after Trump’s comments, adding to losses recorded a day earlier. In a post on his Truth Social platform, Trump said the interim authorities in Venezuela would transfer “between 30 and 50 million barrels of high-quality, sanctioned oil” to the United States. He added that the oil would be sold at market prices, with proceeds managed by the U.S. government to benefit both Venezuela and the United States. Analysts said the planned ship...

In contrast, UK car registrations for Chinese rival jumped nearly fivefold to 5,194 units in December. Tesla’s UK car registrations dropped by more than 29% year-on-year in December, industry data showed on Tuesday, underscoring the intense competition from Chinese rivals faced by the U.S. electric vehicle maker in its largest European market. The Elon Musk-led company’s UK registrations – a proxy for sales – fell to 6,323 units last month, according to New AutoMotive data published by Reuters. For 2025, Tesla’s UK sales fell 8.9% year-on-year. The drop echoed trends seen in other European markets, where Tesla sales have suffered due to competition, an ageing lineup, and Musk’s political stance in Europe. In contrast, UK car registrations for Chinese rival jumped nearly fiv...

The Federal Government spent about N1.98tn on electricity subsidies over a 12-month period between October 2024 and September 2025, even as it struggles to settle more than N4tn owed to power generation companies. Data from quarterly reports released by the Nigerian Electricity Regulatory Commission (NERC) show that subsidy costs remain high due to electricity tariffs staying below cost-reflective levels. The government incurred N471.69bn in subsidies in the fourth quarter of 2024, N536.4bn in the first quarter of 2025, N514.35bn in the second quarter, and N458.75bn in the third quarter of 2025. According to NERC, the subsidy gap arises because government covers the difference between approved tariffs and the actual cost of electricity generation. Despite the Band A tariff adjustment...

The Nigerian Ports Authority (NPA) has announced that 31 vessels carrying petroleum products, food items, and other assorted cargoes are expected at major Lagos ports within the next ten days. According to the authority’s Daily Shipping Position released on Tuesday, the vessels are scheduled to berth at Apapa Port, Tin-Can Island Port, and the Lekki Deep Sea Port between January 6 and January 16. The NPA disclosed that the ships are transporting various consignments, including condensate, crude oil, aviation fuel, raw oil, bulk bitumen, wall pallets, general cargo, bulk soya beans, fresh fish, containers, diesel, and petrol. The authority also revealed that 13 vessels, including tankers, have already arrived at the three ports and are currently awaiting berthing. These ships are c...

Dangote Petroleum Refinery has dismissed claims that it has halted operations, calling such reports false and misleading. In a statement released on Monday, the company confirmed that production at the refinery remains steady, ongoing, and uninterrupted. The refinery said it supplies between 40 and 50 million litres of Premium Motor Spirit (PMS) daily, with this level of production expected to continue through January and February, depending on market demand. On January 4, the refinery reported producing 50 million litres of PMS and successfully evacuating 48 million litres. Management noted that current stock levels are enough to meet over 20 days of national fuel consumption. Dangote Refinery emphasized that routine maintenance on certain units does not affect overall output,...