Business

The Nigerian National Petroleum Company Limited (NNPC Ltd) has confirmed the discovery of a new oil well with considerable crude oil deposits following the successful drilling of the Awodi-07 appraisal and exploration well by Chevron Nigeria Limited. The disclosure was made in a statement released on Monday by NNPC’s spokesperson, Andy Odeh. According to the statement, the Awodi-07 well is situated in the shallow offshore region of the western Niger Delta and was drilled under the NNPC Ltd/Chevron Nigeria Limited Joint Venture as part of ongoing efforts to further define and unlock hydrocarbon potential within the asset base. NNPC stated that drilling activities began in late November 2025 and were completed by mid-December 2025, with operations carried out safely, efficiently, an...

Nigeria’s exports to African countries rose by 14 per cent year-on-year to N4.82 trillion in the first half of 2025, compared with N4.21 trillion recorded in the same period of 2024. Data show that West Africa remained the dominant destination for Nigerian goods, absorbing more than 62 per cent of the country’s total exports to the continent. Comptroller General of the Nigeria Customs Service, Bashir Adewale Adeniyi, was quoted as saying the trend highlights Nigeria’s growing importance as a hub for intra-African trade and regional value chains. According to him, the increase is “a clear signal of strengthening regional trade momentum.” Figures from the National Bureau of Statistics reviewed by Ecofin Agency indicate that countries in the Economic Community of West African States ...

Power distribution companies have rejected a directive from the Minister of Power, Adebayo Adelabu, stating that prepaid meters should be free for all categories of customers. Operators told Punch that Adelabu made only a political statement without considering the input of other stakeholders, especially the installers and meter providers. On Thursday, the Federal Government banned electricity distribution companies and installers from collecting any form of payment for meters, warning that DisCo officials and installers found extorting customers would be prosecuted. Adelabu issued the warning during an on-site inspection of newly imported smart meters at APM Terminals, Apapa, Lagos. Adelabu said the meters were procured under the World Bank–funded Distribution Sector Recovery ...

A powerful winter storm sweeping across the United States has turned deadly, with five deaths recorded in New York City alone over the weekend, as widespread snow, ice and freezing temperatures cripple transport and power supplies across large parts of the country. New York City Mayor Zohran Mamdani confirmed the deaths on Sunday, January 25, though he said it was not yet clear whether they were directly caused by the extreme weather. “While we do not yet know their causes of death, there is no more powerful reminder of the danger of extreme cold and how vulnerable many of our neighbours are, especially homeless New Yorkers,” he said. The storm has caused severe disruption to air travel, forcing the closure of LaGuardia Airport after it was blanketed by heavy snowfall. The airpor...

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reassured Nigerians that the prices of petrol, diesel and Liquefied Petroleum Gas (LPG) are expected to continue declining nationwide. The assurance was given by the Authority’s Chief Executive Officer, Mr Saidu Mohammed, during an inspection visit to Aradel Holdings Plc facilities in Ogbele, Ahoada East Local Government Area of Rivers State. Mohammed attributed the anticipated reduction in prices to increased product supply, growing competition and sustained private sector investments in the oil and gas industry. According to him, rising supply levels have already begun to impact pricing, noting that competition has helped drive petrol prices down from about ₦1,000 to around ₦800 per litre. He ex...

The Lagos State Internal Revenue Service (LIRS) has warned against artificial or fictitious transactions, which are carried out with the intent to reduce tax liabilities. LIRS has now said such arrangements will be disregarded under the Nigeria Tax Administration Act (NTAA), 2025, and could expose culpable taxpayers to investigation and penalties. This is contained in a public notice dated January 21, 2026, and sighted by our correspondent on the LIRS website on Sunday. The notice, signed by Executive Chairman of LIRS, Mr. Ayodele Subair, stated that the directive applies to all taxpayers, including incorporated entities, partnerships, trusts, natural persons, and other stakeholders operating within Lagos State. It read, “In line with the provisions of the newly gazetted tax la...

Withdraw money from ATM machine The Central Bank of Nigeria (CBN) has disclosed plans to introduce fresh regulations to streamline debit card issuance and improve the operations of Automated Teller Machines (ATMs) across the banking industry. The announcement was made by the CBN Governor, Olayemi Cardoso, through his Special Adviser, Fatai Karim, during a weekend event. He explained that the initiative is aimed at addressing ongoing cash access difficulties and rebuilding public trust in electronic payment platforms. According to the apex bank, the proposed framework will ensure that the number of debit cards issued by banks corresponds with their available ATM infrastructure. This is expected to ease overcrowding, reduce frequent system breakdowns, and ensure more balanced...

Dollar to Naira Exchange Rate Update What is the current dollar-to-naira rate at the black market, also known as the parallel market (Aboki FX)? Below is the exchange rate for January 24, as obtained from market sources. These are the rates at which dollars can be exchanged for naira. Dollar to Naira Black Market Rate TodayAt the Lagos parallel market, Bureau De Change (BDC) operators are selling the dollar at ₦1,490 and buying at ₦1,482 on Saturday, January 24, according to sources. Story continues below advertisement It is important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel (black) market and advises individuals seeking foreign exchange to conduct transactions through their respective banks. Dollar to Naira Black Market Rates Sellin...

The Minister of State for Industry, Senator John Owan, has said that Nigeria must urgently reduce its dependence on imports and deliberately channel its large population into productive industrial activity, warning that demography alone does not guarantee economic growth. Speaking at the Redeemed Christian Church of God Lagos Province 35 Economic Summit on Saturday, Owan stressed that the success of the Federal Government’s Nigeria-First policy will depend largely on policy predictability, coordinated execution, and the strategic use of public procurement to stimulate local manufacturing. The PUNCH reports that President Bola Tinubu announced the Nigeria-First policy in 2025 to give priority to Nigerian industries in all procurement activities. “Nigeria does not need to import wha...

The Central Bank of Nigeria (CBN) has revealed plans to introduce a fresh regulatory policy aimed at improving debit card issuance and Automated Teller Machine (ATM) operations across banks, as part of efforts to address ongoing cash access challenges nationwide. The apex bank made this disclosure on Friday, January 23, 2026, during the 2026 Committee of Heads of Bank Operations Conference. Representing the CBN Governor, Yemi Cardoso, his Special Adviser, Fatai Karim, explained that the proposed policy will require banks to align the number of debit cards they issue with the ATM infrastructure they have in place. He said the initiative is intended to ease congestion at ATM locations, reduce frequent machine breakdowns and promote a more balanced distribution of cash across the cou...