Business

Global oil prices have dropped to $61 per barrel amid ongoing instability in Venezuela, down from over $62 per barrel. The South American country’s 303 billion barrels of proven oil reserves—roughly 17% of the world total—continue to influence market sentiment. Analysts warn that prices could fall further below $60 per barrel if tensions between the U.S. and Venezuela persist. Meanwhile, OPEC+’s recent decision to pause production increases has yet to have a significant effect on the market. On January 4, 2026, eight OPEC+ nations confirmed they would hold off planned production boosts for February and March due to seasonal factors. Petroleum economist Prof. Wumi Iledare described the move as a cautionary measure rather than a sign of crisis, aimed at minimizing market volatility....

The Association of Mobile Money & Bank Agents in Nigeria (AMMBAN) has clarified that its members are not required to register with the Corporate Affairs Commission (CAC) to legally operate in Nigeria. AMMBAN’s General Secretary, Elegede Segun, explained that Point of Sale (POS) operators are permitted under Nigerian law to operate as individuals or non-entities. He dismissed claims about the existence of illegal POS operators, stressing that requirements such as Call Terminal Identification from the Nigeria Inter-Bank Settlement System (NIBSS), a valid bank account, Bank Verification Number (BVN), and National Identity Number (NIN) already provide sufficient regulation and security for operators. Segun questioned the rationale behind CAC’s insistence on compulsory registratio...

The Naira continued its upward trend against the US dollar at the official forex market, starting the week on a positive note. Data from the Central Bank of Nigeria showed that the Naira appreciated on Monday to ₦1,429.31 per dollar, up from ₦1,430.85 recorded on Friday, January 2, 2026. This reflects a gain of ₦1.56 against the dollar compared to last week. In contrast, the black market saw the Naira weaken slightly, dropping by ₦5 to ₦1,480 per dollar on Monday from ₦1,475 on Friday. The gains coincide with a rise in Nigeria’s external reserves, which reached $45.57 billion as of last Friday.

Nigeria’s long-awaited tax reform could reshape how manufacturers operate, invest, and plan for growth, but its impact will depend largely on effective implementation, professional services firm Kreston Pedabo has said. In its review of the Nigeria Tax Act 2025, the firm noted that the legislation reflects a shift toward a more coordinated, incentive-based fiscal framework, particularly for the manufacturing sector, which has long grappled with regulatory complexity, high production costs, and weak infrastructure. The Act consolidates multiple tax laws into a single framework, a move expected to reduce uncertainty and ease compliance. However, Kreston Pedabo cautioned that poor administration or inconsistent enforcement could erode the intended benefits. According to Kehinde Folor...

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