Business

The Lagos State Government has approved a 13 per cent increase in fares for services operating under its Bus Reform Initiative. The adjustment affects the Bus Rapid Transit (BRT) network and other regulated bus routes across the state. Governor Babajide Sanwo-Olu gave the approval following strong appeals from transport operators, who cited rising operational costs and prevailing economic challenges as major obstacles to sustaining smooth service delivery. In a statement issued by the Lagos Metropolitan Area Transport Authority (LAMATA), the agency announced that the revised fares will take effect from Monday, March 2, 2026. According to LAMATA, the increase is intended to cushion the impact of current economic pressures on transport operators and ensure continued service effic...

US  President Donald Trump on Friday unveiled a temporary 10% global tariff set to last 150 days, replacing emergency trade duties that were recently struck down by the Supreme Court of the United States. Trump said the new measure would be implemented under Section 122 of the Trade Act of 1974 and would apply in addition to existing tariffs. The provision allows the president to impose duties of up to 15% for 150 days to address significant balance-of-payments concerns, without requiring lengthy investigations or procedural hurdles.  The move follows the Supreme Court’s decision invalidating Trump’s sweeping global tariffs issued under the International Emergency Economic Powers Act, ruling that he had exceeded his authority under that statute. Speaking at a White Hou...

Dangote Petroleum Refinery has reduced its Premium Motor Spirit gantry price by N25 per litre, lowering its ex-depot rate from N799 to N774 per litre in what industry analysts describe as a strategic price recalibration amid evolving market dynamics in 2026. The refinery communicated the price adjustment to marketers on Tuesday, noting that the new rate takes immediate effect. In a notice issued by its Group Commercial Operations Department, Dangote Petroleum Refinery and Petrochemicals FZE stated, “This is to notify you of a change in our PMS gantry price from N799 per litre to N774 per litre.” Checks by The PUNCH on petroleumprice.ng on Tuesday confirmed that the revised price had been reflected on industry pricing platforms. The refinery also informed marketers that its ...

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....