Business

The Federal Competition and Consumer Protection Commission has launched an investigation into Uber’s abrupt exit from Nigeria, with particular attention to how the ride-hailing company handled unfulfilled services owed to customers. FCCPC Chief Executive Officer Tunji Bello disclosed the investigation in an interview with Bloomberg on Sunday, September 6. Bello said officials of the commission were “looking into the manner of their exit, particularly in respect of unfulfilled services to the customers”. Uber announced on September 2 that it would wind down its operations in Nigeria and Uganda with effect from the same day. “After a thorough review, we have taken the difficult decision to wind down operations in Nigeria and Uganda, effective September 2, 2026. This decision is limited...

The African Democratic Congress, ADC, presidential candidate, Atiku Abubakar, on Sunday declared that President Donald Trump of the United States, US, is backing his proposed policy on the restoration of fuel subsidy. Atiku had pledged to return the subsidy on fuel if elected as the President of Nigeria in 2027. He made this known in a statement by his spokesman, Phrank Shaibu tagged, ‘Atiku boasts of stakeholders, Trump support on fuel subsidy’. Parts of the statement read: “This is why my Production Subsidy is about putting money back into people’s pockets. Support what we produce and refine here, increase supply, monitor the price and make sure Nigerians feel the benefit at the pump. “CORAN is saying support domestic production. America understands the importance of ...

The pump price of Automotive Gas Oil, AGO, popularly known as diesel, has surged above N2,000 per litre in Nigeria The retail price of diesel jumped on Friday to between N2,000 and N2,020 per litre from N1,700 to N1,800 across AA Rano, Empire Energy, Ranoil and other filling stations in Abuja and its environs. This means the retail price of diesel increased by between N300 and N320 per litre, depending on the filling station and location. The latest increase in diesel prices came after depot owners raised their prices to N1,900 per litre. Depot owners such as Ranoil Delta, Nigerian Independent Petroleum Company, NIPCO Warri, Prudent Oghara, Zamson and others have implemented the new prices, according to Petroleumprice.ng. Dangote Refinery had increased its gantry die...

The Federal Airports Authority of Nigeria, FAAN, has denied claims that it was responsible for Uber’s decision to discontinue its ride-hailing operations in Nigeria. Speaking on Friday, FAAN Managing Director, Mrs. Olubunmi Kuku, said the company’s exit was based on its own economic and regulatory considerations, stressing that the authority had no role in the decision. “I can’t speak to Uber’s exit from Nigeria. I am sure they have their own economic and regulatory decisions as to why they chose to exit,” Kuku said. She noted that FAAN’s primary concern has always been passenger safety and ensuring a seamless travel experience at Nigerian airports. Kuku further disclosed that FAAN received numerous complaints from passengers, particularly during the December h...

Major petroleum downstream stakeholders in Nigeria have attributed the latest surge in domestic petrol pump prices to escalating military conflict between the United States and Iran alongside supply-side cost pressures.The national leadership of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) clarified that domestic retail station adjustments reflect broader global market volatility.Retail pump prices in Nigeria recently rose to between N1,310 and N1,345 per litre, up from previous rates of N1,210 to N1,275 per litre.IPMAN National President Abubakar Maigandi noted that the geopolitical instability in the Middle East remains the principal driver of rising crude costs globally, which directl...

The National Agency for Food and Drug Administration and Control (NAFDAC) has ordered manufacturers to recall alcoholic beverages packaged in sachets and containers below 200 ml. NAFDAC directed manufacturers to properly inventory the affected products and destroy them under the agency’s supervision. The companies involved are required to bear the cost of the exercise. The agency said the recall was part of efforts to remove prohibited small-volume alcoholic drinks from the market and limit their accessibility, particularly among young people. The ban on the production, importation, distribution and sale of alcoholic beverages packaged in sachets and containers below 200ml took full effect on January 1, 2026, following the expiration of the transition period granted to ...

The Nigerian currency, Naira (₦), continued its battle against the United States dollar at the official foreign exchange market on Wednesday. The data from the Central Bank of Nigeria (CBN) showed that the local currency sold at ₦1,326.6862/1$ on Wednesday. The latest rate represents a slight change from Tuesday’s rate of ₦1,329.4300/1$. At the parallel market (black market), however, the naira closed on Wednesday at ₦1,405 to the dollar. The offer by commercial banks, Bureau de Change (BDC) operators, and other foreign exchange dealers may, however, differ from the reference rates because of transaction margins and prevailing demand and supply conditions. Market participants will continue to monitor foreign exchange inflows, demand for dollars, and CBN policies for indicati...

Uber, a global ride-hailing company, has announced plans to exit Nigeria after 12 years of operation.  The announcemet takes effect from today, September 2.  Uber announced the exit in a statement on Wednesday, September 2.  “We are writing to share some difficult news. After a thorough review of our business, we have made the tough decision to wind down our operations in Nigeria, effective 2 September 2026,” the company said.  “Since we first launched in Lagos in 2014, it has been an absolute privilege to be a part of your daily life connecting you with independent transportation providers.  “Whether it was a morning commute, a ride to see loved ones, or exploring the city, thank you for trusting the platform to connect you to a driver to get you there s...

Electricity Subsidy bill hits ₦1.92trn in 2025 – NERC The electricity tariff subsidy obligation of the Federal Government stood at ₦1.92 trillion in 2025 as the government continued to absorb the gap between cost-reflective electricity tariffs and rates paid by customers, according to the Nigerian Electricity Regulatory Commission (NERC).  JoinDiaspora Networks In its 2025 industry report, NERC placed the government's gross tariff subsidy obligation at ₦1.928 trillion for the year, representing 57.44 percent of the total Nigerian Bulk Electricity Trading (NBET) invoice. The figure translates to an average monthly subsidy obligation of ₦160.69 billion. The quarterly breakdown showed that the subsidy obligation stood at ₦536.40 billion in the first quarter, ₦514.36 billi...

Nigeria’s economy grew by 4.43 percent in real terms in the second quarter of 2026, according to the National Bureau of Statistics (NBS).  NigerianCulture Magazine The bureau disclosed this in its latest Gross Domestic Product (GDP) report released on Monday, saying the latest growth rate was higher than the 4.23 percent recorded in the corresponding quarter of 2025. The increase represents a 0.2 percentage-point rise year-on-year. According to the NBS, the agriculture sector grew by 4.39 percent during the quarter, compared with 2.82 percent in the same period of 2025. “The growth of the industry sector stood at 3.96% from 7.46% recorded in the second quarter of 2025, while the services sector recorded a growth of 4.60% from 3.94% in the same quarter of 2025,” the report sai...