Business

Flight operations of Air Peace have been grounded across the country after members of the Nigeria Labour Congress (NLC) placed its terminals under lock and key.  NigerianNews Aggregator Flight operations at the Murtala Muhammed International Airport in Lagos have been disrupted due to a protest by union members working with the airline. Consequently, an Air Peace flight scheduled to depart Lagos at 6:30 a.m. could not take off, with similar disruptions reported across all airports nationwide. The Director of Public Affairs and Consumer Protection at the Nigeria Civil Aviation Authority (NCAA), Mr. Michael Achimugu, also confirmed the development. “Yes, it is a union thing. When I get to the airport, I will be able to get more factual details of the situation,” he said. ...

Global oil benchmarks climbed significantly on Monday as diplomatic efforts between Washington and Tehran stalled, dimming prospects for the immediate reopening of the strategic Strait of Hormuz. International benchmark Brent crude futures advanced past $84 per barrel after United States President Donald Trump introduced new criteria for ongoing negotiations. Trump stated that the U.S. will demand long-term financial compensation from Iran for wartime casualties and historical damages. The statement directly countered demands from Iranian President Masoud Pezeshkian's administration, which insists Washington must lift its naval blockade and pay war reparations before maritime traffic can fully resume. Meanwhile, maritime tracking intelligence from Kpler revealed that ...

Credit for house purchases by households rose to 9.6 index points in the second quarter of 2026 (Q2’26), indicating a notable increase in borrowing by Nigerians to acquire personal homes.The Central Bank of Nigeria (CBN) disclosed this in its Credit Condition Survey Report for Q2’26, noting that financial institutions reported an overall growth in credit availability across secured, unsecured, and corporate lending categories during the period.Lenders also recorded lower default rates across major categories.Respondents in the survey reported that credit demand increased to 15.1 index points for secured lending and 15.2 index points for corporate lending, while unsecured lending remained subdued at -1.2 index points.Within the household segment, consumer loans increased to 11.2 index point...

Joseph Tegbe, Minister of Power, says the success of Nigeria’s power sector should no longer be measured primarily by the amount of electricity generated, but by how many communities and people have access to reliable power.  History Tegbe made the remarks on Friday, August 7, during the inauguration of the governing board of the Rural Electrification Agency (REA) in Abuja. The minister said the agency’s mandate goes beyond connecting communities to electricity, describing it as a key institution for expanding economic opportunities and improving livelihoods. “We are moving from just counting kilowatts and megawatts to how many communities and people were powered in the country,” Tegbe said. He said every mini-grid established, solar home system deployed, and market, s...

A New Mexico court has ordered Instagram and Facebook parent company Meta to pay $567 million to address harms to young people from its platforms in the second phase of a landmark trial. Judge Bryan Biedscheid said in a ruling late Thursday that the bulk of the money — $420 million — will be used for treatment services for young people. The rest will go toward awareness and prevention, screening services, and other costs over the next five years The new penalty is in addition to the $375 million in civil penalties that jurors ordered against Meta in March after determining the company knowingly harmed children's mental health and concealed what it knew about child sexual exploitation on its platforms. In the second phase, prosecutors asked the judge to impose fundamental ch...

The Kano State Governor, Abba Yusuf, has approved the release of N300 million to support beneficiaries of the state's Hisbah Mass Wedding Scheme. Under the intervention, each bride will receive N200,000 to support payment of dowry and provide start-up capital, while newly married couples will also receive household items to help them establish their homes. The Commander of the Kano State Hisbah Board, Sheikh Aminu Ibrahim Daurawa, disclosed this on Thursday during a pre-marital orientation for prospective couples at the Coronation Hall of the Government House in Kano. Daurawa said the financial assistance would be paid directly into the bank accounts of the beneficiaries after they open individual accounts. He added that the state government would provide complete household fur...

Nigeria and Canada have signed an expanded Air Transport Agreement that will allow direct scheduled flights between both countries for the first time, in a move aimed at strengthening trade, tourism, investment and people-to-people connections. The agreement was signed on Thursday at the Canadian High Commission in Abuja by officials from both countries, with Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, represented by the Director of Air Transport Management, Mohammed Tijjani. The development forms part of Nigeria’s broader efforts to expand international aviation partnerships, improve air connectivity and attract more global airlines under the Federal Government’s aviation reform agenda. In recent months, the Ministry of Aviation and Aerospace Developm...

The Federal Government has dismissed reports suggesting it plans to remove electricity subsidies or raise power tariffs in the immediate future, despite earlier indications that subsidy reforms could begin in 2027. The clarification came after comments linked to the Minister of Power, Joseph Tegbe, hinted at efforts to address structural distortions in the electricity sector as part of reforms aimed at improving its financial sustainability. However, the government later clarified that no decision had been taken to increase electricity tariffs or abolish subsidies, stressing that its current priorities remain improving electricity supply, expanding metering, strengthening transmission infrastructure, and stabilising the national grid. The reversal has reignited public debate, with...

Dangote Petroleum Refinery has announced a fresh reduction in the ex-depot prices of petrol and diesel, cutting the price of Premium Motor Spirit (PMS) to N1,165 per litre and Automotive Gas Oil (AGO) to N1,570 per litre. The revised pricing, unveiled on Wednesday, reflects a N50 reduction in the ex-depot price of petrol from N1,215 per litre and an N80 decrease in diesel from N1,650 per litre. According to the refinery, the latest price adjustment is part of ongoing efforts to make petroleum products more affordable for Nigerians while easing energy costs for businesses and households. In a statement, the company said the decision aligns with its commitment to improving access to refined petroleum products and supporting economic growth. Under the new pricing structure, petrol...