Business

A Compressed Natural Gas (CNG)-powered luxury bus was badly damaged after a sudden explosion at the Lagos Garage Terminus in the Mando area of Kaduna State. The unexpected blast caused panic among commuters and traders, with debris scattered across the busy park as people fled for safety. Eyewitnesses said the explosion occurred without warning, leaving the vehicle severely wrecked and drawing widespread attention within the area. Despite the extent of the damage, no casualties were reported, a development many described as surprising given the intensity of the explosion. Emergency responders quickly arrived to secure the scene and prevent further danger. While the exact cause remains unknown, the incident has raised fresh concerns about the safety of CNG-powered vehicles in...

Passengers booked on a Air Peace flight from London Heathrow Airport to Nigeria expressed anger after repeated delays left them stranded overnight. The flight, originally scheduled for 9:20 p.m. on Saturday, was first pushed to 10:20 p.m., after which passengers claimed airline officials stopped providing updates, sparking frustration and confusion. Travellers said tensions rose after hours of uncertainty, with one passenger alleging that the situation nearly turned chaotic as anger mounted among those waiting to board. By early Sunday morning, passengers were moved to a nearby hotel. The airline later sent an email apologising for the disruption and rescheduled the flight to 3:00 p.m. the same day. Some passengers described the experience as disorganised, blaming poor communic...

Minister of Finance, Wale Edun, has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for boosting Nigeria’s daily crude oil production to 1.84 million barrels. Edun gave the commendation during a meeting at the Ministry of Finance headquarters in Abuja with the Commission’s Chief Executive, Oritsemeyiwa Eyesan. In a statement issued on Friday by the Commission’s Head of Media and Corporate Communication, Mr Eniola Akinkuotu, the minister described the development as highly encouraging. “It is reassuring to hear that production has reached 1.84 million barrels per day. That is excellent progress,” Edun said, noting that the achievement aligns with the directive of President Bola Ahmed Tinubu. He urged the Commission to sustain the momentum and work towards...

The Nigerian equities market closed in the red on Thursday ahead of the Easter holidays, as sell-offs in 24 listed firms wiped out about N3 billion in market value. Stocks such as John Holt, Abbey Mortgage Bank, International Energy Insurance, CHAMS, and Tantalizers were among the key drivers of the downturn, as investors offloaded shares. At the close of trading, market capitalization slipped marginally by 0.002 percent, declining from N129.809 trillion at the opening to N129.806 trillion. Similarly, the All-Share Index shed 4.66 points, or 0.002 percent, to settle at 201,698.89, down from 201,703.55 recorded in the previous session. Despite the dip, the market maintained a year-to-date return of 29.62 percent. Market breadth, however, remained positive, with 34 gainers compar...

The Federal Capital Territory (FCT) chapter of the Performing Musicians Employers’ Association of Nigeria has directed hotel owners, event organisers, and other stakeholders in Abuja to obtain official approval before engaging live music bands or face sanctions. The directive was announced by the association’s acting governor, Michael Oyibo Kaycee, during a press briefing on Friday. He stressed the need for stakeholders in Abuja’s entertainment industry to hire only certified musicians, warning that the association will no longer tolerate exploitation, disrespect, or underpayment of performers. Kaycee stated that operators must comply with industry regulations, engage accredited professionals, and meet their obligations, adding that a PMAN task force is now fully active to enforce...

The Lagos State Government has sealed off a branch of Access Bank for violating environmental regulations. The Commissioner for Environment and Water Resources, Tokunbo Wahab, confirmed the development in a statement issued on Thursday. He explained that the action followed a whistleblower alert, which triggered an investigation by the Lagos State Wastewater Management Office. The probe revealed that the branch, situated on Land Bridge Avenue in Oniru, Victoria Island, had been discharging untreated faecal waste into public drainage systems. According to Wahab, the facility was shut down during a joint enforcement operation after officials confirmed the environmental offence. The illegal discharge reportedly caused unpleasant odours and contributed to pollution, contravening exist...

Britain is set to host high-level talks with about 35 countries aimed at exploring ways to reopen the Strait of Hormuz, a critical global oil route disrupted by the ongoing conflict involving Iran. The virtual meeting will be chaired by British Foreign Secretary Yvette Cooper and will include representatives from countries such as France, Germany, Italy, Canada, and the United Arab Emirates. The United States is not expected to participate. The discussions follow remarks by US President Donald Trump, who stated that securing the vital waterway should be the responsibility of nations that depend on it, suggesting the route could reopen “naturally.” The Strait of Hormuz, which accounts for roughly a fifth of the world’s oil consumption, has been effectively shut down by Iran in ...

The federal government has increased the price of natural gas supplied to power generation companies to $2.18 per metric million British thermal units (MMBTU). The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said the new price will take effect from April 1, 2026. The new rate represents a $0.05 increase from the previous price of $2.13/MMBTU, according to NDPRA’s circular issued on Tuesday. The regulator also announced the updated Domestic Base Price (DBP) and wholesale gas pricing for the domestic market, serving as the minimum price for gas sales within Nigeria, has been set at $2.18/MMBTU. Similarly, commercial users will now pay $2.68/MMBTU, up from $2.63/MMBTU. Gas-based industries, including ammonia, urea, methanol, and low-sulfur dies...

The Nigeria Labour Congress has shut down the offices of Abuja Electricity Distribution in Abuja, Kogi, Nasarawa, and Niger over the mass sacking of over 900 workers. The Disco’s headquarters in Abuja, areas in the nation’s capital and other offices in Kogi, Minna, Niger, and Nasarawa States are under locks and keys as of Wednesday morning. This comes a day after the NLC, led by its president, Joe Ajaero, picketed AEDC’s headquarters over the controversial disengagement of nearly 900 workers. Explaining the crisis, Ajaero said it dates back to about six months when AEDC management claimed the disengagement would affect only workers who had reached retirement age or were on the verge of retiring; however, the reverse was the case. “At that time, the union intervened ...

Crude oil shipments to Asia from Europe and major West African producers like Nigeria and Angola are projected to rise by about 200,000 barrels per day in March, reaching 3.72 million bpd, according to data from Kpler. The shift comes amid ongoing disruptions linked to tensions involving Iran, which have significantly reduced Middle Eastern oil supply. An estimated 10 million barrels per day, roughly 10% of global consumption, have been impacted due to the effective closure of the Strait of Hormuz and attacks on regional energy infrastructure. Asia, the world’s largest oil-importing region, has been the hardest hit. The supply squeeze has pushed prices sharply higher, with the Dubai benchmark hitting a record $169.75 per barrel, surpassing the previous Brent crude record of $147.50 s...