Business

The Anambra State Commissioner for Information, Law Mefoh, has defended Governor Chukwuma Soludo’s decision to shut down the Onitsha market, blaming the action on traders’ refusal to open their shops on Mondays. Naija News reports that Mefoh made the disclosure on Tuesday while speaking on Channels Television’s The Morning Brief, where he revealed that the state loses an estimated ₦8 billion every Monday as a result of the sit-at-home practice. According to the commissioner, the state government has a duty to keep the economy functioning, insisting that those resisting the reopening of markets are acting out of mischief rather than genuine fear. “Let me emphasise that initially there was a fear factor, but that is no longer the case,” Mefoh said. “For months now, security has been...

Dangote Petroleum Refinery has announced a nationwide increase of ₦100 per litre in the price of Premium Motor Spirit (PMS). The company disclosed the adjustment in a statement released on Monday, noting that the ex-depot (gantry) price of petrol has risen to ₦799 per litre, while the retail pump price now stands at ₦839 per litre. This represents an increase from the previous prices of ₦699 and ₦739 per litre, respectively, which had been in effect since December 2025. “Under the current pricing structure, the PMS gantry price is ₦799 per litre, while MRS retail outlets are selling at ₦839 per litre,” the statement read. The Chief Executive Officer of Dangote Petroleum Refinery, David Bird, said the refinery continues to supply about 50 million litres of petrol daily to the domes...

The Central Bank of Nigeria (CBN) has elevated the operating licences of several major FinTech companies and microfinance banks to national status, enabling them to operate across all parts of the country after fulfilling regulatory conditions. The upgrade covers prominent players in Nigeria’s rapidly expanding digital finance sector, including Moniepoint Microfinance Bank, Opay, Kuda Bank, Palmpay and Paga. Many of these firms have recorded significant growth through mobile platforms and wide-reaching agent networks. Naija News reports that the development was confirmed in Lagos by the Director of the CBN’s Other Financial Institutions Supervision Department, Yemi Solaja, during the annual conference of the Committee of Heads of Banks’ Operations. Solaja explained that the affect...

The Nigerian National Petroleum Company Limited (NNPC Ltd) has confirmed the discovery of a new oil well with considerable crude oil deposits following the successful drilling of the Awodi-07 appraisal and exploration well by Chevron Nigeria Limited. The disclosure was made in a statement released on Monday by NNPC’s spokesperson, Andy Odeh. According to the statement, the Awodi-07 well is situated in the shallow offshore region of the western Niger Delta and was drilled under the NNPC Ltd/Chevron Nigeria Limited Joint Venture as part of ongoing efforts to further define and unlock hydrocarbon potential within the asset base. NNPC stated that drilling activities began in late November 2025 and were completed by mid-December 2025, with operations carried out safely, efficiently, an...

Nigeria’s exports to African countries rose by 14 per cent year-on-year to N4.82 trillion in the first half of 2025, compared with N4.21 trillion recorded in the same period of 2024. Data show that West Africa remained the dominant destination for Nigerian goods, absorbing more than 62 per cent of the country’s total exports to the continent. Comptroller General of the Nigeria Customs Service, Bashir Adewale Adeniyi, was quoted as saying the trend highlights Nigeria’s growing importance as a hub for intra-African trade and regional value chains. According to him, the increase is “a clear signal of strengthening regional trade momentum.” Figures from the National Bureau of Statistics reviewed by Ecofin Agency indicate that countries in the Economic Community of West African States ...

Power distribution companies have rejected a directive from the Minister of Power, Adebayo Adelabu, stating that prepaid meters should be free for all categories of customers. Operators told Punch that Adelabu made only a political statement without considering the input of other stakeholders, especially the installers and meter providers. On Thursday, the Federal Government banned electricity distribution companies and installers from collecting any form of payment for meters, warning that DisCo officials and installers found extorting customers would be prosecuted. Adelabu issued the warning during an on-site inspection of newly imported smart meters at APM Terminals, Apapa, Lagos. Adelabu said the meters were procured under the World Bank–funded Distribution Sector Recovery ...

A powerful winter storm sweeping across the United States has turned deadly, with five deaths recorded in New York City alone over the weekend, as widespread snow, ice and freezing temperatures cripple transport and power supplies across large parts of the country. New York City Mayor Zohran Mamdani confirmed the deaths on Sunday, January 25, though he said it was not yet clear whether they were directly caused by the extreme weather. “While we do not yet know their causes of death, there is no more powerful reminder of the danger of extreme cold and how vulnerable many of our neighbours are, especially homeless New Yorkers,” he said. The storm has caused severe disruption to air travel, forcing the closure of LaGuardia Airport after it was blanketed by heavy snowfall. The airpor...

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reassured Nigerians that the prices of petrol, diesel and Liquefied Petroleum Gas (LPG) are expected to continue declining nationwide. The assurance was given by the Authority’s Chief Executive Officer, Mr Saidu Mohammed, during an inspection visit to Aradel Holdings Plc facilities in Ogbele, Ahoada East Local Government Area of Rivers State. Mohammed attributed the anticipated reduction in prices to increased product supply, growing competition and sustained private sector investments in the oil and gas industry. According to him, rising supply levels have already begun to impact pricing, noting that competition has helped drive petrol prices down from about ₦1,000 to around ₦800 per litre. He ex...

The Lagos State Internal Revenue Service (LIRS) has warned against artificial or fictitious transactions, which are carried out with the intent to reduce tax liabilities. LIRS has now said such arrangements will be disregarded under the Nigeria Tax Administration Act (NTAA), 2025, and could expose culpable taxpayers to investigation and penalties. This is contained in a public notice dated January 21, 2026, and sighted by our correspondent on the LIRS website on Sunday. The notice, signed by Executive Chairman of LIRS, Mr. Ayodele Subair, stated that the directive applies to all taxpayers, including incorporated entities, partnerships, trusts, natural persons, and other stakeholders operating within Lagos State. It read, “In line with the provisions of the newly gazetted tax la...

Withdraw money from ATM machine The Central Bank of Nigeria (CBN) has disclosed plans to introduce fresh regulations to streamline debit card issuance and improve the operations of Automated Teller Machines (ATMs) across the banking industry. The announcement was made by the CBN Governor, Olayemi Cardoso, through his Special Adviser, Fatai Karim, during a weekend event. He explained that the initiative is aimed at addressing ongoing cash access difficulties and rebuilding public trust in electronic payment platforms. According to the apex bank, the proposed framework will ensure that the number of debit cards issued by banks corresponds with their available ATM infrastructure. This is expected to ease overcrowding, reduce frequent system breakdowns, and ensure more balanced...