Business

The Central Bank of Nigeria (CBN) has approved the temporary use of expired National Agency for Food and Drug Administration and Control (NAFDAC) licences by importers for import documentation purposes. In a circular issued on January 26, 2026, by the Trade and Exchange Department of the apex bank and published on its website on Tuesday, the CBN said authorised dealer banks may continue to process Form M applications using NAFDAC licences that expired on December 31, 2025. The bank said the decision was necessitated by operational challenges arising from the migration from the legacy Nigeria Integrated Customs Information System II platform. According to the circular, the temporary approval takes immediate effect and will run for two months, expiring on February 28, 2026. “The ...

The Anambra State government has directed traders in twelve additional markets to resume normal operations on Mondays, warning that non-compliance could result in temporary market closures. This follows last week’s closure of Onitsha Main Market after traders refused to open on Mondays, an action the government said disrupted business activities. The markets now required to operate include: Ochanja Central Market, Bridgehead Market, Ogbaru Main Market, Building Materials Market Ogidi, Agba-Edo Auto Spare Parts Market Nnewi, New Auto and Motorcycle Spare Parts Market Nnewi, Fairly Used Motorcycle Spare Parts Market Nnewi, New Auto Spare Parts Market Nkpor, Nkpor Main Market, Old Mercedes-Benz Spare Parts Dealers Market Nkpor, Old Motor Spare Parts Market Obosi, and Electrical Dealers ...

advertisement Community leaders and displaced residents on Wednesday staged a protest at the Ikeja Under-Bridge area of Lagos, condemning the ongoing demolitions and alleged forced evictions in waterfront and low-income communities across the state. The protesters accused the Lagos State Government of carrying out demolitions in areas such as Makoko, Owode Onirin and Oworonshoki without adequate notice, compensation or resettlement plans for affected residents. Story continues below advertisement The demonstrators occupied strategic sections of the Ikeja under-bridge, temporarily disrupting movement and drawing the attention of commuters and motorists along the busy axis. The protesters carried placards bearing inscriptions such as “Stop Forced Evictions Now,” “Makoko Lives ...

A female Point of Sale operator was k!lled after being hit by a commercial bus near the Total filling station in the Berger area of the Federal Capital Territory on Monday. According to eyewitnesses, the bus driver, who was operating a coaster bus, was being chased by officials of the Federal Road Safety Corps when the incident occurred. A commuter who witnessed the incident and identified himself as Johnson told punch that the woman had arrived early for work and was crossing the road after buying food. Johnson added that after the bus struck the woman during the chase, neither the coaster bus driver nor the FRSC officials stopped at the scene. He said the victim remained on the road until police officers from the Utako Division arrived, by which time she had died. ...

The Nigerian stock market maintained its upward trajectory on Tuesday, with investors’ wealth rising by N126 billion, marking a 0.12% increase. Market capitalization on the Nigerian Exchange (NGX) climbed to N106.088 trillion at the close of trading, up from N105.962 trillion in the previous session. Similarly, the All-Share Index (ASI) gained 0.12%, adding 196.26 points to finish at 165,713.82, compared with 165,517.56 previously. The positive momentum was mainly fueled by renewed buying interest in medium- and large-cap stocks, including Union Homes Real Estate, SCOA, Deap Capital Management, Morison, and RT Briscoe, among others. Market breadth ended on a positive note, with 33 stocks advancing against 26 declining. Union Homes Real Estate Investment, SCOA, and Deap Capit...

The Federal Government has announced that its recently issued ₦501 billion power sector bond, launched under the Presidential Power Sector Debt Reduction Programme, has achieved full subscription. According to the government, the bond attracted overwhelming interest from pension fund administrators, banks, asset managers and other investors, underscoring strong confidence in the initiative aimed at clearing legacy debts, improving liquidity and restoring stability in the Nigerian Electricity Supply Industry (NESI). Speaking at the bond signing ceremony held in Lagos on January 27, 2026, the Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, described the programme as a major reset of the electricity market, combining debt resolution with wider financial and structural...

The National Environmental Standards and Regulations Enforcement Agency says Nigeria consumes over 2.5 billion litres of sachet water annually, produced by more than 32,000 manufacturers across the country. Prof. Innocent Barikor, the Director -General of NESREA, stated this at the inception meeting of the Child Project –GEF 11193 on Tuesday in Abuja. He said the project “Circular Solutions to Plastic Pollution in Nigeria” was aimed at reducing plastic sachet water consumption, while ensuring access to safe drinking water. Barikor said the meeting marked a significant milestone in Nigeria’s ongoing efforts to address the growing challenge of plastic pollution in the country He said the pervasive issue of single-use plastic water sachets had become both a convenience and...

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...