Business

The Federal Competition and Consumer Protection Commission (FCCPC) on Sunday, June 28, warned operators in the downstream petroleum sector against exploiting consumers following their refusal to reduce petrol pump price to reflect the sharp decline in global crude oil prices. In a statement released, the Executive Vice Chairman/Chief Executive of the Commission, Tunji Bello, said the ongoing surveillance of the downstream petroleum market by the commission had revealed that reductions in gantry prices by local refiners, marketers, depot operators, and retail outlet operators had been marginal and far below current global crude oil prices. Bello stressed that although the commission does not regulate or approve petroleum prices in the country’s deregulated downstream market, it wo...

The Nigerian naira traded within a relatively stable range against the United States dollar on Tuesday, June 2, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, as traders continued to monitor forex liquidity and demand conditions.  According to data from the Central Bank of Nigeria (CBN), the latest official NFEM exchange rate stood at ₦1,373.25 per dollar, based on the most recent trading figures. The official market has remained relatively stable in recent sessions, supported by sustained foreign exchange inflows and regulatory interventions aimed at improving liquidity.  Market trackers also showed the naira trading within the ₦1,370 to ₦1,372 range against the dollar in official market transactions on June 2.  In t...

The European Union has reaffirmed its commitment to expanding investments in Nigeria and strengthening regional trade, describing the country as a strategic economic hub with access to more than 400 million consumers across West Africa. The commitment was made at the 10th Nigeria-European Union Business Forum in Lagos, where European and Nigerian government officials, business leaders, investors and development partners gathered to explore new opportunities for trade, investment and sustainable economic growth, according to a statement by the EU delegation to Nigeria and ECOWAS on Saturday. In a video message to participants, the High Representative of the European Union for Foreign Affairs and Security Policy and Vice-President of the European Commission, Kaja Kallas, said Nigeria r...

Chairman of MTN Group, Mcebisi Jonas, has delivered a scathing condemnation of rising xenophobia in South Africa, blaming the country’s immigration crisis on government failure rather than the presence of foreign nationals. Speaking at the funeral of Zimbabwean-born activist and public servant, Thokozani Damasane, in Johannesburg, the former South African Deputy Minister of Finance said inequality, unemployment, corruption and poor governance, and not immigrants remain the country’s biggest challenges. His remarks, which have since gained widespread attention across South Africa, are being viewed as one of the strongest public interventions a senior African business leader on the country’s recurring anti-foreigner sentiment has made. Jonas questioned the growing calls for fore...

The Muslim Media Watch Group of Nigeria (MMWG) has called on the Federal Government to direct petroleum marketers to reduce the pump price of petrol to below ₦700 per litre, citing the recent decline in global crude oil prices. In a statement issued on Friday by its National Coordinator, Alhaji Ibrahim Abdullahi, the group argued that the ceasefire involving Iran has eased tensions in the Middle East, causing international oil prices to return to pre-conflict levels. According to the group, there is no justification for petrol to remain above ₦1,000 per litre, describing the current pricing as insensitive and a major contributor to the hardship faced by Nigerians. MMWG accused petroleum marketers of exploiting consumers and urged the Federal Government to intervene by restoring fu...

Turkey wrapped up their 2026 FIFA World Cup campaign on a high with a dramatic 3-2 victory over the United States, sealing the win with a stoppage-time goal in Los Angeles. The hosts took an early lead through Auston Trusty, who scored after just two minutes and 13 seconds — the second-fastest World Cup goal in U.S. history. However, Turkey responded with goals from Arda Güler and Orkun Kökçü before halftime. Sebastian Berhalter equalized in the second half, but Kaan Ayhan struck with the final kick of the match to hand Vincenzo Montella’s side their first World Cup victory since 2002. Despite the defeat, the United States progressed to the Round of 32 and will face Bosnia and Herzegovina on July 2. Elsewhere, Ivory Coast reached the World Cup knockout stage for the first time ...

Elon Musk is no longer a trillionaire after a sharp global sell-off in technology stocks wiped an estimated $500bn (£379bn) from his personal fortune. The billionaire entrepreneur Elon Musk had recently become the first individual to reach the trillion-dollar milestone following a record-breaking listing surge for his rocket company SpaceX earlier this month. However, shares in SpaceX have since fallen by around 30% from their peak, while Tesla was also caught in a broader technology market downturn on Tuesday, June 23. His net worth now stands at $957.1bn, according to analysis by Bloomberg, while calculations by Forbes suggest his fortune previously peaked at $1.45tn last week. The drop in Musk’s wealth over the past week exceeds the total fortune of Larry Page, whose estimated net...

The Dollar-to-Naira exchange rate in Nigeria’s parallel market, commonly known as the black market or Aboki FX market, remained relatively stable as traders continued foreign exchange transactions across major markets. According to Bureau De Change (BDC) sources in Lagos, the US dollar was bought at ₦1,385 and sold at ₦1,395 on Tuesday, June 23, 2026. Black Market Exchange Rate (USD/NGN) TransactionRateBuying Rate₦1,385Selling Rate₦1,395 Meanwhile, the Central Bank of Nigeria (CBN) continues to maintain that it does not recognize the parallel market and advises individuals seeking foreign exchange transactions to use authorized financial institutions and banks. CBN Exchange Rate (USD/NGN) CategoryRateHighest Rate₦1,375Lowest Rate₦1,365 It is important to note that fore...

The Lagos State Government has ordered the closure of the Oshodi Resettlement Market after traders allegedly attacked officials of the Lagos State Environmental Sanitation Corps (LAGESC) during an enforcement exercise. The announcement was made on Tuesday by the Commissioner for Environment and Water Resources, Tokunbo Wahab, through a statement shared on his official X account. According to Wahab, market traders obstructed LAGESC officers from carrying out their duties and allegedly assaulted personnel involved in an operation targeting suspected hoodlums and beggars within the area. He further claimed that the suspects damaged operational vehicles belonging to the agency during the incident. As a result of the attack and disruption of the enforcement exercise, the state gover...

The International Monetary Fund (IMF)’s recommendation that Nigeria consider imposing additional taxes on telecommunications services and petroleum products has triggered widespread criticism from citizens and stakeholders. The proposal, contained in the IMF’s latest Article IV Consultation Report on Nigeria, was presented as part of broader efforts to boost government revenue, create fiscal space, and fund development projects and social intervention programmes. However, the recommendation quickly sparked concerns among many Nigerians, who fear that new taxes on essential services could worsen economic hardship and place additional pressure on households and businesses already struggling with rising costs. In response to public concerns, the Federal Government clarified that the ...