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Inflation in Venezuela surged to about 475 percent in 2025, the highest rate in the world, according to figures released by the country’s central bank. The sharp rise in prices was largely driven by economic pressure linked to tighter sanctions imposed by the United States during the final period of rule by former president Nicolas Maduro. Data published on Friday, March 6, by the Central Bank of Venezuela showed that full-year inflation far exceeded the International Monetary Fund forecast of 269.9 percent. The bank also reported that accumulated inflation during the first two months of 2026 had already reached nearly 52 percent, although it did not provide an outlook for the rest of the year. Venezuela’s economy was heavily affected by Washington’s “maximum pressure” campaig...

Long queues have begun reappearing at filling stations offering cheaper petrol, as motorists scramble to purchase Premium Motor Spirit (PMS) for less than ₦1,000 per litre. A market survey carried out on Saturday morning showed that private car owners and commercial drivers crowded stations owned by MRS Oil Nigeria Plc, especially along the Ibadan–Lagos Expressway, where petrol is currently selling for about ₦937 per litre. The development follows a fresh rise in petrol prices by several marketers after global crude oil prices increased and the Dangote Petroleum Refinery adjusted its price. According to a report by Channels Television, checks revealed that while motorists thronged MRS stations selling fuel at ₦937 per litre, many other filling stations along the same route had alr...

Global crude oil prices climbed sharply on Saturday, surpassing $90 per barrel and reaching their highest level in two years as tensions in the Middle East escalate and fears of supply disruptions grow. Market data showed that Brent crude rose to about $93 per barrel, while West Texas Intermediate (WTI) traded around $91 per barrel as of Saturday morning. The increase represents roughly a nine per cent jump in Brent crude prices, marking the highest level recorded since the autumn of 2023, according to a report by the BBC. Energy experts say the surge is being driven by concerns that ongoing hostilities in the Gulf region could disrupt oil and gas production in the Middle East, which supplies a large share of the world’s energy. The warning was also echoed by Saad al-Kaabi, Qat...

The Dangote Petroleum Refinery has increased its Premium Motor Spirit gantry price to N995 per litre, marking a sharp N221 rise within four days, amid volatility in global crude oil prices and shipping costs. A senior official of the refinery confirmed the development to PUNCH Online on Friday, explaining that the latest price adjustment followed recent shifts in global oil market fundamentals. “Yes, the price has been reviewed. The new gantry price is now N995 per litre,” the official said. The new price represents an increase from N874 per litre, which itself was introduced earlier this week after the refinery raised its ex-depot price from N774 to N874 per litre. With the latest revision, the refinery’s petrol price has climbed from N774 to N995 per litre within four day...

The Nigerian Senate has summoned the immediate past Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, along with former Chief Financial Officer Umar Isa and former Group General Manager of the National Petroleum Investment Management Services, Bala Wunti, over an alleged ₦210 trillion expenditure by the national oil company between 2017 and 2023 that lawmakers say has not been properly explained. Lawmakers handling the probe warned that a warrant of arrest could be issued against the former officials if they fail to honour the invitation once the date for their appearance is communicated. The Senate committee is also questioning the company’s reported ₦5 billion spending on the rebranding that transformed the defunct Nigerian National Petro...

Petrocam Trading, Patrick Ilo’s bank accounts frozen over ‘N9.05bn debt’ The Federal High Court in Lagos has ordered the freezing of bank accounts linked to Petrocam Trading Nigeria Limited and its principal, Patrick Ilo, over an alleged debt of ₦9.05 billion owed to Zenith Bank. Justice Chukwujekwu Aneke issued the interim order in Suit No: FHC/L/CS/393/2026 after Zenith Bank filed an ex parte application seeking to secure funds reportedly owed as of May 31, 2025. The court directed that the defendants, whether acting personally or through agents or representatives, must not withdraw, transfer, or tamper with funds up to ₦9,057,511,855.63 pending the hearing of the motion on notice. A key aspect of the ruling targets Bank Verification Number (BVN) 22141926401, said to be conne...

MultiChoice, parent company of DStv and GOtv, has revealed plans to shut down its streaming platform Showmax after more than a decade of operation. In a message to customers dated March 5, the company said the move follows a strategic review aimed at strengthening its overall digital offerings and ensuring long-term sustainability amid growing competition in the streaming sector. Originally launched in South Africa in 2015, Showmax expanded over the years to serve audiences across multiple African countries. While MultiChoice has not confirmed a specific shutdown date, it assures subscribers that the service will continue operating for the time being, with no immediate action required. Parts of the message read: “Following a comprehensive review, the Showmax Board has taken the...

Nigeria’s Federal Executive Council has approved the implementation of a GIS-enabled alphanumeric digital postcode system aimed at modernising the country’s national addressing framework.  Nigerian Business Directory The development was announced by Bosun Tijani after the council meeting presided over by Bola Tinubu. The approval marks a major step in the rollout of the initiative, which was first introduced four years ago. In 2022, the Nigerian Postal Service signed a memorandum of understanding with the National Population Commission to support the implementation of a digitised postcode system across the country. In a post on X, Tijani said the project forms part of the ministry’s broader strategy to strengthen Nigeria’s digital infrastructure and improve national ad...

President Bola Ahmed Tinubu has suspended the newly introduced cashless toll payment system at airports nationwide, citing passenger welfare and the severe traffic congestion that left many travelers missing flights. The announcement was made by Festus Keyamo, Minister of Aviation and Aerospace Development, following Wednesday’s Federal Executive Council meeting in Abuja. This move comes just days after the Federal Airports Authority of Nigeria (FAAN) fully implemented the “Operation Go Cashless” policy on March 1, 2026. The initiative had been intended to curb long-standing revenue leakages, fraud, and under-collection at toll gates, parking lots, and other airport points. However, its rapid rollout caused widespread chaos, particularly at major airports like Murtala Muhammed Intern...