Business

The Federal Government under President Bola Ahmed Tinubu has unveiled a new tax collection framework targeted at integrating small businesses and informal sector operators into Nigeria’s tax system. Tagged the Presumptive Tax Framework, the initiative is structured to ease tax compliance for traders, artisans, and micro-enterprises nationwide. The announcement was made in a statement shared on Wednesday via the official X account of the Federal Ministry of Finance. According to the government, the framework introduces a simplified tax structure aimed at making it easier for small-scale businesses operating outside the formal economy to meet their tax obligations. The system provides a streamlined process intended to eliminate unnecessary bureaucratic bottlenecks. Speaking on th...

The Economic and Financial Crimes Commission (EFCC) has arraigned two senior officials of FSDH Merchant Bank Limited, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over the alleged diversion of $306,667.81 and €50,250 through fraudulent SWIFT transactions. The defendants appeared before Justice Ismaila Ijelu of the Lagos State High Court in Ikeja on Tuesday, facing a 10-count charge bordering on stealing and retention of stolen property. According to a statement issued by EFCC spokesperson Dele Oyewale, the charges stemmed from a petition filed by the bank after an internal audit reportedly uncovered unauthorised debits totalling $306,667.81 and €50,250 from its Letters of Credit payable accounts. The sums are said to amount to ₦527,406,916.66. EFCC investigations alle...

Telecommunications operators in Nigeria will now be required to give subscribers a minimum of 14 days’ notice before deactivating their SIM cards over inactivity or post-paid churn.  This was disclosed in a fresh proposal by the Nigerian Communications Commission (NCC).  The proposal is contained in a consultation paper, signed by the Executive Vice Chairman and Chief Executive Officer of the NCC, Dr Aminu Maida, and which was titled Stakeholders Consultation Process for the Telecoms Identity Risks Management Platform, dated February 26, 2026, and published on the Commission’s website.  Under the proposed amendments to the Quality-of-Service (QoS) Business Rules, the Commission said operators must notify affected subscribers ahead of any planned churn.  “Prior to churning of a post-...

Nigeria’s external financial buffers strengthened significantly in 2025 as Olayemi Cardoso, governor of Central Bank of Nigeria (CBN), disclosed that the country’s net foreign exchange reserves reached $34.80 billion by the end of the year. The figure represents a major increase compared with previous years, rising by $11.69 billion or 50.58 percent from $23.11 billion recorded in 2024. It also reflects a remarkable improvement of about $30.81 billion, or 772.18 percent, when compared with the $3.99 billion recorded in 2023. Net international reserves represent reserve assets after adjusting for short-term external liabilities such as foreign exchange swaps and forward contracts. Analysts regard the metric as a more accurate indicator of a country’s ability to meet immediate exte...

The Dangote Petroleum Refinery has increased its Premium Motor Spirit gantry price by N101, raising the ex-depot rate from N774 to N875 per litre, heightening concerns over fresh fuel price increases across the country. A senior official at the refinery confirmed the development to The PUNCH on Monday, noting that the adjustment followed recent volatility in global crude oil prices. “Yes, the price has been reviewed. The new gantry price is now N875 per litre from N774. The review became necessary due to changes in global crude fundamentals and replacement costs,” the official said. According to SNOW TV NEWS a report on petroleumprice.ng confirmed that the revised price had already been reflected, indicating a shift in downstream pricing benchmarks. The price increase c...

Nigeria’s Bonny Light has climbed to $80 per barrel, up from $70, marking its highest level since July 2025.  Nigeria Travel Guides The surge follows coordinated military strikes on Iran by the United States and Israel, which have rattled global energy markets and disrupted crude flows from the Middle East. Other benchmark crudes also posted sharp gains. Brent Crude rose to $79.08 per barrel from $72.87, while Murban Crude advanced to $81.05 from $74.24. In the United States, West Texas Intermediate (WTI) climbed to $72.24 per barrel, up from $62. Oil prices began firming on Sunday amid reports that Iran’s crude production — estimated at about three million barrels per day and largely exported to China and other Asian buyers — had been affected by the conflict. As hosti...

Passengers and motorists were left stranded for hours on Sunday after severe traffic congestion followed the enforcement of a new cashless toll payment system by the Federal Airports Authority of Nigeria (FAAN) at major airports in Lagos and Abuja. The policy, which took effect on March 1, 2026, prohibits cash payments at airport toll gates. Motorists are now required to use prepaid access cards or approved electronic payment options before entering airport premises. At Murtala Muhammed International Airport, long queues of vehicles stretched from the toll gate toward Oshodi and nearby access roads, leaving many travellers frustrated and anxious about missing flights. Drivers hurried to obtain the newly introduced prepaid cards, while others parked along the roadside to complete r...

Nigeria and Cameroon have signed a Bilateral Agreement on Technical Aeronautical Search and Rescue Operations aimed at boosting aviation safety and coordination within their shared airspace. The agreement was formalised in Yaoundé, Cameroon’s capital, after discussions between Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, and Cameroon’s Minister of Transport, Jean Ernest NgalNgallé Bibehe. Announcing the development on his official X handle, Keyamo stated that the pact would improve cross-border collaboration and enable quicker, more coordinated responses to aviation emergencies affecting both countries. He explained that the Nigerian delegation included the Director-General of the Nigeria Civil Aviation Authority (NCAA), the Managing Director of the Nig...

Here’s the latest on the Dollar to Naira exchange rate, especially in the black market (parallel market/Aboki FX), as of Friday, February 27, 2026. Black Market (Parallel Market) Dollar to Naira Rates At the Lagos parallel market, Bureau De Change (BDC) traders quoted the following rates: Selling: ₦1,380 per US dollar Buying: ₦1,360 per US dollar Note: These are unofficial rates sourced from BDC operators and can change frequently. The Central Bank of Nigeria (CBN) does not recognise the parallel market and encourages all forex transactions to be conducted through authorised banks. Exchange Rate Summary MarketRateBlack Market (USD to NGN)Selling₦1,380Buying₦1,360CBN Official WindowHighest₦1,369Lowest₦1,345 Important: The rates you get when buying or selling ...