Business

Ukraine has launched its largest drone offensive on Moscow in two years, according to Russian state-run news agency TASS, in an attack that damaged infrastructure, caused fires, and sent debris raining down in areas across the capital region. Air defenses shot down more than four dozen drones bound for the Russian capital overnight into Thursday, according to Moscow Mayor Sergei Sobyanin. While a massive assault for the capital, the barrage was part of a larger Ukrainian operation targeting a broad swath of Russia, with air defenses active across multiple regions. Flights at all major Moscow airports were temporarily suspended on Thursday, Reuters reported, citing the Russian aviation agency. Kyiv has been stepping up its targeting of Russian energy infrastructure in long-rang...

Today, Nigeria launched FreeTV, a national free-to-air digital television platform that will give households across the country access to digital television, more channels, clearer pictures, and Nigerian content without monthly subscription fees. The launch, announced by the State House, marks a significant milestone in the country’s Digital Switch-Over (DSO) programme and its transition from analogue to digital broadcasting, and is framed by the presidency as part of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises inclusion, access to opportunity, job creation, local enterprise, and the use of technology to improve everyday life for Nigerians. The platform offers access to over 100 national, regional and state channels spanning news, sports, movies, music...

The Nigerian Communications Commission (NCC) has initiated a review of interconnection tariffs for telecommunications operators, a move that could lead to increased call and SMS charges for subscribers nationwide. The review comes eight years after the last major assessment of the Mobile Termination Rate (MTR), the fee paid by one network operator to another when a call is completed on a different network. Current interconnection rates range between ₦3.90 and ₦4.70 per minute. Industry experts say adjustments to these rates could eventually impact retail pricing for consumers. However, the NCC maintains that the exercise is intended to ensure tariffs remain fair, cost-reflective, and aligned with current market realities. The announcement was made during a stakeholders’ consultati...

The Federal Government has denied media reports claiming it is considering new taxes on telecommunications services and petroleum products following the publication of the International Monetary Fund (IMF) Article IV Consultation Report on Nigeria. According to a statement released by the Head Information and Public Relations Unit, Ministry of Finance, Efe Ovuakporie, the Federal government said the reports misrepresented the content of the IMF report and did not reflect its policy direction. “The IMF Article IV Consultation Report contains the Fund’s assessment of Nigeria’s economy as well as recommendations for consideration by the authorities. Those recommendations do not amount to government policy and are not binding on Nigeria. Decisions on tax matters are taken through est...

Marketers of petroleum products say petrol prices may drop to about N1,200 per litre as the Dangote Petroleum Refinery leads efforts to reduce ex-depot rates. As crude prices continue to fall following a peace deal signed between the United States and Iran, the Dangote Petroleum Refinery has slashed its petrol gantry price by N75 per litre, from N1,250 to N1,175. This has prompted other depot owners to lower their prices to about N1,180, according to Petroleumprice.ng. However, filling stations have yet to adjust pump prices, as many still sell petrol at around N1,280, as observed on Tuesday. Marketers attribute this to the need to sell off old stock to avoid losses. In a circular to fuel marketers on Monday, the Dangote refinery said the price adjustment followed the de-es...

Many Nigerians continue to monitor the Dollar-to-Naira exchange rate in both the official and parallel foreign exchange markets. Black Market (Parallel Market) Exchange Rate According to traders at the Lagos parallel market, popularly known as the black market or Aboki FX market, the United States Dollar exchanged at an average selling rate of ₦1,400 and a buying rate of ₦1,390 on Tuesday, June 16, 2026. Dollar to Naira (USD/NGN)Black Market RateSelling Rate₦1,400Buying Rate₦1,390 Official CBN Exchange Rate The Central Bank of Nigeria (CBN) continues to maintain that foreign exchange transactions should be conducted through authorized financial institutions and does not recognize the parallel market. Latest official market data showed the Dollar traded within the followin...

NIPOST has moved closer to launching a nationwide digital postcode system after validating a new model that will assign a unique digital address to every addressable building in Nigeria. The validation exercise was unveiled in Abuja as part of efforts to create a technology-driven addressing framework aimed at improving service delivery,   Chief Executive Officer of NIPOST, Tola Odeyemi, said the system would provide a machine-readable address for buildings across the country. According to her, the initiative is designed to assign a unique code to every standing building in Nigeria, placing the country among a small number of African nations pursuing such a detailed postcode identification system. She explained that the validation process is necessary to ensure postcode boun...

    President of Dangote Group, Aliko Dangote, has reaffirmed plans to develop a large-scale industrial and free trade zone at Olokola in Ondo State, describing it as a power-driven investment hub designed to attract manufacturers and reduce infrastructure constraints for investors. According to him, the initiative was designed to address Nigeria’s long-standing power deficit, which he described as the country’s biggest industrial constraint for over 30 years. Dangote disclosed during a courtesy visit to Governor Lucky Orimisan Aiyedatiwa in his office in Akure, on Monday, where he outlined a renewed investment framework covering power generation, cement production, gas infrastructure, and industrial manufacturing. He was accompanied by the Vice President, Da...

The Enugu State Government has identified the establishment of Enugu Air and the concession of the Akanu Ibiam International Airport as critical drivers of its ambition to grow the state’s economy from $4.4bn to $30bn by 2031. The government added that the initiatives are expected to boost tourism, attract investments, enhance agricultural exports, and position Enugu as the economic hub of the South-East. The Secretary to the State Government, Chidiebere Onyia, disclosed this on Tuesday during the Renewed Hope Media Tour of the Akanu Ibiam International Airport, Enugu. According to Onyia, the airport project is part of a broader strategy by the administration of Governor Peter Mbah to position Enugu as a major economic hub driven by tourism, hospitality, agriculture, and private s...

The Naira depreciated to N1,400 per dollar in the parallel market as at Tuesday morning, June 16, down from N1,390 per dollar recorded last weekend. However, the local currency saw gains in the official window, appreciating to N1,356 per dollar in the Nigerian Foreign Exchange Market (NFEM). Data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate for the official market fell to N1,356 per dollar from N1,365.4 per dollar last weekend, indicating a N9.4 appreciation for the naira. Market observers noted that the gap between the official and parallel market rates has narrowed significantly compared to previous years, reflecting ongoing efforts to improve transparency and liquidity in the foreign exchange market. The official market has continued to...