Business

Independent petroleum marketers have pushed for the restoration of importation rights and projected that the pump price of Premium Motor Spirit, popularly called petrol, could fall below N800 per litre as the Federal Government intensified efforts to force down the cost of petrol.The development came as the Federal Government met with major operators in the downstream petroleum sector, including representatives of the Dangote Petroleum Refinery, over what it described as the disconnect between falling global crude oil prices and the relatively high pump prices of petrol in the domestic market.The stakeholders’ meeting on cost-reflective pricing of PMS, held at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority in Abuja, brought together the Federal Com...

The Federal Government spent ₦358.32 billion on electricity subsidies in the first quarter of 2026, according to the latest report released by the Nigerian Electricity Regulatory Commission. In its First Quarter 2026 report published on Monday, the commission disclosed that the subsidy represented a 14.44 percent decrease from the ₦418.79 billion recorded in the fourth quarter of 2025. According to NERC, the reduction was largely driven by lower electricity offtake by electricity distribution companies (DisCos), rather than improvements in cost recovery through tariffs. The commission explained that electricity tariffs remain below cost-reflective levels, requiring the Federal Government to continue bridging the gap between the actual cost of electricity generation and the approve...

Shareholders of Dangote Cement Plc have approved a final dividend of N45 per ordinary share for the financial year ended 31 December 2025, bringing the total payout to an unprecedented N753.8bn. The approval came as the company reaffirmed its long term strategy of expanding across Africa through aggressive investments in production capacity, cleaner energy, and operational efficiency. The dividend was approved at the company’s 17th Annual General Meeting in Lagos, where the Chairman of Dangote Cement Plc, Emmanuel Ikazoboh, said the firm was positioning Africa for self sustaining industrial growth by leveraging local resources and strategic investments. The National President of the Association for the Advancement of the Rights of Nigerian Shareholders, Dr Faruk Umar, lauded the g...

Microsoft is cutting 4,800 jobs, about 2.1% of its global workforce, including a large number of workers at its Xbox video game business. The layoffs included 1,600 Xbox workers. More layoffs are expected to come this year in a broader reorganization designed to “reset” Xbox as it faces heightened competition, the company said Monday, July 6. “Our business today is not healthy,” said a memo from Xbox CEO Asha Sharma, who took over the gaming division earlier this year.  \ “We are operating at margins that are 3-10x lower than comparable platform and publishing businesses.” Sharma said the industry, in which Xbox competes with Sony's PlayStation and Nintendo's Switch, is facing a severe “hardware crisis” as costs soar for console components.

The World Bank has stated that Nigeria’s biggest fiscal challenge is weak revenue mobilization rather than excessive borrowing, urging the government to prioritize efforts to boost revenue generation to support sustainable economic growth. Speaking during an interview on Channels Television on Friday, July 3, the World Bank Country Director for Nigeria, Mathew Verghis, said Nigeria’s debt profile remains moderate by international standards and is significantly different from countries experiencing debt distress “From our assessment, Nigeria doesn’t have a high indebtedness problem; it has a low revenue problem,” Verghis said. He explained that Nigeria’s debt-to-GDP ratio is lower than that of many comparable countries, stressing that concerns should focus on improving governme...

A Federal High Court in Lagos has advised parties involved in a ₦98.5 billion patent infringement case — Enterprise Logistics Speciale Limited, the Central Bank of Nigeria, Nigeria Inter-Bank Settlement System Plc and Avanage Nigeria Limited — to explore an amicable resolution. Justice Deinde Dipeolu gave the recommendation after declining to begin trial because some defendants were not represented in court. The plaintiffs, Enterprise Logistics Speciale Limited and its Managing Director, Samuel Kolajo, are seeking damages over alleged infringement of their patented cash management technology, breach of a Non-Disclosure Agreement and losses allegedly suffered due to the non-deployment of their solution on Nigeria’s national payment infrastructure. Court encourages settlement Dur...

The Central Bank of Nigeria (CBN) has withdrawn the operating licences of 46 microfinance banks across the country, with the revocation taking effect from July 1, 2026. The development was announced on Wednesday in a statement issued by the Acting Director of the CBN's Corporate Communications Department, Hakama Sidi-Ali. According to the apex bank, the decision was made in line with the powers conferred on it under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA) 2020. The CBN stated that the revocation was approved by its Governor, Olayemi Cardoso, after the affected institutions failed to meet the regulatory requirements necessary to continue operating as licensed financial institutions. The regulator explained that investigations revealed the ban...

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned that it may shut down filling stations across the country if the Federal Government attempts to impose price controls on the downstream petroleum sector. Speaking with journalists, IPMAN's National Publicity Secretary, Chinedu Ukadike, argued that the petroleum market had already been deregulated under the Petroleum Industry Act (PIA), making government-imposed pricing inconsistent with the law. The warning follows recent remarks by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, who urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to take action against marketers accused of exploiting consumers through excessive fuel pricing. Similarly, the Fed...

The Federal Airports Authority of Nigeria (FAAN) has announced the resumption of flight operations at the temporary international terminal of the Murtala Muhammed International Airport in Lagos after floodwater disrupted activities at the facility. According to FAAN, the flooding was caused by drainage challenges linked to ongoing construction work around the airport. The agency's Director of Public Affairs and Consumer Protection, Henry Agbebire, said the situation had been brought under control and normal operations had fully resumed. Agbebire assured passengers that the incident did not compromise safety or result in any flight cancellations. He explained that the flooding was limited to a specific area and was traced to construction activities affecting the airport's draina...

Domestic air travel fares rose by 20.8 percent year-on-year (YoY) to N157,552 in May 2026 from N130,361 in May 2025. The National Bureau of Statistics (NBS) disclosed this in its latest Transport Fare Watch which showed increases in fares across other transport categories. The NBS stated: “In air travel, the average fare paid by air passengers for a specified route (single journey) was N157,552.19 in May 2026. On a year-on-year basis, the fare rose by 20.86 percent from N130,361.85 in May 2025.” Analyzing air transport charges for specified routes (single journey), the Bureau said Kano State recorded the highest average fare at N184,139.29, followed by Lagos State at N176,971.65. The lowest fares were recorded in Gombe State (N135,800.61) and Nasarawa State (N138,999.14). ...