Business

Nigerian billionaire, Femi Otedola, has dismissed reports alleging that he financed the Dangote Petroleum Refinery, describing the claims as entirely false and misleading. In a statement issued on Monday, Otedola clarified that he has not invested any funds in the refinery. He explained that, contrary to the circulating reports, he has only expressed interest in securing a special allocation to participate in the refinery’s upcoming public offer. “Claims that I funded the Dangote Petroleum Refinery are completely untrue. I have not invested a single kobo,” he stated. No Funding Request from Aliko Dangote Otedola also refuted suggestions that the President of the Dangote Group, Aliko Dangote, sought financial support from him or other top Nigerian businessmen. According to ...

What is the current Dollar to Naira rate at the black market, also known as the parallel market (Aboki FX)? Here’s a breakdown of the exchange rates recorded on May 3, 2026. Individuals looking to exchange dollars for naira may find the following rates applicable at the Lagos parallel market. At the black market, Bureau De Change (BDC) operators were buying one dollar at ₦1,385 and selling at ₦1,400 on Sunday. It is important to note that the Central Bank of Nigeria (CBN) does not officially recognise the parallel market and has advised individuals seeking foreign exchange to transact through authorized banks. Black Market Rates (USD to NGN): Buying Rate: ₦1,385 Selling Rate: ₦1,400 CBN Official Rates (USD to NGN): Highest Rate: ₦1,378 Lowest Rate: ₦1,370 ...

Nigeria’s Federal Executive Council (FEC), chaired by President Bola Tinubu, has approved the creation of a Nigeria Aircraft Leasing Company as part of efforts to strengthen the country’s aviation sector. Minister of Aviation and Aerospace Development Festus Keyamo said the new entity will operate as a Special Purpose Vehicle (SPV), fully funded by private investors and run on a commercial basis, with no direct financial obligation on the federal government. According to the minister, the government’s role will primarily involve providing sovereign guarantees to international aircraft lessors and manufacturers. This is expected to reduce investment risks by assuring asset repossession in case of default, thereby making it easier for local airlines to access aircraft. He added that...

Nigerian airline Air Peace has issued an official explanation for the disruption of its London Gatwick to Lagos flight, following public criticism by popular Nollywood actress and producer, Funke Akindele.    In a statement issued on Friday, the airline’s spokesperson, Osifo-Whiskey Efe, revealed that the incident was caused by a bird strike on the aircraft scheduled for the London (Gatwick)–Lagos service.  Nigeria travel guide The affected aircraft was immediately grounded for comprehensive safety inspections and engineering checks in compliance with international aviation safety protocols.   “We wish to inform our esteemed passengers that our London (Gatwick) - Lagos service today experienced a bird strike. In line with standard safety pr...

Here’s the latest update on the Dollar to Naira exchange rate in Nigeria’s parallel market, commonly referred to as the black market (Aboki FX). According to Bureau De Change (BDC) sources in Lagos, the dollar was trading at around ₦1,400 (selling) and ₦1,385 (buying) on May 1, 2026. Black Market Rates (USD/NGN): Selling Rate: ₦1,400 Buying Rate: ₦1,385 For the official window, data from the Central Bank of Nigeria shows the dollar traded within the range of: Highest Rate: ₦1,378 Lowest Rate: ₦1,370 It’s important to note that the Central Bank does not recognise the black market and advises individuals seeking foreign exchange to use official banking channels. Also, exchange rates may vary slightly depending on location and dealer, so actual buying or selling...

Uber has rolled out a new feature that allows users to book hotel rooms directly within its app, marking a significant step in its ambition to transform into an all-in-one digital platform. The company said the service is launching in partnership with Expedia, giving users access to over 700,000 properties worldwide. Plans are also in place to extend the offering to include short-term rentals from Vrbo. The new booking feature functions similarly to traditional travel websites, with options to search, view maps, and filter results by price, amenities, and guest ratings. Users can also complete reservations using their existing payment details stored on the app. Speaking on the development, Uber CEO Dara Khosrowshahi said the company is evolving beyond transportation and food deliv...

Global oil markets have recorded a sharp spike, with Brent crude briefly climbing to $125 per barrel following renewed geopolitical tensions between the United States and Iran. According to data from Oilprice.com, Brent crude rose as high as $125.60 on Wednesday before easing slightly to about $116.50 in early trading on Thursday, reflecting continued volatility in the energy market. The marginal decline of about 1.47% from its peak has done little to calm market concerns, as analysts say price movements still signal heightened uncertainty in global oil supply. The United States benchmark, West Texas Intermediate (WTI), also traded higher at around $106.72 per barrel, despite a slight dip of 0.15% in early trading. The latest surge marks one of the most significant price rallie...

The Nigerian National Petroleum Company Gas Infrastructure Company (NGIC), a subsidiary of the Nigerian National Petroleum Company Limited (NNPC), has announced the successful completion of the River Niger crossing on the 130-kilometre Obiafu-Obrikom-Oben (OB3) gas pipeline. In a statement issued on Thursday by its Chief Corporate Communications Officer, Andy Odeh, the company described the development as a major milestone in Nigeria’s gas infrastructure expansion. The River Niger crossing, which runs about two kilometres beneath the riverbed, is one of the most technically complex sections of the project. It was executed using advanced horizontal directional drilling technology by the NNPC project team in collaboration with PCE Nig. Limited. According to the company, the completi...

Petrol prices have risen sharply across Nigeria, with motorists now buying fuel between N1,364 and N1,444 per litre as major oil marketers and filling stations adjust their pump prices. Checks on Thursday evening showed that key marketers, including the Nigerian National Petroleum Company Limited (NNPCL), MRS, BOVAS, AP (Ardova), and Mobil, have increased pump prices to between N1,364 and N1,370 per litre. Other outlets such as AA Rano, Emedab, Empire Energy, and Ranoil are reportedly selling petrol at even higher rates, ranging from N1,370 to N1,440 per litre. This represents a significant jump from about N900 per litre recorded in February 2026. The latest increase comes less than 24 hours after Dangote Refinery and depot operators raised their gantry and ex-depot prices to N...

The first direct flight between the United States and Venezuela in seven years touched down in Caracas on Thursday, marking a significant milestone in the diplomatic thaw between the two nations.  The American Airlines flight, operated as Envoy Air flight 3599, departed Miami at 10:26 am and landed less than three hours later, carrying senior Washington officials alongside civilian passengers. The resumption of direct travel follows the dramatic removal of former leader Nicolas Maduro in January 2026 and the subsequent rise of Vice President Delcy Rodriguez, who has largely cooperated with the United States.  In response to this shift in leadership, the Trump administration has begun easing sanctions and resuming formal diplomatic relations, leading to the reopening ...