The Public Accounts Committee of the House of Representatives has summoned 11 electricity distribution companies (Discos) over an outstanding debt of N2.6 trillion owed to the federation account. This decision was made on Wednesday during an investigative hearing chaired by Rep. Bamidele Salam, following a review of the 2021 Auditor General’s report. The hearing featured…
Afreximbank has expressed strong support for Investopedia, a new digital investment platform launched by the Nigerian Governors’ Forum (NGF) to attract funding and bridge the country’s significant infrastructure gap. Speaking at the platform’s unveiling, Peter Olowononi, Director of Client Relations for Anglophone West Africa at Afreximbank, described Investopedia as a strategic tool designed to link…
The Federal Government has revealed that Nigeria spends more than $ 10 billion annually on importing food items, including wheat, rice, sugar, fish, and tomato paste. Minister of Agriculture and Food Security, Senator Abubakar Kyari, disclosed this at the 2025 First Bank Agric and Export Expo in Lagos. Represented by his Special Adviser, Ibrahim Alkali,…
Dangote Petroleum Refinery’s plan to kick off fuel distribution using 4,000 CNG-powered trucks has hit a snag due to shipping delays from China. Only 450 trucks have arrived in Nigeria so far, with 150 more expected next week. The company had aimed to begin distribution on August 15, 2025, but a lack of available vessels…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reported an 18.54% drop in fuel consumption for June 2025, with total evacuation falling to 1.44 billion litres, down from 1.77 billion litres in May. Daily consumption averaged 48 million litres, according to the agency’s Director of Public Affairs, George Ene-Ita. While diesel (AGO) supply…
Dangote Petroleum Refinery has reduced the ex-depot price of petrol by ₦30—from ₦850 to ₦820 per litre. The change took effect on Tuesday, August 12, 2025. Chief Branding and Communications Officer, Anthony Chiejina, said the move reflects the refinery’s commitment to national development and steady fuel supply. Additionally, the refinery will begin the phased rollout…
Dangote Petroleum Refinery has announced a ₦30 reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), also known as petrol, lowering the price from ₦850 to ₦820 per litre. The announcement was made in a statement issued by the Refinery’s Chief Branding and Communications Officer, Anthony Chiejina, who noted that the new price…
The Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC) has launched an investigation into one Duru Ikechukwu Damian, who was apprehended by the Nigeria Customs Service (NCS) for allegedly failing to declare $59,000 at Murtala Muhammed International Airport, Lagos. This development was announced on Wednesday via the EFCC’s official X (formerly…
The naira appreciated to N1,560/ in the parallel market on Monday, up from N1,565/ last Friday. However, in the Nigerian Foreign Exchange Market (NFEM), it depreciated slightly to N1,538.4/, compared to N1,534.9/$ last weekend — a drop of N3.5. As a result, the gap between the official and parallel market rates narrowed to N21.6, down…
The Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), earned N5.21 trillion from crude oil, gas, and related activities between January and June 2025. This marks 42.7% of the total N12.2 trillion revenue recorded for the entire 2024 fiscal year. However, the half-year figure represents just 34.7% of the N15 trillion target set…
