Dangote Petroleum Refinery has dismissed reports suggesting that the recent drop in pump prices by oil marketers was driven by the Federal Government’s suspension of the 15% import tariff, describing the claims as false and misleading. In a statement, the company clarified that the real trigger for the price adjustments was its November 6 reduction…
Says fragmented markets threaten continental growth and border efficiency President Bola Ahmed Tinubu has reiterated Nigeria’s determination to help build an Africa where borders facilitate—rather than hinder—trade, investment, and economic opportunities. Speaking in Abuja on Monday at the opening of the Customs Pact – Partnership for African Cooperation in Trade (C-PACT), the President, represented by…
Nigeria’s financial markets have reacted strongly to the country’s removal from the Financial Action Task Force (FATF) grey list, with the naira, external reserves, and investor confidence recording marked improvements. Last Wednesday, the naira rose to a 10-month high of N1,444.42/$ at the official window, as more dollar holders liquidated their positions. Analysts attribute the…
Paystack has suspended its Co-founder and Chief Technology Officer, Ezra Olubi, following an allegation of sexual misconduct involving a subordinate. The allegation surfaced on November 12, 2025, prompting the company to initiate an internal investigation. The suspension was confirmed to TechCabal, though Olubi has not publicly commented on the matter and did not respond to…
Nigeria’s average crude oil production rose slightly to 1.401 million barrels per day (bpd) in October 2025, according to the Organisation of Petroleum Exporting Countries (OPEC) Monthly Oil Market Report released on Wednesday. The figure represents a marginal increase from 1.39 million bpd recorded in September, but remains below the country’s OPEC production quota of…
Google on Tuesday unveiled its largest-ever investment in Germany, pledging €5.5 billion ($6.4 billion) for a new data centre and other projects as Europe strives to close the gap in the global race for artificial intelligence. The announcement follows last week’s partnership between AI chip giant Nvidia and Deutsche Telekom to establish a high-tech hub…
The Senate has dismissed the explanations offered by the Nigerian National Petroleum Company Limited (NNPCL) regarding the ₦210 trillion reportedly unaccounted for by the oil firm. At its sitting on Wednesday, the upper chamber concluded that the funds must be refunded to the Federation Account, describing the company’s responses as unsatisfactory and inconsistent. The Senate…
The Nigeria Deposit Insurance Corporation (NDIC) has restated its directive to banks to resolve customer complaints within two weeks, warning that unresolved cases after the deadline may be escalated directly to the Corporation for intervention. The initiative, according to the NDIC, reflects its renewed commitment to protecting depositors and strengthening public confidence in the banking…
Nigeria’s gross profit from crude oil and gas sales fell sharply by 43.3 per cent (₦824.66 billion) in 2024, despite an uptick in crude production, according to the Budget Implementation Report for Q4 2024 released by the Budget Office of the Federation. The report showed that gross profit from crude and gas sales dropped to…
The Federal Government has announced sweeping agricultural reforms aimed at ending hunger, boosting food production, and cutting post-harvest losses estimated at over $10 billion annually, in line with President Bola Tinubu’s Renewed Hope Agenda for food security and national prosperity. The reforms were detailed in a joint statement on Thursday by the Minister of Agriculture…
