Business

REAL ESTATE OVERTAKES OIL IN NIGERIA’S ECONOMY AFTER GDP REBASING The service, industry, and agriculture subsectors propelled Nigeria’s economy’s expansion to N372.8 trillion in 2024 ($145.3 billion) at the present exchange value of the naira. Despite the economic growth in Africa’s most populous nation, Nigerians have continued to battle soaring costs of living, with headline and food inflation at 22.22 …

GENCOS, DISCOS RAGE AS STATES BEGIN TARIFF CUTS More states have announced plans to reduce electricity tariffs in their jurisdictions after the Enugu Electricity Regulatory Commission issued a new tariff order to MainPower Electricity Distribution Limited, revising the electricity cost for Band A customers from N209 per kilowatt-hour to N160/kWh, effective August 1, 2025. This was, however, vehemently opposed by …

SUBSIDY REMOVAL: TURNOVER, PROFITS SOAR IN OIL COMPANIES There are indications that the downstream segment of Nigeria’s petroleum sector has began to reap full benefits of subsidy removal as their financial records show huge rise in revenue and profit in 2025. Also the operators have significantly reduced their reliance on banks for funding, a development which has boosted their profitability …

ENUGU ELECTRICITY REGULATORY COMMISSION CRASHES BAND A FROM N209 TO N160 PER KWH The Enugu State Electricityv Regulatory Commission (EERC), has issued a new tariff to MainPower Electricity Distribution Limited, the utility that succeeded Enugu Electricity Distribution Company, (EEDC), for electricity distribution in the state, reviewing electricity cost for Band A from N209/ kWh (per kiloWatt) to N160 kWh, effective …

ODU’A GROUP PULLS DOWN ICONIC AWOLOWO HOUSE FOR NEW TECHNOLOGY MALL In its resolve to preserve its heritage and position its assets for relevance and value now and in the future, the Odu’a Investment Company Limited, OICL, is set for a significant milestone in real estate with the redevelopment of the famous Obafemi Awolowo House in Ikeja, Lagos, into a …

NAIRA STABILISERS AS GAP ACROSS PARALLEL AND OFFICIAL RATES NARROWS TO ₦1 The naira continued its recent streak of relative stability, closing the gap between the official and parallel exchange markets. On Friday, the currency traded at N1,535 to the dollar in the parallel (black) market, just N1 less than the N1,536/$1 rate recorded at the official market. Data on …

HOW LATE BUHARI’S EIGHT-YEAR TENURE PLUNGED NIGERIA INTO ECONOMIC DECLINE – SBM A research and political risk analysis firm, SBM Intelligence, has said that late former President, Muhammadu Buhari, left behind a legacy of economic decline as president from 2015 to 2023. The organisation said that Buhari’s eight-year tenure plunged Nigeria into deep economic and social failure despite isolated gains. …

DANGOTE HALTS FUEL DISCOUNT SCHEME AMID FRAUD ALLEGATIONS The Dangote Petroleum Refinery and Petrochemicals has uncovered a fresh racket involving some of its affiliate marketers and strategic partners who have been diverting subsidised refined petroleum products for profit, prompting the suspension of the refinery’s discounted fuel supply scheme. Investigations by the refinery revealed that certain marketers who were granted discounted …

OTEDOLA TAKES OVER 40 PERCENT OF FIRST HOLDCO IN FORCED EXIT OF OTUDECO A total of N324.47 billion value for 10.47 billion units of shares in off-market block trading on First Holdco Plc shares, took place on the floor of the Nigerian Exchange Limited (NGX) yesterday in a mega deal linked to Mr Femi Otedola, who increased his current 15 …

DANGOTE NAMES REFINERY ROAD AFTER TINUBU The Chairman of the Dangote Group, Aliko Dangote, has announced that the road leading to the state-of-the-art Dangote Petroleum Refinery & Petrochemicals will be named after President Bola Ahmed Tinubu in honour of his contribution to the project. Dangote hailed Tinubu for his unwavering support of the private sector and credited him as the …