Business

WORTHLESS CURRENCY: ₦‎100 IN 1960 NOW WORTH ₦‎1.1 MILLION IN 2025 The Nigerian naira has lost nearly all its purchasing power over the last 65 years, with N100 in 1960 now worth N1.1 million in real terms by early 2025, according to data compiled by World Data. The dramatic erosion, fueled by persistent inflation, currency devaluations, and economic mismanagement, underscores …

DANGOTE REFINERY DUMPS MARKETERS, BEGINS DIRECT SUPPLY OF PETROL, DIESEL TO HEAVY USERS Dangote Refinery has announced that it has begun the distribution of premium motor spirit and automotive gas oil (diesel) directly to manufacturers, telecommunications firms, the aviation sector and other large users. The 650,000 barrels per day refinery disclosed this in a statement on its X account on …

$84B SAVED FROM PETROL SUBSIDY, NOW FINANCING 40 KEY ROADS The Federal Government has revealed that the elimination of the petrol subsidy under President Bola Tinubu has resulted in savings of over $84 billion, which are now being channelled into the construction and rehabilitation of 40 key road projects across the country over the past two years. This was disclosed …

N39BN ICC COST CAN BUILD 312 HEALTH CENTRES, 1,200 CLASSROOMS Fourteen months after the International Conference Centre (ICC) in Abuja was shut down for renovation, President Bola Ahmed Tinubu, alongside the FCT Minister, Nyesom Wike, inaugurated the rehabilitated facility on Tuesday, with pomp and circumstance as the minister renamed the national asset after the president. Tinubu hailed the rehabilitation of …

WHY TINUBU CAN’T ACHIEVE ANY MEANINGFUL ECONOMIC REFORM – AGBAKOBA Former President of the Nigerian Bar Association, Dr Olisa Agbakoba, has said that President Bola Tinubu cannot achieve any meaningful economic reform with the current political governance structure in the country. Agbakoba stated this on Friday while fielding questions on Channels Television’s Politics Today programme. The senior lawyer suggested that …

FG TO TRAIN 100,000 YOUTHS ANNUALLY IN FOREX TRADING The Federal Government has signed a Memorandum of Understanding with Investonaire Academy to train 100,000 young Nigerians every year in foreign exchange trading, as part of efforts to tackle unemployment and drive financial inclusion. This was contained in a statement on Tuesday, signed by the Federal Ministry of Youth Development’s Director …

ONLY TWO BANKS MEET CBN N500BN CAPITALLISATION THRESHOLD Only two Tier 1 banks, Zenith Bank and Access Holdings Plc, have surpassed the N500 billion share capital and share premium threshold set by the Central Bank of Nigeria for banks with international licences, Proshare report has revealed. The report, titled ‘Tier 1 Banks Report: Getting Bigger, Braver, and Dominant – The …

NNPCL DECLARES ₦‎5.89TRN REVENUE, ₦‎748BN PROFIT FOR APRIL 2025 Nigerian national oil company, NNPC Limited on Thursday reported that it raked in N5.89 trillion in revenues in the month of April, 2025 The company in a document titled: ‘NNPC Limited Monthly Report Summary — April 2025,’ posted on its website also declared a profit after tax (PAT) of N748 billion …

ALIKO DANGOTE RETIRES AS DANGOTE SUGAR REFINERY CHAIRMAN Dangote Sugar Refinery Plc has announced the retirement of Aliko Dangote as chairman of its board of directors, effective June 16. In a statement on Wednesday, Temitope Hassan, the company secretary, said Dangote, one of the founding directors, had served with “exceptional leadership, integrity, and vision” since 2005. “Under his leadership, Dangote …

TINUBU VISITS DANGOTE REFINERY, LAUDS ECONOMIC CONTRIBUTION President Bola Ahmed Tinubu has described the Dangote Petroleum Refinery and Petrochemicals complex as a defining industrial project of Nigeria’s modern era, citing it as a symbol of private-sector-led transformation and a cornerstone of national economic renewal. The President made the remarks during a tour of the facility at the weekend, which also …