Dangote Steps Back as ICPC Continues Probe of Ex-NMDPRA Boss
Business magnate Aliko Dangote has formally withdrawn his petition against the immediate past Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engineer Farouk Ahmed. The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has, however, confirmed that its investigation into the matter remains ongoing. In a statement on Wednesday, the […]
Dangote Refinery Debunks Closure Claims
Dangote Petroleum Refinery has dismissed reports claiming it is shutting down operations for maintenance, describing the information as false and misleading. In a statement issued on Monday, the refinery clarified that production remains stable, ongoing and uninterrupted, with adequate capacity to meet Nigeria’s domestic fuel demand. “Dangote Petroleum Refinery continues to operate at scale and […]
Stocks Hit Record Highs in 2025 as Bull Market Defies Tariffs and AI Bubble Fears
U.S. stock markets surged to record highs in 2025, powering through tariffs, a brief government shutdown, and recurring concerns about a potential artificial intelligence bubble. The S&P 500, a benchmark closely tied to most Americans’ retirement accounts, gained roughly 17% this year as of Dec. 23. While that marks a slowdown from the previous two […]
Banks to Begin N50 Stamp Duty on Transfers Above N10,000 from January 1
Nigerian banks will begin charging a N50 stamp duty on electronic transfers of N10,000 and above starting January 1, 2026, following the implementation of the Tax Act. The charge, officially known as the Electronic Money Transfer Levy (EMTL), is a one-off N50 fee applied to electronic receipts or transfers involving deposits in commercial banks or […]
Power to Banking: Otedola Seals ₦1.088trn Geregu Deal
Billionaire businessman Femi Otedola has sold his majority stake in Geregu Power Plc in a ₦1.088 trillion transaction financed by a consortium of banks led by Zenith Bank Plc. Otedola, who is also chairman of First HoldCo Plc, is expected to concentrate more on expanding his interests in Nigeria’s banking sector, although he will retain […]
Market Stability Unshaken Despite Sokoto Air Strikes — FG
Nigeria’s financial markets remain stable following joint US–Nigerian airstrikes targeting ISIS terrorists in Sokoto on Christmas Day, December 25, Finance Minister Wale Edun has assured. In a statement released on Sunday, Edun emphasized that both domestic and international debt markets continue to function efficiently, citing prudent fiscal management as a stabilizing factor. “Our financial markets […]
$7m Corruption Claim: Dangote Writes ICPC Against NMDPRA Head
Chairman of the Dangote Group, Aliko Dangote, has petitioned the Independent Corrupt Practices and Other Related Offences Commission (ICPC) over alleged corruption and financial impropriety involving the Managing Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Ahmed Farouk. In the petition dated December 16 and submitted through his lawyer, Ogwu Onoja (SAN), […]
Dangote Refinery Cuts Petrol Price to N699 per Litre
The Dangote Petroleum Refinery has again reduced the ex-depot price of Premium Motor Spirit (PMS), lowering the benchmark from N828 to N699 per litre in its latest downward review. Fresh pricing data released on Friday by Petroleumprice.ng showed that the refinery implemented a N129 reduction, representing a 15.58% drop in its ex-depot petrol price. The new rate […]
EFCC Chairman Charges Opay on Strict Adherence to Anti-Money Laundering Laws
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged the management and staff of Opay to make strict compliance with existing regulations a core priority in order to safeguard business integrity and prevent money laundering and other fraudulent activities. Olukoyede gave the charge in Abuja on Thursday, December […]
Aliko Dangote Appointed Pioneer Chairman of ECOWAS Business Council
Alhaji Aliko Dangote, Chairman of the Dangote Group, has been named the pioneer Chairman of the ECOWAS Business Council (EBC), the regional bloc’s independent platform aimed at empowering the private sector and promoting economic integration across West Africa. The appointment was announced on Wednesday by ECOWAS Commission President, Dr. Omar Alieu Touray, during the opening […]
