Category: Business

CBN Clamps Down, Revokes 46 Microfinance Bank Licences

The Central Bank of Nigeria (CBN) has revoked the operating licences of Merchant Microfinance Bank and 45 other microfinance banks for failing to meet the regulatory requirements needed to continue operations. The apex bank disclosed the decision in a statement issued on Wednesday by its Acting Director of Corporate Communications, Hakama Sidi-Ali, stating that the […]

Oil Prices Retreat as Strait of Hormuz Tensions Rattle Global Markets

Global oil prices eased on Friday after an earlier surge triggered by renewed security concerns in the Strait of Hormuz, while stock markets across Asia posted sharp losses amid growing investor uncertainty. Brent crude, the international benchmark for oil prices, fell more than 2 percent after climbing as much as 4 percent earlier in the […]

Brazil Approves Air Peace Flights, Expands Global Reach

Air Peace has received approval from Brazil’s National Civil Aviation Agency (ANAC) to operate scheduled passenger, cargo and mail flights into and out of the South American country, marking a major step in its international expansion. The approval was contained in ANAC Ordinance No. 19.449/2026, which authorises the airline to run regular services between Brazil […]

Dangote Unveils Plan for Mega Industrial Zone in Ondo

Aliko Dangote, has announced plans to establish what is expected to become Nigeria’s largest industrial zone in Ondo State, with construction scheduled to begin in the last quarter of 2026. Dangote made the disclosure on Monday during a courtesy visit to Governor Lucky Aiyedatiwa in Akure, stating that the proposed industrial hub will be located […]

Air Canada Pilot Charged in Alleged Licensing Fraud Investigation

A senior pilot formerly employed by Air Canada has been released after being arrested on fraud-related charges stemming from allegations that he operated hundreds of commercial flights without holding the required pilot certification, authorities said. Investigators with the Peel Regional Police are expected to provide additional details during a news conference on Tuesday regarding “Project […]

Asian Markets Rally to Record Highs as AI Optimism Offsets Middle East Concerns

Stock markets in Japan and South Korea climbed to fresh record highs on Monday, fueled by continued investor enthusiasm surrounding artificial intelligence and advanced technology sectors, even as renewed tensions between the United States and Iran kept energy markets on edge. Oil prices rose more than 3% as investors monitored ongoing negotiations between Washington and […]

Jerome Powell’s Turbulent Fed Tenure Nears End as Leadership Transition Looms

After steering the U.S. economy through a historic pandemic, surging inflation and unprecedented political scrutiny, Jerome Powell is preparing to conclude his eight-year tenure as chair of the Federal Reserve on Friday. Powell’s time leading the central bank spanned multiple national crises, including the economic collapse triggered by the COVID-19 pandemic, the highest inflation rates […]

Jet Fuel Surge Forces Rano Air to Cut Routes

Rano Air has announced the temporary suspension of some flight routes following what it described as an unprecedented rise of more than 300 per cent in the cost of Jet A1 aviation fuel. The airline disclosed this in a notice posted on its X (formerly Twitter) account and signed by management, stating that the sharp […]

Zenith Bank Gets New Chairman as Ovia Retires

Zenith Bank Plc has announced the retirement of its Founder and Group Chairman, Jim Ovia, following the completion of his tenure in line with regulatory requirements. In a corporate notice issued in Lagos on May 5, 2026, the bank said Ovia stepped down after fulfilling the mandatory 12-year tenure for non-executive directors and chairmen, as […]