Dangote Group Denies Rift With Elumelu, Rejects Refinery Funding Claims
The Dangote Group has dismissed reports suggesting a rift between its president, Aliko Dangote, and Tony Elumelu, describing the claims as false and misleading. In a statement issued on Saturday, the company’s spokesperson, Anthony Chiejina, said the publication alleging a fallout between both business leaders was “false, malicious, and baseless.” “The Dangote Group has become aware […]
Federal Reserve Set to Announce Rates Amid Inflation Pressures and Leadership Uncertainty
The Federal Reserve is expected to release its latest interest rate decision on Wednesday, as U.S. gasoline prices climb to their highest levels in four years. The announcement could mark one of the final major policy moves under Fed Chair Jerome Powell, whose term is set to expire next month. The decision comes at a […]
Dangote Advocates Power, Manufacturing Investment for Self-Reliance
President of the Dangote Group, Aliko Dangote, has called for urgent investment in local manufacturing and electricity infrastructure, stressing that Nigeria must produce what it consumes to achieve true economic independence. Dangote made the call at the induction ceremony of the Nigerian Academy of Engineering held in Victoria Island, Lagos, where he was honoured as […]
NUPENG Elects Oladiti as President, Vows Welfare Focus
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has elected Salimon Oladiti as its new national president, succeeding Williams Akporeha, who completed an eight-year tenure. Oladiti, a former National Trustee of the union, was elected during NUPENG’s 6th Quadrennial Delegates Conference held in Lagos. He is expected to serve a four-year term at […]
Oil Prices Surge After Trump Announces Planned Blockade of Strait of Hormuz
Global oil prices spiked Sunday night after U.S. President Donald Trump said the United States would move to blockade the Strait of Hormuz following the collapse of peace talks with Iran. U.S. crude jumped roughly 8%, climbing above $104 per barrel, while international benchmark Brent crude rose more than 7% to around $103 per barrel. […]
Shipping Disrupted Despite Ceasefire as Strait of Hormuz Traffic Slows
A ceasefire aimed at reopening the strategically vital Strait of Hormuz has instead led to reduced maritime traffic, with shipowners holding back amid ongoing uncertainty. Shipping data showed only four vessels transiting the strait on Wednesday, down from 11 the previous day—despite expectations that the U.S.-Iran truce would restore normal flow through the narrow waterway, […]
CBN Ends FX Payouts for Diaspora Remittances
The Central Bank of Nigeria has directed that all diaspora remittances to beneficiaries in Nigeria be paid strictly in naira, ending the collection of funds in dollars or other foreign currencies. The new policy, which takes effect from May 1, requires all International Money Transfer Organisations (IMTOs) to open naira settlement accounts and route all remittance transactions through them. […]
Fuel Price Climbs Again As Dangote Refinery Hits N1,245/Litre
Dangote Petroleum Refinery has increased the price of Premium Motor Spirit (petrol) to N1,245 per litre, marking its fourth upward review in March. The adjustment, announced in a notice to marketers on Friday night, raises the ex-depot (gantry) price from N1,175 per litre to N1,245, while the coastal price was also revised upward. “Please be […]
Global Markets Slide as Oil Surges After U.S.–Israel Strikes on Iran
Global financial markets tumbled Monday after U.S. and Israeli strikes on Iran intensified geopolitical tensions, sending oil prices sharply higher and pushing U.S. stock futures down more than 1%. Futures for the S&P 500 and the Dow Jones Industrial Average fell 1.7%, signaling a weak open on Wall Street. Energy markets reacted swiftly. U.S. benchmark […]
Supreme Court Voids Trump’s Reciprocal Tariffs, Triggering Fresh Global Trade Uncertainty
Global trade flows were thrown into fresh uncertainty after the Supreme Court of the United States invalidated President Donald Trump’s “reciprocal” tariff framework, forcing governments and businesses to reassess the rules governing U.S. imports. In place of the struck-down system, a flat 10% global tariff on U.S. importers took effect Tuesday. The rate is lower […]
