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TotalEnergies to invest $6bn in Nigeria's Deepwater

TotalEnergies Q1 pre-tax profit jumps 70% to ₦1.9bn

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  • 2nd May 2026
Abia to launch electric transport system July — Otti

Abia to clear 20-year gratuity backlog with N10bn

  • 2nd May 2026

Apple warns of worsening memory shortage

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Volvo
Business

Volvo Cars delays production of electric SUVs

Sweden-based automobile giant, Volvo Cars has announced a delay in the production of its new Volvo EX90 model due to the need for additional software development and testing. The company stated that the fully electric SUV will not be produced until the first half of 2024, a delay of approximately six months from the previous […]

A photo power plant station
Electricity

FEC okays management concession for 400MW hydro power plant

The Federal Executive Council has approved an Operation and Management concession for the 360 Mega Watts Gurara II Multipurpose Dam & Hydro Power Plant and the 40 Mega Watts Kashimbilla Hydro Power Plant under a Public Private Partnership model.   The Infrastructure Concession Regulatory Commission made this known on Wednesday, in a press statement, according […]

Equity investors lose N1.5tn as bond yield rises
News

Naira weakens at stock market, drops to N463 – Report

On May 10, the Naira fell against the US dollar, trading at N463.02/$1 in the Investors and Exporters window of the foreign exchange market. According to BusinessPost, data from FMDQ Securities Exchange showed that the local currency suffered a loss of 77 kobo, or 0.17 percent, when it was traded on Tuesday at the spot […]

Siemens
Business

Siemens profit hits 39% increase first quarter

The Indian branch of Siemens AG, Siemens Ltd, on Thursday, reported a 39 per cent increase in quarterly profit due to a rise in infrastructure spending in India. According to Reuters, the German engineering company added that its consolidated net profit for the quarter ended March 31 was 4.71 billion rupees ($57.59 million), compared to […]

FCTA reopens Garki Market after closure for inadequate sanitation
Business

FCTA reopens Garki Market after closure for inadequate sanitation

The Garki International Market in Nigeria has reopened after being closed last week due to inadequate sanitation and hygiene. The Federal Capital Territory Administration announced this in a press release on Wednesday. The market was reopened following a hygienic inspection by Senior Special Assistant to the FCT Minister on Monitoring Inspection and Enforcement, Mr. Ikharo Attah. Attah […]

CBN gets new spokesperson
Banking featured

Why BVN has no expiry date — CBN

By Wilson Adekumola   The Central Bank of Nigeria, has reacted to reports suggesting that the Bank Verification Number expires after 10 years, saying that it has no expiry date.   CBN’s spokesman, Dr. Isa AbdulMumin, made the clarification in a statement Wednesday night.   He explained that once the customer’s biometric has been captured […]

Crude oil
Business

Nigeria’s oil production drops by one million barrels – FG

The Federal Government of Nigeria revealed on Wednesday that the country’s oil production is presently below its technical capacity by roughly one million barrels per day. The government cited various issues, including insufficient investments, insecurity, and a decrease in funding for hydrocarbons due to the energy transition, among other things, as the reasons for the […]

Petroleum regulatory body shuts 75 fuel stations in Osun
News

Petroleum regulatory body shuts 75 fuel stations in Osun

  The Nigerian Midstream and Downstream Petroleum Regulatory Authority’s Osun State office announced on Wednesday that it has closed up to 75 petrol stations in the state in the previous month due to a variety of violations. According to The PUNCH, this was disclosed by the NMDPRA State Coordinator, Mr Kunle Adeyemo, who disclosed this […]

Business featured

Elumelu’s firm acquires 70m units of UBA shares

A private equity firm, HH Capital, founded by a Nigerian billionaire and the chairman of the Board of Directors of United Bank for Africa, Tony Elumelu has acquired 70 million units of shares of UBA. According to The Punch, the acquisition was disclosed through a corporate filing made on Wednesday on the Nigerian Exchange Limited. […]

NCDMB kickstart house wiring program for youths
Oil and Gas

Bayelsa court permits NCDMB to collect 1% NCDF levy

The Federal High Court in Yenagoa, Bayelsa State, delivered an important ruling on Tuesday confirming the authority of the Nigerian Content Development and Monitoring Board to collect the one percent Nigerian Content Development Fund levy from every contract awarded in the Nigerian oil and gas upstream transaction. According to The News Agency of Nigeria, this […]

Shell
Business

Shell wins 2011 oil spillage case

The UK Supreme Court has decided that it is too late for Nigerian citizens to sue two Shell subsidiaries over a 2011 oil spill that caused significant damage to the coastal area where they reside. According to Reuters, one of several legal disputes Shell has faced in London courts from Niger Delta residents who have […]

Business

KPMG faults FG’s tax rate increase

The financial advisory giant, KPMG has faulted the Federal government’s increase in excise duty, stating “Tax increases are better introduced at a time of economic boom”. KPMG however shared different ways the government can generate revenue to bridge the widening gap in its financing deficit rather than the tax raise. It made this clear in […]

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