Business

African startups raise $102m in lowest month since

  • 3rd August 2026

Otedola targets 51% controlling stake in First HoldCo

  • 3rd August 2026

Nigeria can boost global creative edge via indigenous

  • 3rd August 2026

UK state investment agency faces security review after

  • 3rd August 2026

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Visa expands cybersecurity push with $2.4bn BioCatch acquisition

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NRS mandates tax ID for crypto account activation

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African startups raise $102m in lowest month since 2025

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Otedola targets 51% controlling stake in First HoldCo

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Oil and Gas

Nigeria gains ₦6tn from downstream petroleum reforms

Nigeria has recorded an estimated ₦6 trillion gain from reforms in the downstream petroleum sector within the first nine months of 2025, according to the Federal Government. The gain is attributed to the impact of fuel market deregulation and reduced reliance on imports. The Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) disclosed this at the […]

Policy and Regulations

LASTMA impounds 27 ‘Danfo’ buses over overloading violations

The Lagos State Traffic Management Authority has impounded no fewer than 27 commercial buses, popularly known as Danfo, along with some private vehicles for violating traffic rules and safety standards across the state. The General Manager of LASTMA, Mr. Olalekan Bakare-Oki, disclosed this during a statewide enforcement operation aimed at curbing vehicular overloading and improving […]

Economy featured

Nigerian stocks surge ₦1.37tn amid police-market crackdown rally

Nigerian equities posted their strongest daily gains in recent sessions on Wednesday, buoyed by renewed investor confidence as both the leadership of the Nigerian Police and the Capital Market joined forces in a renewed crackdown against market infractions. The rally followed the Inspector-General of Police, Kayode Egbetokun, leading the closing gong ceremony at the Nigerian […]

Electricity

FG, World Bank inject $500m to revive DisCos

The Federal Government, in collaboration with the World Bank, is set to inject $500 million into Nigeria’s ailing electricity distribution sector under the Distribution Sector Recovery Programme, as part of efforts to cut losses, close the metering gap and improve power supply nationwide. The intervention was disclosed by Director of the Energy Sector Department at […]

Economy featured

CBN reports 14th straight month of economic expansion

Nigeria’s economic activity sustained a strong growth momentum in January 2026 as the Central Bank of Nigeria’s composite Purchasing Managers’ Index climbed to 55.7 points, signalling expansion for the fourteenth consecutive month. This is according to the latest Purchasing Managers’ Index report released by the Central Bank of Nigeria. The data points to broad-based improvement […]

MoMo set to activate inbound/outbound transfer capabilities across Africa
Business

MoMo PSB partners SMEDAN to empower Nigerian SMEs digitally

MoMo PSB, the fintech arm of MTN Nigeria, has entered a strategic partnership with the Small and Medium Enterprises Development Agency of Nigeria to provide digital and financial tools aimed at helping small and medium-sized enterprises run operations more efficiently and scale sustainably. The deal was formalised in Lagos on Wednesday. It will allow registered […]

Transportation

Lagos begins Carter railway channel to end Ebute Meta flooding

The Lagos State Government has taken decisive steps to permanently address decades-long flooding issues in Ebute Meta through the construction of the Carter Railway Drainage Channel. This major stormwater project will run through the Nigerian Railway Corporation corridor and discharge into the Iponri confluence on Western Avenue. The initiative was announced during a stakeholders meeting […]

Business

Dangote Refinery does not import finished petroleum products – MD

The Managing Director of the Dangote Petroleum Refinery, David Bird, stated that the $20 billion facility does not import finished petroleum products. He explained that the refinery follows a merchant refining model, which does not depend solely on crude oil. Bird clarified that what some had referred to as fuel was actually intermediate feedstock, making […]

Nike lays off tech workers, shifts work to external vendors
Business

Nike faces US probe for race-based employment practices

The United States Equal Employment Opportunity Commission has launched an investigation into Nike, alleging the company discriminated against white employees, including through its diversity, equity, and inclusion programs. According to court documents, the EEOC has requested information on how Nike chose employees for layoffs, how it collects and uses race and ethnicity data, and details […]

CBN fines Moniepoint, OPay ₦1bn in regulatory crackdown
Business

CBN to release open banking roadmap within three months

The Central Bank of Nigeria plans to release an implementation roadmap for Open Banking within three months, targeting the resolution of technical gaps in the nation’s financial ecosystem. This information was highlighted in the newly published CBN Fintech Report 2025, which details recent developments in the fintech sector. Recall, the CBN introduced its Open Banking […]

featured Finance

Naira mutual funds surge 140% as investors shun dollars

Naira-denominated mutual funds surged by about 140 per cent in one year as investor appetite shifted away from United States’ dollar assets, signalling renewed confidence in local currency investments. Dollar-denominated mutual funds recorded slower growth, rising by 12 per cent from N1,708 billion in 2024 to N1,920 billion by November 2025. In contrast, naira-denominated mutual […]

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