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South Africa invests $983.83m in Nigeria despite xenophobic attacks

South African investors channelled $983.83 million into Nigeria in the first quarter of 2026 despite recurring xenophobic attacks against Nigerians and other African migrants in the country, new data from the National Bureau of Statistics has shown. The figure represents a 90.31 per cent increase from the $516.96 million recorded in the fourth quarter of […]

Business

African startups raised $3.9bn in 2025 as funding rebounds — Report

African startups raised $3.9 billion across 506 deals in 2025, signalling a recovery in fundraising activity after earlier market challenges, according to a new report by Bloomwit Africa. The report stated that technology funding exceeded $4 billion through a combination of equity and debt financing, representing an estimated 25 per cent year-on-year increase, with venture […]

Business

Nigeria’s exports earning hit $1.2bn as container throughput surges

Nigeria’s export trade experienced significant growth between January and May 2026, with export earnings rising to $1.218bn as container throughput more than doubled over the period, according to the Nigeria Customs Service. The NCS said it processed 21,376 export containers within the five-month period, attributing the improvement to increased export activities and sustained trade facilitation […]

Electricity

TCN transfers Gwagwalada control centre extension to NISO

As part of ongoing efforts to enhance electricity grid management in Nigeria, the Transmission Company of Nigeria has formally handed over the control room extension housing the Supervisory Control and Data Acquisition/Energy Management System at the Gwagwalada 330kV Transmission Substation to the Nigerian Independent System Operator. In a statement issued on Thursday, the General Manager […]

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Dangote Refinery slashes petrol ex-gantry price to N1,075/litre

The Dangote Petroleum Refinery has reduced its ex-gantry price of Premium Motor Spirit, popularly known as petrol, from N1,125 per litre to N1,075 per litre. The N50 per litre reduction, representing a 4.4 per cent decrease from the previous price, is expected to further intensify competition in Nigeria’s downstream petroleum sector. This is the refinery’s […]

Tech

Meta defends WhatsApp username rollout amid India’s cybercrime warning

Meta Platforms has defended the introduction of usernames on its messaging platform after the Indian government warned on Wednesday that the feature could contribute to an increase in cybercrime. “Users still require a phone number to use WhatsApp, and we’ve built multiple layers of defense against scams into usernames,” a Meta spokesperson stated, according to […]

Tech

Google loses appeal as EU’s highest court backs €4.1bn fine

Europe’s highest court on Thursday upheld a roughly €4.1bn ($4.67bn) antitrust fine imposed on Google over alleged anti-competitive practices linked to its Android mobile operating system. The European Commission imposed the record penalty in 2018, finding that Google abused Android’s dominant market position by requiring smartphone manufacturers to pre-install its apps, giving them an unfair […]

Business

NDIC assumes control of 46 failed microfinance banks’ liquidation

The Nigeria Deposit Insurance Corporation has formally taken over the liquidation of 46 microfinance banks following the revocation of their operating licences by the Central Bank of Nigeria on Wednesday. The NDIC was appointed as the official liquidator under Section 12(2) of the Banks and Other Financial Institutions Act 2020 and Sections 55(1) and 55(2) […]

Business

Oil slips below $71 as Iran-US talks ease supply concerns

Oil prices declined for a third straight session on Thursday as concerns over potential supply disruptions eased after Qatar announced that Iran and the United States had made progress in discussions regarding the Strait of Hormuz. Brent crude futures dropped 66 cents, or 0.92 per cent, to $70.91 per barrel as of 0758 GMT, while […]

Business

Nombank targets Nigeria’s SME market with data-driven lending strategy

Nombank, the banking subsidiary of Nigerian fintech Nomba, is targeting a larger share of Nigeria’s small business banking market by leveraging merchant transaction data to provide loans and other banking services to businesses that have long faced difficulties accessing finance from traditional lenders. The move comes amid growing competition among financial institutions to serve Nigeria’s […]

Business

Stakeholders demand fresh bid for 40% Amukpe–Escravos pipeline stake

Stakeholders have called on the Federal Government to commence a fresh competitive bidding process for the proposed sale of a 40 per cent stake in the Amukpe–Escravos Pipeline, rejecting moves to revive an earlier transaction that was previously terminated. They also urged the government to conduct a new valuation to determine the current market value […]

Business

NNPC posts weaker May earnings as revenue falls to N4.335tn

The Nigerian National Petroleum Company Limited posted weaker financial results in May 2026, with revenue falling nearly 13 per cent to N4.335tn despite steady crude oil and natural gas production. According to its latest Monthly Report Summary released on Wednesday, the national oil company generated N4.335tn in revenue during the month, down by N636bn from […]

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