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Tinubu approves 15% import duty on petrol, diesel

President Bola Tinubu has given the green light for the implementation of a 15 per cent ad-valorem import duty on petrol and diesel brought into Nigeria, a move expected to protect domestic refineries and promote stability in the downstream oil sector. In a directive dated October 21, 2025, and made public on Wednesday, Tinubu ordered […]

Business

FG urges S’East businesses to utilize ECOWAS trade scheme

The Federal government has urged the business community in the South East to avail themselves of the opportunity presented by the Economic Community of West African States Trade Liberalization Scheme to boost the international trade of their products. The ETLS is a trade instrument established in 1979 by ECOWAS as a cornerstone for regional integration, […]

Business

Reps pass bill to control recycling businesses nationwide

The House of Representatives has passed for second reading a bill seeking to establish the Nigerian Recycling Regulatory Agency, a body that will oversee the licensing, registration, and supervision of recycling businesses across the country. Sponsored by Hon. Fuad Kayode Laguda, Member representing Surulere 1 Federal Constituency, the proposed legislation aims to strengthen Nigeria’s waste […]

Paramount Global, Skydance complete $8.4bn merger
Business

Job cuts loom at Paramount Skydance months after merger completion

Paramount Skydance will begin cutting nearly 1,000 jobs on Wednesday, just months after completing its merger. The total layoffs are expected to reach 2,000 positions, according to CNBC, citing a source familiar with the matter. “When we launched the new Paramount in August, we made clear that building a strong, future-focused company would require significant […]

Microsoft brings OpenAI's free GPT-oss-20b model to Windows
Tech

Microsoft cloud services go down ahead of earnings report

Microsoft experienced outages in its Azure cloud and 365 services on Wednesday, just hours ahead of its scheduled earnings report. Users took to social media to report difficulties accessing websites and services powered by Microsoft, while the company’s own website also went offline. Downdetector, which tracks user-reported issues, noted that the disruptions began around 11:40 […]

Oil and Gas

Fuel subsidy removal marked new deregulation era – MEMAN

The Major Energy Marketers Association of Nigeria says the removal of petrol subsidy marked the beginning of a new era of deregulation in the downstream sector, unlocking opportunities for innovation and digital transformation. MEMAN Chairman, Huub Stokman, made this disclosure on Wednesday at the Oil Trading and Logistics Africa Downstream Week 2025 in Lagos. President […]

Two Chinese charged for shipping US AI chips to China
Tech

Nvidia becomes first firm to surpass $5tn market cap

Nvidia’s stock jumped more than 4 per cent on Wednesday, propelling the United States chipmaker past the $5 trillion market capitalization mark, the first company ever to reach that milestone. The achievement underscores Nvidia’s extraordinary transformation from a niche maker of video game graphics processors into a dominant force powering the global artificial intelligence revolution. […]

Business

Nigeria, Chinese firm partner on $400m Ogun steel project

The Federal Government has entered into a $400 million Strategic Cooperation Agreement with Stellar Steel Company Limited, a subsidiary of China’s Inner Galaxy Group, to build an integrated steel plant in Ewekoro, Ogun State. The Presidency announced the development in a statement released on its official X handle on Wednesday. The Minister of Steel Development, […]

Business

VFD Group profit surges 61.5% to ₦7.9bn in nine months

VFD Group Plc recorded a robust performance for the period ended September 30, 2025, with nine-month profit before tax rising to ₦7.9 billion, representing a 61.5 per cent increase from ₦4.9 billion in the same period last year. This momentum carried through to the bottom line, as profit after tax climbed 48.5% to ₦6.6 billion, […]

Oil and Gas

NUPRC urges Bank of America to fund Nigeria’s upstream oil sector

The Nigerian Upstream Petroleum Regulatory Commission has urged the Bank of America to prioritize Nigeria’s upstream oil and gas sector in its investment portfolio to attract funding and boost oil production. NUPRC’s chief executive, Gbenga Komolafe, made the call during a meeting with Chuba Ezenwa, managing director and head of investment banking, Sub-Saharan Africa, Bank […]

FG targets 6500 megawatts power generation in six months
Electricity

Nigeria’s power grid sends 4,871MW to 11 DisCos

The Nigerian Independent System Operator has reported that energy sent out to the 11 electricity Distribution Companies rose to 4,871MW on Monday, October 27th, 2025, up from 4,783MW recorded on Sunday, October 26th, 2025. This increase was made known in the Grid Performance Dashboard of the NISO. Similarly, the document indicated that the total energy […]

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