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Lokpobiri orders fuel marketers to cut petrol prices amid global oil decline

The Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, has directed petroleum marketers to immediately reduce the pump prices of Premium Motor Spirit and other petroleum products in line with the recent drop in global crude oil prices. Lokpobiri gave the directive on Monday in Abuja during the 2026 Nigerian Midstream and Downstream Petroleum […]

Business

Marketers demand timely NNPCL deal to revive refineries, boost competition

Oil marketers under the Independent Petroleum Marketers Association of Nigeria have called on the Nigerian National Petroleum Company Limited to expedite its proposed Technical Equity Partnership with two Chinese firms to complete and operate the Warri and Port Harcourt refineries. The marketers expressed concern over the prolonged delay in finalising the agreement, warning that the […]

Business

Nigeria earned ₦20.22tn from crude exports in five months

Nigeria exported an estimated 148.9 million barrels of crude oil valued at about N20.22tn in the first five months of 2026, showcasing the scale of the country’s oil trade despite persistent concerns over production levels. The crude barrels were exported by both international and indigenous oil companies, including the Nigerian National Petroleum Company Limited. While […]

Travel

UK rejected over 1.3 million Nigerians visa applications since 2005

The United Kingdom rejected at least 1,344,595 Nigerian visa applications between 2005 and the first quarter of 2026, official Home Office data obtained by The PUNCH revealed. The rejection rate places Nigeria second globally in total visa refusals, behind only India and ahead of Pakistan and China, among others, as Nigerians alone accounted for 44.4 […]

Food

Malaysia pledges support to bridge Nigeria palm oil deficit

The Malaysian Palm Oil Council has pledged to support Nigeria with technical expertise, research collaboration and investment opportunities to help close the country’s estimated one million metric-tonnes palm oil supply gap. The council also announced the establishment of a representative office in Lagos as part of efforts to deepen engagement with stakeholders across Nigeria’s palm […]

Tech

Ford rehires 350 engineers after AI fails quality control expectations

Ford executives said the automaker has hired 350 experienced engineers, including former employees and specialists recruited from supplier companies, after artificial intelligence and automated quality control systems failed to meet the company’s quality expectations. Ford’s Chief Operating Officer, Kumar Galhotra, said the company had increasingly relied on automated quality systems, but the results fell short […]

Business

NDPHC deploys AI to boost power plant efficiency

The Niger Delta Power Holding Company has deployed artificial intelligence and machine learning technologies to enhance the efficiency of its power plants by predicting equipment failures and reducing operational downtime, as part of efforts to increase electricity generation. The Managing Director and Chief Executive Officer of NDPHC, Jennifer Adighije, disclosed this during an engagement with […]

Business

Banks urged to deepen QR code payment adoption

Association of Corporate Communication and Marketing Professionals in Banks has urged Nigerian banks to accelerate the adoption of digital payment channels, particularly QR code payments, to further strengthen the country’s financial technology ecosystem. The appeal was made during a courtesy visit by the association to the Nigeria Inter-Bank Settlement System in Lagos, where both organisations […]

Business

PenCom unveils child pension registration, FX contribution scheme

The National Pension Commission has unveiled an ambitious operational roadmap for the 2026 fiscal year, introducing a first-of-its-kind child registration initiative and foreign currency-denominated contribution options aimed at expanding pension coverage and strengthening financial inclusion across Nigeria. The roadmap, outlined in PenCom’s fourth-quarter 2025 industry report titled Stronger Pensions, Stronger Nigeria, signals the launch of […]

Business

FCCPC questions slow fuel price cuts despite global crude price drop

The Federal Competition and Consumer Protection Commission has expressed concern over what it described as potential consumer exploitation in Nigeria’s downstream petroleum sector, citing the failure of fuel prices to fall significantly despite a sharp decline in global crude oil prices. According to the commission, ongoing market surveillance indicates that local refiners, depot operators, fuel […]

featured Finance

NGX investors lose ₦2.4tn as profit-taking continues

The Nigerian stock market has sustained profit taking for second consecutive weeks, as investors lost over N2.4 trillion to price declines. The investors had lost over N5.6 trillion the previous week following massive selloff in high and mid capitalised stocks. Market analysts are of the view that the negative close reflects the market’s current phase […]

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Nigeria plans first local veterinary hormonal drug manufacturing plant

Nigeria could soon begin producing veterinary hormonal drugs locally, as Chromedix Pharmaceuticals Limited has approached the Federal Ministry of Livestock Development with a proposal to build the country’s first manufacturing facility for such products. Vanguard reported that this comes five months after the ministry raised alarm over the persistent circulation of substandard and falsified veterinary […]

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