Oil prices experienced a sharp decline this week, dropping to $65 per barrel, the lowest level seen since 2021. This significant fall in crude prices comes as a result of several global economic factors, including new import tariffs imposed by the United States and an unexpected increase in oil supply from OPEC+ nations. These developments
The Nigerian naira has experienced a notable depreciation against the US dollar in the official foreign exchange market. According to recent data from the Central Bank of Nigeria (CBN), the naira’s exchange rate has risen to N1,600 per dollar, marking a depreciation of N31 from its previous rate of N1,569 per dollar2. This shift highlights
Oando Plc, one of Nigeria’s leading indigenous energy firms, has announced a delay in the release of its 2024 Audited Financial Statements (AFS), missing the regulatory deadline of March 31, 2025. In a statement issued on Thursday, the company attributed this setback to two major challenges: the integration of Nigeria Agip Oil Company (NAOC) into
The Nigerian National Petroleum Company Limited has officially welcomed its new Group Chief Executive Officer, Bayo Ojulari, who assumed leadership responsibilities yesterday, barely 48 hours after his appointment by President Bola Tinubu’s administration. According to a statement released by NNPCL spokesperson, Olufemi Soneye, the handover ceremony took place on Friday at the company’s headquarters, marking
The Presidential Compressed Natural Gas Initiative (PCNGI) has secured a $6 million investment for the Arete mini-Liquified Natural Gas (LNG) project, aimed at boosting the expansion of Compressed Natural Gas (CNG) infrastructure to Nigeria’s northern region. Kenechukwu Chukwu, Technical Assistant in charge of Stakeholder Management and Public Engagement for PCNGI, disclosed the development in a
There’s trouble brewing in the oil sector! The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) is alleging that some local refineries are importing substandard crude oil into the country in a bid to reduce expenses. According to PETROAN National Publicity Secretary, Joseph Obele, who was interviewed on Thursday, these refineries are bringing in
The future of Nigeria’s participation in the African Growth and Opportunity Act (AGOA) has come under scrutiny following the announcement of a 14 per cent tariff on Nigerian exports to the United States by President Donald Trump. This new policy, which undermines the advantages previously granted under AGOA, has raised significant concerns about Nigeria’s efforts
The Financial Reporting Council of Nigeria (FRC) and the Nigerian Actuarial Development Programme (NADP) have expressed deep concern over the critical shortage of actuarial professionals in the country, warning that the gap could undermine financial stability across key sectors such as insurance, banking, and healthcare. Speaking at a capacity-building event held on Thursday at the
Sterling Bank has officially eliminated charges on all local digital transactions, becoming the first major Nigerian bank to take such a bold step. The announcement, made on April 1, initially sparked skepticism, with many dismissing it as an April Fools’ Day prank. However, the bank has since reaffirmed its commitment to making financial transactions more
MTN Nigeria Communications Plc has vested a total of 1,303,029 shares in 33 executives of the company, according to multiple corporate disclosures filed with the Nigerian Exchange Limited. The vesting of the shares, which took place in Lagos between March 26 and 28, 2025, is part of the company’s Performance Share Plan (PSP) aimed at
