NNPCL revenue, profit soar to N5.08tn, N447bn in October
The Nigerian National Petroleum Company Limited (NNPCL) recorded a major financial jump in October, reporting revenue of N5.08 trillion and a profit of N447 billion. This performance has been described as one of the company’s strongest in recent months, reflecting improved operations, rising crude output, and better market conditions. The company says the strong numbers […]
Naira continues depreciation against US dollar to end on negative note
The Nigerian Naira continued its downward trend against the US dollar, closing the week on a negative note. Traders reported increased demand for dollars, while supply from exporters remained limited, putting pressure on the local currency. The Central Bank of Nigeria (CBN) continues to monitor the situation closely. Analysts noted that the ongoing depreciation reflects […]
NNPCL reveals reason behind N5.4trn profit after tax
The Nigerian National Petroleum Company Limited (NNPCL) has revealed the reason behind its huge profit of N5.4 trillion after tax. The company said strong sales, efficient operations, and better management of resources contributed to the impressive earnings. Officials highlighted that strategic investments in upstream and downstream activities also helped boost revenue. NNPCL’s leadership explained that […]
Not in our portfolio — Dangote Refinery reacts as Europe shuns diesel over substandard specs
The Dangote Refinery has dismissed claims linking it to diesel shipments recently rejected in parts of Europe over quality concerns. The company clarified that the diesel involved in the international dispute did not originate from its facility and does not represent any product in its portfolio. According to the refinery, all fuels produced from its […]
Naira records first depreciation against US dollar across official, black FX markets
The Naira has recorded its first drop in value against the US dollar this week, affecting both the official and black market exchange rates. Traders reported that the currency weakened as demand for dollars increased, putting more pressure on Nigeria’s foreign exchange system. This decline has raised fresh concerns among businesses and citizens who rely […]
Fourteen Nigerian banks yet to meet CBN’s recapitalisation ahead of deadline
Fourteen Nigerian banks have reportedly not met the Central Bank of Nigeria’s (CBN) recapitalisation requirements as the deadline approaches. This shortfall has raised concerns about the stability and readiness of these banks to comply with regulatory standards. The CBN had set the recapitalisation directive to ensure that banks maintain adequate financial strength to support economic […]
Naira records three straight appreciations against US dollar
The Nigerian Naira has continued its positive movement, recording three straight days of appreciation against the US dollar. This improvement has brought relief to many Nigerians, especially importers and businesses struggling with high exchange rates. Market watchers say the steady rise shows growing confidence in recent government policies targeting the foreign exchange market. According to […]
N5.5bn Defamation Suit: SERAP witness admits using unlawful words against DSS in publication
A witness representing the Socio-Economic Rights and Accountability Project (SERAP) has admitted in court that the organisation used “unlawful” or inappropriate words against the Department of State Services (DSS) in one of its publications. This came up during the ongoing N5.5 billion defamation suit filed by the DSS against SERAP over alleged damaging statements made […]
Q3 2025: Fidelity Bank grows interest income by 33%, fee income by 47%
Fidelity Bank has reported significant growth in its financial performance for the third quarter of 2025. The bank’s interest income rose by 33%, reflecting a strong increase in lending activities and investments. Additionally, Fidelity Bank’s fee income surged by 47%, driven by higher transaction volumes, advisory services, and increased digital banking adoption. The growth highlights […]
CBN cautions against mishandling of Naira
The Central Bank of Nigeria (CBN) has again warned Nigerians to stop damaging, abusing, or mishandling the Naira. The bank said many people still fold, tear, or write on the currency, which reduces its quality and increases the cost of printing new notes. According to the CBN, the Naira is a national symbol and should […]