TotalEnergies sells stake in Nigerian licences to Chevron
TotalEnergies has completed the sale of its stake in several Nigerian oil licences to Chevron, marking another shift in ownership within the country’s energy sector. The deal is part of the company’s ongoing strategy to streamline its portfolio and focus on assets it considers more profitable globally. Industry observers say the move reflects a growing […]
Naira records depreciation against US dollar across official, black markets
The Nigerian naira continued to face pressure as it recorded further depreciation against the U.S. dollar in both the official and black markets. Traders and financial analysts reported that the currency struggled throughout the day, reflecting ongoing supply shortages in the foreign exchange market. This drop has raised fresh concerns about currency stability and its […]
Why Nigeria’s 3.98% GDP growth rate hasn’t impacted on living cost – Economists
Economists have explained why Nigeria’s 3.98% GDP growth in the last quarter has not translated into cheaper living costs for citizens. According to them, the growth recorded is mostly “non-inclusive,” meaning it does not directly improve the daily lives of ordinary Nigerians. They noted that while the economy appears to be expanding on paper, the […]
Multiple taxation, loan struggles, crippling our businesses – Ogun MSMEs
Small business owners in Ogun State have raised alarm over the rising number of taxes and levies placed on them by different agencies. According to them, the multiple charges are eating into their profits and making it hard to stay in business. Many MSMEs (Micro, Small and Medium Enterprises) say the situation has reached a […]
Nigeria’s GDP rate grew by 3.98% in third quarter – NBS
Nigeria’s Gross Domestic Product (GDP) grew by 3.98% in the third quarter of the year, according to fresh data released by the National Bureau of Statistics (NBS). The bureau explained that the growth shows steady improvement in economic activities across many sectors. This rise is also higher than what was recorded in the previous quarter, […]
FCMB named Nigeria’s Best SME-Focused Bank
FCMB has been named Nigeria’s Best SME-Focused Bank, highlighting its dedication to supporting small and medium-sized enterprises across the country. The award recognizes the bank’s efforts to provide innovative solutions and financial products that help SMEs grow and succeed. The bank has consistently offered specialized services such as loans, business advisory, and digital platforms tailored […]
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 […]