First HoldCo: First Bank Announces New Name, Shareholders Approve New Identity
First Bank, one of Nigeria’s oldest and most respected financial institutions, has unveiled a new identity. FBN Holdings Plc, the company’s holding arm, is now officially called First HoldCo Plc (FirstHoldCo). This rebranding effort aims to create a more unified identity for the company and its various subsidiaries, both in Africa and Europe. Over the […]
NNPC reduces PMS price
The Nigerian National Petroleum Company Limited (NNPCL) is under increasing pressure to lower its petrol prices. This comes after MRS filling station, in partnership with Dangote Refinery, announced a significant reduction in fuel pump prices. On February 9, 2025, MRS filling station lowered its petrol price to N925 per litre in Lagos, with slight variations […]
Naira sustains gains, appreciates to N1,595/$
The Naira continues to gain strength, appreciating to N1,595 per dollar in the parallel market. This marks an improvement from N1,610 per dollar on Monday. Compared to last week’s rate of N1,640 per dollar, the currency has gained N45 in just one week. In the official Nigerian Foreign Exchange Market (NFEM), the Naira remained stable […]
Comply with FG’s cash policy or risk access to funding – Edun warns MDAs
The Nigerian government has issued a strong warning to ministries, departments, and agencies (MDAs) to comply with the revised cash management and bottom-up cash planning policies. Failure to do so could result in losing access to capital funding. At a recent stakeholders’ review meeting, Finance Minister Wale Edun expressed concern that some MDAs were not […]
Nigeria secures $1.1 AfDB loan to provide electricity for 5m people
Nigeria has taken a big step toward solving its electricity shortage by securing a $1.1 billion loan from the African Development Bank (AfDB). This funding will help provide electricity to 5 million people by the end of 2026. President Bola Ahmed Tinubu announced this through the Minister of Power, Adebayo Adelabu, during the Mission 300 […]
NNPC jerks up fuel price
The Nigerian National Petroleum Company Limited (NNPC) has increased the price of petrol across its retail outlets. This sudden hike has left many Nigerians frustrated as they deal with the rising cost of living. Reports indicate that NNPC filling stations in Abuja and Akwa Ibom State now sell petrol at N999 per litre, up from […]
Nigerians lament as Dangote, PETROAN cite global crude prices for fuel hike
Nigerians are grappling with yet another rise in fuel prices, leaving many concerned about its ripple effects on daily living. Both Dangote Refinery and the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) have pointed to higher global crude oil prices as the primary reason behind the increase. On Friday, fuel prices jumped nationwide. Dangote […]
Dangote Refinery eyes fresh crude imports, targets 650,000bpd in June
The Dangote Petroleum Refinery is preparing to bring in crude oil from international sources to support its growing production needs. This step comes as local supplies from the Nigerian National Petroleum Company Limited (NNPCL) fall short of meeting demand. An insider disclosed that the refinery is now producing 500,000 barrels per day (bpd) and plans […]
Petrol price stood at N1,214.17 in November 2024 – NBS
The National Bureau of Statistics (NBS) has published its latest report on fuel prices, showing sharp increases in the average prices of petrol and diesel across Nigeria in November 2024. According to the Petrol Price Watch report, the average price of a litre of petrol rose to N1,214.17 in November 2024 from N648.93 in November […]
Untamed inflation: Nigerian workers eye 50% wage increase
Nigerian workers are calling for a 50% wage increase to help cope with the country’s high inflation. This demand was made by a senior official of the Nigeria Labour Congress (NLC) in an interview with DAILY POST. Although the minimum wage was raised in July 2024, workers say that the increase has been wiped out […]