Business

Nigerian telecommunications operators have started implementing the long-awaited 50 per cent tariff hike following regulatory approval from the Nigerian Communications Commission as lawmakers moved to halt the rollout, citing economic hardship. The House of Representatives on Tuesday directed the telecom regulator and the Minister of Communications, Innovation, and Digital Economy to suspend the tariff increase, […] More

The Nigerians Customs Service has suspended the implementation of the widely criticised four per cent Free-on-Board value on imports. A statement signed by the Customs National Public Relations Officer, Abdullahi Maiwada, disclosed the latest development on Tuesday in Abuja. The amount, as stipulated in Section 18(1)(a) of the Nigeria Customs Service Act 2023, has already […] More

The national grid experienced another system collapse, throwing many Nigerians into darkness. Our correspondent reports that the grid lost power generation some minutes after 11 on Wednesday morning. The spokesperson of the Transmission Company of Nigeria, Ndidi Mbah, has yet to respond to a message sent to her by our correspondent as she said she […] More

The Naira extended its downward trajectory mid-week, depreciating further against the US dollar in both the parallel and official markets. The naira depreciated to N1,570/$1 on Wednesday from N1,565/$1 on Tuesday. The trend shows that the naira has been on a downward spiral since Monday when it traded at N1,560/$1 in the parallel market. A […] More

The Shell Nigeria Exploration and Production Company Ltd. (SNEPCo) has expressed confidence that Nigeria can meet its oil production target of over 2.4 million barrels per day through deep water exploration. The company added that the ongoing reforms in the oil and gas sector must be sustained if the government wishes to increase its oil […] More

The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, has said that it may impose a ban on trucks with 60,000-litre capacity, preventing them from operating on federal highways. This follows the increasing number of deaths resulting from petrol tanker accidents, which has led to the death of 493 persons in three […] More

Oil marketers have revealed that the landing cost of Premium Motor Spirit (petrol) as of Friday was N922.65 per litre. Dealers said this cost factors in various expenses including shipping, import duties, and exchange rates. The amount is a considerable reduction of N32.35 from the N955 per litre offered at the loading gantry of the […] More

Nigeria and Africa’s newest fintech unicorn, Moniepoint has debunked a report that hackers stole about N1.1 billion from Moniepoint Microfinance Bank (MfB), a subsidiary of Moniepoint Inc. The fintech firms disclosed in a blog post that the report was malicious and misleading. According to the company, the alleged theft gained traction on social media, alleging […] More

Nigeria’s public debt has been projected to hit a new high before the end of the first quarter of this year, at N150 trillion from N142 trillion as of September 31, 2024. The new forecast was based on the latest figure of N142 trillion released by the Debt Management Office (DMO). The naira depreciation causes […] More

The Minister of Communication, Innovation and Digital Economy, Bosun Tijani, says the federal government approved a 50 per cent tariff hike for telecommunication companies to sustain the industry. Mr Tijani added that the new tariff would allow telecommunication companies to be able to invest in new infrastructure and improve connectivity. He said this at the […] More

The Naira gained N18.85 and N20 against the dollar on a week-on-week basis, respectively, at the official and parallel foreign exchange markets. At the official FX, FMDQ showed that the Naira ended the week under review at N1531.20 per dollar on Friday, 24th January, 2025, from the beginning of the week at N1,550.05. This indicated […] More

Telecommunications operators are awaiting detailed guidelines from the Nigerian Communications Commission to outline the specifics and framework required for implementing the controversial 50 per cent tariff hike. The telecom regulator is expected to issue a ‘determination document,’ which serves as a blueprint to define the frameworks, terms, and conditions for implementing the approved tariff adjustments. […] More