By Esther Ososanya Hon. Ikeagwuonu Ugochinyere, Chairman of the House Committee on Petroleum Resources (Downstream), has raised alarm over fresh political attempts to sack the statutory leadership of Nigeria’s key petroleum regulatory agencies, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). “We didn’t labour for two …
By Ososanya Esther The Nigeria Customs Service (NCS) has officially launched the B’Odogwu clearance platform, marking a major shift in port operations. The new system comes with a flat 4% Free On Board (FOB) charge, which replaces several older levies. Comptroller-General of Customs, Adewale Adeniyi, announced the change during a high-level stakeholders’ town hall in …
By Esther Ososanya Nigeria may be basking in the glow of global praise, but Central Bank Governor Olayemi Cardoso says it’s no time to relax. Speaking during the Monetary Policy Committee (MPC) meeting in Abuja, Cardoso acknowledged the International Monetary Fund’s (IMF) commendation of Nigeria’s recent fiscal and monetary reforms but issued a stern reminder,the …
By Esther Ososanya Africa’s richest man, Aliko Dangote, has delivered a sobering warning to the continent’s leaders: Unless powerful fuel import interests are confronted head-on, no new refinery will ever be built again in sub-Saharan Africa. Speaking at the Global Commodity Insights Conference in Abuja, the billionaire industrialist declared that entrenched rent-seeking, offshore fuel cartels, …
By Esther Ososanya Dealmaking in the U.S. upstream oil and gas sector dropped sharply in Q2 2025. Investor caution increased as energy and equity markets turned volatile. Merger and acquisition (M&A) deals fell by 21%, totalling just $13.5 billion between April and June. This slump contrasts sharply with recent performance. In 2023, the sector recorded …
Nigeria’s recent GDP rebasing has highlighted a significant shift in its economic structure. Real estate has surpassed oil, now standing as the third-largest contributor to the Nigerian economy, replacing crude oil's historic dominance. This change reflects a broader diversification within the country's economy, with real estate now contributing a notable share alongside agriculture and the …
By Esther Ososanya The Enugu Electricity Regulatory Commission (EERC) has reduced the electricity tariff for Band A customers from ₦209 per kilowatt-hour to ₦160/kWh. The new rate takes effect on August 1, 2025. The order was issued to MainPower Electricity Distribution Ltd under EERC Order No. EERC/2025/003 titled “Tariff Order for MainPower Electricity Distribution …
The Securities and Exchange Commission (SEC) has declared the rising wave of Ponzi schemes in Nigeria a national emergency, warning that the proliferation of unregulated investment platforms is not only wiping out life savings but threatening the country’s economic and social stability. “Ponzi schemes have become a dangerous epidemic,” says Dr Emomotimi Agama, Director-General of …
With Nigeria set to roll out its long-awaited open banking policy in August 2025, hopes are high, but so are concerns. The question on the lips of everyone is this: will this digital shift finally bring financial services to over 38 million unbanked Nigerians? Or will it widen the gap between those online and those …
Philippine President Ferdinand Marcos Jr is set to visit the United States next week in a strategic push to deepen economic and security cooperation amid rising trade tensions and regional security threats. The high-stakes trip, his first to the U.S. since Donald Trump’s return to office, comes as Washington raises tariffs on Philippine exports to …
