Bolaji Tunji, special adviser on strategic communications and media to the minister of power, Bayo Adelabu, has dismissed reports claiming his principal has resigned from office. A letter that circulated on Tuesday, March 27, alleged that Adelabu had stepped down as minister to pursue the Oyo State governorship in 2027. The document, purportedly addressed to …
Nigeria’s economic activity continued to grow in March 2026, showing the 16th consecutive month of expansion. This is according to the latest Purchasing Managers’ Index (PMI) report from the Central Bank of Nigeria (CBN). It shows that the composite PMI stood at 53.2 points, reflecting broad-based growth as 31 of the 36 surveyed subsectors reported …
The Federal High Court in Kaduna on Tuesday adjourned the hearing of the bail application filed by former Kaduna State governor, Nasir El-Rufai, to Wednesday. Counsel to the former governor, Ukpong Abang (SAN), confirmed the development while speaking to journalists after the session but declined further comment. “I’m sorry, I can’t talk now; we are in …
The African Export-Import Bank (Afreximbank) has announced a landmark financial commitment to the Dangote Petroleum Refinery and Petrochemicals, underwriting $2.5 billion of a new $4 billion senior syndicated term loan facility. The deal, signed Tuesday in Cairo, Egypt, marks one of the largest private-sector financing arrangements in African industrial history. According to a statement, Afreximbank …
The Naira remained stable against the United States Dollar on March 31, 2026, closing the first quarter on a steady note despite pressures on Nigeria’s external reserves. At the Nigerian Foreign Exchange Market, the Naira opened at ₦1,385.60 per Dollar and strengthened slightly to ₦1,383.37 by mid-morning. The movement reflects modest gains as the currency …
Nigeria could see short-term gains from surging global oil prices, but heightened geopolitical tensions and policy uncertainty may temper the upside, according to Lukman Otunuga, Head of Market Research at FXTM. In a statement on Tuesday, Otunuga said oil benchmarks are “heading for their best monthly gain since 1990,” driven by fears of supply disruptions …
The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to submit detailed cybersecurity assessments under a newly deployed supervisory framework, warning that false disclosures will attract sanctions. In a circular dated March 30 and signed by Olubunmi Ayodele-Oni, Director of the Compliance Department, the apex bank announced the rollout of its …
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has called on the World Bank to support efforts to mobilise an estimated $22 billion required to bridge Nigeria's gas infrastructure gap and extend gas development across Africa. The Authority Chief Executive of the NMDPRA, Engr. Saidu Mohammed made the call at the Decade of Gas Ministerial …
The Nigerian Education Loan Fund (NELFUND) has debunked viral claims that it has increased the monthly upkeep allowance for students from ₦20,000 to ₦25,000. In a statement signed by its Director of Strategic Communication, Mrs. Oseyemi Oluwatuyi, NELFUND dismissed the claim as false, reiterating that the monthly stipend remains ₦20,000 and urged students to rely …
Nigeria has taken a major step in modernising its trade ecosystem, as global logistics firm DHL, alongside key regulatory agencies, successfully commenced the electronic submission and transmission of cargo manifests through the National Single Window. The rollout, involving the Standards Organisation of Nigeria (SON), Nigeria Agricultural Quarantine Service (NAQS), and National Environmental Standards and Regulations …
