Nigeria’s electricity distribution companies (DisCos) recorded N45.61 billion as revenue losses in February 2026 due to collection inefficiencies. According to the latest Commercial Performance Factsheet released by the Nigerian Electricity Regulatory Commission (NERC), 11 DisCos collected a total of N196.68 billion in revenue in February. The report indicates that the total energy billed to customers …
Domestic refineries in Nigeria recorded a crude oil supply shortfall of 33.4 million barrels in the first quarter (Q1) of 2026. According to data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Tuesday, May 5, a total of 61.9 million barrels of crude oil was allocated to domestic refineries during the quarter under …
United Bank for Africa (UBA), Redtech and MoMo PSB have partnered to expand how Nigerians make and receive payments, allowing more customers to pay without using cash or cards. UBA said this in a statement on Tuesday, May 5, explaining that under the new arrangement, MoMo PSB customers can now pay directly from their mobile …
Rising debt and repeated political standoffs have ended the United States’ long-standing run at a perfect triple-A credit rating, according to DataPro in its Monthly Rating Brief for May. The Nigerian technology-driven Credit Rating Agency noted that for years, the US was widely seen as the safest borrower in the world, with its ability to …
Dangote Cement, BUA Cement and Lafarge Africa recorded strong profit growth of up to 117 per cent in the first quarter of 2026, as rising revenue and improved efficiency lifted their earnings compared to the same period in 2025. A review of the financial statements of cement giants for the period ended March 31, 2026, …
A devastating rainstorm has claimed two lives and destroyed more than 50 houses in Dokan Mai-Jama’a, Chikun Local Government Area of Kaduna State, leaving many residents homeless. The Village Head of Dokan Mai-Jama’a, Hamisu Tukur, confirmed the incident, stating that the storm caused widespread destruction across the community. Residents said the heavy downpour, accompanied by …
The Inspector-General of Police, Olatunji Disu, has ordered all Commissioners of Police to conduct an immediate and comprehensive audit of arms and ammunition across their commands as part of efforts to strengthen accountability and operational efficiency. Disu said the audit must be thorough, transparent, properly documented, and submitted to Force Headquarters within a stipulated timeframe, …
United Bank for Africa (UBA) and Guaranty Trust Holding Company (GTCO) recorded the weakest performances among Nigeria’s major banks in the first quarter of 2026, Pinnacle Daily reports. A review of the financial statements of seven banks for the period ended March 31, 2026, shows that foreign exchange (FX) losses and market-related shocks weighed on …
Senate President Godswill Akpabio on Tuesday mocked the African Democratic Congress (ADC) declaring the party as “dead” following the defection of Senator Enyinnaya Abaribe to the Labour Party. Akpabio made the remark during plenary while reading Abaribe’s defection letter, drawing laughter from fellow lawmakers. “I think ADC is dead,” he said. Abaribe Cites Internal Crisis …
Senator Victor Umeh, who represents Anambra Central, has defected from the African Democratic Congress (ADC) to the Nigeria Democratic Congress (NDC). His defection was formally announced in a letter read on the floor of the Senate on Tuesday, May 5, by Senate President Godswill Akpabio. Umeh said the decision followed wide consultations with his family, …
