Oando Plc ended 2025 with a ₦204.81 billion profit, but beneath the headline earnings lies a company grappling with mounting debt, a severe liquidity squeeze, negative shareholders' funds, and regulatory compliance issues that have raised questions about its financial resilience. The oil and gas group's audited financial statements for the year ended December 31, 2025, …
President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Dr. George Elombi, visited the African Medical Centre of Excellence (AMCE) in Abuja on July 3, 2026, as part of a working tour of Nigeria and the wider region. The visit doubled as a checkpoint on a bold experiment: can Africa …
The federal government convened a meeting on Monday with key stakeholders in the downstream oil and gas industry, including Dangote Refinery, regulatory bodies, and major oil marketers, to negotiate a reduction in the pump price of petrol nationwide and ensure fairer pricing for Nigerian consumers. The meeting, held at the Nigerian Midstream and Downstream Petroleum …
Tony Elumelu has resigned as the group chairman from the board of directors of the United Bank for Africa (UBA) Plc. The bank disclosed this in a statement on Monday, noting that its Board of Directors, at a meeting held on July 6, accepted Elumelu's retirement letter. It said the board had appointed Non-Executive Director …
The federal government recorded a drop in its electricity subsidy payment in the first quarter of 2026 amid persistent blackouts. A report released by the Nigerian Electricity Regulatory Commission (NERC) shows that the federal government incurred a total electricity subsidy obligation of ₦358.32 billion in the first quarter (Q1) of 2026, down from ₦418.79 billion …
Group Chief Executive Officer of the Nigeria National Petroleum Company Limited (NNPC), Engr. Bayo Ojulari, has said efforts are being made to expand the capacities of the Warri and Port Harcourt refineries into the petrochemicals value chain for profitability. Ojulari stated this during a visit to the Warri Refining and Petrochemical Company (WRPC), where he …
For decades, the narrow wooden walkways of Makoko have carried the hopes, struggles, and livelihoods of thousands of residents living along the Lagos waterfront. But after recent demolitions in Makoko, Oko-Agbon, and Sogunro communities, many now face a difficult choice. They must either abandon the fishing settlements where their families have lived and worked for …
Investors on the Nigerian Exchange Limited (NGX) are set for another dividend season in July, with six listed companies scheduled to reward shareholders. Dangote Cement Plc led the July dividend season with a record N753.8 billion payout that signals strong corporate earnings despite a challenging business environment. The cement giant kicked off the dividend payments …
Global crude oil prices have continued to decline, with Brent, the international benchmark, briefly selling at $70 before rising slightly to $71.57 per barrel on Wednesday, July 2, 2026. The U.S. West Texas Intermediate (WTI) fell to $68.44 per barrel, according to Oilprice.com. This is considered the lowest level in months. The primary driver …
The Central Bank of Nigeria's (CBN) revocation of operating licenses for 46 microfinance banks (MFBs), effective July 1, 2026, is the latest chapter in a decade-long effort to clean up a sub-sector that has long struggled to reconcile its social mandate, extending credit to Nigeria's unbanked and underbanked, with the discipline of prudential banking. Acting …
