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 …
Dr. George Elombi, President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), took questions from Pinnacle Daily and other reporters at a mid-year media roundtable at the Afreximbank African Trade Centre (AATC) in Abuja, which centered on rating agencies and the focus of the bank going forward. Except: Standard & …
Lagos residents have continued to count losses as heavy rain caused flash floods that submerged homes and roads and disrupted businesses in different parts of the state.
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks with effect from July 1, 2026. CBN said the banks failed to meet regulatory requirements for continued operation. It announced the decision in a statement issued on Wednesday and signed by its Acting Director of Corporate Communications, Hakama Sidi-Ali. It …
After benefiting from one-off gains triggered by the naira's sharp devaluation, banks are now returning to a more sustainable growth model built on stronger lending, digital banking and fee-based businesses, Pinnacle Daily analysis shows. An analysis of the audited financial statements of Access Holdings, Zenith Bank, United Bank for Africa (UBA), GTCO and First HoldCo …
While the current administration rolls out ambitious tax reforms aimed at widening the net for revenue generation and boosting a historically low tax-to-GDP ratio, there are concerns about an invisible barrier—a deeply entrenched trust deficit. For decades, taxation has remained one of Nigeria's most contentious public policy issues. This, according to analysts, stems from the …
Nigeria's biggest banks are increasingly generating income from businesses that have little to do with traditional banking, Pinnacle Daily can report. From pensions and asset management to payment services, insurance brokerage and digital lending, Tier-1 banks are quietly building new revenue streams that are becoming an increasingly important part of their growth strategy. An analysis …
The easing of crude oil prices in the international market has raised expectations of a significant drop in petrol pump prices across retail stations in Nigeria; however, consumers groan over what they consider a “token” adjustment in prices by marketers. Crude oil had surged to a peak of $120 per barrel following geopolitical tensions in …
They are fathers, husbands, sons and providers. Every day they carry families, jobs and responsibilities on their shoulders while silently battling anxiety, depression and emotional exhaustion. In this exclusive investigation, Pinnacle Daily uncovers the hidden mental health crisis affecting Nigerian men and why breaking the silence has become more urgent than ever. Every morning …
