The Nigerian Exchange (NGX) has recorded one of its strongest rallies in recent history, with investors gaining more than ₦9.3 trillion during a remarkable seven-day buying spree that has reinforced confidence in the country’s capital market. The sustained rally has been driven by strong demand for banking, industrial and energy stocks, pushing the NGX to…
Nigeria’s stock market has climbed to the top of the global rankings after overtaking South Korea to become the world’s best-performing equity market in 2026, delivering another strong trading session that added ₦962 billion to investors’ wealth. The Nigerian Exchange (NGX) extended its remarkable rally as renewed buying interest in major banking, consumer goods and…
Nigeria has received a potential boost to investor confidence after S&P Dow Jones Indices placed the country on its 2027 Country Classification Watchlist for a possible upgrade to Frontier Market status, even as the naira continued to weaken in the parallel foreign exchange market. The watchlist designation signals that international index providers are closely monitoring…
Global oil prices extended their rally on Wednesday as escalating tensions in the Middle East raised fresh concerns over crude supply, pushing Brent crude above $76 per barrel for the first time in two weeks. The latest surge follows renewed military hostilities involving the United States and Iran, along with disruptions to commercial shipping in…
The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it has saved $3.4 billion through an aggressive contract restructuring and optimisation programme, while remitting ₦19.5 trillion to the Federation Account over the past 14 months. Group Chief Executive Officer, Bayo Ojulari, disclosed the figures during the opening of the 25th Nigeria Oil & Gas (NOG)…
The Federal Government has unveiled fresh economic measures aimed at stabilising Nigeria’s financial system and easing the cost of imports, with the Central Bank of Nigeria (CBN) set to aggressively withdraw excess market liquidity while the Nigeria Customs Service confirms lower import tariffs on vehicles. The CBN plans to raise between ₦1.35 trillion and ₦2…
President Bola Tinubu has directed the Federal Competition and Consumer Protection Commission (FCCPC) to investigate major global technology companies, including Meta, Google’s parent company Alphabet, X, and several Generative Artificial Intelligence (AI) platforms over allegations of exploiting Nigerian media content without fair compensation. The directive followed a joint petition submitted to the Presidency by the…
United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will step down from the Board of Directors on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors as stipulated by the Central Bank of Nigeria (CBN). The decision was approved at the bank’s Board meeting held on…
Nigeria recorded fresh economic milestones this week as the naira remained relatively stable against the U.S. dollar while the Dangote Petroleum Refinery continued to strengthen the country’s position in the global energy market through record aviation fuel exports to Europe. The naira traded at around ₦1,370 to the U.S. dollar in the official foreign exchange…
MTN Nigeria’s Chief Executive Officer, Karl Toriola, has defended the telecommunications giant against growing calls for a boycott following renewed anti-immigrant attacks on Nigerians in South Africa. Speaking amid public outrage over the xenophobic violence, Toriola stressed that MTN Nigeria should not be viewed simply as a South African company, arguing that it has become…
