Business

NNPC's profit after tax rose 15.8 per cent to ₦535 billion in June, while revenue climbed to ₦4.39 trillion, reflecting stronger financial performance despite lower crude oil output. The national oil company remitted ₦6.29 trillion to the Federation...

Nigerian Breweries grew profit before tax by 18 percent to ₦156.3 billion in the first half of 2026 as stronger revenue and lower finance costs lifted earnings. The brewer eliminated its interest-bearing debt and returned retained earnings to...

MTN Nigeria reported a record ₦1.09 trillion profit before tax in the first half of 2026, driven by strong growth in data revenue, improved operating efficiency and lower borrowing costs. Revenue rose 25.9 percent to ₦2.99 trillion, while...

Nigeria's foreign reserves declined by $114 million within seven days after reaching a recent peak of $52.04 billion, according to the Central Bank of Nigeria. Despite the decline, the country's external reserves remain about $463 million higher than...

The NGX extended its bearish run as investors lost about ₦1.01 trillion in two consecutive sessions, with Thursday’s decline wiping ₦1.005 trillion off market capitalisation. Market sentiment remained weak as decliners outnumbered gainers 44 to 18, reflecting sustained...

Seplat Energy grew half-year profit by more than 430% to N225.5 billion as stronger oil prices and lower operating costs boosted earnings. The company declared a five-cent interim dividend and a seven-cent special dividend, while projecting total shareholder...

NMDPRA launches fresh push for a transparent West African fuel price benchmark, arguing that Africa must end its dependence on petroleum price references set outside the continent. Nigeria says growing refining capacity across West Africa has created the...

Seplat signs binding agreement to sell a 10% working interest in the NNPCL/SEPNU joint venture to NNPC Limited for approximately $281.6 million. NNPC's stake in the strategic oil joint venture will increase from 60% to 70%, while Seplat...

Femi Otedola has invested another ₦222.2 billion in First HoldCo, increasing his ownership to 25.87 percent and strengthening his position as the company's largest shareholder. The latest purchase comes barely one week after a related entity acquired ₦77.6...

Large taxpayers with annual turnover above ₦5bn have until July 31 to comply with the Nigerian Revenue Service's e-invoicing requirement or face statutory penalties. The NRS says businesses that fail to transmit invoices electronically risk a ₦200,000 fine...