Business

The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, gave the directive in Abuja over the weekend while receiving progress reports from the Presidential Initiative on Compressed Natural Gas and Electric Vehicles and the Decade of Gas Secretariat.

If your organization still handles tax correspondence with that casual approach, your business is operating under a severe financial hazard. Under Section 108 of the Nigeria Tax Administration Act (NTAA) 2025, the government has fundamentally overhauled the penalty regime for non-responsiveness and information withholding.

Nigeria’s five largest banking groups recorded combined gross earnings of approximately N18.4 trillion in 2025, up 5.7 percent from N17.4 trillion in 2024.

Trading activity on the Nigerian Exchange Limited (NGX) weakened during the week, as investors exchanged 1.659 billion shares worth N98.088 billion, compared with 2.715 billion shares valued at N158.280 billion in the preceding week.

Sterling Financial Holdings Company Plc delivered an impressive set of 2026 half-year results, with gross earnings rising by 31.5 percent to N279.6 billion and profit after tax climbing by 20.4 percent to N50.30 billion.

The growing disruption of Nigeria’s banking industry by financial technology companies has taken a new turn, with OPay’s Nigerian operations generating about ₦575 billion in revenue in the first half of 2026, surpassing the gross earnings reported by Wema Bank and narrowing the gap with some established banking groups.

Nigeria's federally collected revenue received a major boost in August 2026 as the Nigeria Revenue Service (NRS) generated N3.70 trillion in tax and related revenue, driven largely by strong petroleum taxes, royalties and Value Added Tax (VAT) receipts.

The United States Department of Energy issued a request for proposals on Friday, October 16, inviting energy companies to borrow up to 17 million barrels of crude from its Strategic Petroleum Reserve as global benchmark Brent crude touched $110 a barrel.

The Nigerian equities market closed lower on Friday, shedding ₦108 billion in market value as the market capitalisation declined to ₦160.725 trillion from an opening value of ₦160.833 trillion.

United Bank for Africa (UBA) Plc has secured a major legal victory in its ₦156 billion debt recovery battle against the Vaswani brothers and Stallion Group, after the Federal High Court sitting in Ikoyi, Lagos, upheld the bank’s position and granted the reliefs sought in the proceedings.