Business

Nigerian businessman, Tony Elumelu, said oil theft losses at his company's assets have fallen from 97% to 2%, saying the turnaround has restored profitability and made it easier for the company to obtain dollars without relying on personal connections at the central bank.

When the federal government announced last week that removal of petrol subsidy had generated an estimated ₦15.8 trillion in savings between June 2023 and December 2025, the figure was presented as further evidence that Nigeria's painful economic reforms were working. It is, unquestionably, a significantly large number.

The Central Bank of Nigeria’s latest Open Market Operations (OMO) auction has pushed short-term fixed-income yields back into focus, with investors submitting N4.93 trillion in bids for securities worth just N600 billion.

Nigeria’s equities market recorded a 57 per cent return in the first seven months of 2026, but the rally was driven predominantly by domestic capital rather than a resurgence in foreign portfolio investment, Managing Director of Coronation Asset Management, Aigbovbioise Aig-Imoukhuede, has said.

Nigeria’s headline inflation rate eased further in July, falling to 15.43 percent from 15.91 percent in June, reinforcing the recent moderation in the pace of price increases. But beneath the headline improvement, the latest Consumer Price Index (CPI) report presents a more complicated picture for households and businesses.

The Nigerian Exchange Limited (NGX) extended its bearish run during the week, as sustained selling pressure across major sectors dragged the benchmark All-Share Index lower, while market activity also weakened compared with the previous week.

The African Rural and Agricultural Credit Association (AFRACA), in collaboration with NIRSAL Plc and other partners, has convened finance-sector professionals from across Africa in Lagos for the AFRACA Masterclass on Inclusive Finance for Climate Resilience and Artificial Intelligence for Financial Services and Agricultural Finance.

Market closes lower: ASI fell 0.29 percent to 239,351.16, while market cap declined by ₦444bn to ₦154.533tn. Negative breadth: 26 stocks declined against 22 gainers, reflecting cautious investor sentiment. RT Briscoe leads gains: The stock rose 9.63 percent,...

Aliko Dangote has offered East African countries a combined 30 percent equity stake in his planned refinery in Lamu, Kenya. Kenya is considering a 10 percent stake worth about $500 million, while Ethiopia and Rwanda have also expressed...

The Nigerian Economic Summit Group projects Nigeria’s external reserves will rise to about $53bn by December 2026, supported by stronger oil production, favourable crude prices and improved foreign exchange inflows. NESG expects the economy to grow by 4.2...