Business

The International Monetary Fund (IMF) has warned Nigeria against reinstating blanket petrol subsidies amid mounting political pressure ahead of the elections, urging the Federal Government to prioritise targeted support for vulnerable households facing rising energy and transportation costs.

Dangote Industries Limited and the Botswana Stock Exchange have commended Nigerian Exchange Group for bringing African exchanges together to expand cross-border investment opportunities through the ongoing roadshow for the Dangote Petroleum Refinery and Petrochemicals FZE offer.

Netflix has announced plans to lay off approximately 1,000 employees, cutting 6 percent of its global workforce in its most significant downsizing measure in two years.

Market capitalisation rose by ₦104 billion to ₦160.812 trillion from ₦160.708 trillion at the previous session, while the ASI advanced 160.02 points to 247,673.65 from 247,513.63.

The AFC President and Chief Executive Officer, Samaila Zubairu, disclosed the appointment on Wednesday on the sidelines of the 2026 annual meetings of the International Monetary Fund and the World Bank in Bangkok, Thailand.

The decision was delivered on Wednesday by High Court Judge Jane Onyango during proceedings in Malindi, where residents had challenged the development of the proposed 700,000-barrel-per-day refinery in the Lamu archipelago.

Nigeria’s foreign exchange reserves have climbed to $58.81bn, their highest level in nearly 18 years, strengthening the country’s external position as oil and gas investment, export earnings and corporate performance become increasingly important to sustaining the gains.

More than 130 businesses connected to Shell Nigeria Gas’s pipelines could soon see a new owner behind their gas supplier, after the company agreed to sell its entire interest in the distribution group to Nigerian firm Vaaris Energy Limited.

Nigerian exporters are approaching a change in how they obtain the documents needed to ship goods abroad. The government plans to bring export licences, permits and certificates onto the National Single Window, with user testing scheduled for next week.

An employer seeking new business could find an unpaid pension bill standing in the way. PenCom says its automated clearance system calculates penalties for delayed contributions and prevents employers from obtaining a Pension Clearance Certificate until those penalties are settled.