Business

Investors submitted ₦4.93trn for just ₦600bn of OMO bills, underscoring the strong appetite for CBN’s high-yielding securities. The auction was oversubscribed by more than eight times. The 138-day OMO bill attracted ₦3.66trn in bids against ₦300bn offered, with...

Apple built a custom artificial intelligence model with direct assistance from Alibaba to secure regulatory clearance in mainland China. Aggressive market pressure from domestic rivals like Huawei forced Apple to abandon its standalone global software strategy. The Chinese...

Investors placed ₦498.6bn worth of bids for Dangote Sugar’s rights issue, exceeding the ₦485.9bn offer by ₦12.7bn. The strong demand pushed the offer into oversubscription. The company received 14,595 valid applications for 8.31bn shares, representing a 102.6 percent...

Dangote Petroleum Refinery plans to prioritise its Nigerian IPO before considering a listing on an overseas exchange. CEO David Bird says the company wants at least three years of production and financial performance to establish a stronger track...

Virtual-asset tax defaulters face a N10 million penalty in the first month and N1 million for every subsequent month, according to PwC’s analysis of the NRS guidelines. Failure to deduct tax at source attracts a 40 percent penalty,...

CBN removes restrictions limiting banks’ access to its Standing Lending Facility because of their participation in FX and government securities markets. Apex Bank restores collateralised funding for tenors of four to 90 days and expands OMO participation to...

OPay delivered a $72.47 million net profit in 2025 following a $50.98 million loss the previous year. Annual revenue surged 161 percent to $536.25 million while processed transactions hit $358 billion. Rapid expansion into digital lending drove the...

Over half of audited oil companies in Nigeria quietly withheld statutory development funds meant for host communities. An EFCC probe recovered over $160 million in unpaid levies following systemic non-compliance across the sector. The Senate Public Accounts Committee...

A continent-wide INTERPOL study shows only 8 percent of law enforcement cyber analysts in Africa have advanced skills required to track AI-driven attacks. Cybercriminals deployed artificial intelligence in 55 percent of all documented cybercrime cases across 36 African...

Market capitalisation declined by N613 billion, from N157.493 trillion at the opening to N156.880 trillion at the close. The NGX All-Share Index fell by 949.71 points, from 243,967.09 to 243,017.38. Market breadth weakened significantly, with 16 gainers against...