The Minister of Power, Adebayo Adelabu, has revealed that the Nigerian government is indebted to electricity generation (GenCos) and distribution companies (DisCos) to the tune of over ₦4 trillion, a financial burden that is crippling the power sector.
The report, released on Wednesday, highlights growing concerns over weak regulatory oversight as fraudsters attempted to steal ₦86.4 billion in 2024 alone. Nigeria, known for its expanding tech and finance sector, continues to battle a parallel rise in cyber fraud perpetrated by so-called "Yahoo boys" (internet fraudsters). Fraud in Nigeria’s banking sector has nearly tripled over the past five years, with total losses reaching ₦52.3 billion ($34.8 million) in 2024, compared to ₦11.6 billion in 2020, according to a new analysis by the Nigeria Inter-Bank Settlement System (NIBSS).
This was disclosed by Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, during a press briefing in Abuja on Tuesday ahead of the International Telecommunication Union (ITU) Summit, scheduled for Wednesday and Thursday.
President Bola Tinubu disclosed this on Tuesday while officially declaring the eighth edition of the Nigeria International Energy Summit (NIES) in Abuja. The Federal Government has announced the introduction of crude oil sales in Naira, a strategic move aimed at enhancing the efficiency of local refineries, reducing foreign exchange risks, and lowering transaction costs.
Speaking over the weekend, Dangote disclosed that the refinery currently holds over half a billion liters of petroleum products valued at ₦600 billion. He emphasized that the refinery is producing sufficient gasoline, diesel, and kerosene to cover 100% of Nigeria’s fuel requirements. Aliko Dangote, President of Dangote Industries Limited (DIL), has assured that the Dangote Petroleum Refinery has enough Premium Motor Spirit (PMS), commonly known as petrol, in storage to fully meet Nigeria’s domestic fuel demand.
Financial expert Prof. Uche Uwaleke, President of the Capital Market Academics of Nigeria (CMAN), attributed the naira’s recent stability to Central Bank of Nigeria (CBN)-led initiatives, including the forex matching system, electronic matching system, and the FX code of conduct. The Naira has seen steady appreciation over the past 21 days, reflecting improved stability in Nigeria’s foreign exchange market.
According to Emoekpere, the strike resulted from persistent harassment of petroleum tanker drivers by police officers in Lagos State, leading to a complete halt in truck loading operations and fuel distribution.
Onyema, who landed at the airport on a Boeing 737 aircraft around 10 AM, commended the apron, runway, and terminal building, calling them highly functional and aesthetically pleasing. Allen Onyema, the CEO of Air Peace Limited, has praised the Agro-Allied International Cargo Airport in Ekiti State, describing it as one of the best in the world in terms of infrastructure and operational efficiency.
However, the MPC stated that its unanimous decision to hold the rate was influenced by recent macroeconomic developments, which it viewed positively.
Globally, Binance remains the leading exchange in both spot and derivatives trading, followed by Bybit, OKX, and Bitget, according to CoinMarketCap. The Nigerian government has filed a lawsuit against Binance, accusing the crypto exchange of causing economic losses and evading $2 billion in back taxes, according to a Reuters report.
Since starting production in January 2024, the refinery has lowered diesel prices multiple times, from an initial N1,700 per litre, easing costs for manufacturers and consumers. Dangote Petroleum Refinery & Petrochemicals has reduced its diesel price to N1,020 per litre, down from N1,075.
Experts warn that economic growth is failing to keep pace with population expansion, resulting in lower average earnings per Nigerian.
In response to the incident, the NCAA has formally requested that Kenya Airways issue a public apology and compensate the affected passenger for the distress and inconvenience caused by the airline’s officials. The Nigeria Civil Aviation Authority (NCAA) has condemned Kenya Airways for the inappropriate treatment of a Nigerian passenger stranded at Nairobi Airport on Monday.
She confirmed her appointment on X, expressing her commitment to fostering a strong economic partnership between the UK and Nigeria. Florence Eshalomi, a British-Nigerian politician, has been appointed as the United Kingdom’s trade envoy to Nigeria, making her the second Nigerian to hold the position.
During a courtesy visit to EFCC’s headquarters in Abuja on Tuesday, NGX CEO Olufemi Shobanjo highlighted the evolution of fraud from manual to digital methods, emphasizing the need for stronger partnerships to safeguard market integrity. The Nigerian Exchange Group (NGX) has called for renewed collaboration with the Economic and Financial Crimes Commission (EFCC) to address the growing threat of digital fraud in the stock market.
In a statement released on Tuesday, the SEC clarified that Risevest Technologies is not registered to operate in any capacity within the Nigerian Capital Market. The Securities and Exchange Commission (SEC) has issued a public warning against engaging in investment-related transactions with Risevest Technologies Limited, a company claiming to operate as a Digital Dollar/Fund Manager in the Nigerian Capital Market.
Delivering the judgment on Friday, a five-member panel of the apex court ruled that the appeal filed by HWAL, marked SC/CV/311/2014, was without merit, reinforcing the validity of the tax assessment. The Supreme Court of Nigeria has affirmed the December 2, 2014 judgment of the Court of Appeal in Lagos, upholding the additional tax assessment of $6,927,248 imposed by the Federal Board of Inland Revenue Service (FBIRS) on the revenue of Halliburton West Africa Limited (HWAL) for the tax years 1996, 1997, 1998, and 1999.
Speaking at the 2025 MAN Media Personality of the Year Award/Presidential Media Luncheon in Lagos on Wednesday, MAN President Otunba Francis Meshioye highlighted that inflation reached 34.6% by November 2024, significantly eroding consumers' purchasing power and reducing demand for manufactured goods. The Manufacturers Association of Nigeria (MAN) has revealed that its members faced a deplorable economic environment in 2024, resulting in N1.4 trillion worth of unsold inventory across the manufacturing sector.
The data revealed a marginal growth in external debt, increasing by 0.29% from $42.90 billion in June to $43.03 billion in September. Analysts highlight currency depreciation as a significant factor driving the debt increase. Nigeria's public debt has surged to ₦87.38 trillion as of September, according to the latest data from the Debt Management Office (DMO) released on Tuesday.
The tariff hike, introduced on Monday, aims to revitalize the telecom sector but has sparked mixed reactions across the country, with debates surrounding its timing and potential impact on consumers.
In a key development, oil and gas operations in Ukwa West Local Government Area, previously managed by Shell Petroleum Development Company (SPDC), have been taken over by the Nigeria Petroleum Development Company (NPDC), Abia State is making a significant move to enhance its oil and gas production capacity by diving fully into the upstream petroleum sector. The state aims to leverage its status as an oil-producing region to stimulate economic growth.
According to a statement by his spokesman, Stanley Nkwocha, Senator Shettima and the global leaders declared their nations’ positions on Wednesday during a forum of Friends of AfCFTA on the sidelines of the ongoing 2025 annual meeting of the World Economic Forum (WEF) in Davos, Switzerland.
Announcing the development, Minister of Aviation and Aerospace Development, Festus Keyamo, highlighted the initiative's alignment with the government’s vision to transform Nigeria into a regional aviation hub. A new Maintenance, Repair, and Overhaul (MRO) facility and flight support center, a collaboration between XeJet and indigenous banks, has been launched in Abuja.
Speaking on Friday in Lagos during a media interactive session, Andy Yih-Ping Liu, Chief of Taiwan Mission at the Taipei Trade Office in Nigeria, emphasized the potential for stronger collaboration between the two nations. Taiwan has called for the restoration of bilateral ties with Nigeria to explore mutually beneficial opportunities across various sectors.
