Business Archives - News Desk Nigeria

First Bank Failed To Meet MoU Obligations To GHL, Rules Supreme Court; Nigeria Lost $70M, Lawyer Says

NewsDeskNgJul 4, 2026July 4, 20260

Nigeria reportedly lost more than $70 million in crude oil revenue during the legal dispute between First Bank and General Hydrocarbons Limited. The Supreme Court has ruled that First Bank failed to fulfil its obligations under its Memorandum of Understanding (MoU) with General Hydrocarbons Limited (GHL), while ordering the immediate...

Cardoso To Banks: Deploy Recapitalisation Funds To SMEs, Agriculture, Infrastructure

NewsDeskNgJul 4, 2026July 4, 20260

CBN Governor Olayemi Cardoso urges banks to channel fresh capital into sectors that drive jobs and growth. Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has challenged banks to channel the fresh capital raised during the industry’s recently concluded recapitalisation exercise into productive sectors of the economy. Cardoso...

NNPC, Partners Begin Port Harcourt, Warri Refinery Evaluation Despite Public Backlash

NewsDeskNgJul 4, 2026July 4, 20260

NNPC says prospective partners have commenced due diligence for the Port Harcourt and Warri refineries at no cost to the company. In spite of sustained public criticism over plans to hand over the operations of the Port Harcourt and Warri refineries to private partners after close to $3 billion was...

Dangote Refinery Cuts Petrol Price to N1,075/Litre, Slashes Diesel, Jet Fuel Prices

NewsDeskNgJul 2, 2026July 2, 20260

Petrol now sells at ₦1,075 per litre ex-depot after Dangote Refinery’s fourth price reduction in one month. Dangote Petroleum Refinery & Petrochemicals has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), lowering the gantry price by ₦50 per litre to ₦1,075 per litre, its fourth price...

NNPC Remits N4.86tn To Federation In Five Months Despite Profit Dip

NewsDeskNgJul 2, 2026July 2, 20260

NNPC remits N4.86 trillion to Federation Account as stronger oil output offsets lower profits and declining May revenue. Nigerian National Petroleum Company Limited (NNPC) on Wednesday announced that it remitted a cumulative N4.858 trillion to the Federation Account as of the end of May 2026, representing a sharp 30.8 per...

AFC Appoints Fola Fagbule To Lead Nairobi Office, Deepen East, Central Africa Expansion

NewsDeskNgJul 2, 2026July 2, 20260

AFC names Fola Fagbule regional head to drive infrastructure investment, partnerships and capital mobilisation across East and Central Africa. The Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, has appointed Fola Fagbule as Director and Head of its Regional Office in Nairobi, marking a significant step in the...

Dangote Targets 2.1 Million Bpd Refining Capacity In Africa, Eyes Congo Energy Partnership

NewsDeskNgJul 1, 2026July 1, 20260

Dangote plans $46 billion investment as it expands refining capacity and pursues energy ties with Congo. The Dangote Group has outlined its long term expansion strategy, which will increase its total refining capacity in Africa to 2.1 million barrels per day, comprising 1.4 million barrels per day in Nigeria and...

Tanzania, Dangote Group Explore Multi-Billion-Dollar Investments In Infrastructure, Energy, Fertiliser

NewsDeskNgJun 29, 2026June 29, 20260

Tanzania has begun formal talks with Dangote Group on multi-billion-dollar investments in infrastructure, energy, fertiliser and regional trade. President Samia Suluhu Hassan of Tanzania has held high-level talks with President and Chief Executive of Dangote Industries Limited, Aliko Dangote, on a major expansion of the Group’s investments in Tanzania, with...

Bloomberg: Nigeria Accesses First Tranche Of $5bn UAE Financing Facility

NewsDeskNgJun 27, 2026June 27, 20260

Bloomberg reports Nigeria has accessed $1.5 billion under a $5 billion UAE financing deal amid transparency concerns. Nigeria has accessed the first tranche of a proposed $5 billion derivatives financing arrangement with the United Arab Emirates’ largest lender, according to a Bloomberg report, marking the first reported drawdown under a...

Despite N200,000 Base Fare, Poor Demand Forces Airlines To Sell Ticket At N110,000

NewsDeskNgJun 26, 2026June 26, 20260

Domestic airlines cut fares below base price as weak demand, costly aviation fuel and bird strikes squeeze profitability and operations Despite the increase of base fare to N200, 000 for one hour flight by domestic airlines due to the high price of aviation fuel, low demand has forced them to...