Elon Musk has officially become the world’s first trillionaire. Following the historic public listing of SpaceX, the billionaire entrepreneur is now estimated to be worth over $1 trillion, making him the first trillionaire in modern history. The milestone came after SpaceX launched one of the biggest IPOs ever seen on Wall Street. The company debuted…
The dollar to naira exchange rate today remained relatively stable across both the official and parallel foreign exchange markets. Data from Nigeria’s official foreign exchange market showed the naira trading at approximately ₦1,362 per United States dollar on Friday, June 12, 2026, reflecting continued stability in the country’s forex market. The latest figures come after…
Nigeria’s fuel market is experiencing renewed instability. The Dangote Refinery has reportedly reduced petrol production, prompting fuel marketers to increase imports of cheaper products. This situation raises concerns about supply stability during a sensitive period for global energy markets. Rising crude oil prices and geopolitical tensions already pressure fuel costs worldwide. Dangote Refinery Reduces Petrol…
MTN Moves Beyond Telecom Into Lending MTN is preparing to expand its financial services business across Africa, with Nigeria positioned as one of its biggest growth markets. The telecom giant plans to move beyond facilitating loans and begin lending directly to customers. To achieve this, MTN is seeking new regulatory approvals in several African countries….
Marketers Increase Depot Petrol Prices Petrol marketers have raised depot prices across Nigeria following a fresh surge in global crude oil prices. The adjustment comes as tensions escalate in the Middle East, creating uncertainty in international energy markets. Industry data monitored by PetroleumPriceNG showed that depot operators increased Premium Motor Spirit (PMS) prices to reduce…
Peter Obi, presidential candidate of the Nigeria Democratic Congress (NDC), has criticised the administration of President Bola Tinubu over what he described as excessive borrowing despite significant growth in government revenue. In a post on X on Wednesday, the former Anambra governor said it was troubling that Nigeria’s debt profile had continued to rise even…
Naira Remains Stable at Official Market The Nigerian naira remained largely stable against the United States dollar on Wednesday, June 10, 2026. Data from the Central Bank of Nigeria showed that the official NFEM rate closed at ₦1,360.55 per dollar. Previously, the naira closed at ₦1,359.50/$. As a result, the market recorded only a slight…
Nigeria’s public external debt could rise sharply to $72.6 billion by 2027, according to new projections released by the International Monetary Fund (IMF). The forecast appeared in the IMF’s 2026 Article IV Consultation Report on Nigeria, published on Tuesday. The report showed that external debt may increase by $20.7 billion within two years, climbing from…
Joseph Tegbe, the minister of power, says electricity supply has improved across Nigeria over the last four weeks based on feedback from citizens and ongoing efforts within the power sector. Speaking to state house correspondents on Monday after being sworn in by President Bola Tinubu, Tegbe said the improvement was due to the president’s intervention…
Alex Otti, governor of Abia state, says his administration is working towards taking Abia off the national grid and providing uninterrupted electricity across the state. Speaking at the opening ceremony of the Invest Lagos Summit on Monday, the governor said the state was leveraging recent reforms in the power sector to gain greater control over…
