A United States district court has sentenced Paulinus Iheanacho Okoronkwo. A former general manager at the Nigerian National Petroleum Corporation (now NNPC Limited), to 87 months in prison. Okoronkwo found guilty of accepting a $2.1 million bribe tied to oil drilling rights in Nigeria. Okoronkwo, 58, holds dual citizenship in Nigeria and the United States….
Switzerland adopted new measures against Russia. The Federal Council decided to ban the purchase and import of Russian liquefied natural gas. Announcement of the Ban The Federal Council announced the decision on February 25, 2026. They set the ban to start on April 25, 2026. Additionally, they allowed a transitional period until the end of…
The Dangote Petroleum Refinery has signed an offtake agreement with 12 major and independent oil marketers to distribute 60–65 million litres of petrol daily across Nigeria. However, this landmark deal in the downstream oil sector is expected to stabilize fuel supply and enhance Nigeria’s self-sufficiency in petrol production. Key Details Aliko Dangote, Chairman of Dangote…
The Federal Government of Nigeria is working on new ways. To make foreign-currency savings and investments easier for everyday Nigerians, including those living abroad. This effort is part of a larger plan to boost financial inclusion and strengthen the country’s capital markets. Mr. Wale Edun, the Honourable Minister of Finance and Coordinating Minister of the…
The South-East Development Commission (SEDC) has sought legislative approval for a N140 billion budget for 2026. The commission also revealed its ambitious plan to transform the South-East into a $200 billion economy within the next decade. This announcement made on Tuesday by the commission’s Managing Director, Mark Okoye, during a budget defence session with the…
FCMB Group Plc has been gaining strong momentum on the Nigerian Exchange (NGX). Attracting growing interest from both retail and institutional investors. As of February 23, 2026, FCMB shares are trading at ₦12.35 per share. A notable rise from their 52-week low of ₦8.35 per share. This growth reflects consistent market confidence in the Group’s…
The Kano State Government has inaugurated a 23-member committee to oversee the distribution of N8 billion in financial aid and relief materials to traders affected by the devastating fire at Singer Market. The fire, which struck the Singer Market in two separate incidents, caused significant economic losses. Goods worth billions of naira destroyed, wiping out…
Olayemi Cardoso, governor of the Central Bank of Nigeria, revealed the milestone during a press briefing. He spoke after the 304th Monetary Policy Committee meeting on February 24, 2026, in Abuja. Cardoso stated, “Gross external reserves rose significantly to $50.45 billion as of February 16, 2026, the highest in 13 years.” The committee met on…
The Association of Power Generation Companies (APGC) has rejected claims that N2.8 trillion represents a newly verified and final settlement of legacy debts owed to electricity generation companies. The association called the reports inaccurate and misleading. Following, In a statement titled “APGC Position on Misleading Reports Regarding GenCos’ Debt Reconciliation” released on Monday in Abuja, APGC’s CEO,…
The U.S. Congress has proposed a ban on Nigerian Beef Exports as a strategy to pressure Fulani herdsmen to disarm. This recommendation follows increasing attacks on Christian communities and is part of a broader report titled “Ending the Persecution of Christians in Nigeria”. The report developed after U.S. investigations into violence allegedly carried out by Fulani…
