Refinery Faces Pressure Amid Rising Crude Costs A senior official of Dangote Petroleum Refinery says the company subsidises petrol and diesel supplied to Nigeria. He explained that the refinery sells petrol at about ₦1,200 per litre. He said this price sits below current market realities due to rising global crude costs. Global Oil Shock Pushes…
President Donald Trump has taken a major step in his effort to lower drug prices, signing an executive order that labels imported pharmaceutical products a threat to U.S. national security. The order introduces sweeping tariffs on drug companies that refuse to participate in his “most-favored-nation” (MFN) pricing plan. Tariffs as Enforcement Tool The tariffs are…
The Nigerian Communications Commission (NCC) has announced plans to make more affordable smartphones available in Nigeria, as device prices continue to surge due to inflation and currency depreciation. NCC Moves to Address Rising Smartphone Costs Speaking during a media briefing in Abuja, the Executive Vice Chairman of the NCC, Aminu Maida, acknowledged the growing burden…
Arrest Made in Florida Fraud Case Authorities arrested a former store manager of Home Depot in Florida over an alleged large-scale fraud scheme. Officials identified the suspect as Mauricio Jimenez, 48, from Hialeah. The Miami-Dade Sheriff’s Office arrested him on April 21. He now faces charges of organized fraud exceeding $50,000 and first-degree grand theft….
Investors are heading into a pivotal week as the Federal Open Market Committee prepares to announce its latest decision on interest rates, while major technology companies report earnings that could shape market direction. Fed Decision in Focus Amid Economic Uncertainty The Federal Reserve begins its two-day policy meeting Tuesday, with a rate decision expected Wednesday,…
Diplomatic Efforts Lose Momentum Efforts to revive peace negotiations over the ongoing Iran conflict have stalled as both sides continue to harden their positions amid rising geopolitical and economic tensions. On Saturday, Donald Trump canceled a planned diplomatic mission involving senior envoys Jared Kushner and Steve Witkoff to Pakistan, which has been acting as a…
Frontier Markets Record Strong Recovery Frontier markets are experiencing a strong comeback as investors return to higher-risk assets in search of better returns despite continued global economic uncertainty. In April, the MSCI Frontier Markets Index climbed about 10% in dollar terms, recording its strongest monthly performance since 2009. The rally outperformed the roughly 9% gain…
Consumers Receive Refunds Across Four Quarters The Nigerian Electricity Regulatory Commission refunded a total of N155.84 million to electricity consumers in 2025. The refunds followed the resolution of billing-related complaints across the power sector. Quarterly data shows that the commission issued the refunds in stages. It directed distribution companies to settle verified cases of overbilling…
Allen Onyema, chairman of Air Peace, has warned that airlines may suspend operations across Nigeria within seven days if aviation fuel prices are not reduced. Speaking to journalists after a stakeholders’ meeting with regulators and the minister of aviation, Festus Keyamo, Onyema said the rising cost of jet fuel has become unsustainable for operators. He…
The African Democratic Congress (ADC) has criticised President Bola Tinubu over a fresh request for a $516 million external loan, describing the move as a continuation of what it called reckless borrowing. Tinubu had, in a letter addressed to Senate President Godswill Akpabio, and read during Thursday’s plenary, sought approval of $516,333,007 foreign loan to support…
