Standard Chartered Bank Nigeria has officially shifted its local strategy toward premium and wealth banking. By introducing a N7.5 million minimum account balance (or equivalent assets under management) requirement for customers wishing to maintain retail accounts. Although, The policy, which took effect at the end of February 2026. Which led to the closure of accounts…
Justice Ambrose Lewis-Allagoa of the Federal High Court in Lagos has sentenced Otuorimuno Aziakpono. Identified as a fake brewer, to 40 years in prison for producing Counterfeit Alcohol Production of wines and spirits. Similarly, trader Ikegwuonu Ikechukwu received the same sentence for selling fake alcoholic beverages. The convictions came after both individuals pleaded guilty to…
President of the Dangote Group, Aliko Dangote, has announced ambitious plans. To expand the conglomerate’s footprint into steel production, electricity generation, and port development. Marking a major step in his long-term vision to fast-track industrialisation across Africa. Deepening Industrial Integration The proposed move into steel production is expected to complement the group’s existing investments in…
Abdulsamad Rabiu Set to Earn N324bn Dividend as BUA Cement Posts Record Profits Nigerian billionaire industrialist Abdulsamad Rabiu is poised to receive nearly N324.38 billion in dividends. Rollowing record-breaking profits declared by BUA Cement, reinforcing his position as one of Africa’s most influential business figures. According to corporate filings, Rabiu will receive N189.75 billion directly…
Nigeria’s Dangote Refinery has increased the gantry price of Premium Motor Spirit (PMS) by N100, raising the ex-depot price from N774 to N874 per litre. This adjustment expected to lead to nationwide changes in fuel prices. A senior official at the Dangote Refinery confirmed the price hike, citing rising global crude oil prices and higher…
Nigeria’s private sector showed signs of recovery in February as the Stanbic IBTC Bank Purchasing Managers’ Index (PMI) rose to 53.2, up from 49.7 in January. This increase signals an improvement in business conditions after a brief contraction at the start of the year. The latest PMI reading, released on Monday, highlights a solid monthly…
The Dangote Petroleum Refinery raised its ex-depot price for Premium Motor Spirit to N875 per litre. Officials implemented the change on March 2, 2026. This adjustment elevated the gantry price from N774 per litre by N101. The increase heightened worries about higher fuel costs nationwide. Price Hike Details Refinery staff suspended petrol loading operations at…
Saudi Arabia has reportedly shut down the Ras Tanura Refinery, one of the largest oil refining facilities in the world, following Iranian strikes that heightened tensions in the Gulf region and disrupted operations. The temporary closure of such a critical energy asset is expected to send shockwaves through global oil markets. Tightening refined product supply…
The Federal Government has moved to tighten oversight of Nigeria’s petroleum revenues. By ordering an immediate halt to certain deductions previously made by the NNPC Limited, directing instead that oil proceed paid straight into the Federation Account. The decision reached at the inaugural meeting of the Implementation Committee for Executive Order 9. Signed by President…
Nigeria accounted for 52% of Africa’s crude oil exports to the United States in 2025. Strengthening its position as the continent’s largest supplier to the American market. This marks an increase from 49% in 2024, underscoring Nigeria’s continued dominance in Africa-US crude trade flows. According to trade data, total US crude oil imports from Africa…
