Business
Oil import FX demand jumps 115% despite local production
Nigeria’s foreign exchange demand for oil-sector imports surged by 114.91 per cent in 2025, highlighting the country’s continued reliance on imported petroleum products and related inputs despite the expansion of…
Otedola acquires N18.11bn First HoldCo shares, raises stake to 27.16%
Billionaire investor and Group Chairman of First HoldCo Plc, Femi Otedola, has further strengthened his controlling position in the financial services group after acquiring shares worth N18.11bn on the Nigerian…
Tinubu Approves Up to 80% Pay Rise for Military
President Bola Tinubu has approved a substantial salary increase ranging between 30 and 80 percent for approximately 250,000 personnel of the Nigerian Armed Forces. The updated remuneration package, scheduled to…
Aviation unions threaten to picket airlines over unpaid ticket sales charges
Nigeria's aviation sector may be headed for another industrial dispute as two major aviation unions have threatened to begin picketing airlines accused of withholding billions of naira in statutory Ticket…
Cargo Ship Hit in Strait of Hormuz Amid US-Iran Clash
A cargo vessel was struck by an unknown projectile overnight in the Strait of Hormuz off the coast of Oman, maritime security authorities confirmed, just as Washington and Tehran issued…
Nigeria Earns ₦24 Trillion From Crude Oil Exports
Nigeria generated an estimated ₦24.02 trillion from crude oil exports in the first six months of 2026, underlining the nation's heavy reliance on oil sales for foreign exchange earnings despite…
TotalEnergies to Acquire Shell’s European Renewables Business
TotalEnergies has signed an agreement to acquire Shell's entire European onshore renewable energy business, while also agreeing to sell separately a 50 percent stake in a separate portfolio of wind…
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