Saudi Aramco has resumed operations at its flagship Ras Tanura refinery, helping to ease oil supply concerns across the Middle East following weeks of disruption triggered by regional tensions. The refinery, Saudi Arabia’s largest, with a capacity of about 550,000 barrels per day, was temporarily shut down on March 2 as a precaution after a nearby drone incident, according to reports cited by Bloomberg. Saudi authorities had earlier confirmed that operations were halted after two drones were intercepted near the facility amid heightened geopolitical tensions in the Gulf. The shutdown came during a period of escalating conflict involving Iran, the…
Author: Elvis Eromosele
The Federal Government of Nigeria has declared Thursday, March 19, and Friday, March 20, 2026, as public holidays to mark Eid al-Fitr, the festival that signals the end of the Muslim holy month of Ramadan. The announcement was made in a statement issued by Magdalene Ajani, the Permanent Secretary of the Ministry of Interior Nigeria, on behalf of Olubunmi Tunji-Ojo. the Minister of Interior. In his message, the minister congratulated Muslim faithful on the successful completion of the Ramadan fast and urged them to uphold the values of love, generosity, peace, tolerance, and sacrifice cultivated during the period. Tunji-Ojo also…
Coronation Merchant Bank has successfully completed its recapitalisation programme, raising its paid-up capital to ₦50.26 billion, thereby meeting the ₦50 billion minimum capital requirement set by the Central Bank of Nigeria (CBN) for merchant banks. The capital raise was executed through a combined rights issue and private placement, which generated more than ₦32.09 billion in new equity capital, significantly strengthening the bank’s balance sheet and positioning it for stronger operational resilience and growth. According to the bank, the recapitalisation exercise received strong backing from existing shareholders and strategic investors, reflecting confidence in the institution’s long-term strategy and market positioning. Commenting…
Nigeria’s capital market regulators have begun a review of free-float requirements for listed companies in a move aimed at improving liquidity, strengthening market transparency, and attracting more investors to the equity market. The development was confirmed on Monday by Nigerian Exchange Group (NGX Group), which said it is working with the Securities and Exchange Commission (SEC) to reassess existing rules governing publicly tradable shares. The review follows concerns that low levels of publicly available shares in some listed firms are limiting trading activity and increasing the risk of sharp price volatility in the market. Under the current framework on the…
Nigeria’s headline inflation rate moderated marginally to 15.06 per cent in February 2026, down from 15.10 percent recorded in January 2026, according to the latest figures released by the National Bureau of Statistics (NBS). The data show that while inflation slowed slightly on a year-on-year basis, price pressures increased on a month-on-month basis, suggesting that short-term cost pressures remain in the economy. The NBS report indicated that the Consumer Price Index (CPI), which measures changes in the average prices of goods and services, rose to 130.0 in February, up from 127.4 in January 2026. According to the report, the latest…
MTN Group has returned to profitability and announced a higher-than-expected dividend, buoyed by a gradual easing of the currency pressures that weighed heavily on the telecom giant’s earnings in the previous year. The Africa-focused mobile operator said the improved performance reflects stabilising exchange rates across several of its key markets, which had earlier suffered sharp currency devaluations that significantly impacted the company’s financial results. The stronger outlook enabled the group to declare a dividend that exceeded analysts’ expectations, signalling renewed confidence in its earnings trajectory and its ability to generate value for shareholders. Currency volatility had previously posed a major…
RMB Nigeria has reaffirmed that sustained policy reforms, institutional strengthening, and scalable sustainable finance solutions are critical to unlocking Nigeria’s longterm economic potential. This was the central message at the RMB Nigeria Economic Forum 2026, which convened policymakers, investors, and business leaders to examine Nigeria’s macroeconomic outlook and the expanding opportunities in transition and sustainable finance. Held under the theme “Charting Nigeria’s Future: Reforms, Resilience and Growth,” the forum featured two highlevel sessions: Building Stability, which explored global and domestic economic dynamics, and Financing the Future, which examined how sustainable finance can support Nigeria’s energy transition and industrial development. In the CEO’s welcome…
There is only one introduction for the man: “Odia Ofeimun is Odia Ofeimun!” Enough said. Poet, publisher, editor, activist, polemicist, mentor, politician, columnist, factory worker, writer, dance-drama exponent, public intellectual, critic etc, Odia ofeimun has packed uncountable lifetimes into one tumultuous lifespan. Born on March 16, 1950, in Iruekpen, an Esan-speaking town in Ekpoma, in present-day Edo State, Odia missed an entire year at the start of his primary schooling because, as was the practice then, his right hand could not cross his head and touch his left ear! He eventually benefitted from the Free Education policy which started in…
African manufacturers, including those in Nigeria, are set to benefit from Chinese President Xi Jinping’s decision to eliminate tariffs on imports from 53 African countries starting May 1, 2026. The move, which expands an existing zero-tariff regime from 33 to 53 countries, opens one of the world’s largest consumer markets to African producers and could save up to $1.4 billion in annual duties based on current trade volumes. The Pan-African Manufacturers Association (PAMA) hailed the announcement, highlighting opportunities for sectors such as agro-processing, textiles, light manufacturing, and industrial goods. PAMA noted that while raw material exports may see short-term…
Nigeria’s telecommunications industry generated a total of N12.978 trillion in revenue over 2023 and 2024, according to data from the Nigerian Communications Commission (NCC). The sector, which includes mobile network operators (MNOs), internet service providers (ISPs), value-added services (VAS), collocation, and infrastructure sharing, recorded strong revenue growth despite a recent decline in active subscribers. In 2023, total industry revenue stood at N5.30 trillion, with GSM/MNOs contributing N4.012 trillion. Fixed wired services earned N273.01 billion, ISPs N89.81 billion, VAS N14.56 billion, collocation and infrastructure sharing N1.14 trillion, and other telecom operators N41.84 billion. Revenue surged 44.7 per cent in 2024…