JPMorgan Deposits ₦50bn With CBN, Moves Closer to Nigerian Merchant Banking Licence
JPMorgan has deposited ₦50bn with the CBN as it moves closer to securing a national merchant banking licence in Nigeria.
Nigeria’s DisCos Record 450% Revenue Increase in Eight Years as Power Supply Grows Just 4.8%
Nigeria’s DisCos revenue rose 450% to ₦1.2tn in H1 2026, while electricity supply grew only 4.8%, NERC data show.
NNPCL Raises Petrol Price to ₦1,405 Per Litre, Reversing Recent Reduction
NNPCL has raised petrol to ₦1,405 per litre from ₦1,370, reversing a recent reduction as questions grow over the government's fuel discount.
US Federal Budget Deficit Hits Nearly $2 Trillion in Fiscal 2026
The US federal budget deficit reached $1.99 trillion in fiscal 2026 as spending hit $7.4 trillion and debt interest costs climbed to a record.
Ontario Electricity Bills Could Rise Nearly $13 a Month After OPG Rate Settlement
Ontario power bills could rise nearly $13 monthly over five years after OPG's rate settlement, pending approval by the Ontario Energy Board.
Elon Musk Says SpaceX Could Reach $100 Trillion Valuation Within 10 Years
Elon Musk says SpaceX could surpass a $100 trillion valuation within 10 years, citing its growth potential but warning of major world war risks.
BlackRock CEO Larry Fink Says US Interest Rates Will Stay High Long Term
BlackRock CEO Larry Fink says US interest rates could remain structurally high as AI investment and government borrowing increase demand for capital.
TD and BMO Among Nine US Banks Accused of Discriminating Against Conservative Customers
TD and BMO are among nine US banks criticised in an OCC report over policies that may have restricted services based on political or religious beliefs.
Social Security Benefits to Rise 3.6% in 2027 as COLA Hits Highest Level Since 2023
Social Security benefits will increase by 3.6% in 2027, adding an average of $75 monthly for retirees and other eligible beneficiaries.
Netflix to Cut About 6% of Workforce, Affecting Nearly 1,000 Employees
Netflix plans to cut about 6% of its workforce, affecting nearly 1,000 employees, as it faces streaming competition and pursues new growth.
Ottawa Pledges $50 Million for High-Tech Forestry Centre in New Brunswick
Canada plans to invest up to $50 million in an AI-powered New Brunswick forestry centre to improve wood supply, efficiency and forest management.
Fairfax Financial to Acquire Majority Stake in India’s IDBI Bank for $5.56 Billion
Canada's Fairfax Financial will acquire a 60.72% stake in India's IDBI Bank for $5.56 billion, subject to regulatory approvals.
IMF Chief Urges U.S., Wealthy Nations to Rein In Debt
IMF chief Kristalina Georgieva urges the U.S. and wealthy nations to reduce debt and deficits as high borrowing costs pressure poorer economies.
Dangote Refinery Posts $4.7bn Profit After Reversing 2025 Loss
Dangote Refinery reported $22.5bn revenue and $4.7bn profit in nine months, reversing its $117.2m loss from the same period in 2025.
Global Diesel Shortages Could Continue Well Into 2027, IEA Warns
The IEA warns global diesel shortages could persist well into 2027 as refinery disruptions and depleted inventories keep fuel markets tight.
IMF Warns Nigeria Against Restoring Petrol Subsidy, Recommends Targeted Relief
The IMF advises Nigeria against restoring broad petrol subsidies, recommending targeted financial assistance to protect vulnerable households.
US Government Fines Bank of America $1.2 Billion Over Money Laundering Failures
Bank of America has been fined more than $1.21bn by US regulators for failing to report over $5bn in suspicious transactions.
Shell to Exit Nigeria’s Domestic Gas Distribution Business After 25 Years
Shell will sell its Nigeria domestic gas distribution business to Vaaris Energy, transferring a 170km network serving over 130 customers.
Heating Oil Customers Face Tough Winter Despite Government Shake-Up Promise
UK heating oil customers face high winter costs as the government plans new regulation, but major reforms will take time to take effect.
Dangote Refinery Extends IPO Closing Date to October 27
Dangote Refinery has extended its ₦2.15tn IPO deadline to October 27, giving more African investors time to participate in the share sale.
Moscow Exchange to Launch Bitcoin, Ethereum and USDT Trading on December 1
Moscow Exchange plans to launch regulated Bitcoin, Ethereum and USDT trading on December 1 under Russia's new crypto framework.
IMF Warns AI Could Transform 40% of Jobs Worldwide
The IMF warns AI could affect 40% of jobs worldwide, raising concerns about automation, entry-level hiring and the future of work.
Nigeria Spent ₦7.7tn on Debt Interest in Six Months, Exceeding Revenue by 24.2%
Nigeria spent ₦7.7tn on interest payments in H1 2026, exceeding federal revenue of ₦6.2tn, according to the World Bank.
NNPC Says ₦66 Petrol Discount Is Only Available Through Mobile App
NNPC says motorists must use its Fuel App to access the ₦66-per-litre petrol discount at its retail outlets.
Kenyan Presidential Candidate Warns Dangote: ‘Don’t Rush to Start the Refinery’
Kenyan presidential candidate Patrick Osoi warns Aliko Dangote against rushing his $16bn refinery project, saying he may stop it if elected.
IMF Says Tokenized Stocks Are Less Liquid and More Volatile Than Traditional Shares
The IMF says tokenized stocks are less liquid and about 1.5 times more volatile than traditional shares despite growing investor demand.
US Temporarily Lifts Sanctions on Russian Diesel Imports Until April 2027
The US has temporarily eased sanctions on Russian diesel imports until April 7, 2027, following Trump's talks with Putin over fuel supplies.
Trump Says Russia Will Supply Over 4.8 Million Tonnes of Diesel to Global Markets
Trump says Russia will supply over 4.8 million tonnes of diesel to US and global markets after talks with Putin as Washington eases sanctions.
Elon Musk Says SpaceX Reaching $1 Quadrillion Valuation Is Possible
Elon Musk says SpaceX reaching a $1 quadrillion valuation is possible, pointing to a future of expanded space exploration and industry.
Bitcoin No Longer Projected to Reclaim $100,000 This Year
Bitcoin's path back to $100,000 is becoming less certain as BTC trades near $83,000 amid macroeconomic and market pressures.
Xinjiang’s Desert Fish Farms Show Technology’s Limits
Xinjiang's fish-farming boom shows how technology can overcome harsh geography, but water, feed, logistics and labour complicate the story.
MTY Food Group to Buy Back Shares and Raise Dividend After Strategic Review
MTY Food Group will buy back shares and raise its quarterly dividend after ending a strategic review without finding a buyer.
J.P. Morgan Plans Merchant Bank in Nigeria Before End of 2026
J.P. Morgan plans to establish a merchant bank in Nigeria before the end of 2026, subject to regulatory approval, Dapo Olagunji says.
NNPC Extends ₦66 Petrol Discount to October 31 Amid Fuel Price Pressure
NNPC has extended its ₦66-per-litre petrol discount to October 31 as Nigeria seeks to cushion motorists from rising global fuel prices.
Canada Sheds 68,000 Jobs in September as Unemployment Rises to 6.5%
Canada lost 68,000 jobs in September as unemployment rose to 6.5%, with youth, education, healthcare and manufacturing hit by job losses.
US Seizes Nearly $1 Billion in Cryptocurrency Linked to Iran to Intensify Economic Pressure
The US has seized nearly $1 billion in cryptocurrency linked to Iran as Washington expands sanctions enforcement against Tehran's financial networks.
Trump Bought Up to $5 Million in SpaceX Bonds Before Announcing Space Policy Changes
Donald Trump purchased up to $5 million in SpaceX bonds two days before announcing a policy to accelerate commercial space transportation.
Ottawa in Talks With First Nations Over Airport Privatization
Ottawa is discussing airport privatization with First Nations as Canada prepares to allow private investment in four major airports.
U.S. Bank Investors Eye Higher Rates and Deal Outlook in Q3 Earnings
U.S. bank investors will watch higher rates, loan growth, funding costs and investment banking deals as major lenders report third-quarter earnings.
Sberbank Begins Crypto Trading Tests, Eyes December Launch for Millions of Users
Sberbank has begun testing crypto trading and plans to offer Bitcoin, Ethereum and USDT services to customers from December 1, 2026.
Japan Beer Giants Raided Over Alleged Price-Fixing Cartel
Japan's four biggest beer makers have been raided over alleged price fixing, with regulators investigating a suspected cartel involving Asahi, Kirin, Suntory
Former UBS Asia Chief Says China Could Trigger New Crypto Supercycle
Former UBS Asia chief Joseph Chee says China could eventually reopen crypto trading and trigger a new Bitcoin and digital-asset supercycle.
Ottawa Demands Steel Job Plan From Cleveland-Cliffs or Legal Action
Ottawa has given Cleveland-Cliffs five days to present a plan protecting Stelco jobs or face possible legal action over its 2024 employment commitments.
Nigeria Climbs to 8th in Africa Investment Risk Ranking
Nigeria has risen four places to eighth in Bloomberg’s 2026 African investment risk ranking, with reforms improving economic, fiscal and external indicators.
UK Oil Refinery Broke Pollution Limits Dozens of Times, Documents Reveal
Documents show the UK's Stanlow oil refinery breached pollution permit conditions 58 times in 2023 and 2024, releasing toxic chemicals and oil.
US Treasury Withdraws Proposed Crypto Surveillance Rules
US Treasury has withdrawn proposed rules targeting self-custody crypto wallets and mixers, ending years of uncertainty over new surveillance requirements.
Burkina Faso Opens First Gold Refinery to Boost Local Revenue
Burkina Faso has opened its first gold refinery, aiming to process more gold locally, retain greater value and increase revenue from its mining sector.
Cleveland-Cliffs Could Face Legal Action Over Stelco Layoffs
Canada's government threatens legal action against Cleveland-Cliffs over Stelco layoffs and employment commitments tied to its 2024 acquisition.
Oil Prices Rise on Continued Middle East Supply Concerns
Oil prices rose as Middle East supply risks persisted despite recovering exports and the reopening of Saudi Arabia's East-West Pipeline.
UK Diesel Prices Soar to Record 199.18p Per Litre
UK diesel prices have hit a record 199.18p per litre as global supply disruptions push fuel costs higher for motorists and businesses.
Nigerian Airlines Threaten Nationwide Shutdown Over Union Disruptions
Nigerian airlines warn of a nationwide flight shutdown if aviation unions again disrupt operations following August's airport protests.
Wahab Shittu Says ‘Unexplained Wealth’ Is Hindering Nigeria’s Progress
SAN Wahab Shittu says unexplained wealth is hindering Nigeria’s progress despite its abundant human and natural resources.
Russia to Extend Diesel Export Ban Until End of October
Russia will extend its diesel export ban through October as Moscow seeks to protect domestic fuel supplies amid refinery disruptions and tight global markets.
Oil Prices Gain More Than 2% as US-Iran Peace Talks Stall
Oil prices rose more than 2% as US-Iran peace talks stalled after Trump rejected Iran's proposal to reopen the Strait of Hormuz.
FG Approves Upgrade of Onne, Rivers, Delta and Calabar Ports
The Federal Government has approved upgrades for Onne, Rivers, Delta and Calabar ports to reduce Lagos cargo pressure and improve trade.
Trump Considers Allowing Chinese Automakers to Build EVs in US
Donald Trump says Chinese automakers could build EVs in the US if they hire American workers, despite existing restrictions and industry opposition.
Nigeria, U.S. Sign Agreement to Deepen American Investment in $700bn Mineral Resources
Nigeria and the U.S. have signed a framework to deepen American investment in Nigeria’s estimated $700bn mineral resources.
Many Nigerians Still Lack Reliable Electricity, Power Minister Tegbe Admits
Power Minister Joseph Tegbe admits many Nigerians still lack reliable electricity as the government works on generation, transmission, metering and grid
CBN Cuts Interest Rate From 26.5% to 23%
The CBN has cut Nigeria’s benchmark interest rate from 26.5% to 23%, reducing the MPR by 350 basis points amid easing inflation.
Ruto, Dangote Advance $17bn East Africa Refinery Deal in New York
President Ruto and Aliko Dangote have advanced plans for a proposed $17bn, 700,000-bpd refinery in Lamu, Kenya.
Dangote Plans Over $10 Billion Power Investment, May Abandon Steel Business
Aliko Dangote plans to invest over $10bn in Africa’s power sector and may cancel his steel business to redirect funds to electricity.
Bitcoin Rises Despite CLARITY Act Setback as U.S. Regulators Move on Crypto
Bitcoin has rallied in September despite the CLARITY Act setback, as the SEC and CFTC move ahead with new crypto-related regulatory measures.
Coinbase Launches IPO Access for U.S. Retail Investors
Coinbase now lets eligible U.S. retail investors request shares in selected IPOs before public trading, starting with Oura’s offering this week.
Dangote Targets 10 Million Shareholders Across Africa Through Refinery IPO
Aliko Dangote says the refinery IPO is targeting 10 million shareholders across Africa and could eventually require a stadium for its annual general meeting.
Sadio Mané Invests $19.5 Million in Agro Project to Create Over 1,000 Jobs
Sadio Mané has launched a $19.5m agro project in Bambali, Senegal, targeting over 1,000 direct jobs and major mango-processing facilities.
J.P. Morgan Includes Nigeria in New Bond Index With 7.4% Weight
J.P. Morgan has included Nigeria in its new GBI-EM Edge bond index, giving Nigerian government bonds a 7.4% weighting.
President Tinubu: Nigeria Is Open for Business, Working to Make Environment More Supportive
President Bola Tinubu says Nigeria is open for business as his government works to create a more predictable, competitive and supportive investment climate.
Air Peace, United Nigeria Record Highest Number of Flight Delays in August — NCAA
Air Peace and United Nigeria recorded the highest flight delays in August, as NCAA data shows 4,765 delays among 7,961 domestic flights.
Dangote Refinery Opens ₦2.15 Trillion IPO to Public Investors
Dangote Refinery has opened its ₦2.15tn IPO, offering 4.1bn shares at ₦525 each as investors get a chance to own part of Africa's largest refinery.
Oil Prices Rise Above $107 Amid Escalating Middle East Tensions
Brent crude rises 2.8% to $107.54 as Middle East tensions and attacks on key energy routes fuel fears of global oil supply disruptions.
Nigerian Banks Shut 476 Branches in Three Years (3years)— CBN
Nigerian banks closed 476 branches and cash centres between 2022 and 2025, cutting their physical network by 8.8%, CBN data shows.
Nigeria’s Oil Output Rises to 1.68m bpd, Meets OPEC Quota for Fourth Straight Month
Nigeria’s oil and condensate output rose 0.4% to 1.68m bpd in August, while crude production met the OPEC quota for a fourth straight month.
Petrol Price Rises to N1,430 Per Litre in Abuja as Dangote Raises Price
Petrol has risen to N1,430 per litre at some Abuja filling stations after Dangote Refinery increased its gantry price to N1,350.
Saudia to Launch Direct Abuja–Jeddah Flights From December
Saudia will launch direct flights from Abuja to Jeddah on December 1, 2026, offering Nigerian travellers a nonstop link to Saudi Arabia.
Coinbase CEO Says US Crypto Regulation Will Advance Even if CLARITY Act Fails
Coinbase CEO Brian Armstrong says US crypto regulation will advance even if the Senate fails to pass the CLARITY Act on September 15.
Senate Republicans Release Updated Crypto CLARITY Act After August Recess Talks
Senate Republicans have released an updated CLARITY Act with new DeFi rules ahead of a key September 15 procedural vote on crypto regulation.
Nigeria Spends N952bn on Fuel Imports in Q2 2026
Nigeria spent N952.15bn on petrol imports in Q2 2026 as domestic refining rose and tensions grew between Dangote Refinery and fuel importers.
Uber Shuts Down Nigeria Operations After 12 Years Amid Economic Crisis
Uber ends Nigeria operations Sept 2 2026 after 12 years. Fuel costs, FX volatility, Bolt competition cited. 3,300 global jobs cut in restructuring.
Dangote Raises Petrol Price To N1,200 Per Litre At Refinery Gate
Dangote Refinery raises wholesale petrol price to N1,200/litre from N1,185. Second hike in a week as retail prices projected to hit N1,250.
Dangote and Rabiu Wealth Jumps $9.53 Billion In 2026 On NGX Rally
Aliko Dangote and Abdulsamad Rabiu add $9.53bn in 2026. Dangote hits $35.2bn, Rabiu $14.4bn as cement stocks and refinery IPO drive gains.
India-Nigeria Trade Hits $9 Billion as Manufacturing Grows
India-Nigeria bilateral trade reaches $9B in 2025/2026. 200 Indian firms employ 100K Nigerians. Pharma, healthcare, manufacturing drive new partnership.
Nigeria Approves Deep Offshore Tax Incentives to Unlock $50B
NNPC set to implement new PSCs as Tinubu signs 2026 Deep Offshore Tax Order. $50B FDI expected. Bonga SW leads Nigeria's push to 3M barrels per day.
SpaceX $100B Shares Unlock As Lock-Up Period Expires Today
Over $100B in SpaceX shares unlock today as lock-up expires. 911.5M shares now tradable. Stock dropped 43% to $114.53. Short sellers betting big.
Oil Companies Reject 3% South-South Levy, Cite Multiple Taxation
NUPRC, NMDPRA and oil majors reject proposed 3% South-South Development Levy. Warn of investor flight, PIA duplication, and damage to Nigeria's oil sector.
Queen Splash: From Street Hawking To Multi-Million Baking Empire
How Queen Splash built a multi-million naira baking academy from hawking cupcakes in Onitsha. 2.1M TikTok followers. Trains youths in Anambra.
Emirates Now Accepts Crypto Payments for Flight Bookings
Emirates becomes first Gulf airline to accept Bitcoin, Ethereum via Crypto.com Pay. Pay for flights in crypto, settled in AED. Dubai leads digital economy.
Guinness Nigeria Revenue Hits ₦142.27B, Declares ₦7 Dividend
Guinness Nigeria reports 20% revenue growth to ₦142.27B for Q2 2026. Declares additional ₦7 interim dividend. PAT up 57% to ₦14.91B.
Senate Has 15 Days to Pass Crypto Clarity Act Before Recess
US Senate has 15 days to pass the Crypto Clarity Act before August recess. Bill defines crypto rules, CFTC vs SEC jurisdiction, and tax clarity.
Tantalizers Returns to Profit as Restructuring Drives N73M Gain
Tantalizers Plc posts N73M profit in 2025 after N265M loss. Shareholders commend restructuring, cost control, and new fisheries subsidiary for turnaround.
ECOWAS Signs $25B Nigeria-Morocco Gas Pipeline Deal
ECOWAS signs Intergovernmental Agreement for $25B Nigeria-Morocco Gas Pipeline. 6900km project to supply 30bcm gas annually across 13 West African nations.
Apple Music Global Price Hike: What It Means For Nigeria
Apple Music raises global prices Aug 17 2026. $11.99 Individual. Nigeria uses regional NGN pricing but hikes may follow. Still cheaper than Spotify.
UK Nationalizes British Steel, China Condemns Move
UK fully nationalizes British Steel, removing China Jingye Group. Beijing cites treaty breach. Plant costs £1.3M/day. 2,700 jobs saved, G7 capability protected.
Femi Otedola's First HoldCo Stake Hits $530 Million
Femi Otedola's FBN Holdings stake hits $530M as shares hit record N79.35. Billionaire now owns 20.42% after N250B investment ahead of CBN N1T target.
Nigeria’s Foreign Reserves Hit 17 Year High of $51.86 Billion
Nigeria’s external reserves hit $51.86B, a 17-year high, beating CBN's 2026 projection. Oil prices, reforms, and investor confidence drive gains.
Japan Reclassifies Crypto as Financial Assets Under FIEA Law
Japan passed a law reclassifying crypto as financial assets under FIEA. New rules include insider trading bans and 10-year jail terms for violations.
Tinubu Ends Raw Cocoa Exports With New Value-Addition Blueprint
President Tinubu announced Nigeria will end raw cocoa exports. The new plan targets local processing to capture more of the $130B global chocolate market.
Canal+ Finalizes $3B MultiChoice Takeover: New Era
Canal+ has finalized its $3B acquisition of MultiChoice. The deal gives the French group full control of DStv and GOtv, reshaping African broadcasting.
Dangote Refinery Switches To Dollar Fuel Sales From Naira
Dangote Refinery ends naira sales July 13 2026. Petrol now $0.779/L, Diesel $1.087/L. Move ends "naira-for-crude" policy. Impact on pump price explained.
Apple Stock Hits $323.45 All-Time High As Market Cap Tops $4.7 Trillion
Apple stock surges to $323.45 record high. $4.7T market cap. Announces $30B Broadcom deal for US-made chips. 20% smartphone share in Q2 2026.
Lokpobiri Orders PMS Price Cut: Marketers Must Reduce Now
Lokpobiri orders marketers cut PMS pump price after oil drop. NMDPRA told: 10 litres must be 10 litres. No profiteering under deregulation.
Gombe State Flags Off 2026 Wet Season Agricultural Support
Gombe State Governor Inuwa Yahaya has launched the distribution of 12,000 tonnes of subsidized fertilizer and modern farm equipment for the 2026 season
NNPCL Reduces Petrol Pump Prices in Lagos and Abuja
The NNPCL has reduced petrol pump prices to ₦1,210 per litre in Lagos and ₦1,260 in Abuja, following recent adjustments in ex-depot rates.
US Stock Market Slumps as AI Valuation Concerns Trigger $1 Trillion Sell-Off
US markets fell sharply on Tuesday as a sell-off in memory chipmakers fueled concerns over the sustainability of the AI trade, wiping out $1 trillion in market
Nigerian Stock Market Gains ₦1.64 Trillion as Positive Momentum Continues
The Nigerian Exchange (NGX) saw a 1.06% gain on Tuesday, adding ₦1.64 trillion to market capitalization as investor confidence remains strong.
Alphabet (GOOGLE) to Join Dow Jones Industrial Average, Replacing Verizon
S&P Dow Jones Indices announced that Alphabet (GOOGL) will replace Verizon (VZ) in the Dow Jones Industrial Average, effective June 29, 2026.
South Korea’s KOSPI Plummets 10% as Samsung, SK Hynix Wipe Out Billions - Trading Halt
South Korea's KOSPI index plunged 9.99% on Tuesday, led by a massive sell-off in chipmakers Samsung Electronics and SK Hynix.
OPEC: Nigeria and Africa Need $92bn in Refining Investments Through 2050
OPEC projects Africa will need $92bn in refining investments by 2050 to meet rising fuel demand, reduce import reliance, and enhance energy security
SpaceX Stock Pullback: Retail Investors Face Breaking Point
Following its historic $135 IPO, SpaceX (SPCX) shares have retreated 20% from recent highs, leaving many post-IPO investors near their break-even point.
SpaceX Prepares Potential $20 Billion Bond Offering for AI Expansion
SpaceX is reportedly preparing a $20 billion bond offering to refinance debt following its acquisition of xAI and to fuel massive infrastructure investments.
Femi Otedola Strengthens Majority Stake in First HoldCo via Private Placement
First HoldCo has completed a N45 billion private placement, with Chairman Femi Otedola acquiring 680 million shares to strengthen his majority position.
Dangote Group Reportedly Offers Automatic Employment to 30 FUTO Students
Dangote Group reportedly offers automatic employment to 30 FUTO students to boost industry-academia ties. Details on the selection process remain pending.
Nigeria Spends ₦20.4 Billion on Importation of Umbrellas, Footwear, and Related Goods
Nigeria spent ₦20.4 billion importing umbrellas, footwear, and headgear in Q1 2026, highlighting a persistent reliance on foreign consumer goods.
Nigeria Spends ₦23 Billion on Palm Oil Imports Amid Persistent Supply Gaps
Nigeria spent ₦23 billion importing crude palm oil in Q1 2026, highlighting a persistent domestic supply gap and the need for increased local production.
SpaceX to Acquire AI Startup Cursor in $60 Billion Stock Deal
Following its record-breaking IPO, SpaceX has entered definitive agreement to acquire AI coding assistant developer Anysphere (Cursor) for $60 billion in stock
SpaceX Surpasses Microsoft in Historic Valuation Milestone
SpaceX’s market cap has officially surpassed Microsoft’s following a historic rally and announcement of a $60 billion acquisition of AI firm Anysphere (Cursor)
SpaceX Becomes World’s Fifth-Largest Company Following Historic IPO and Strategic Acquisition
SpaceX has become the world’s fifth-largest company by market cap following its historic IPO and a $60 billion acquisition of AI coding assistant Cursor.
Tether and Dubai’s DMCC Form Strategic Alliance for Digital Asset Expansion
Tether and Dubai's DMCC have signed an MOU to boost digital asset infrastructure, tokenization, and blockchain education across the massive trade hub
NCC and KPMG Initiate Comprehensive Review of Nigeria’s Telecom Pricing Framework
The NCC has partnered with KPMG to begin a comprehensive review of Nigeria's telecom interconnection and tariff framework to address modern market demands.
World Bank List Apapa and Tin Can Among World’s Most Improved Ports
The World Bank’s 2025 Container Port Performance Index names Lagos' Apapa and Tin Can ports among the top 20 most improved globally due to operational gains.
Market Analysis: SpaceX Historic IPO Debut
SpaceX (SPCX) completes the largest IPO in history, closing its first day of trading at a $2.1 trillion market valuation amid high investor demand.
Elon Musk Becomes World’s First Trillionaire Following Historic SpaceX IPO
Elon Musk has become the world’s first trillionaire after SpaceX’s historic $1.77 trillion IPO on the Nasdaq exchange on June 12, 2026.
U.S. Markets Rally as President Trump Cancels Military Strikes on Iran
U.S. stocks surged Thursday, recording their best day in two months after President Trump canceled planned strikes on Iran, sparking hopes for a diplomatic deal
Standard Bank Reaffirms Strategic Support for Dangote Industries
Standard Bank Group reaffirms its partnership with Dangote Industries, pledging to support the refinery's upcoming IPO and future pan-African growth.
U.S. Pentagon Expands "Chinese Military Companies" Blacklist
Pentagon adds Alibaba, BYD, and Baidu to its Chinese military blacklist, restricting defense contracts and signaling heightened scrutiny for U.S. firms.
Gold Market Declines Amid Broad Economic Uncertainty
Gold prices dropped by over 2% today as inflation concerns and geopolitical tensions continue to drive market-wide volatility.
US Markets Face Volatility as $1.1 Trillion in Value Erased
The US stock market lost $1.1 trillion in value today as rising inflation and geopolitical tensions trigger a major sell-off in tech and growth stocks.
Nigeria’s Trade Surplus Soars 341% to ₦7.55 Trillion in Q1 2026
Nigeria’s trade surplus surged 341% to ₦7.55 trillion in Q1 2026, fueled by an 85% drop in refined petroleum imports and increased regional fuel exports.
US Stock Market Crashes as S&P 500 and Nasdaq Fall Sharply
The U.S. stock market crashes as the S&P 500 and Nasdaq fall sharply amid Middle East tensions and a massive sell-off in semiconductor stocks.
Aliko Dangote’s Net Worth Soars to $37 Billion Amidst Landmark Industrial Expansion
Africa's richest man, Aliko Dangote, sees net worth rise to $36.7 billion as his refinery and cement businesses hit record valuations and expand across the cont
Federal Government Moves to Deregulate Airtime Credit Market, Ending 12-Year Monopoly
President Tinubu has directed the FCCPC to end Optasia’s 12-year monopoly in the airtime lending market, opening a ₦3 trillion sector to Nigerian fintechs.
Dangote Refinery Hits 700,000 bpd Capacity, Eyes Global Refining Dominance
Dangote Refinery has surpassed its 650,000 bpd capacity, hitting 700,000 bpd as it targets 1.4 million bpd by 2028 to transform Nigeria into a global energy hub
CBN Unveils Strict Foreign Exchange Manual, Slaps Banks with ₦100 Million Penalty for Compliance Failures
CBN's new FX Manual introduces ₦100m fines for poor documentation, enforcing stricter compliance rules for Nigerian banks, importers, and exporters to boost mar
Naira Stability: Official and Parallel Market Exchange Rates (June 5, 2026)
The Nigerian naira trades steadily at ₦1,361 at the official NFEM market, with parallel rates between ₦1,390–₦1,405, as liquidity levels improve.
Ethereum Market Valuation Declines Amid Broad Cryptocurrency Correction
Ethereum has fallen below $1,700 as the crypto market faces a major June 2026 correction driven by ETF outflows and market-wide liquidations.
Bitcoin Faces Sustained Pressure Amid "Bear Market" Signals Falls Under $65000
Bitcoin faces sustained downward pressure, falling below $65,000 amid institutional ETF outflows and surging liquidations. Read the full June 4, 2026 market rep
Yobe State Government Slashes Tractor Hiring Fees by 50% to Boost Food Security
Yobe State Governor Mai Mala Buni has approved a 50% reduction in tractor hiring fees, dropping the cost to N50,000 to boost agricultural productivity.
Dangote Refinery Positions as Global Jet Fuel Supplier Amid Surplus
CEO David Bird confirms Dangote Refinery has a surplus of jet fuel, positioning it as a major global supplier amid rising international demand.
Nigeria Partners with China Industrial Bank to Boost Rural Connectivity
Minister Bosun Tijani announces China Industrial Bank’s support for NUCAP to connect 20 million Nigerians via 3,700 green telecom towers
SpaceX Announces Historic $75 Billion IPO
SpaceX plans to raise $75 billion in the largest IPO in history, valuing the company at approximately $1.77 trillion. Trading to begin under the ticker SPCX.
Naira Appreciates to ₦1,385/$ in Parallel Market
The Nigerian Naira has strengthened against the dollar in both parallel and official markets. See the latest exchange rate update for June 2026
Peter Schiff Predicts Bitcoin Crash Below $20,000; Crypto Community Reacts
Bitcoin skeptic Peter Schiff is calling for a Bitcoin crash below $20,000. Here’s how the crypto community is responding to the prediction.
Bank of America Appoints Adam Dixon as Global Head of Digital Asset Transformation
Bank of America has named 20-year veteran Adam Dixon as Global Head of Digital Asset Transformation to lead its crypto and tokenization strategy.
Crypto Clarity Act Moves to Senate Legislative Calendar
The Digital Asset Market Clarity Act has moved to the Senate calendar, bringing the U.S. closer to a formal regulatory framework for crypto.
S&P 500 Hits Record $69 Trillion Market Capitalization
The S&P 500 has surpassed $69 trillion in total market capitalization for the first time, fueled by AI-driven growth and anticipation of the SpaceX IPO.
Bitcoin Plummets Below $67,000 as Market Liquidations Top $1 Billion
Bitcoin dropped 6% below $67,000 on Tuesday amid geopolitical tensions, triggering over $1 billion in crypto market liquidations.
Nigeria’s Economic Crisis: Fuel Prices Surge 463% in Three Years Since Tinubu Regime
Nigeria's fuel prices have spiked 463% to N1,340 per litre since 2023. Explore the impact of subsidy removal and economic reforms on inflation and living costs.
CME Group Launches 24/7 Cryptocurrency Futures and Options Trading
CME Group has officially launched 24/7 trading for cryptocurrency futures and options. Learn about the new 24/7 schedule and Bitcoin Volatility futures.
CBN Unveils "Payments System Vision 2028": A Blueprint for Financial Inclusion
The Central Bank of Nigeria has unveiled "Payments System Vision 2028” a strategic roadmap targeting 95% financial inclusion, reduced cash reliance and enhanced
Governor Adeleke Champions Economic Diversification and Youth Entrepreneurship in Osun State
Osun State Governor Ademola Adeleke is driving economic growth by empowering young entrepreneurs and revitalizing the Living Spring Free Trade Zone in Ede.
Global Energy Markets Volatile as Iran Suspends Talks and Threatens Strait of Hormuz
Brent crude oil prices spiked over 5% as Iran suspended US negotiations and renewed threats to block the Strait of Hormuz, citing regional ceasefire violations.
Brent Crude Surges Amid Geopolitical Tensions in the Strait of Hormuz
Brent crude oil prices surged as Iran suspended talks with the US and threatened to close the Strait of Hormuz. Markets remain high alert for supply disruptions
Crypto Market Volatility: Over $135M Liquidated as Markets Brace for June
Over $135M liquidated in crypto markets as volatility spikes. Institutional ETF outflows and macro uncertainty keep Bitcoin and altcoins on edge this June.
Binance Unveils Global U.S. Stock Trading and Tokenized 'bStocks' Initiative
Binance introduces commission-free U.S stock and ETF trading for international users. Learn about the Alpaca partnership and the upcoming bStocks BNB Chain tok.
Dr. Adaora Umeoji: Two Years of Transformative Leadership at Zenith Bank
Marking two years of Dr. Adaora Umeoji as Zenith Bank CEO: Achieving ₦1 trillion profits, ₦5 trillion market cap, and global expansion across Europe and Africa.
Nigeria-UAE Economic Ties Deepen: Bank Entry and Flight Expansion
Nigeria and UAE economic ties deepen as trade hits $5 billion. First Abu Dhabi Bank launches in Lagos, Etihad Airways plans Abuja flights, and visa access impro
Nigeria-UAE Economic Ties Strengthen as First Abu Dhabi Bank Announces Lagos Entry
Nigeria and UAE economic ties deepen as non-oil trade hits $5 billion. First Abu Dhabi Bank to launch in Lagos and visa restrictions are eased for Nigerians.
CBN Reports External Reserves Near $50 Billion Mark Amid Naira Stability
Nigeria's external reserves hit $49.34 billion, supported by oil earnings and CBN reforms. The naira remains stable as economic buffers strengthen in 2026.
NLC Rejects ₦100,000 Minimum Wage Proposal, Demands ₦1 Million for Nigerian Workers
he NLC has rejected a ₦100,000 minimum wage proposal from governors, demanding ₦1 million instead, citing inflation and the rising cost of living in Nigeria.
Dangote Refinery Reduces Ex-Depot Fuel Prices
Dangote Refinery has reduced ex-depot prices for petrol and diesel. Learn how global market shifts and domestic supply are impacting fuel costs in Nigeria.
Bitcoin Market Update: Volatility Persists Amidst Strait of Hormuz Standoff
Bitcoin trades near $62,500 as the U.S. naval blockade of Iranian ports continues, despite conflicting reports of a potential resolution.
Canada Enters Technical Recession Following First-Quarter GDP Contraction
Canada has entered a technical recession after two quarters of GDP contraction. See the impact of tariffs, trade uncertainty, and the Q2 economic outlook.
Keyamo Appointed "African Champion" for $7 Billion Aviation Transformation Programme
Nigeria’s Aviation Minister Festus Keyamo has been appointed African Champion for the African Development Bank’s $7 billion aviation infrastructure programme.
Sallah Preparations Strained as Food and Livestock Prices Surge
As Eid-el-Kabir approaches, rising prices for livestock and staple foods have forced many Nigerian families scale down festivities and adopt modest celebrations
Banks, Fintechs Flagged Over 82,000 Suspicious Transactions in 2024
The NFIU 2024 Annual Report reveals over 82,000 suspicious transaction reports were filed by Nigerian banks and fintechs as part of anti-money laundering effort
Nigeria’s Ginger Exports Collapse to Zero as Fungal Blight and Soaring Costs Wipe Out ₦26.2 Billion Market
Nigeria’s premium ginger exports plummeted from ₦26.2 billion to zero by the end of 2025 due to a devastating fungal blight and uncompetitive production costs.
SpaceX Files for IPO Under Ticker SPCX, Revealing Key Financials and xAI Revenue
SpaceX files for a US IPO under ticker SPCX at a $1.25 trillion valuation, revealing a $15 billion infrastructure deal between xAI and Anthropic.
SpaceX IPO Filing Reveals $1.45 Billion Bitcoin Stash, Far Exceeding Past Estimates
SpaceX's official SEC S-1 IPO filing reveals the company holds 18,712 Bitcoin worth $1.45 billion, placing it among the top corporate holders globally.
Nvidia Smashes Wall Street Estimates with Record $81.6 Billion Q1 Revenue
Nvidia has reported a record $81.6 billion in Q1 revenue, beating Wall Street estimates as surging data-center demand lifts net income to $58.3 billion.
Femi Otedola Pledges $100 Million Investment in Dangote Refinery Ahead of Historic Market Listing
Billionaire Femi Otedola has pledged $100 million to the Dangote Refinery private placement round after leading a First HoldCo executive tour in Lagos.
US House Overwhelmingly Passes Landmark Bill Banning Corporate Landlords from Buying Single-Family Homes
The US House has passed a major housing bill voting 396-13 to ban corporate landlords with over 350 properties from buying additional single-family homes.
NGX Sheds N1.62 Trillion as Sharp Sell-Off in Industrial Stocks Pulls Market Down
A major sell-off in industrial stocks wipes N1.62 trillion off the Nigerian Exchange (NGX) as the All-Share Index drops by 1.02% amid heavy profit-taking.
Dangote Refinery Draws $2 Billion Private Investor Bids Ahead of September Market Debut
The Dangote Refinery private placement has drawn $2 billion in early bids. Femi Otedola has pledged $100 million ahead of the September IPO debut.
CBN Holds Benchmark Interest Rate at 26.5% to Combat Sticky Inflation
The Central Bank of Nigeria has retained its key interest rate at 26.5%. Learn how inflation and global fuel shocks influenced the MPC decision.
Aviation Relief: Dangote Petroleum Refinery Crashes Jet Fuel Price to ₦1,650 Per Litre Amid Domestic Airline Crisis
The Dangote Petroleum Refinery has slashed the price of aviation fuel to ₦1,650 per litre and introduced an interest-free credit facility for local airlines.
Market Carnage: Over $900 Billion Wiped From US Stock Market in a Single Session as Risk-Off Waves Spark Contagion Fears
More than $900 billion in market capitalization has been erased from US equities in a single session, marking one of the sharpest sell-offs in recent memory.
Financial Milestone: SpaceX Files S-1 for Historic $1.75 Trillion Nasdaq IPO Under Ticker ‘SPCX’
SpaceX has filed its S-1 prospectus with the SEC for a historic Nasdaq IPO under ticker SPCX, targeting a record $1.75 trillion valuation on June 12, 2026.
Macroeconomic Update: Nigeria’s Headline Inflation Creeps to 15.69% in April 2026 Amid Persistent Food Price Pressures
Nigeria’s headline inflation rate crept up to 15.69% in April 2026 according to the NBS, even as month-on-month price increases slowed down by nearly half.
Shareholder Value: NEM Insurance Plc Approves ₦7.52 Billion Dividend Following Strong Revenue Growth and Portolio Expansion Strategy
NEM Insurance Plc shareholders have approved a ₦1.50 per share final dividend for 2025, representing a 50% increase despite foreign exchange headwinds.
Green Finance: DMO Lists ₦47.335 Billion Sovereign Green Bond on NGX and FMDQ to Finance Climate Action
Nigeria’s Debt Management Office has listed a ₦47.335B Series III Sovereign Green Bond on the NGX and FMDQ to fund climate action and low-carbon projects.
The Tech Collapse Blueprint: Michael Burry Warns Markets Facing an Imminent "Bloody Car Crash"
"The Big Short" investor Michael Burry has issued a stark warning to Wall Street, comparing the current artificial intelligence stock boom to a imminent bloody
The Ultimate Moonshot: Google in Talks with SpaceX to Launch Orbital AI Data Centers
Google is in advanced talks with SpaceX to launch orbital AI data centers into space as part of its solar-powered "Project Suncatcher" moonshot.
Power Move: Femi Otedola Consolidates Control of First HoldCo with Massive ₦43.4bn Share Acquisition
Billionaire Femi Otedola acquires 549.5 million shares of First HoldCo worth ₦43.4bn, increasing his total stake to 19.35% ahead of the May 29 AGM.
Liquidity Surge: Nigeria’s Banking Sector Braces for ₦10.53 Trillion Inflow
Nigeria eyes ₦10.53tr inflow in May 2026 from OMO and T‑bill maturities, posing a major test for CBN’s liquidity management strategy
Aviation Shock: Spirit Airlines Collapses After 34 Years as Iran War Fuel Prices Double
Spirit Airlines ceases operations after 34 years as jet fuel prices double amid the Iran war. Discover how the failed $500M bailout will impact US flight fares.
GTCO Food & Drink Festival 2026: N30m Loans and 204 Free Stalls to Scale SMEs
GTCO Food and Drink Festival 2026 returns to Lagos May 1-3, offering 204 free stalls and N30 million loans to boost SMEs. Discover how GTBank is scaling small
Dangote Jet Fuel Exports Skyrocket 770% as NNPC Crude Trading Hits Five-Year High
Jet fuel exports from the Dangote Refinery have surged 770% in two years, hitting 158,000 bpd. Meanwhile, NNPC crude trading reaches a five-year high of 1.71 mi
South Korea Makes History: Market Cap Crushes 6,000 Trillion Won Milestone
South Korea's market cap hits a record 6,000 trillion won ($4.1T) as the KOSPI crosses 6,600 for the first time, driven by an AI and semiconductor surge.
Bank of Japan Holds Interest Rates at 0.75% as Growth Projections Slump
The Bank of Japan maintains its benchmark interest rate at 0.75% but slashes its 2026 growth forecast to 0.5% amid economic cooling.
Indian Markets Defy Oil Surge: Nifty and Sensex Open Green Despite $111 Brent Crude
Indian markets open higher on Wednesday as Nifty gains 100 points and Sensex nears 77,250, defying the global energy crisis and $111 Brent crude prices.
Recession Watch: German Consumer and Business Sentiment Hit Pandemic-Era Lows
Germany’s fragile economic recovery is collapsing as the Iran war drives energy prices to record highs. From consumer sentiment to inflation, four key charts si
P&G (Procter & Gamble) Flags $1 Billion Profit Hit as Gulf War Drives Oil to $100
Procter & Gamble P&G warns of a $1 billion profit hit as oil prices reach $100. Rising costs in casing and shipping due to the Gulf War are urging global brand
NGX Rebounds with N3.2 Trillion Gain as Bullish Streak Returns to Custom Street
Nigerian investors gain N3.2 trillion on Tuesday as the NGX rebounds by 2.23%. Industrial and energy stocks lead the rally, pushing market cap to N147.174 trill
Debt Milestone: Italy Set to Overtake Greece as Euro Zone’s Most Indebted Nation in 2026
Italy is set to replace Greece as the euro zone’s most indebted nation in 2026. While Greece’s debt falls to 137%, Italy’s is projected to rise to 138.6%.
Aliko Dangote Proposes Mega-Refinery for East Africa; Seeks Partnership with Ruto and Museveni
Aliko Dangote proposes building a 650,000 bpd refinery in East Africa to serve Kenya, Uganda, and the DRC, aiming for completion within four years.
Gulf War Fallout: IMF Warns of Sharp Rise in Food Insecurity Across Nigeria and Africa
The IMF warns that the Gulf War and shrinking aid could push 20 million more people into hunger in Africa, with Nigeria facing a spike of 4.1 million cases.
NGX Gains N16.13 Trillion in April Rally as Nigeria Returns to FTSE Frontier Market Status
The Nigerian Stock Market gains N16.13 trillion in April as Nigeria regains FTSE Frontier Market status. New Finance Minister Taiwo Oyedele vows to sustain refo