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Marketers may lose N14bn after Dangote petrol price cut

With the new price drop in the ex-gantry cost of locally refined Premium Motor Spirit, also known as petrol, announced last week by the Dangote Petroleum Refinery, importers of the product may lose an average of N466.62m daily and N13.998bn monthly, The PUNCH reliably gathered on Sunday. This was as fresh industry data revealed that...
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Equity market loses N207bn amid Easter holiday

The Nigerian equity market suffered a setback in a holiday-shortened trading week, shedding N207bn in market capitalisation as investor sentiment remained mixed amid ongoing earnings releases and dividend declarations. Trading on the Nigerian Exchange Limited was limited to four days as the Federal Government declared Friday, April 18, and Monday, April 21, 2025, as public...
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Reduce housing sector taxes, operators urge govt

Stakeholders in the housing sector have said that the multiple taxes levied on the private sector were stifling the industry. The President, Association of Town Planning Consultants of Nigeria, Bisi Adedire, identified multiple taxation/levies on land across the ministry and agencies of government as issues affecting private sector operators in the built industry. He disclosed...
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Nine local banks earn N2.59tn from fees, commissions

Nine Nigerian banks earned a total of N2.59tn in fee and commission revenue for the year 2024, The PUNCH reports According to the financial statements for the year ended December 31, 2024, released on the Nigerian Exchange Limited, the banks reviewed include Stanbic IBTC Holdings Plc, FCMB Group Plc, Wema Bank Plc, United Bank for...
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Dollar slides to lowest point since March 2022

The US dollar depreciated on Monday to its lowest point since March 2022 as investor confidence in the United States economy took another hit. According to Reuters, the dollar suffered a decline due to President Donald Trump’s attacks on the Federal Reserve Chairman, Jerome Powell. Against a basket of currencies, the dollar slid as low...
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Consumers stick to old smartphones as costs deter upgrades

Nigerians are holding onto their smartphones longer, as soaring prices driven by inflation and naira devaluation dampen the usual yearly upgrade trend, consumers and analysts have said. Africa’s most populous nation undertook a major currency devaluation in June 2023, slashing over 70 per cent off the naira’s value by mid-2024, one of the most significant...
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Jimoh Ibrahim to speak at Cambridge conference

The senator representing Ondo South Senatorial District and Chairman/Chief Executive Officer of Global Fleet Group, a diversified conglomerate based in Nigeria, Jimoh Ibrahim, has been named among the keynote speakers for the upcoming Cambridge Africa Business Conference. The conference, which will be held at the Cambridge Judge Business School on May 17, 2025, will feature...
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SAPZ sparks renewed optimism for agric export growth

Prolonged rejection of Nigerian agricultural products in international markets, attributed to alleged non-compliance with packaging and processing standard guidelines, has adversely affected the local economy, eroded farmers’ confidence, and threatened food security in the country. To help reverse this trend, the African Development Bank has launched the Special Agro-Industrial Processing Zones projects across the country,...
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Stanbic IBTC Trustees bags award

Stanbic IBTC Trustees, a subsidiary of Stanbic IBTC Holdings, has been recognised as the Most Customer-Focused Trust and Investment Company of the Year – Nigeria at the 2025 West Africa Innovation Awards. The recognition was received at the award ceremony, which was held in Lagos recently. The West Africa Innovation Awards, now in its fourteenth...
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I apologise for saying no heaven without tithe – Adeboye

The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, has apologised for saying that Christians who don’t pay tithe might not make it to heaven. Adeboye who had previously said that paying tithe was one of the prerequisites for going to heaven, apologised for the comment while addressing his congregation Thursday...

Protesters storm Rivers electoral commission, insist election must hold

Angry protesters on Friday stormed the office of the Rivers State Independent Electoral Commission, singing and chanting ‘Election must hold’. They defied the heavy rainfall spreading canopies, while singing and drumming, with one side of the road blocked. The protest came after the Rivers State governor stormed the RSIEC in the early hours of Friday...

Man who asked Tinubu to resign admitted in psychiatric hospital

The Adamawa State Police Command has disclosed that the 30-year-old Abdullahi Mohammed who climbed a 33 kv high tension electricity pole in Mayo-Belwa last Friday has been admitted at the Yola Psychiatric hospital for mental examination. The Police Public Relations Officer of the command SP Suleiman Nguroje, told Arewa PUNCH on Friday in an exclusive...