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Local refineries reach 48mlpd PMS production – FG
Federal Government has disclosed that local production of premium motor spirit (PMS) or petrol has hit 48 million litres per day (lpd). petrol Special Adviser to the President on Oil and Gas, Mrs Olu Verheijen, who disclosed this at the…
CBN to ease transparency concerns with new UBO regulation on ownership of banks, fintechs, others
Central Bank of Nigeria (CBN) has mandated banks, fintechs and other payment service providers operating in the country to disclose their ultimate beneficial owners (UBO). The regulatory measures were contained in a circular dated June 15, 2026, and signed by CBN’s…
NMDPRA set to introduce gas tariff, pricing framework
Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Rabiu Abdullahi Umar, had disclosed that a gas tariff regulation is underway, adding that the agency would unveil a proper pricing framework at its next meeting. Umar…
FG, retailers disagree over rising cost of cooking gas
Federal Government and Liquefied Petroleum Gas (LPG) or cooking gas retailers have differed on the reasons for the scarcity and high prices of the commodity in the market. While government insists the current scarcity and consequently high prices of the…
Nigeria’s forex inflows jump to $12.2bn in January 2026, as outflows drop by 43%
Central Bank of Nigeria (CBN) has reported that the country’s foreign exchange (forex) trading posted a record performance in January 2026, registering a net surplus of $9.2 billion. The regulatory bank which disclosed this in its latest Monthly Economic Report, released,…
NCC, CAC introduce new rules on share transfers, others, regarding ownership changes at telecoms firms
Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have introduced a new compliance requirement for ownership changes which now mandates prior approval for significant ownership changes in telecommunications companies operating in Nigeria. The agencies announced the measure in a…
FG moves to drive down cement prices, to engage producers from July 1
Minister of Works, Engr. David Umahi has said the Federal Government will begin engagements with cement manufacturers from July 1 to address the rising cost of cement in the country. Umahi revealed this at the unveiling of Lafarge’s new corporate…
Firm blames ‘structural imbalances,’ as FG withholds 32% of May’s FAAC revenue for interventions
Alliance Economic Research and Ethics Ltd/GTE has blamed ‘structural imbalances,’ following decision by the Federal Government to approve only 68 per cent of the revenue disbursed by the Federation Account Allocation Committee (FAAC) in its May 2026 allocations to the…
Telcos back CBN’s directive to banks, fintechs on localisation of payment data storage
Association of Licensed Telecommunications Operators of Nigeria (ALTON) has backed the Central Bank of Nigeria (CBN) over its directive to banks and fintechs to host payment transaction data locally. According to the operators, data sovereignty required countries to take responsibility for…
Nigeria’s foreign reserves surge 17yr-high to hit $51.04bn, amid IMF advice to slow down accumulation
Nigeria’s foreign exchange reserves surged to a record 17-year high of $51.04 billion on June 18, 2026, according to latest data from the Central Bank of Nigeria (CBN), Friday. It would be recalled that the country’s reserves was at about…
