Daily Business Reporter

  Nigeria’s three largest listed upstream and integrated oil companies generated a combined N7.05 trillion in revenue during the first half of 2026, benefiting from higher crude oil prices, improved production and stronger export volumes. The figures, compiled from the unaudited H1 2026 financial statements of Seplat Energy Plc, Aradel Holdings Plc and Oando Plc, […]

  Dangote Petroleum Refinery & Petrochemicals remained Europe’s largest supplier of imported jet fuel for the second consecutive month in July, accounting for approximately one-fifth of the continent’s aviation fuel imports. The development is based on the latest European import data compiled by global commodities intelligence firm Kpler and reported by Arise News. The 700,000-barrel-per-day

  In early June, Bidemi Sonoiki, Grenada’s Honorary Consul in Nigeria, announced during a press conference in Lagos that the Caribbean nation would grant Nigerians visa-free entry as part of efforts to strengthen economic and business ties between both countries. According to Sonoiki, the arrangement would provide Nigerian entrepreneurs, investors and professionals with easier access

Aradel Holdings Plc and Seplat Energy generated a combined pre-tax profit of approximately N1.54 trillion in the first half of 2026, with a substantial portion of their earnings absorbed by tax obligations. Analysis of the companies’ half-year financial results shows that they incurred a combined total income tax expense of about N1.13 trillion, representing roughly

  Nigeria’s upstream oil and gas sector could attract between $30 billion and $50 billion in fresh offshore investments between 2026 and 2030 as the country seeks to unlock new production capacity through 22 major offshore projects. The projection was disclosed by the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan,

The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory minimum capital requirement prescribed under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The regulator also directed that all bank accounts belonging to the company be frozen and appointed Muiz Banire as Receiver and Provisional

  The Federal High Court in Abuja has dismissed a N100 million lawsuit filed against First City Monument Bank (FCMB) over an alleged breach of privacy and unauthorized processing of personal information. Justice M. S. Liman delivered the judgment on July 14, 2026, according to the Certified True Copy (CTC) of the ruling obtained by

  Nigeria’s three largest listed cement manufacturers generated a combined N3.2 trillion in revenue during the first half of 2026, driven by higher cement prices, increased housing development, stronger construction activity and sustained infrastructure spending. According to the unaudited financial statements of Dangote Cement Plc, BUA Cement Plc, and HBM Nigeria Plc, the industry’s performance

  Nigerians spent an estimated ₦1.41 trillion on beer, malt and spirits during the first half of 2026, according to the combined financial statements of the country’s three largest brewing companies. The figures were compiled from the H1 2026 results of Nigerian Breweries Plc, International Breweries Plc, and Guinness Nigeria Plc, which together account for

  The Nigerian equities market reversed Monday’s gains on Tuesday, with investors taking profits in major banking stocks and reacting negatively to Nestlé Nigeria’s weaker-than-expected half-year earnings. The sell-off erased approximately ₦599 billion from the market’s value, even as trading volume surged sharply. Market performance NGX All-Share Index (ASI): 244,802.83 points (-0.38%) Market capitalisation: ₦158.02