Economy

  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

  Caverton Offshore Support Group Plc has reported a pre-tax loss of N8.66 billion for the six months ended June 30, 2026, compared with a pre-tax profit of N2.07 billion recorded in the corresponding period of 2025. The company also posted a net loss of N8.69 billion, reversing the N2.04 billion profit achieved in the

The Central Bank of Nigeria (CBN) says its ongoing monetary and foreign exchange reforms are yielding positive results, with the gap between the official naira exchange rate and Bureau de Change (BDC) rates narrowing to below 2%, while the country’s external reserves have risen above $52.5 billion. The disclosure was made on Tuesday by the

  Dangote Petroleum Refinery & Petrochemicals is targeting a $5 billion initial public offering (IPO) expected to conclude by October 2026, in what could become the largest stock market listing in African history. The planned transaction was reported by Reuters on Tuesday, citing two sources familiar with the matter. According to the report, the refinery

The Nigerian equities market opened the week on a positive footing on Monday, August 3, 2026, with gains in major banking stocks lifting the benchmark index despite broad-based weakness across insurance and consumer goods counters. Investors added ₦288.44 billion to market capitalisation as the NGX All-Share Index (ASI) advanced 0.18% to close at 245,730.53 points,