Dangote Refinery Slashes Petrol Price to ₦699 per Litre, Market Responds

The Dangote Petroleum Refinery has again cut the price of petrol at its gantry, lowering the ex-depot rate from ₦828 to ₦699 per litre. The reduction took effect on 11 December 2025. This is the refinery’s 20th price adjustment this year as it continues to respond to market dynamics. The refinery’s petrol benchmark was reduced by ₦129 per litre, a decrease of about 15.58 per cent. The reduction follows remarks by Aliko Dangote, Chairman of...

CBN Raises Weekly Cash Withdrawal Limits for Individuals, Businesses

The Central Bank of Nigeria (CBN) has announced revisions to its cash withdrawal and cash deposit regulations, increasing weekly withdrawal limits for individuals and corporate entities. Effective 1 January 2026, all deposit-taking institutions must allow: Individuals to withdraw up to ₦500,000 per week and corporates up to ₦5 million per week across all cash-out channels (ATM, POS, over-the-counter). ATM withdrawals fixed at ₦100,000 per day, within the overall weekly ceiling of ₦500,000. The removal of...

AVIC-KDN Exhibits Integrated Aviation Solutions at Nigeria Air Show

Aviation engineering company AVIC-KDN is showcasing its full range of airport and airline solutions at the Nigeria Air Show, which opened Tuesday in Abuja and will run until Thursday, 4 December. AVIC-KDN is participating as a major sponsor and exhibitor. The company stated that its presence reflects its commitment to supporting Nigeria’s efforts to strengthen airport infrastructure, improve operational standards, and enhance overall aviation efficiency. “This is why we opened our Abuja office in 2024,”...

CBN Retains Interest Rate at 27% as Inflation Falls to 16.05%

The Central Bank of Nigeria (CBN) on Tuesday maintained the country’s benchmark interest rate, the Monetary Policy Rate (MPR), at 27 percent, as the bank stated that it seeks to build on recent gains in inflation and exchange-rate stability. Governor Olayemi Cardoso announced the decision at a press conference at the end of the 303rd meeting of the Central Bank’s Monetary Policy Committee (MPC), held in Abuja. In addition to holding the MPR at 27...

Nigeria’s FX Reserves Hit $46bn, Highest Level Since 2018 — CBN

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has declared that the country’s foreign-exchange (FX) reserves have risen to over US$46 billion. Speaking at the opening of a colloquium to mark the 20th anniversary of the CBN’s Monetary Policy Department, Cardoso, represented by Deputy Governor Muhammad Abdullahi (Economic Policy Directorate), said the reserves level was the highest the country has recorded since 2018. He added that this amount could now cover more...

Health Workers Threaten To Shut Down Hospitals From Nov 14

Members of the Joint Health Sector Unions (JOHESU) have threatened to embark on an indefinite strike action, beginning November 14, over the federal government’s failure to fulfill promises regarding the Consolidated Health Salary Structure (CONHESS). The umbrella body of the union said the strike would commence by midnight on November 14, 2024, if its demands were not met. The JOHESU comprises the Medical and Health Workers’ Union of Nigeria, the Nigerian Union of Allied Health...

Dangote Refinery Targets World’s Largest Status with 1.4mb Daily Production

The Dangote Petroleum Refinery has announced ambitious plans to expand its processing capacity from 650,000 barrels per day (bpd) to 1.4 million bpd. Once completed, the facility will overtake India’s Jamnagar to become the largest refinery in the world. Alhaji Aliko Dangote, President of the Dangote Group, made the announcement during a media briefing in Lagos on Sunday. He said, “We are expanding the Dangote Petroleum Refinery from 650,000 barrels per day to 1.4 million...

Nigeria’s capital market must adapt to remain relevant – SEC DG

The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has said that the global shift towards sustainable finance is redefining investment decisions, corporate governance, and risk management, adding that Nigeria’s capital market must adapt to remain competitive and relevant. Speaking at the 2025 Annual Conference of the Chartered Institute of Stockbrokers in Abuja, on Wednesday, Agama described sustainability as a global imperative that goes beyond technology and ethics, noting that environmental,...

Management of Zara Stores Opens New Outlet in Onitsha

The management of Zara Stores, one of the major shopping malls in Awka, Anambra State, opened a new Zara Mall in Onitsha, Anambra State, on Thursday. The Chairman and Chief Executive Officer of Zara Stores, Chief Akai Egwuonwu, who keyed into the “aku luo uno” or “think home” mantra of the Obiano administration, has continued to expand his businesses across different parts of Anambra State. A reputable agro businessman with a major stake in rice...

World Bank says Tinubu’s Reforms Stabilise Economy, Worsen Hardship

Economic reforms implemented in recent years have prevented Nigeria from plunging into a fiscal crisis and helped stabilise macroeconomic conditions, but they have also placed severe strain on ordinary citizens, with the number of poor Nigerians rising by an additional 58 million over six years, the World Bank has said. In its latest Nigeria Development Update (NDU), published in May 2025, the Bank cautioned that the gains from subsidy removal, foreign-exchange liberalisation and tax reform...

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