CBN Reports Strongest Net Foreign Exchange Reserve Position in Over 3 Years

BusinessEconomyNewsNigeriaCBN Reports Strongest Net Foreign Exchange Reserve Position in Over 3 Years

Anthony O. OgboApril 2, 2025

The Central Bank of Nigeria (CBN) has announced a significant improvement in Nigeria’s Net Foreign Exchange Reserve (NFER), which has surged to $23.11 billion, the highest level in over three years. This marks a sharp increase from $3.99 billion at the end of 2023, $8.19 billion in 2022, and $14.59 billion in 2021. The CBN attributed this growth to strategic policy measures, including a deliberate reduction in short-term foreign exchange liabilities, such as FX swaps...

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BusinessNewsPoliticsNIPSS: Fuel Subsidy Removal Was Tough but Necessary, Nigerians Must Endure

By Ezinwanne Onwuka (Senior Reporter)April 1, 2025

…Fuel Prices May Drop to ₦750 Per Litre Before Year-End The National Institute for Policy and Strategic Studies (NIPSS) has described the removal of fuel subsidy by President Bola Tinubu as a necessary decision to save Nigeria’s economy, urging Nigerians to endure the hardship caused by the policy. The fuel subsidy removal, announced unexpectedly during Tinubu’s inauguration on 29 May 2023, led to a sharp increase in petrol prices, with the product now selling for...

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Forbes Names Dangote, Adenuga, Rabiu, Otedola Among Africa’s Richest

BusinessNewsNigeriaForbes Names Dangote, Adenuga, Rabiu, Otedola Among Africa’s Richest

By Ezinwanne Onwuka (Senior Reporter)March 31, 2025

Four Nigerian billionaires—Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola—have been named in Forbes’ 2025 list of the richest individuals in Africa. According to the ranking published on Saturday, Dangote, the President and CEO of the Dangote Group, remains Africa’s richest man for the 14th consecutive year. His net worth surged from $13.9 billion in 2024 to $23.9 billion in 2025, largely due to the valuation of his Lagos-based refinery, which began operations last...

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133 Arrested as EFCC Shuts Down Ponzi Scheme Academy in Abuja

BusinessCrime & SecurityNewsNigeria133 Arrested as EFCC Shuts Down Ponzi Scheme Academy in Abuja

By Ezinwanne Onwuka (Senior Reporter)March 25, 2025

The Economic and Financial Crimes Commission (EFCC) has broken up a Ponzi scheme operating under the name Q University, also known as Q-Net, and arrested 133 suspects in Abuja. According to a statement by the anti-graft agency, the suspects were apprehended on Monday, 24 March 2025, at Compensation Layout in Gwagwalada, Federal Capital Territory (FCT), following intelligence reports on the academy’s operations. The EFCC described the academy as a fraudulent recruitment centre where unsuspecting young...

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Fuel Prices Surge as Dangote Refinery Suspends Sales in Naira

BusinessEconomyNewsNigeriaFuel Prices Surge as Dangote Refinery Suspends Sales in Naira

By Ezinwanne Onwuka (Senior Reporter)March 20, 2025

Nigerians are bracing for another fuel price hike after Dangote Petroleum Refinery temporarily halted the sale of refined petroleum products in naira, citing currency mismatches in crude oil purchases. The refinery announced that its sales in naira had surpassed the value of naira-denominated crude received, making it necessary to suspend local currency transactions. “To date, our sales of petroleum products in naira have exceeded the value of naira-denominated crude we have received. As a result,...

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Nigeria’s Inflation Rate Falls for Second Consecutive Month

BusinessEconomyNewsNigeriaNigeria’s Inflation Rate Falls for Second Consecutive Month

By Ezinwanne Onwuka (Senior Reporter)March 18, 2025

Nigeria’s inflation rate dropped to 23.18 per cent in February 2025, down from 24.48 per cent in January, according to the National Bureau of Statistics (NBS). This marks the second consecutive month of decline following the rebasing of Nigeria’s Consumer Price Index (CPI) in January 2025. The rebasing updated the base year from 2009 to 2024 and expanded the number of goods and services tracked from 740 to 960, providing a more accurate picture of...

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Reps Approve Tinubu’s Tax Reform Bills, Retain 7.5% VAT

BusinessEconomyNewsNigeriaReps Approve Tinubu’s Tax Reform Bills, Retain 7.5% VAT

By Ezinwanne Onwuka (Senior Reporter)March 14, 2025

The House of Representatives has approved four tax reform bills proposed by President Bola Tinubu, aiming to overhaul the nation’s tax system. The bills, however, underwent notable amendments during the legislative process. The approved bills—the Nigerian Tax Bill, Tax Administration Bill, Revenue Tax Board Bill, and Nigerian Revenue Service Establishment Bill—are designed to modernise the country’s tax system and boost revenue generation. The key amendments include retaining the Value Added Tax rate at the current...

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House of Reps Opposes Increase in ATM Charges

BusinessNewsNigeriaPoliticsHouse of Reps Opposes Increase in ATM Charges

By Ezinwanne Onwuka (Senior Reporter)March 11, 2025

The House of Representatives has called on the Central Bank of Nigeria (CBN) to suspend its directive increasing ATM withdrawal charges, citing the potential financial burden on Nigerians. The resolution followed a motion on urgent national importance moved by Rep. Marcus Onobun (Esan Central/West/Igueben Federal Constituency) during plenary on Tuesday. Onobun warned that the increase in ATM withdrawal charges would negatively impact financial inclusion, especially for low-income earners who might be discouraged from using banking...

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Breach Of Act: FCCPC To Arraign MTN CEO, Others

BusinessLaw & JusticeNewsNigeriaBreach Of Act: FCCPC To Arraign MTN CEO, Others

Hassan Umar Shallpella (Regional Correspondent)March 5, 2025

The Federal Competition and Consumer Protection Commission (FCCPC) will on May 28 arraigned the Managing Director and Chief Executive Officer (MD/CEO) of MTN Nigeria Communications Plc, Mr Karl Toriola and others over alleged failure to produce documents and information required by the commission in compliance with a lawful summons contrary to the FCCPC Act. The company and its CEO will be arraigned alongside Tobechukwu Okigbo, MTN’s Chief Corporate Services and Sustainability Officer and Ikenna Ikeme, General...

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“Young Entrepreneurs not patient,” Joseph Nzelu Says as he Clocks 50 Years

BusinessNewsNigeria“Young Entrepreneurs not patient,” Joseph Nzelu Says as he Clocks 50 Years

Ebuka Onyekwelu (Staff Writer)March 3, 2025

Nnewi-born businessman, Chief Joseph Nzelu, has said that the major challenge facing the present generation of young entrepreneurs is that they are impatient. In an exclusive interview with the West African Pilot News, Mr. Nzelu, a successful businessman and the Chairman of Nnewi business community of the Auto Spare Parts and Machinery Dealers Association – ASPAMDA, in Lagos, said that the young generation of entrepreneurs are in a hurry and this, he pointed out, is...

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