Nigeria’s headline inflation rate declined slightly to 23.71 per cent in April 2025, down from 24.23 per cent recorded in March, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Thursday. The NBS noted that the 0.52 percentage point drop indicates a modest easing of inflationary pressures in Africa’s largest economy. On a month-on-month basis, the headline inflation rate stood at 1.86 per cent in April,...
On Tuesday, the Nigerian stock market saw a positive change, recovering ₦101 billion after several days of losses. The total value of all the stocks on the market rose by ₦101 billion, ending the day at ₦65.589 trillion, up from ₦65.488 trillion on Monday. The stock market’s key index also went up by 159.88 points, closing at 104,376.75, a small but welcome rise from the previous day. However, not all stocks performed well. While some...
The Central Bank of Nigeria (CBN) has announced a remarkable turnaround in the country’s external financial standing, recording a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year. This marks a significant recovery from a deficit of $3.34 billion in 2023 and $3.32 billion in 2022. According to a press release on 9 April 2025, the CBN stated that the surplus “reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance,...
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...
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...
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...
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...
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...
The Central Bank of Nigeria (CBN) has maintained the Monetary Policy Rate (MPR) at 27.5 per cent, following six consecutive hikes last year. This decision comes amidst observed stability in the foreign exchange market and a gradual decline in inflation rates. CBN Governor, Olayemi Cardoso, addressed the press in Abuja, expressing satisfaction with recent macroeconomic trends. He noted, “Inflation is trending down, and it’s looking positive,” emphasising the bank’s objective to reduce inflation to single-digit...
…Telecoms increase text message cost to ₦6.00 MTN Nigeria has increased its data prices following the recent approval by the Nigerian Communications Commission (NCC) allowing telecom operators to implement up to a 50 per cent tariff adjustment. The sharp increase, which has sparked widespread outrage among subscribers, saw the price of MTN’s 15GB weekly data plan jump from ₦2,000 to ₦6,000—a 200 per cent hike. Other data plans have also been adjusted, with the 75GB...
