Business

Victoria Ogwanighie, founder of Kiyoko Foods Ltd, won the ₦10 million grand prize at the 2026 FMN Prize for Innovation held on May 15 after her cassava-based food innovation emerged best among over 2,700 entries submitted for the competition organised by Flour Mills of Nigeria. Ogwanighie became the first female ...

President of the Dangote Group, Aliko Dangote, said he sold his luxury properties in the United States and the United Kingdom to focus on building businesses in Nigeria, explaining that he now prefers staying in hotels instead of owning mansions abroad. Dangote disclosed this while speaking about his business philosophy ...

Nigerian cybersecurity firm SudoForce has won the Cybersecurity Startup of the Year award at the 2026 Cybersecurity Merit Awards in Abuja, organised by the Cyber Security Experts Association of Nigeria, amid rising cyber threats and growing demand for stronger digital security solutions across Africa. Founder Moses Joshua said the award ...

In a significant step aimed at bolstering the value of Naira, the Nigerian Senate has taken action by passing the First Reading of a Bill that seeks to prohibit the use of foreign currencies for payments and transactions within the country. This development occurred during a session in the Red ...

The Central Bank of Nigeria (CBN) has reiterated that all versions of the naira, including the old and new N1000, N500, and N200 notes, as well as the commemorative and previous designs of the N100 note, remain valid legal tender with no expiration date. In a statement issued on Friday, ...

In response to a growing scarcity of naira notes, banks across the country have begun rationing the cash available to customers. The cash shortage has led to restrictions on withdrawals through both Automated Teller Machines (ATMs) and over-the-counter transactions. Over recent days, this situation has worsened, leaving many individuals struggling ...

Residents and business owners in Oshodi-Isolo Local Government Area, Lagos State, have rejected a proposed increase in levies and taxes by the local council. They say the plan is unfair and poorly timed, given Nigeria’s tough economic situation. Dr. Barnabas Otoibhi, a sociopolitical activist, wrote an open letter urging the ...

The Dangote Petroleum Refinery has officially commenced the export of refined petroleum products to neighboring West African countries, signaling a potential shakeup in regional fuel markets. According to a Bloomberg report on Tuesday, citing data from Vortexa, Kpler, Precise Intelligence, and ship-tracking platforms, a tanker recently transported gasoline from the ...

Nigeria’s debt to the International Development Association (IDA), the concessional arm of the World Bank, has climbed to $17.1 billion as of September 30, 2024, solidifying its position as the third-largest debtor to the institution. The World Bank’s financial statements for the fiscal year ending September 2024 reveal that Nigeria’s ...

The Nigerian National Petroleum Company Limited (NNPCL) has attributed the prolonged delays in operationalizing the Port Harcourt Refinery to unforeseen challenges, despite previous assurances of its completion by September 2024. Olufemi Soneye, NNPCL’s Chief Corporate Communications Officer, explained in an interview on Monday that the rehabilitation of the facility, a ...