Author: Ogochukwu Ndubuisi

Diesel Price Averaged N1,789.45 Per Litre in July – NBS The National Bureau of Statistics (NBS) says the average retail price of a litre of diesel decreased from N1,813.81 in June 2025 to N1,789.45 in July. The NBS said this in its Diesel Price Watch for July released in Abuja on Friday. The report said that the July price of N1,789.45 per litre amounted to a 1.34 per cent decrease over the N1,813.81 paid in June. “On a year-on-year basis, the price increased by 29.72 per cent from the N1,379.48 per litre recorded in July 2024,” it said. On state…

I am not desperate to be president–Atiku Former Vice President Atiku Abubakar, PDP presidential candidate in 2023, says he is more interested in a better Nigeria than being president. Abubakar said this while speaking at an affirmation ceremony for new defectors in African Democratic Congress (ADC), on Saturday in Lagos.  Some PDP, LP party bigwigs proclaimed their membership of ADC at the ceremony. Abubabar, who was the guest speaker at the programme, was represented by Prof. Ola Olateju of the Achievers University, Owo, Ondo State. The former PDP candidate, along with some like-minded opposition politicians, recently resigned his membership of…

Renaissance Energy Targets 300,000 bpd Oil Production by January Renaissance Africa Energy Company Ltd. says it is on track to hit a production target of 300,000 barrels per day (bpd) by January 2026, following recent operational gains and facility upgrades. Dr Mesh Maichibi, Chief Production Officer at Renaissance, disclosed this on Friday at a two-day 20th Annual Lecture and Award Ceremony of the Nigerian Society of Engineers (NSE), Port Harcourt Branch. Delivering a lecture on “Transition Management: The Renaissance Case Study,” Maichibi highlighted the company’s rapid progress since acquiring assets from Shell Petroleum Development Company (SPDC) in March. He stated…

Tinubu Tasks Nigerians Abroad on National Development President Bola Tinubu has urged Nigerians in the diaspora not to abandon home, stressing their expertise and resources are vital for building a stronger nation. He made the call on Thursday during an interactive session with Nigerians in Japan at the Kahala Hotel, Yokohama, on the sidelines of TICAD9. Presidential Spokesperson, Mr Bayo Onanuga, disclosed this in a statement on the event. The meeting brought together professionals and entrepreneurs across fields, giving the President an opportunity to highlight his administration’s achievements and reaffirm his commitment to economic growth. Tinubu expressed delight in meeting…

Rates Steady as Coupon Credit Eased OMO Pressure on Liquidity Excess liquidity in the financial system kept the short-term benchmark interest rates steady despite open market operations (OMO) conducted by the Central Bank of Nigeria (CBN) on Thursday. The liquidity balance in the banking system closed at N390.89 billion, falling by N624.68 billion on the day after CBN activity. The CBN offered ₦600 billion in short-dated OMO bills to curb excess liquidity. Total subscriptions reached ₦1,015.19 billion, with ₦897.19 billion allotted to foreign portfolio investors and local banks. Money market rates initially spiked to 32.5% due to auction funding pressure,…

Nigeria Sets 2.5mbpd Oil Production Target for 2026 -NUPRC The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the country is on track to achieve a crude oil production target of 2.5 million barrels per day (mbpd) by 2026. NUPRC Chief Executive, Mr Gbenga Komolafe, said this on Thursday in Abuja during the 4th PENGASSAN and Labour Summit (PEALS 2025). The summit was themed “Building a Resilient Oil and Gas Sector in Nigeria: Advancing HSE, ESG, Investment and Incremental Production.” He noted that Nigeria’s current oil output had increased from 1.46 million barrels per day in Oct. 2024 to 1.8 million…

Microsoft Takes Action Against Potential Cyber Threats, Restricts Chinese Access Microsoft has restricted access to its cybersecurity early warning system for some Chinese companies due to suspicions of misuse in a recent hacking campaign targeting its SharePoint servers. The company has stopped providing “proof of concept code” to these firms, which is a tool that simulates malware to help defenders patch systems quickly but can also be repurposed by hackers. The restriction comes after a wave of cyberattacks last month, partly blamed on Beijing, although China has denied involvement. Microsoft’s Active Protections Program (MAPP) provides security vendors with early insight…

ICC Rejects New U.S. Sanctions Against 4 Personnel The International Criminal Court (ICC) has strongly rejected new sanctions announced by the United States on Wednesday targeting four of its personnel, marking a renewed escalation related to investigations involving U.S. and Israeli officials. The sanctions are directed at judges Kimberly Prost of Canada and Nicolas Guillou of France, as well as two deputy prosecutors: Nazhat Shameem Khan of Fiji and Mame Mandiaye Niang of Senegal. These measures follow earlier sanctions against four other judges and the ICC Prosecutor. The United Nations emphasised the ICC’s crucial role in international criminal justice and…

Ethiopian Airlines to Add Extra Flights to Abuja Mrs Firiehiwot Mekonnen, the Area Manager Nigeria of Ethiopian Airlines says the airline will add extra flights to Abuja from Oct. 28. In a statement issued on Wednesday in Abuja, Mekonnen noted that there would be three extra weekly flights added to the daily flights already operating out of Abuja. She stated that the extra flights would be in the evening, while the daily flight would stay at midday. “Passengers from Abuja will have increased options. The extra flights will offer immediate connections to many African and Asian destinations that reduce the…

Treasury Bill Yield Dips, Investors Get Higher Auction Rates The average yield on Nigerian government treasury bill declined slightly despite a quiet trading session in the secondary market, albeit with a bullish tilt. Investors were waiting on the sideline as the Central Bank of Nigeria (CBN) opened N230 billion Treasury bills auction for subscription. While attentions were shifted towards the main auction, buying interests were also noted, particularly at the long segment (-7 bps) of the curve. Investors’ buying activities in the secondary market dragged average yield downward by 3 bps to settle at 18.08%.  Traders reported that transaction ticket…