Author: Ogochukwu Ndubuisi

Global oil prices rally on Thursday on renewed tensions between the United States (U.S.) and the Iranian military over the Strait of Hormuz, despite ongoing peace talks between Washington and Tehran.

Nigeria, Egypt, South Africa Dominate Africa’s Equity Markets — AfDB Nigeria, Egypt, Morocco, and South Africa continue to dominate Africa’s equity markets, according to the 2026 African Economic Outlook released by the African Development Bank (AfDB). The report said Africa’s equity market landscape had expanded significantly over the past two decades. It said that market capitalisation rose nearly six-fold to 1.2 trillion dollars in 2024, representing about 40 per cent of Africa’s Gross Domestic Product (GDP). According to the report, market activities remain heavily concentrated in a few economies, including Nigeria, Egypt, Morocco, and South Africa. The report noted that…

Tax Reforms: ACCI Urges 2-Year Grace Period on Tax Penalties The Abuja Chamber of Commerce and Industry (ACCI) has urged government to suspend penalties on late tax filings until business owners adjust and fully understand new tax laws and systems. Dr Aliyu Hong, Chairman, National Policy Advocacy Centre (NPAC), ACCI, disclosed this in an interview with the News Agency of Nigeria on Wednesday in Abuja. Hong advocated a one or two-year grace period on penalties linked to the new tax laws to allow business owners adjust to compliance procedures. According to him, business owners require time to adapt to Nigeria’s…

Dangote Refinery Ends Nigeria’s Era of Fuel Import Dependence, Boosts GDP, FX Earnings — EIU The operational ramp up of the 650,000 barrels per day Dangote Petroleum Refinery & Petrochemicals is fundamentally reshaping Nigeria’s downstream oil sector, significantly reducing the country’s dependence on imported refined petroleum products and strengthening its external position, according to the Economist Intelligence Unit (EIU). In its latest assessment on Nigeria’s fuel market and regulatory environment, the EIU said the refinery has already transformed a sector that was previously characterised by heavy reliance on imported fuel despite Nigeria being Africa’s largest crude oil producer. The report…

Heirs Insurance Group Opens Entry for 5th Essay Championship for Students, Teachers, Schools Heirs Insurance Group, Nigeria’s fastest-growing insurance group, has opened applications for the fifth edition of its annual Essay Championship, targeted at Junior Secondary School students nationwide. The initiative aims to drive insurance and financial literacy at an early age and to ensure proper insurance education among educators. This year’s edition features N11.5 million prizes for winning students, teachers, and schools, reinforcing the Group’s commitment to driving insurance awareness at an early stage. The winning student will receive a N5 million scholarship along with a N1 million education…

Zenith Bank Renews Commitment to Children with Education, Inclusion, Opportunity at Core Much more than commemorating the annual Children’s Day marked every May 27, Zenith Bank Plc is championing the narrative that children are the true leaders of tomorrow. The Bank has deepened its investment in carefully curated initiatives that elevate children across education, financial literacy, health, digital inclusion, and social protection, building a generation equipped to thrive and lead. For Zenith Bank, every child matters, and the Bank’s footprint reflects a deliberate, pan-African strategy to nurture potential from the earliest age. Zenith Bank has been the financial institution partner…

Nigerian Exchange Shrinks as Equities Investors Lose N888bn The Nigerian Exchange (NGX) shrank on Tuesday as equities investors lost more than N888 billion over sharp profit-taking ahead of the Islamic and Children’s holidays. The local bourse closed trading on a negative note, as key market performance indicators dipped by 55 basis points while sell pressures dragged the year-to-date return lower. Ahead of the Sallah break, profit-taking in medium- and large-cap stocks led the market to give up gains from the previous session. Notable decliners included DANGSUGAR, TRANSPOWER, GTCO, FIRSTHOLDCO, TIP, and others, across all key market sectors. The Banking and…

2027: Tinubu’s Infrastructure Footprints‘ll Shift Voting Pattern in FCT – Wike Minister of Federal Capital Territory (FCT), Mr Nyesom Wike, says the infrastructure revolution currently sweeping through the territory, including rural communities, will guarantee a comfortable electoral victory for President Bola Tinubu in the nation’s capital in 2027. Wike made the remarks after an inspection tour of several ongoing infrastructure projects across the territory on Tuesday. Reflecting on the shifting political dynamics in Abuja, the minister said that the traditional voting patterns in the FCT were already changing in Tinubu’s favour. He pointed at the Feb. 21 area council elections…

ACCI Seeks Simpler Tax Compliance, Business-Friendly Reforms The Abuja Chamber of Commerce and Industry (ACCI) has urged policymakers to simplify tax compliance, eliminate multiple taxation and implement reforms that promote growth, investment and strengthening of public trust. Dr Aliyu Hong, Chairman, National Policy Advocacy Centre (NPAC), ACCI, said this at a stakeholders’ tax roundtable, themed “Tax Reality: Ripple Effects on Industry and Commerce,” in Abuja on Tuesday. Hong urged the policymakers and tax authorities to prioritise protection for Micro, Small and Medium Enterprises (MSMEs) and improve strong institutional coordination across all levels of government. According to him, we are urging…

Nigeria, West Africa’s Growth to Remain Stable at 4.7% in 2026 — AfDB The economies of Nigeria and other West African countries are projected to remain stable at 4.7 per cent in 2026. This is according to the 2026 African Economic Outlook released by the African Development Bank (AfDB) on Tuesday at the ongoing Annual Meetings of the bank. In the report released in Brazzaville, the AfDB said the subregion recorded an estimated growth of 4.8 per cent in 2025. It is projected that growth would slow slightly to 4.5 per cent in 2027. According to the report, the region’s…