Author: Ogochukwu Ndubuisi

Dangote Refinery Denies Finished Petrol Product Imports Claim Dangote Petroleum Refinery & Petrochemicals (DPRP) has denied reports suggesting that it imports finished petroleum products, describing the claims as incorrect and based on a misunderstanding of global refinery operations. As a state-of-the-art, large-scale merchant refinery, DPRP said it refines crude oil and processes intermediate feedstocks into premium petroleum products and petrochemicals that meet the highest international standards. Speaking during a media briefing at the refinery, the Chief Executive Officer and Managing Director, David Bird, explained that processing intermediate or semi-processed materials is a standard practice within the global refining industry. He…

FBNQuest Merchant Bank Rebrands as Quest Merchant Bank FBNQuest Merchant Bank has officially changed its name to Quest Merchant Bank Limited, following the receipt of all necessary corporate and regulatory approvals. This move marks a significant milestone in the bank’s history, reflecting its resilience, strong track record, and long-term growth ambitions. According to Acting Managing Director and CEO, Afolabi Olorode, the name change is part of a deliberate strategic repositioning to strengthen the bank’s identity, reinforce its market presence, and support long-term growth. The rebranding doesn’t affect the bank’s legal status, operations, management structure, or scope of services, and it…

Tin Can Customs Generates N1.61trn, Exceeds 2025 Revenue Target The Tin Can Island Port Command of the Nigeria Customs Service (NCS) has set a new benchmark in revenue generation, recording N1.61 trillion in 2025, exceeding its annual target. The Customs Area Controller (CAC) of the command, Comptroller Frank Onyeka, said the revenue performance underscored renewed efficiency and reforms driving Nigeria’s maritime trade operations. Onyeka made this known in a statement issued through the command’s Public Relations Officer (PRO), Chief Superintendent of Customs, Oscar Ivara, and made available to newsmen in Lagos on Tuesday. Ivara said the milestone was celebrated at…

U.S. Deploys Special Forces in Nigeria to Tackle Terrorism —AFRICOM The U.S. government says it has deepened its military partnership with Nigeria by deploying a special force team in the country to flush out terrorists. Gen. Dagvin Anderson, Commander of the United States Africa Command (AFRICOM) disclosed this during a digital news conference on Tuesday. He said the decision follows the talks he earlier held in Rome with President Bola Tinubu, who later approved the Christmas Day U.S. airstrikes against Islamic State (ISIS) terrorists in Nigeria. Anderson said that he and Tinubu had agreed that both countries needed to coordinate…

NGX ASI Climbs as Equity Investors Gain N332bn Boosted by high-cap stock, the Nigerian Exchange (NGX) extended its gain, adding 31 basis points (bps) or N332 billion to investors’ portfolio value. The all-share index (ASI) also surged as investors took positions amidst 2025 earnings release.  The surge in equity portfolio value was primarily driven by sustained interest in large cap stock, in addition to gains recorded by lightweight stocks. The market saw gains in high-cap stocks like DANGCEM, GTCO, ZENITHBANK, and 32 others, lifting the YTD returns to 6.61%. UNIONDICON, ZICHIS, IMG, and AUSTINLAZ led the gainers’ table with a…

Sokoto Unravels N117bn Alleged Financial Infractions The Sokoto State Judicial Commission of Inquiry has unraveled about N117 billion allegedly mismanaged by the immediate past administration in the state. The commission’s Chairman, Justice Ma’azu Pindiga, disclosed this when he presented its fundings to Gov. Ahmad Aliyu on Tuesday in Sokoto. J Pindiga said the commission had received 31 memoranda from the public, private institutions and individuals on alleged different infractions between 2015 to 2023. He said the alleged infractions bordered disregard of procedures, non-compliance with laws and financial regulations as well as abuse of office by officials. He added that 241…

Bitcoin (BTCUSD), Ethereum (ETHUSD), and other major crypto assets have staged a meaningful rebound from a leverage-driven weekend crash.

Spain to Ban Social Media Access for Children Under 16 Pedro Sánchez, Spain’s Prime Minister, said on Tuesday at the World Government Summit in Dubai that access to social media for minors under 16 would be banned. Sanchez added that all platforms will be required to implement age verification systems. “Our children are exposed to a space they were never meant to navigate alone. “We will no longer accept that. We will protect them from the digital Wild West.” He added that his government would also introduce a new bill next week to hold social media executives accountable for illegal…

Stanbic IBTC Grows Profit by 69% as Impairment Charges Ease Stanbic IBTC Holdings Plc grew profit by 69% year on year to N380.796 billion in 2025, details from the group’s unaudited financial statement releases on Tuesday showed. The improved bottom line performance was bolstered by a sizeable interest income surge amidst expanded loan book, and significantly lower impairment charges on expected credit losses.  Details from its 2025 results revealed that net interest income accelerated 43% year on year to N585 billion from N410.451 billion in 2024. Its profit was also supported by growth in non-interest income. Stanbic report indicates that…

States to Share Electricity Subsidy Burden with Federal Government The Federal Government of Nigeria, led by President Bola Ahmed Tinubu, has directed all Ministries, Departments, and Agencies (MDAs) to clearly define how electricity subsidy costs will be shared among the Federal, State, and Local Governments in the 2026 budget. This move aims to ensure that the burden of electricity subsidies is no longer borne solely by the Federal Government. According to the Director-General of the Budget Office of the Federation, Tanimu Yakubu, the President wants the sharing of power subsidy costs to be clear, practical, and open, to prevent any…