Author: Olu Anisere

Oil Prices Rise over Vessel Attacks, Ukraine Strikes Russia Oil prices jump on Tuesday as missile attacks on commercial vessels in the Strait of Hormuz and renewed Ukrainian strikes on Russian energy infrastructure heightened concerns over potential supply disruptions International benchmark Brent crude traded at $72.75 per barrel, up around 1.05% from the previous close of $71.99. US benchmark West Texas Intermediate (WTI) rose about 0.8% to $69.32 per barrel from $68.75 in the previous session. Market sentiment was supported by reports that Iran’s Islamic Revolutionary Guard Corps (IRGC) fired missiles at commercial vessels transiting the Strait of Hormuz late…

Moody’s Ratings has today upgraded Dangote Sugar Refinery Plc’s (DSR) long-term corporate family rating

Ripple has received full authorisation for its Crypto Asset Service Provider (CASP) licence from Luxembourg’s

Senate Approves N11.074trn Revenue Target for Customs The Senate Committee on Customs and Excise, on Monday, approved a ₦11 trillion revenue target for the Nigeria Customs Service (NCS). The upper chamber also approved N1.235 trillion expenditure estimate for the 2026 fiscal year, expressing confidence that the agency would sustain its reform programme and improve collections in spite of the mounting global economic uncertainties. The approval came after the Comptroller-General, Nigeria Customs Service, Mr Adewale Adeniyi, defended the Service’s 2026 budget before the committee at the National Assembly. Lawmakers commended the agency for exceeding its 2025 revenue target while acknowledging the…

Nigeria Lost N2.376tn to Grid Underutilisation in 12 years – NISO Abdu Bello, the Managing Director/Chief Executive Officer of the Nigerian Independent System Operator (NISO), says Nigeria lost over N2.376 trillion to power sector grid underutilisation in capacity payments since 2015. Bello said this at the 11th Nigeria Energy Forum 2026 (NEF-2026) Conference in Lagos. The theme of the conference is “Upscaling Value Addition for Sustainable Industrialisation”. Bello, who was represented by NISO’s General Manager, Research, Mr Deji Ojo, said the establishment of NISO was repositioning the power sector from infrastructure expansion towards operational excellence, market efficiency, reliability, and industrial…

Align Fuel Cost With World Crude Oil Price, Lokpobiri Urges Marketers Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), has urged petroleum Lomarketers to ensure that the pump prices of petroleum products reflect the recent decline in global crude oil prices. Lokpobiri made the call at a stakeholders’ meeting on cost-reflective pricing of petroleum products organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Monday in Abuja. He said the meeting was convened to build consensus among industry stakeholders on reducing the prices of Premium Motor Spirit (PMS) and other petroleum products in line with…

No Shadow Budget in Nigeria – Oyedele The Minister of Finance and Coordinating Minister for the Economy, Taiwo Oyedele, says the Federal Government does not operate a shadow budget. Oyedele, who said this in a statement on Monday in Abuja, also said that the government does not expend public funds outside the constitutional and statutory framework established for public finance. The minister was reacting to claims by the International Monetary Fund (IMF) office in Nigeria. The IMF Resident Representative in Nigeria, Christian Ebeke, had said that the country failed to formally record public spending equivalent to two per cent of…

Money market rates closed on a mixed note last week as the Central Bank of Nigeria …

The South African rand is marginally weaker against the US dollar on Monday as markets price

MTN Nigeria Plc lost approximately 10%, or N1.7 trillion, in market value on the Nigerian Exchange