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Business - Page 2

Femi Otedola Issues New Statement After Reports Of Transcorp Plc Acquisition

Femi Otedola’s Investment In First HoldCo Now N362.48bn

Femi Otedola, the chairman of First HoldCo, has increased his stake in the financial institution by 6.32 percent, from 11.8 percent held at the end of 2024 to 18.12 percent as of December 31, 2025. In the company’s unaudited consolidated and separate

February 2, 2026

Business·Top Stories

Union Dicon Is On Path Of Short-term Liquidity Problems

After failing to generate revenue from its core business of salt refinement and distribution for over four years, Union Dicon reported that it earned N13.63 million in turnover in 2025. While the resumption of revenue should elicit applause, the company incurred N23.09

January 29, 2026

Business·News·Top Stories·World News

Meta Targets $135bn on AI Spending

Meta, the parent company of Facebook, plans to almost double its investment in artificial intelligence (AI) this year, signalling a major push to transform its operations and increase productivity. CEO Mark Zuckerberg told financial analysts on Wednesday that the company expects to

January 29, 2026

Business·Top Stories

Dollar Rate Falls Below N1,400/$ In Official Window, Drops By N8 In Black Market

The naira appreciated against the United States dollar (USD) in the Nigerian foreign exchange market (NFEM), also known as the official market, on Wednesday, January 28. NFEM data showed that the American greenback closed at N1,394 per dollar, falling below the N1,409.5

January 28, 2026

Business·Top Stories

Over N351.74bn Lost As Deap Capital, Tantalizer Drag Down NGX Market Cap

The Nigerian Exchange’s (NGX) market capitalisation contracted by N351.74 billion on Wednesday, January 28, after the all-share index (ASI) decreased by 549.44 basis points. According to NGX data released at the end of trading, the bourse’s market capitalisation fell to N105.73 trillion,

January 28, 2026

Business·Top Stories

Nigerian Consumers Save FCMG Companies’ Revenue As Export Sales Plunge

Fast-moving consumer goods (FCMG) companies did not have a good year in the foreign market in 2025, as Unilever Nigeria and Cadbury Nigeria could not improve on the sales of goods exported following a decline in export revenue, leaving both companies to

January 28, 2026

CBN Further Raises Benchmark Interest Rate To 27.25%

Business·News·Nigeria·Top Stories

CBN Allows Use of Expired Drug Licences

Nigeria’s central bank has approved a temporary measure allowing importers to use expired drug regulatory licences to process import documentation, in a move aimed at preventing disruption to trade. The Central Bank of Nigeria (CBN) said licences issued by the National Agency

January 28, 2026

Business·News·Top Stories

NNPC Raises Petrol Prices to ₦835 in Lagos, ₦839 in Abuja Amid Market-Driven Adjustments

The Nigerian National Petroleum Company Limited (NNPCL) has raised petrol prices at its retail outlets in Lagos and Abuja, citing market forces as the main driver behind the adjustments. Motorists in Lagos now pay ₦835 per litre, up ₦50 from ₦785, while

January 28, 2026

Business·News·Top Stories

Sachet Alcohol Crisis: MAN, Labour Unions Fault NAFDAC Over Ban, Warn of Job Losses

The Manufacturers Association of Nigeria (MAN) and labour unions in the food and beverage sector have faulted the National Agency for Food and Drug Administration and Control (NAFDAC) over its renewed enforcement of the ban on alcoholic beverages sold in sachets and

January 28, 2026

Naira vs Dollar: What To Expect This Week (31st March – 5th April 2025)

Business·Top Stories

Dollar, Pound, Euro Rates Drop In Official Market

At the end of trading on Tuesday, January 27, the foreign exchange (FX) rate for the dollar decreased to N1,409.5 kobo per $1 in the Nigerian foreign exchange market (NFEM). According to the NFEM data provided by the Central Bank of Nigeria

January 27, 2026

The equity market closed in positive territory for the second time this week as stocks rose by 0.04%. Investors traded N15.07bn worth of shares.

Business·Top Stories

NGX Market Cap Grows By N125.64bn

Over N125.64 billion was gained in the Nigerian Exchange (NGX), also known as the stock market, on Tuesday, January 27, as the market capitalisation closed at N106.08 trillion. The market valuation of the NGX had closed trading at N105.96 trillion on Monday,

January 27, 2026

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Trump Threatens 100% Tariffs on Canadian Goods Over China Trade Deal

U.S. President Donald Trump has threatened to impose 100 per

Nigeria Tightens Rules for Courier Companies Using Prepaid Imports

Nigeria’s customs authority has introduced new rules for courier companies

Behind the Geregu Power Sale: Politics and a $750m Deal

The sale of Geregu Power, one of Nigeria’s largest electricity

Recapitalisation: UBA Extends Deadline For Rights Issue

UBA Hits Billion-Naira Milestone: Rights Issue Success Pushes Capital Base Above ₦500bn

United Bank for Africa (UBA) has successfully concluded its rights

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Business - Page 2

Femi Otedola’s Investment In First HoldCo Now N362.48bn

Union Dicon Is On Path Of Short-term Liquidity Problems

Meta Targets $135bn on AI Spending

Dollar Rate Falls Below N1,400/$ In Official Window, Drops By N8 In Black Market

Over N351.74bn Lost As Deap Capital, Tantalizer Drag Down NGX Market Cap

Nigerian Consumers Save FCMG Companies’ Revenue As Export Sales Plunge

CBN Allows Use of Expired Drug Licences

NNPC Raises Petrol Prices to ₦835 in Lagos, ₦839 in Abuja Amid Market-Driven Adjustments

Sachet Alcohol Crisis: MAN, Labour Unions Fault NAFDAC Over Ban, Warn of Job Losses

Dollar, Pound, Euro Rates Drop In Official Market

NGX Market Cap Grows By N125.64bn

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Femi Otedola’s Investment In First HoldCo Now N362.48bn

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UBA Hits Billion-Naira Milestone: Rights Issue Success Pushes Capital Base Above ₦500bn

Femi Otedola’s Investment In First HoldCo Now N362.48bn

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