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Many companies have decided to shut down their business operations in Nigeria in the last five years due to varying reasons such as economic decline, inflation, difficult economy, economic pressure, naira devaluation, theft, insecurity and so on. List of companies that exited Nigeria in the past five years, and why: 1. ShopRite (Economic Decline) * […]
Continue ReadingThe global technology platform that connects riders with independent drivers and couriers, Uber, has announced the shutdown of its operations in Nigeria following a review of its business, saying it will cease operations in the country effective September 2, 2026. In a message to its drivers on Wednesday, the company informed them that they would […]
Continue ReadingConsidering many of Nigerian students, choosing a university course is one of the biggest decisions they will ever make. Even though passion remains important, earning potential has become an increasingly more important factor as families grapple with rising living costs and graduates a competitive job market. What cannot be denied is that no course guarantees […]
Continue ReadingBitcoin surged Friday on optimism over US cryptocurrency legislation and the US Treasury’s surprise move to buy back more of its own bonds, which fuelled a shift to riskier assets. The world’s biggest cryptocurrency by market value climbed 6.9 percent to $77,675.94, after reaching its highest level since May, and is up more than 20 […]
Continue ReadingUnited States has imposed a 12.5 per cent tariff on imports from Nigeria as part of a new trade measure targeting countries it says have failed to prohibit the importation of goods produced with forced labour. The tariff affects imports from 60 economies that Washington says have not “imposed and effectively enforced a prohibition on […]
Continue ReadingCentral Bank of Nigeria (CBN) has revoked the operating licenses of forty-six (46) Microfinance Banks with effect from July 1, 2026, in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020,” the statement read. The CBN said the revocation was approved after the affected institutions […]
Continue ReadingChief Executive Officer (CEO) of Tesla, Elon Musk, is no longer a trillionaire after a sharp decline in SpaceX shares erased more than $150 billion from his fortune, ending a historic but short-lived stint above the $1 trillion mark. The technology billionaire became the first person to surpass a net worth of $1 trillion earlier this month following […]
Continue ReadingOlamide Adee, a Nigerian tech founder, has stirred reactions online after publicly stating that supporters of the ruling All Progressives Congress (APC) should not apply to join her team or send their CVs. In a series of posts shared on social media, Adee said she would not use her hard-earned money to employ APC supporters, […]
Continue ReadingThe World Bank has raised concerns over Nigeria’s fiscal framework, revealing that more than yearsN34.53 trillion was diverted from federation revenue over the past three years through pre-distribution deductions. In its latest Nigeria Development Update obtained from its website, the global lender disclosed that although total federation revenue rose sharply to about N84 trillion between […]
Continue ReadingCentral Bank of Nigeria (CBN) has directed all International Money Transfer Operators (IMTOs) in Nigeria to open and maintain naira settlement accounts with authorised dealer banks as part of efforts to improve transparency and oversight in the foreign exchange market. The directive was contained in a circular dated March 24, 2026, signed by the Director […]
Continue ReadingUnited States Supreme Court struck down President Donald Trump’s far-reaching global tariffs on Friday, handing him a stinging loss that sparked a furious attack on the court he helped shape. Trump said he was “absolutely ashamed” of some justices who ruled 6-3 against him, calling them “disloyal to our Constitution” and “lapdogs.” At one point he even raised […]
Continue ReadingNigerian naira has surged to one of its strongest levels in nearly two years, closing at 1,347.78 per $1 in the official market on Monday, according to a macroeconomic update by CardinalStone. The currency has appreciated by 6.9 per cent year-to-date in the official window, reflecting improved liquidity conditions in the foreign exchange market. But, […]
Continue ReadingNigeria’s Naira yesterday depreciated to N1,455 per dollar in the parallel market from N1,440 per dollar on Monday. But the naira appreciated to N1,349.5 per dollar in the Nigerian Foreign Exchange Market (NFEM). Central Bank of Nigeria (CBN) data showed that the indicative exchange rate fell for the naira to N1,349.5 per dollar from N1,354.9 […]
Continue ReadingBitcoin (BTC-USD) crashed over 13% on Thursday, sinking below $64,000 to touch its lowest levels since October 2024 as a steep sell-off accelerated. The token is down nearly 50% from last year’s all-time high, erasing all of the gains made during President Trump’s second term. Investors had been optimistic that the administration’s crypto-friendly policies would […]
Continue ReadingReports coming in say that the Nigerian Naira extended its winning streak against the United States Dollar during the early hours of Thursday, February 5, 2026. Building on the momentum from the start of the week, the local currency has significantly improved its position in the official market, as liquidity levels remain robust. Naira opened […]
Continue ReadingFemi Otedola, the Group Chairman of First Bank Holdings, has explained the rationale behind the decision to write off N748bn in legacy non-performing loans, describing it as a calculated move to secure the bank’s long-term financial health, despite its heavy impact on profits. Otedola disclosed this in a post on his X handle on Saturday […]
Continue ReadingSome of Nigerian banks are racing to meet the new capital requirements mandated by the central bank, a policy shift that is expected to strengthen the lenders’ resilience against shocks and enable them to make meaningful contributions to the country’s growth agenda. The recapitalisation exercise, which began in 2024, sets N500 billion for commercial banks […]
Continue ReadingDangote Petroleum Refinery (DPR) has again reduced its petrol gantry price, substantially slashing the ex-depot rate from N828 to N699 per litre. Real-time market data published on Petroleumprice.ng on Friday showed that the refinery implemented another major downward review, cutting the Premium Motor Spirit benchmark price by N129 per litre — a 15.58 per cent […]
Continue ReadingAfrican richest businessman, Aliko Dangote has called on wealthy Nigerians to redirect funds currently spent on luxury items such as Rolls-Royce cars and private jets into establishing industries that drive economic growth and create employment opportunities. Dangote spoke after a meeting with President Bola Tinubu at Aso Rock Villa on Saturday, he lamented the culture […]
Continue ReadingLoans from the World Bank to Nigeria between 2023 and 2025 are projected to reach $9.65bn by the end of this year as fresh approvals, ongoing negotiations, and disbursements gather pace across key sectors. The amount covers International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) loans only, according to an analysis […]
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