Business Archives - Freedom Online

Champion Breweries Profit Surges 119% as Expansion Strategy Pays Off

Robert Imoh — Tue, 26 May 2026 14:26:39 +0000

Champion Breweries Plc has reported a strong financial performance for the 2025 fiscal year, posting a 119 per cent increase in profit after tax as the company accelerates its expansion strategy. The brewer recorded a net profit of ₦1.79 billion, reflecting significant growth compared to the previous year, according to its board chairman, Imo-Abasi Jacob. […]

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CBN retains lending rate at 26%

Ola Simeon — Wed, 20 May 2026 16:21:56 +0000

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), at its 305th meeting on Wednesday, voted on policy parameters as follows to retain the Monetary Policy Rate (MPR) at 26.5 per cent. This marks a shift from the committee’s aggressive tightening stance informed by its inflation-targetting posture. CBN Governor, Yemi Cardoso, presented […]

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Economists Commend CBN for Maintaining Nigeria’s $48.54 Billion Reserves

Robert Imoh — Wed, 20 May 2026 14:39:51 +0000

Economists have lauded the Central Bank of Nigeria (CBN) for maintaining the country’s external reserves at $48.54 billion, despite persistent global economic shocks affecting emerging markets. Experts, speaking to our correspondence said the steady reserves indicate improved investor confidence and strengthened liquidity in Nigeria’s foreign exchange market. Dr. Uju Ogubunka, former Executive Secretary of the […]

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Nigeria’s Inflation Rate Climbs to 15.69% in April – NBS

Robert Imoh — Fri, 15 May 2026 16:00:47 +0000

Nigeria’s headline inflation rate rose to 15.69% in April 2026, according to the National Bureau of Statistics (NBS). The figure, released in the NBS Consumer Price Index (CPI) and Inflation Report, marks a 0.31 percentage point increase from the 15.38% recorded in March. On a year-on-year basis, the April headline inflation of 15.69% is lower […]

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Nigeria’s Tax Reforms: A Pathway to Economic Growth and Global Competitiveness, Says Finance Minister

Robert Imoh — Tue, 12 May 2026 15:38:22 +0000

Nigeria’s ongoing tax reforms are crucial to building a globally competitive, equitable, and fiscally sustainable economy, according to Mr. Taiwo Oyedele, the country’s Minister of Finance and Coordinating Minister of the Economy. Oyedele made the statement during his address at the 28th annual tax conference of the Chartered Institute of Taxation of Nigeria (CITN), held […]

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23 Ships Discharge Petroleum Products, Other Commodities at Lagos Ports – NPA

Robert Imoh — Tue, 12 May 2026 14:54:00 +0000

A total of 23 ships are currently discharging petroleum products and other goods at the Apapa, Lekki, and Tin-Can Island ports in Lagos, according to the Nigerian Ports Authority (NPA). The NPA disclosed on Tuesday that the ships are offloading a variety of items, including petrol, aviation fuel, bulk gas, base oil, bulk urea, containers, […]

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NNPC Backs NIPetGE’s Efforts to Transform Nigeria’s Oil and Gas Sector

Robert Imoh — Sun, 10 May 2026 17:30:00 +0000

The Nigerian National Petroleum Company Ltd. (NNPC) has commended the Nigerian Institute of Petroleum and Gas Engineers (NIPetGE) for its significant contributions to the advancement of Nigeria’s oil and gas sector. This recognition came during a courtesy visit to NNPC Ltd. by NIPetGE’s President-elect, Mrs. Prisca Kanebi, and her delegation. The Group Chief Executive Officer […]

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Aviation Fuel Crisis: Pilots Warn of Rising Fatigue Levels Amid High Fuel Prices

Robert Imoh — Sun, 10 May 2026 17:01:44 +0000

The National Association of Aircraft Pilots and Engineers (NAAPE) has expressed growing concern over the increasing fatigue levels of its members, driven by the escalating cost of Jet A1 (aviation fuel) in the country. NAAPE’s National President, Capt. Bunmi Gindeh, raised the alarm in a statement issued on Sunday in Lagos, warning that the ongoing […]

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FirstHoldCo grows gross earnings to N3.4trn

Ola Simeon — Fri, 08 May 2026 20:52:25 +0000

FirstHoldCo Plc says its gross earnings rose by 6.9 per cent to N3.4 trillion for the year ended Dec. 31, 2025. The figure, when compared with N3.2 trillion recorded in 2024, was driven by strong core banking operations and a diversified income base. The group, in a statement on Friday, disclosed this, as contained in […]

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Yuan weakens to 6.8502 against dollar

Ola Simeon — Fri, 08 May 2026 11:31:46 +0000

The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 15 pips to 6.8502 against the dollar on Friday. This is according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate […]

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Petrol Prices in Nigeria Surge: Expert Explains Domestic Economic Drivers Behind Hike

Robert Imoh — Wed, 06 May 2026 10:48:09 +0000

In a recent interview, energy economist Prof. Wumi Iledare explained that the recent surge in petrol prices in Nigeria, which now range between N1,370 and N1,400 per litre, is primarily driven by internal economic factors rather than global crude oil price trends. Prof. Iledare, a Professor Emeritus of Petroleum Economics and Policy Research at Louisiana […]

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UBA, Redtech, MoMo PSB expand Merchant Payment Access across Nigeria

Freedom Online — Wed, 06 May 2026 06:00:09 +0000

United Bank for Africa (UBA), Redtech, and MoMo PSB have launched a payment interoperability partnership that expands cardless payment access for consumers and merchants across Nigeria. Redtech is backed by Heirs Holdings; MoMo PSB is MTN Nigeria’s fintech subsidiary. With this development, MoMo PSB customers can now make payments directly from their MoMo wallets at […]

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Tomato Prices Surge Due to Supply Shortage and Rising Transport Costs

Robert Imoh — Tue, 05 May 2026 15:50:32 +0000

The Tomatoes Growers and Processors Association of Nigeria (TOPAN) has linked the ongoing surge in tomato prices to a significant supply shortage and escalating transportation costs. In an interview with our correspondence on Tuesday, Mr. Rabiu Zuntu, the Kaduna State Chairman of TOPAN, explained that the price increase was largely driven by the end of […]

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Jim Ovia retires as Zenith Bank Chairman, Mustapha Bello steps in

Freedom Online — Tue, 05 May 2026 13:35:56 +0000

Founder and long-serving Chairman of Zenith Bank Plc, Jim Ovia, has retired. Following his departure, Engineer Mustapha Bello has assumed the position of Chairman. Ovia officially stepped down from his role, marking the end of an era at Zenith Bank’s 35th Annual General Meeting (AGM) held in Lagos. Bello reaffirmed his commitment to preserving and […]

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NNPC Signs MoU with Chinese Companies to Restart and Expand Port Harcourt and Warri Refineries

Robert Imoh — Tue, 05 May 2026 10:34:06 +0000

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has signed a Memorandum of Understanding (MoU) with two Chinese companies, Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd., to form a Technical Equity Partnership (TEP) aimed at restarting and expanding the Port Harcourt and Warri refineries. The agreement was signed […]

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