Business Archives - Freedom Online

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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Dangote Refinery’s ATK Price Disclosure Will Stabilize Aviation Market, Says NMDPRA

Robert Imoh — Sat, 02 May 2026 14:09:23 +0000

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has expressed optimism that the recent release of the indicative gantry price for aviation fuel by Dangote Refinery will promote market stability and encourage compliance from fuel marketers. In an interview with our correspondence in Abuja, Mr. George Ene-Ita, Director of Public Affairs at NMDPRA, highlighted […]

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GTCO posts N302.9bn Q1 profit before tax

Ola Simeon — Fri, 01 May 2026 07:14:04 +0000

Guaranty Trust Holding Company Plc (GTCO) reported profit before tax of N302.9 billion for the period ended March 31, 2026. The group disclosed this on Thursday in Lagos in its unaudited consolidated and separate financial statements for the first quarter. Interest income and fee income rose by 17.5 per cent and 7.1 per cent year-on-year, […]

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UAE to Exit OPEC and OPEC+ from May 1, 2026

Robert Imoh — Tue, 28 Apr 2026 16:14:48 +0000

The United Arab Emirates has confirmed plans to withdraw from the Organization of the Petroleum Exporting Countries and the broader OPEC+ coalition, with the decision set to take effect from May 1, 2026. The announcement was reported by Dubai-based media, citing official sources. Officials said the move aligns with the UAE’s long-term economic and energy […]

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Nigeria’s $48.65bn Reserves Boost Economic Stability — Experts

Robert Imoh — Mon, 27 Apr 2026 15:12:46 +0000

Economic analysts have praised the Nigerian government for maintaining external reserves at $48.65 billion, describing the development as a key indicator of resilience in the face of global economic challenges. The experts, speaking in separate interviews in Lagos, said the reserve level supports macroeconomic stability and boosts investor confidence. Ayo Teriba of Economic Associates noted […]

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Jet A1 Crisis Forces Air Peace to Cut Abuja–London Flights

Robert Imoh — Sat, 25 Apr 2026 15:00:46 +0000

Air Peace has announced a temporary reduction in its Abuja–London flight operations due to ongoing aviation fuel supply challenges. In a statement shared via its official social media channels, the airline confirmed that flights between Abuja and London will now operate three times weekly. The airline attributed the decision to limited availability of Jet A1 […]

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UBA Deposits Hit N27.2 Trillion in 2025 as African Expansion Accelerates

Robert Imoh — Sat, 25 Apr 2026 14:45:56 +0000

United Bank for Africa Plc has announced a strong increase in customer deposits for the 2025 financial year, reflecting continued growth across its operations. According to its audited financial results released via the Nigerian Exchange Limited, deposits climbed by 11.8 percent to N27.2 trillion, up from N24.3 trillion recorded in 2024. The bank also reported […]

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Policy Stability Key to Attracting Investment in Nigeria — Oyedele

Robert Imoh — Thu, 23 Apr 2026 12:38:34 +0000

Nigeria’s Federal Government has signalled a strategic shift from aggressive economic reforms to ensuring policy consistency, as it seeks to attract long-term investment and drive sustainable growth. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made this known during the Private Sector Outlook Forum organised by the Nigerian Economic Summit Group […]

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Expert Explains New BVN Guidelines as CBN Tightens Banking Security

Robert Imoh — Tue, 21 Apr 2026 12:03:24 +0000

A financial analyst, Tunji Adepeju, has clarified recent updates to Nigeria’s Bank Verification Number (BVN) framework, describing them as targeted measures to strengthen banking security and combat rising fraud. Speaking in Ibadan, Adepeju explained that contrary to public speculation, the Central Bank of Nigeria (CBN) is not issuing new BVN numbers but enforcing stricter controls […]

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Nigerian Breweries Market Value Jumps 135% to N2.33 Trillion in 2025

Robert Imoh — Thu, 16 Apr 2026 17:30:15 +0000

Nigerian Breweries Plc has reported a significant increase in its market capitalisation, rising by 135 percent to N2.33 trillion in 2025, up from N991.5 billion recorded in 2024. The company’s Chairperson, Mrs Juliet Anammah, disclosed the performance during its 80th pre-Annual General Meeting (AGM) briefing held in Lagos, as outlined in the firm’s 2025 Annual […]

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Nigeria Produces 1.4 Million Tonnes of Palm Oil, Faces Major Supply Gap – FG

Robert Imoh — Thu, 16 Apr 2026 16:33:55 +0000

The Federal Government has revealed that Nigeria produces about 1.4 million metric tonnes of palm oil each year, falling short of the country’s domestic demand estimated at over 2.5 million metric tonnes. This was disclosed in Abuja during a national stakeholders’ meeting focused on expanding Nigeria’s palm oil production capacity, organised by the Federal Ministry […]

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