NNPC E&P oil output hits 355,000 bpd

By Obas Esiedesa, AbujaNNPC Limited on yesterday  disclosed that oil production by its upstream subsidiary, NNPC E&P Limited (NEPL), has reached 355,000 barrels per day. The company in a statement by Chief Corporate Communications Officer, Andy Odeh said the milestone was achieved on December 1, 2025, representing its highest daily output since 1989. Odey noted that the output marked a significant step forward for Nigeria’s upstream sector and reflects the company&

…As PenCom goes tough on pension defaultersBy Rosemary IwunzeThe total pension fund assets under the  Contributory Pension Scheme, CPS, increased by  2.2 per cent, month-on-month, MoM to N26.66 trillion in October 2025 from N26.09 trillion  in September 2025.National Pension Commission, PenCom, disclosed this yesterday in the unaudited report on pension funds industry portfolio for the period ended 31 October 2025.Analysis of the report showed that a major chunk of th

 –Imports hit 52m litres per dayBy Obas Esiedesa, AbujaDomestic supply of Premium Motor Spirit (PMS), commonly known as petrol, rose by 37.7 percent in November 2025 to 23.52 million litres per day, up from 17.08 million litres per day in October, according to data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).The volume of petrol imported into the country also surged by 80.27 percent, reaching 52.1 million litres daily compared to 28.9

By Favour Ulebor, AbujaThe Economic community of West African States has approved major changes aimed at reducing the high cost of flying within Nigeria and the entire West Africa region.In a statement yesterday, the Commission said Heads of State and Government had, at their December 2024 summit in Abuja, adopted a measure that will remove taxes applied to air transport and reduce passenger and security charges by 25 per cent from January 1, 2026.ECOWAS said the move followed years of slo

By Babajide KomolafeThe Central Bank of Nigeria (CBN) has introduced a limit of 25 per cent  on  the amount of cash beneficiaries can receive when accessing their Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) from Bureau De Change (BDCs).The CBN disclosed this in a document titled, Frequently Asked Questions on Current Reforms of the BDC sector.The CBN said: “Travelers are allowed to purchase foreign currency in the form of Personal Travel Allowan

…FG to consult more on CGT, other concernsBy Emma Ujah, Abuja Bureau Chief  As the country gets ready to commence the new tax system next month, chairman of the newly inaugurated National Tax Policy  Implementation Committee (NTPIC), Mr. Joseph Tegbe, has said the new tax regime will be undertaken in a responsible and humane manner.He spoke in Abuja during the weekend shortly after the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, inaugu

By Emma Ujah, Abuja Bureau Chief  The Central Bank of Nigeria (CBN) has launched a major overhaul of the Agricultural Credit Guarantee Scheme Fund (ACGSF), unveiling a new strategic direction aimed at expanding credit access to smallholder farmers and accelerating national food security efforts.Speaking in Abuja at the inauguration of the reconstituted ACGSF Board, CBN Governor, Mr. Olayemi Cardoso, described the revamp as “a new dawn” for agricultural financing.

By Rosemary IwunzeSUNU Assurances Nigeria Plc has secured the approval of its shareholders to embark on a major recapitalisation exercise aimed at raising N9 billion to meet new statutory capital requirements imposed under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.From Left: Director for Anglophone Zone, SUNU Assurances, Mr. Elie Ogounigni; Vice Chairman, Hajia Taizir Ajala; Chairman, Kyari Abba Bukar; Managing Director/CEO, Mr. Samuel Ogbodu; and Company Sceretary, Mrs Taiwo Kuku

China has offered a significant boost to Nigeria’s export ambitions after its ambassador in Abuja, Yu Dunhai, announced that Beijing is prepared to fast-track a zero-tariff policy for Nigerian goods ahead of schedule.The move signals a fresh push to strengthen economic ties as both countries mark 55 years of diplomatic relations and prepare for the 2026 China Africa Year of Cultural Exchanges.Yu pledged during a meeting with Nigeria’s Minister of Foreign Affairs, Yusuf Maitama

By Yinka KolawoleBinding constraints have continued to slow down the growth of the manufacturing sector, with the sector recording a growth of 1.25 percent in the third quarter of 2025 (Q3’25), according to the latest Gross Domestic Product (GDP) report released by the National Bureau of Statistics (NBS).Analysis of the Q3’25 GDP report revealed that the textile and apparel as well as the paper and pulp subsectors helped to drag down the sector, with the textile and apparel subsecto

By Elizabeth AdegbesanAs part of the Federal Government, FG’s borrowing plan for the 2025 budget, the Central Bank of Nigeria, CBN, has issued Treasury Bills, TBs, to raise N4.72 trillion in the fourth quarter of 2025 (Q4’25).This represents a 168 percent quarter-on-quarter (QoQ) increase when compared to N1.76 trillion sold in Q3’25.The CBN disclosed this yesterday in its Nigeria Treasury Bills Issue programme for Q4’25.Treasury Bills are short term (less than one

By Peter EgwuatuNigeria has been ranked among top global sources of cybercrime given the reported huge losses in 2023.The Managing Director/ CEO, Union Bank Nigeria, Mrs.Yetunde Oni, revealed this during the 63rd Quarterly General Meeting, QGM, of the Association of Chief Audit Executives of Banks in Nigeria, ACAEBIN, held in Lagos over the weekend.Represented by Mrs Olufunmillola Aluko, Chief Brand and Marketing Officer and Head Customer Experience, Union Bank of Nigeria,    in

By Emma Ujah, Abuja Bureau Chief  The Federal Government, FG, is set to implement full cashless policy in the collection of its revenues, banning cash payments, with effect from January 1, 2026.Under the arrangement there will be a new mandatory e-receipt system (FTeR)  and full-scale rollout of the Revenue Optimisation (RevOp) Platform.A document released by the Federal Ministry of Finance in Abuja yesterday, showed that the RevOp, a unified digital ecosystem for monit

Cornerstone Insurance Plc, one of Nigeria’s foremost and most trusted insurance companies reaffirmed its leadership in Nigeria’s insurance landscape after securing two major recognitions at the prestigious industry awards held in Lagos.The company won Most Innovative Digital Insurance Company of the Year and Excellence in Technology Deployment – Insurance Service Company of the Year, solidifying its position as a pioneer in digital transformation and customer-focused innovatio

•Billing, collection efficiency on the rise – NERC • Experts disagree, say customers are being cheatedBy Ediri EjohThe Nigerian Electricity Regulatory Commission, NERC, and experts in the sector appear to be singing a different song  over the factors driving the  increase in the revenue of  electricity distribution companies, DisCos.While NERC attributed the increase in revenue to what it described as efficiency in revenue collection, experts pinned down

•2026 positioning beginsBy Peter Egwuatu The Nigerian stock market has recovered from losses it recorded in November as investors gained N2.436 trillion in the five trading days of last week.Specifically, the Nigerian Exchange Limited, NGX, market capitalisation, which represents the total value of shares listed on the Exchange, rose to N93.722 trillion on Friday from N91.286 trillion the previous week.In the same manner, another major market indicator, NGX All Share Index, ASI,

By Rosemary Iwunze‎
‎In another affirmation of its leading status in the comity of insurers in Nigeria, SanlamAllianz Nigeria was named amongst the top 50 Good to Great Companies (Certified) by Business Times, a growing business and finance publication based in Lagos. The honour recognises forward-looking companies operating in Nigeria with sound corporate governance, visible community impact, financial stability and employee confidence. 
‎The firm’s Managing Director and

By Rosemary Iwunze
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‎FSL Insurance Brokers Limited, a leading insurance brokerage firm in Nigeria, has officially launched “FSL Insure”, a new mobile and web application designed to simplify, modernize, and expand access to insurance products for individuals and businesses nationwide. The FSL Insure app offers a fully digital insurance experience, allowing users to explore, compare, purchase, and manage insurance policies in real time, anytime, anywhere, from their devices,

As Black Friday 2025 unfolds across Nigeria, new insights from Jumia’s third quarter, Q3’25 financial results reveal that more Nigerians are relying on digital retail to navigate inflation and rising living costs. The data points to a more deliberate, value-driven shopper, one using online platforms to stretch budgets, compare options quickly, and extract more value from each purchase.Jumia reported a 30 percent year-on-year increase in physical goods orders, while Gross M

By Babajide Komolafe, Economy EditorRenowned economist and Chief Consultant at B. Adedipe Associates Limited, Professor Biodun Adedipe, has said Lagos State must aggressively deepen wealth creation if it aims to build an inclusive, resilient, and globally competitive economy.Speaking yesterday at the Roundtable Discussion on Lagos Economic Outlook 2026, Adedipe stressed that the state stands at a pivotal moment where deliberate policies, bold investments, and strategic innovation will dete

By Babajide Komolafe, Economy EditorBanks, insurance and other financial instiutions’ contribution to the economy fell by 15 per cent to N1.512 trillion in the third quarter, Q3’25 from N1.778 trillion in the first quarter of the year, Q1’25.   This followed the second consecutive decline in the sector’s quarterly contribution to the nation’s Gross Domestic Product, GDP in the Q3’25. Vanguard analysis of the Gross Domestic Product, third q

By Babajide KomolafeThe Federal Inland Revenue Service (FIRS) has stated that Nigeria’s newly enacted tax laws are designed to strengthen economic competitiveness, attract investments and improve long-term fiscal stability.The agency also clarified that the much-debated 4% development levy on imported goods is not a new or additional tax burden, but a streamlined consolidation of several existing levies.In recent weeks, the new Nigeria Tax Act (NTA) and Nigeria Tax Administration Act

By Peter EgwuatuNigerian Exchange Limited (NGX) has introduced Commercial Paper (CP) listings, following approval from the Securities and Exchange Commission, SEC, marking another significant expansion of its product suite.This development deepens Nigeria’s short-term debt market and reinforces NGX’s role as a versatile hub for capital formation.The new listing window enables corporates and issuers to list and trade both conventional and non-interest commercial papers directly

By Babajide KomolafeNigeria’s business confidence continued its upward trajectory, as the Business Performance Index rose to 113.3 points in November, up from 111.3 points in October, according to the latest report of the Nigeria Economic Summit Group (NESG) Business Confidence Monitor (BCM).The report stated: “Nigeria’s business environment maintained its expansionary trajectory in November 2025, marking eleven consecutive months of favourable operating conditions.“The

By Babajide Komolafe, Economy EditorThe Central Bank of Nigeria, CBN, yesterday removed the limit on cash deposit and raised the weekly cash withdrawal limits across all channels to N500,000 from N100,000.The apex bank disclosed this in a circular to all banks titled, “Revised Cash-Related Policies”, signed by Dr. Rita Sike, Director, Financial Policy & Regulation Department.The circular stated: “Effective January 1, 2026, the following cash-related policies, which ar

By Elizabeth AdegbesanThe Cost of a Healthy Diet (CoHD) rose by 27.3 percent year-on-year, YoY, to N1,611 per adult per day in July 2025 from N1,265 per adult per day in July 2024.The National Bureau of Statistics (NBS) disclosed this in its CoHD report for July 2025.The NBS said: “The national average Cost of a Healthy Diet was N1,611 per adult per day in July 2025.“At the state level, Ekiti, Bayelsa and Imo States recorded the highest costs with N2,663, N2,352 and N2,235 resp

By Obas EsiedesaThe Federal Government has issued a strong warning to international oil companies (IOCs) and other operators in the petroleum industry, insisting that only those ready to fast-track field development and sanction real projects will retain their place in Nigeria’s energy landscape.  According to the FG, accelerating real activity—not dormant licences—remains critical to boosting crude oil output, strengthening the economy and keeping Nigeria

NCDMB, BOI sign dealBy Obas Esiedesa, AbujaThe Federal Government has launched a $100 million equity investment scheme aimed at boosting the capacity of Nigerian companies operating in the oil and gas sector.The initiative was unveiled on Tuesday at the 2025 Practical Nigerian Content Forum in Yenagoa, Bayelsa State, by the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Ogbe.Speaking at the signing of a Memorandum of Understanding between the NC

President/Chief Executive, Dangote Industries Limited, Aliko Dangote, has criticised the crude supply practices of international oil companies, insisting that Nigeria has no justification for importing crude or refined petroleum products if existing laws are properly enforced.  Speaking during a visit by the South South Development Commission (SSDC) to the Dangote Petroleum Refinery and Fertiliser Complex in Lagos, Dangote said the Petroleum Industry Act (PIA) already establishes

By Peter EgwuatuThe Securities and Exchange Commission (SEC) has said it is strengthening inter-agency collaborations to identify and prosecute the promoters of Ponzi schemes in line with the Investments and Securities Act (ISA) 2025.The Divisional Head, Legal and Enforcement, SEC, Mr John Achile, who disclosed this at the Commission’s Journalists’ Academy 2025 in Lagos, said SEC would continue to ensure criminal investigation/prosecution in collaboration with law enforcement a