Banks assume control of Nestoil after $1bn loan default
Nigerian banks have taken control of Nestoil Limited and placed the company under receivership following a $1 billion debt crisis.
Business and Economy
Rice price decline shows policy gains, but traders count losses
Experts say Nigeria’s rice price drop reflects import policy success but reveals a conflict between consumer relief and trader profitability.
UK approves zero, reduced tariffs on 3,000 Nigerian export products
The UK has expanded trade opportunities for Nigerian exporters under its Developing Countries Trading Scheme, with nearly 3,000 products now enjoying zero or reduced tariffs.
Farmers, Federal Government clash over claims of food price reduction
Farmers accuse the government’s import policy of causing steep food price drops that have devastated their incomes, while the FG attributes the decline to boosted local production and stimulus measures.
SEC: Nigeria’s crypto transactions surpass $50bn in one year
SEC DG Emomotimi Agama revealed that Nigeria recorded over $50bn in cryptocurrency transactions between July 2023 and June 2024, far exceeding participation in the traditional market.
Lagos government reports 80% performance on ₦3.37trn budget
Lagos State says its ₦3.366 trillion 2025 budget has achieved an 80 percent performance as of October, driven by strong revenue growth and progress on capital projects.
Nigeria’s recurrent debt overshoots projection by N1.63 trillion in Q4 2024
Nigeria’s recurrent debt hit N3.69 trillion in Q4 2024, exceeding the projected N2.07 trillion by N1.63 trillion (78.63 per cent), driven primarily by external debt servicing obligations that were over 200% above projections.
Dangote sets new terms for NNPCL to raise its stake in $20bn refinery
Dangote says NNPCL can only expand its stake in his refinery after it proves its operational capacity.
FG launches public finance overhaul ahead of January tax reforms
The Federal Government has initiated sweeping public finance reforms—including digital systems, institutional restructuring, and a unified revenue agency—to enhance transparency and revenue mobilisation ahead of a new tax regime beginning in January.
Reports: Foreign investors express frustration with Taiwo Oyedele
Foreign investors left a Standard Chartered investor call with Taiwo Oyedele disappointed over Nigeria’s new tax policy, describing his tone as “ideological” and “socialist.”