Nigeria’s fuel import bill drops by N2.18trn
Nigeria's expenditure on petrol imports fell sharply in the first quarter of 2026, dropping by more than N2 trillion as increased domestic refining significantly reduced the country's reliance on imported fuel. Latest foreign trade data released by the National Bureau of Statistics (NBS) showed that only N87.4 billion was spent on importing Premium Motor Spirit (PMS), commonly known as petrol,...
Oil prices fall after Iran, Israel halt attacks
Oil prices fell on Tuesday, June 9, 2026, after Iran and Israel said they had halted attacks on each other following an appeal from United States President Donald Trump. Brent crude futures were down $1.14, or 1.2%, at $93.11 a barrel at 0630 GMT, while U.S. West Texas Intermediate declined $1.3, or 1.4%, at $90.00 a barrel. Prices climbed as much...
Stock market opens week positive as investors gain N515bn
The Nigerian stock market opened the week on a positive note on Monday, June 8, 2026, as investors’ wealth increased by N515 billion. Renewed investors interest in stocks such as International Energy Insurance, The Initiates, ABC Transport, Abbey Mortgage Bank, and UPDCredit led to the positive performance. Market capitalisation rose by N515 billion, increasing from N155.593 trillion to N156.108 trillion. The All-Share...
Heirs Insurance hits 3m policyholders as total assets rise to N136bn
Heirs Insurance Group says it has impacted and protected more than three million customers in its first five years of operation. The Group Sector Head and Managing Director of Heirs Life Assurance, Niyi Onifade, disclosed this on Monday at a press conference in Lagos to commemorate the fifth anniversary of Heirs Insurance Group. Onifade said the milestone underscored the company’s commitment...
CEVA, EFL launch joint venture to strengthen logistics services in Nigeria
Global logistics provider CEVA Logistics and EFL Africa have launched a joint venture in Nigeria, marking a major step toward strengthening logistics services and connectivity across West Africa. The new company, CEVA EFL Limited, was unveiled on Monday as part of the two firms' strategy to expand their footprint in one of Africa's largest and fastest-growing logistics markets. The partnership combines...
Kidnappers want detained members freed, not Sharia law, N1bn ransom — Abducted Oyo principal
Rachael Alamu, the principal of Community High School, Ahoro-Esinle in Oriire Local Government Area of Oyo State, has dismissed reports claiming that the kidnappers holding her and other victims are demanding N1 billion ransom and the implementation of Sharia law. In a video released on Monday from captivity, Alamu said the abductors' only demand is the release of some of...
Julius Berger posts N30.17bn profit, proposes N6.8bn dividend ahead of 56th AGM
Julius Berger Nigeria Plc has reported a strong financial performance for the 2025 financial year, recording significant growth in revenue and profitability ahead of its 56th Annual General Meeting (AGM) scheduled for June 18, 2026, in Abuja. According to the company's latest annual report, revenue rose by 34.1 per cent from ₦566.71 billion recorded in 2024, reflecting increased activity across...
EFCC arraigns two, company over N560m theft in Lagos
The Economic and Financial Crimes Commission (EFCC) has arraigned two individuals and a company before the Lagos State High Court in Ikeja over an alleged theft of N560 million. The defendants, Olivia Dike and Azeez Muniru Siyanbola, were arraigned on Monday by the Lagos Zonal Directorate 2 of the anti-graft agency alongside Eniafelamo Global Seven Nigeria Limited before Justice R.O....
Bandits abduct 50 Zamfara elders during peace talks
At least 50 community elders sent to negotiate with bandits in Zamfara State have been abducted during a peace meeting aimed at restoring security and enabling residents to return to their farms. The incident occurred on Sunday in Magamin Diddi village, located in the Magami/Faru Ward of Maradun Local Government Area. A resident of the community, Musa Sani, said villagers had...
Sanwo-Olu courts investors at Invest Lagos Summit
Lagos State Governor, Babajide Sanwo-Olu, has intensified efforts to attract local and foreign investments, describing Lagos as Africa’s leading gateway for trade, innovation, infrastructure development and economic growth. Speaking at the opening of the third edition of the Invest Lagos Summit 3.0 on Monday, Sanwo-Olu said the state remains strategically positioned to take advantage of opportunities offered by the African...
