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The Business NG - May 23, 2025

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In this issue

Editorial Focus – BusinessNG, 23 May 2025
BusinessNG’s editorial for May 23, 2025, examines the strategic implications of Dangote Refinery’s recent N15 per litre petrol price cut. The move, described by IPMAN spokesperson Chinedu Ukadike as a calculated effort to dominate Nigeria’s petroleum downstream sector, has forced retail prices down to between N875 and N905 per litre. This price war is creating a difficult operating environment for independent marketers, who risk incurring losses of N20 to N25 per litre if they match Dangote’s pricing. The editorial explores how this aggressive strategy could reshape fuel distribution in Nigeria and potentially marginalize smaller market players.

APC Governors Endorse Tinubu for 2027 Presidential

The Progressive Governors Forum (PGF) has formally endorsed President Bola Ahmed Tinubu as the sole presidential candidate of the All Progressives Congress (APC) for the 2027 general election.

1 mins

Nigeria Losing Billions to Revenue Leakages – Ogunjimi

The Accountant-General of the Federation (AGF), Shamseldeen Babatunde Ogunjimi, has sounded the alarm over widespread revenue leakages and shortages threatening the 2025 federal budget.

1 mins

6m Nigerians Get FG Cash in 6 Months, 15m Set for October

The Federal Government has reached six million Nigerians through its Conditional Cash Transfer programme in just six months-tripling the total number of beneficiaries recorded over the past nine years.

1 mins

Fuel Price Cut: Dangote's Strategy to Control Market-IPMAN

Dangote Refinery's.

1 mins

FG Sues Senator Natasha for Defamation Over TV Remarks

The Federal Government has filed a criminal defamation suit against Senator Natasha Akpoti-Uduaghan, who represents Kogi Central Senatorial District, over comments she allegedly made during a live television broadcast.

1 mins

FirstHoldCo Shareholders Approve 60 Kobo Final Dividend Amid Strong Q1 Growth

At the 13th Annual General Meeting held on May 22, 2025, 306 shareholders of FirstHoldCo overwhelmingly approved a final dividend of 60 kobo per 50 kobo ordinary share, representing a 99.37% approval rate.

1 mins

CBN Allots N655bn OMO Bills Amid Strong Market Demand

The Central Bank of Nigeria (CBN) has allotted N655 billion in Open Market Operation (OMO) bills to market participants during a primary market auction aimed at refinancing N1.14 trillion in maturing bills.

1 mins

Nigeria Spends $2.01bn Servicing External Debt in Four Months

Nigeria’s external debt servicing surged by over 51% year-on-year, with the Federal Government spending about $2.01 billion between January and April 2025. This increase was revealed in the latest international payment data released by the Central Bank of Nigeria (CBN).

1 mins

Wale Edun: Nigeria's Capital Market Crucial to $1 Trillion Economy Goal by 2030

The Federal Government has identified Nigeria's capital market as a vital driver for achieving a $1 trillion economy by 2030. Speaking at the 2025 First Capital Market Committee Meeting hosted by the Securities and Exchange Commission (SEC) in Lagos, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, urged stakeholders to deepen investor confidence, improve financial literacy, and prepare for the rollout of the Investment and Securities Act (ISA) 2025 alongside the new Capital Market Master Plan (CMMP 2030).

1 mins

Fidelity Bank CEO's Share Acquisition Signals Strong Confidence in Tier-One Lender

In a decisive move underscoring unwavering confidence in Fidelity Bank Plc's resilience, Managing Director and CEO, Dr. Nneka Onyeali-Ikpe has acquired an additional 18 million shares of the bank, valued at approximately 366 million.

2 mins

Flutterwave CEO Named Jury Member for Inaugural Money20/20 Awards

Olugbenga “GB” Agboola, Founder and CEO of Flutterwave, has been appointed as a jury member for the Payments Award category at the inaugural Money20/20 Awards, a new global program celebrating excellence in fintech and financial services.

1 mins

Sanlam, Allianz Stir Merger Buzz in Nigeria

Global insurance heavyweights Sanlam and Allianz have sparked fresh speculation of an imminent merger of their Nigerian operations, following a wave of coordinated digital communications that has caught the attention of the financial services industry.

1 mins

PenCom Moves to Enforce Pension Compliance in Vendor Contracts

The National Pension Commission (PenCom) has issued a directive prohibiting Licensed Pension Fund Operators (LPFOs) from transacting with vendors and service providers that do not comply with the Pension Reform Act 2014.

1 mins

Never Pray for Insurance Claims- Experts

Nigerians have been advised to refrain from wishing for insurance claims, as such desires often translate to personal loss, injury, or destruction of assets.

1 mins

FRSC Engages Staff on PensionF Future

The Federal Road Safety Corps (FRSC) on May 15, 2025, held a strategic Customer Interactive Session at its headquarters in Abuja, drawing participation from both FCMB pension clients and non-FCMB pension contributors within the Corps.

1 mins

Guinea Insurance Aligns Board on Growth Plan

Guinea Insurance Plc has held a two-day strategic Board retreat in Lagos to align leadership and reinforce its renewed corporate vision following recent board appointments approved by the National Insurance Commission (NAICOM).

1 mins

Equities Extend Losses as Investors Shed N274bn

The Nigerian stock market extended its bearish run on Thursday, with the NGX All-Share Index slipping 0.40% to 109,183.02 points.

1 mins

Wema Bank Approves N50bn Private Placement

Wema Bank Plc has secured shareholder approval to raise N50 billion via private placement as part of its broader capitalisation plan, following the Central Bank of Nigeria's (CBN) recapitalisation directive for banks.

1 mins

NGXASI Declines 0.40% as BDC Rate Drops to N1,620/US$

The Nigerian equities market extended its downward trend on Thursday, with the NGX All-Share Index (NGXASI) falling by 0.40% to close at 109,183.02 points. This decline follows Wednesday's losses, bringing the year-to-date return to 6.08%.

1 mins

First Asset Launches N100bn Fund for Infrastructure Projects

First Asset Management Limited has launched a N100 billion Infrastructure Fund aimed at delivering sustainable capital for infrastructural development across key sectors of the Nigerian economy.

1 mins

NASD OTC Index Inches Up 0.13% as Market Sees Modest Activity

The NASD Over-the-Counter (OTC) Securities Exchange sustained a positive momentum on Tuesday, with the NASD Securities Index (NSI) rising by 0.13% to close at 3,154.56 points, up from 3,150.49 points in the previous session.

1 mins

Nigeria's FX Reserves Rebound After Months of Decline

Nigeria's foreign exchange reserves have recorded their first sustained increase in 2025, rising by $364 million between April 30 and May 14.

1 mins

NASD OTC Market Sees Modest Gains

The NASD Securities Index (NSI) bucked the main market trend, rising 0.13% to close at 3,158.24 points.

1 mins

Oyetola Seeks French Backing for Nigeria's IMO Council Bid

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has called on France to support Nigeria's bid for a seat in Category C of the International Maritime Organization (IMO) Council.

1 mins

Nigeria Invites U.S. Investors to Tap Growing Market

Nigeria is signaling a renewed and determined push to deepen trade and investment ties with the United States, leveraging sweeping reforms to attract American businesses and the Nigerian diaspora.

1 mins

“I Was Ashamed” – Adamolekun Vows to Revive Sobe Day Celebration

Mrs. Nancy Adamolekun, Chairperson of the Ofure Progressive Women Association, Lagos branch, has expressed deep disappointment over the declining observance of Sobe Day, which has been celebrated alone for the past three years.

1 mins

Custodian Plc Trading Below Value Despite Strong Revenue

Custodian Investment Plc may currently be one of the most undervalued stocks on the Nigerian Exchange (NGX), presenting a potential bargain for investors seeking overlooked opportunities.

1 mins

P&ID Scam Crumbles: How Tinubu's Tough Stance Saved Nigeria $11bn

Nigeria's legal victory in the P&ID arbitration scandal is more than a courtroom success—it’s a defining moment in the country’s long battle against systemic corruption and exploitation by rogue corporate interests.

1 mins

PDP Senators: Party Not Collapsing, Coalition Being Considered

The PDP Senators caucus has denied rumors of the party collapsing, insisting it remains strong despite recent defections.

1 mins

Seme Customs Commissions Officers' Mess, COWA Complex

The Seme Area Command of the Nigeria Customs Service (NCS) has commissioned key welfare projects, including a newly renovated Senior Officers' Mess, a Gym House, and a state-of-the-art Office Complex for the Customs Officers' Wives Association (COWA), at the Seme-Krake Border.

1 mins

2027: North West People, Not Politicians, Will Decide – Baba Ahmed

Former Special Adviser to President Tinubu, stated that the people of Nigeria's North West will ultimately judge political leaders in the 2027 elections based on issues like violence, poverty, and insecurity.

1 mins

No One Can Defeat Tinubu Without Peter Obi - Sam Amadi

Sam Amadi, former NERC chairman and political analyst, has asserted that defeating President Bola Tinubu in the 2027 election is impossible without Peter Obi's involvement.

1 mins

Apapa Customs Seizes Banned Drugs, Cosmetics, and Vehicles Worth Over N3bn

The Nigeria Customs Service (NCS), Apapa Area Command, has intercepted six containers loaded with contraband items, including unregistered pharmaceuticals, cosmetics, used clothing, and stolen vehicles, with a combined Duty Paid Value (DPV) of N3.24 billion.

1 mins

Customs Deepens Crackdown, Rebrands with Purpose

Recently, two major developments emerged from Nigeria Customs Service (NCS), painting a vivid picture of an agency walking a tightrope between hardline enforcement and image repositioning.

1 mins

Renaissance Surpasses April Oil Target by 40% in First Month

Renaissance Africa Energy Company Limited, the consortium that acquired Shell’s onshore oil assets in Nigeria, has exceeded its oil production target by 40% in its first month of operations.

1 mins

EU Plans Tariffs on Ukraine Amid Farm Export Tensions

The European Commission is reportedly preparing to reintroduce tariffs on Ukrainian imports, ending the duty-free regime established after the Russia-Ukraine war began, according to the Financial Times.

1 mins

Oil Prices Buoyed Despite Trump's Iran Deal Talk

Bearish signals from former U.S. President Donald Trump's remarks on a potential Iran nuclear deal weighed on oil sentiment this week.

1 mins

Saudi Aramco Strikes $90 Billion in U.S. Energy Deals

Saudi Aramco (TAD-AWUL: 2222) has unveiled 34 preliminary agreements with U.S. energy firms, potentially valued at $90 billion. The announcement was made during former U.S. President Donald Trump's visit to Saudi Arabia.

1 mins

Shell Paid Nigeria $5.34bn in 2024—Highest Among Host Nations

Shell Plc has revealed that it paid $5.34 billion to the Nigerian government in taxes and related charges in 2024—its highest payout to any single country that year.

1 mins

Obi Urges Action on Zulum's Boko Haram Claims

...Says Nigeria bleeding from betrayal within

1 mins

FG Eyes Job Creation Through Beekeeping Push

The Federal Government has unveiled plans to promote beekeeping as a tool for job creation, income generation, and agricultural productivity, particularly among youth and women.

1 mins

Tinubu Submits N1.48trn Rivers Budget to NASS

President Bola Tinubu has presented a N1.481 trillion budget for Rivers State to the National Assembly for consideration and passage, following the Supreme Court's nullification of the state's original 2025 appropriation bill.

1 mins

Petrol Price Hike Widens Regional Pain, Fuels Inflation Worries

Residents across Nigeria continue to feel the sting of surging petrol prices, as the average price for Premium Motor Spirit (PMS) jumped to N1,239.33 per litre in April 2025.

3 mins

Barcelona Rejects €250m PSG Bid for Young Star Lamine Yamal

Barcelona director Deco has confirmed that French giants Paris Saint-Germain made a €250 million offer to sign promising attacker Lamine Yamal last season.

1 mins

Ten Hag Confirmed as Bayer Leverkusen's Next Head Coach

Erik ten Hag, former Manchester United and Ajax manager, is set to become Bayer Leverkusen's new head coach, replacing Xabi Alonso, who is leaving to join Real Madrid this summer.

1 mins

John Terry Teases Maddison After Tottenham's Europa League Win

Chelsea legend John Terry couldn't resist poking fun at James Maddison following Tottenham Hotspur's 1-0 Europa League final victory over Manchester United on Wednesday.

1 mins

Super Eagles' Ajayi Says Emotional Goodbye to West Brom

Super Eagles defender Semi Ajayi has opened up after being released by West Brom Albion following six years at the club.

1 mins

Ademola Lookman Poised for Final Atalanta Appearance Amid Transfer Speculation

Ademola Lookman is set to make his final appearance for Atalanta this Sunday as the club wraps up the 2024/25 Serie A season.

1 mins

Arteta Congratulates Tottenham After Europa League Triumph Over Man Utd

Arsenal manager Mikel Arteta has congratulated Tottenham Hotspur following their 1-0 victory over Manchester United in the Europa League final on Wednesday night in Bilbao.

1 mins

Man United Back Amorim Despite Europa Loss

Manchester United have decided to stand by manager Ruben Amorim despite their 1-0 defeat to Tottenham Hotspur in the Europa League final on Wednesday night.

1 mins

Nigeria Eyes Industrial Takeoff via Mining, Autos

In a strategic move to accelerate Nigeria's industrial revolution, the Director-General of the Nigeria-China Strategic Partnership (NCSP), Mr. Joseph Tegbe, met with the Honourable Minister of State for Industry, Trade, and Investment, Senator John Owan Enoh, to align on transformative priorities aimed at repositioning the nation's economy through the mining and automotive sectors.

2 mins

Read all Stories from The Business NG

The Business NG Description:

Publisher: Tuns-Media-&-Comm-Enterprise

Category: Newspaper

Language: English

Frequency: Weekly

The BusinessNG, a leading business news publication across Nigeria and WestAfrica With a strong team of 30 staff members and a weekly print circulation of over 10,000 copies, we are poised for growth and report all political relating to business news at all level