Microsoft has withdrawn from an agreement to lease computing capacity at a planned Nscale data centre in Loughton, northeast of London, reportedly due to delays in securing electricity for the site. The technology giant confirmed the decision on Monday, October 19, but stressed that its broader partnership with the British AI infrastructure provider remained unchanged.…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has warned that a return to fuel subsidies could trigger capital flight, erode investor confidence and send the naira tumbling to between N3,000 and N4,000 against the US dollar. Oyedele gave the warning on Monday, October 19, while speaking at the International Monetary…
Nigeria’s headline inflation rate declined to 14.63 per cent in September 2026, down from 15.39 per cent in August, following a moderation in average food prices, according to the National Bureau of Statistics (NBS). The bureau disclosed this in its latest Consumer Price Index report released on Thursday, which also showed that annual inflation fell…
Minister of Power Joseph Tegbe has said the Federal Government can no longer afford to cover electricity tariff shortfalls while striving to provide power across the country. Tegbe made this known at an energy conference organised by the Harvard Business School Association of Nigeria, where industry experts and regulators discussed challenges facing the power…
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the retail price of petrol at some of its filling stations in Abuja. A market survey conducted on Sunday, September 27, found that NNPCL outlets in Gwarimpa, Kubwa and other parts of the Federal Capital Territory had adjusted their pump price from ₦1,430 to ₦1,405 per…
The Central Bank of Nigeria (CBN) has reduced its benchmark interest rate from 26.5 per cent to 23 per cent following the conclusion of the Monetary Policy Committee’s (MPC) 307th meeting in Abuja. CBN Governor Olayemi Cardoso announced the decision on Tuesday, September 22, 2026, saying the committee reviewed developments in the global and domestic…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has detected cases of fuel stations allegedly under-dispensing petroleum products at retail outlets across the country. In a statement issued on Tuesday, September 22, 2026, the regulator described under-dispensing as a serious breach of consumer trust and warned that it would intensify enforcement against affected outlets.…
The Nigerian naira is currently trading at ₦1,329.80 to the US dollar in the official market and around ₦1,389/$1 in the parallel market, based on the latest available figures as of Tuesday, September 22, 2026. The official exchange rate reflects the latest closing position recorded by the Nigerian Foreign Exchange Market (NFEM) on Monday,…
Nigeria’s headline inflation rate eased marginally to 15.39 percent in August 2026, down from 15.43 percent recorded in July, according to the latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS). The latest figure represents a 0.04 percentage-point decline from the previous month. On a month-on-month basis, headline inflation stood at…
The net worth of Dangote Group President, Aliko Dangote, has risen to an estimated $51 billion following the official launch of the Dangote Refinery Initial Public Offering (IPO) on the Nigerian Exchange Limited (NGX). According to Forbes data, the latest valuation places Dangote as the 36th-richest person in the world. The Dangote Refinery public offer…
