Ayobamiji Komolafe 
Business News Round-UP
Here is the New Telegraph’s weekly business news roundup of the top 15 latest Nigerian news stories making headlines from Monday, August 4, to Saturday, August 9, 2025.
Dangote Refinery Debunks Shutdown Rumour
The Dangote Petroleum Refinery has said that its Premium Motor Spirit (PMS), otherwise known as petrol or fuel gantry price, remains N850 per litre.
It also dismissed recent reports alleging a shutdown of its operations and…Read more
Fuel Pump Prices Hit N955 In Lagos, N971 In Abuja, N980 In North
Petroleum product marketers have increased their fuel pump prices nationwide. Investigations by New Telegraph yesterday, showed that pump prices of fuel in Lagos previously sold between N865 and N885 range between N930 and N955, although MRS sold at N915.
In the South-East fuel was sold at between N945 and N955 while in some…Read more
Attempted Fraud: NNPC Descends On Ikorodu, Lagos Station
The Nigerian National Petroleum Company Retail Limited has announced that it has imposed sanctions on a filling station in Ikorodu, Lagos State, following an alleged attempt by the station’s attendant to defraud a customer.
In a statement on Friday, NNPC Relation Ltd said it has disengaged the…Read more
Insurance-Fuelled Rally Lifts Equities By N1.58trn In Two Days
The Nigerian equities market staged a blistering rally this week, with investors raking in a staggering N1.580 trillion in just three trading days, spurred by the landmark signing of the Nigerian Insurance Industry Reform Act, 2025 (NIIRA 2025) by President Bola Ahmed Tinubu.
From a market capitalization of N91.149 trillion on Monday, August 4…Read more
Sterling Bank Names First Beneficiaries Of N2bn ‘Beyond Education’ Fund
Sterling Bank, Nigeria’s leading financial institution, has announced the first recipients of its N2 billion Beyond Education Scholarship, a groundbreaking nationwide initiative, designed to fund university education for 600 exceptional young Nigerians and connect them to future careers in high-impact sectors.
The announcement reflects a major step in the bank’s commitment to…Read more
Q4’24: FG Rakes In N1.95trn From VAT Proceeds
Revenue generated from Value Added Tax (VAT) in fourth quarter of 2024 stood at N1.95 trillion, showing a growth rate of 9.23 per cent on a quarter-on-quarter basis from N1.78 trillion in Q3 2024, according to National Bureau of Statistics NBS record shared via its official X handle yesterday.
Domestic payments were N917.40 billion, non-import foreign VAT…Read more
Report: Nigeria’s Egg Production Revenue To Hit $2.46bn By Year-End
A report from the stable of FSDH Merchant Bank has revealed that situation in the country’s exchange rate market, reduction in poultry feed prices, upcoming harvest season, moderate fuel pump price and others are the major drivers behind the reduction in the net prices of eggs.
Similarly, the FSDH data also projected that Nigeria is expected to earn…Read more
High Demand For Oil Support Vessels Pushes Expenditure To $15bn
Spending on Offshore Support Vessels (OSVs) in Nigeria has been estimated at $15 billion in the last five years, following high demand by the International Oil Companies at deep water in the Niger Delta basins.
Top vessels currently in demand in 2025 are Various Barges (VB), Tug Boats (TB)…Read more
Telecoms: NCC Reports 35,000 Fibre Cuts, 3,000 Theft Cases In 2025
Nigerian telecommunications operators have suffered over 35,000 fibre cuts and 3,168 theft-related incidents between January and July 2025, posing a significant threat to service quality and national infrastructure.
The Executive Vice Chairman of the Nigerian Communications Commission…Read more
‘Nigeria Retains High Yields On One-Year Bills To Lure Investors’
The Central Bank of Nigeria (CBN) retained high double-digit yields on one-year papers favored by offshore investors in an auction on Tuesday to sustain dollar inflows and shore up the naira, according to Bloomberg.
The news agency, which noted that yields on the government-backed treasury bills…Read more
CBN, NDIC Must Proactively Deal With Potential Shocks In Financial Sector – Cardoso
The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has said his experience at the apex bank in the last two years taught him that CBN and the Nigeria Deposit Insurance Corporation (NDIC) must proactively deal with potential shocks in the financial sector by leveraging modern tools for financial stability.
Cardoso stated this on Wednesday when he was paid a courtesy call by the newly…Read more
Egbin Power, Ikeja Electric, Others Not In Receivership – Mgt
Egbin Power Plc, Ikeja Electric Plc (IE) and First Independent Power Limited (FIPL) have refuted media reports published in a medium on August 6, 2025, alleging the appointment of Kunle Ogunba Esq. SAN as the Receiver/Manager over the entities.
According to a joint press statement issued on Wednesday by the companies…Read more
Tax: FG To Reward Manufacturers, Others Using Locally Sourced Inputs
Following the country’s legislative milestone aimed at channeling global capital into raw material processing technologies with the Senate formally passing the Raw Materials Research and Development Council (Establishment) Amendment Bill, 2025, mandating that no raw materials may leave the shores unless they have undergone at least 30 per cent processing or value-addition within Nigeria’s own soil, the Federal Government has also granted RMRDC the authority to implement significant tax-incentive guidelines designed to reward manufacturers and innovators using locally sourced inputs in their production processes.
The Minister of Innovation, Science and Technology, Chief Godfrey Uche…Read more
US Tariffs, AI Propel Value Of Global M&A To $2.6trn
The value of global deals in merger and acquisition has hit $2.6 trillion, the highest for the first seven months of the year since the peak of the pandemic in 2021.
According to Dealogic data, the number of transactions up to August 1 is…Read more
Nigeria Exports N207bn Urea To Brazil, Other Destinations
A total of 341, 737 tonnes of urea valued at N207 billion ($133 million) have left Nigerian to Brazil and other destinations in four months. According to the Nigerian Ports Authority (NPA)’s shipping data, 117,000 tonnes of the consignment were shipped out by four vessels in July 2025 as MV C Tiger left the Lagos Port with 27,700 tonnes; Endless Horizon, 30,000 tonnes; Harvest Legacy, 30,000 tonnes and Utrahandy, 30 ,000 tonnes.
Investigation revealed MV C Tiger has arrived the Port of Kandla…Read more
9mobile Rebrands, Transforms Into T2
In a strategic move to gain back the telecoms market, Emerging Markets Telecommunications Services Limited (EMTS), the parent company of 9mobile, has officially rebranded to T2, unveiling a fresh logo and a vibrant orange colour scheme.
The new identity was launched on Friday in Lagos by Nigeria’s Minister of…Read more
