A new report by Quartus Economics has called on the Central Bank of Nigeria (CBN) to introduce higher denominations of N10,000 and N20,000 notes, citing the sharp decline in the value of the naira and its effect on cash transactions. The report explained that the current highest denomination, the N1,000 note, has lost much of its purchasing power due to the continuous depreciation of the currency. According to the economic review titled “Is Africa’s Eagle Stuck or Soaring Back to Life?”, the introduction of larger currency notes would help make the naira more practical and reduce the burden of carrying…
Author: Omolemi Eboisetale
President Bola Tinubu has approved a 15 per cent ad‑valorem import duty on imported petrol (Premium Motor Spirit) and diesel with immediate effect. The directive, dated October 21 2025, was addressed to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The duty will be applied to the Cost, Insurance and Freight (CIF) value of imported fuel and is part of a market‑responsive framework designed to align import costs with domestic production realities. The government says the move aims to strengthen local refining capacity, reduce reliance on imported petroleum products, and stabilise the downstream sector. Documents reviewed…
A Federal High Court sitting in Abuja has struck out the criminal charge filed by the Federal Competition and Consumer Protection Commission (FCCPC) against MTN Nigeria Communications Plc and three of its top executives. The decision marks the end of a months-long legal dispute that accused the telecom giant of obstructing regulatory investigations. The FCCPC had earlier filed a two-count charge, marked FHC/ABJ/CR/354/2024, against MTN Nigeria, its Chief Executive Officer, Karl Toriola, Chief Corporate Services and Sustainability Officer, Tobechukwu Okigbo, and General Manager of Regulatory Affairs, Ikenna Ikeme. The commission alleged that the company failed to honour lawful summons requesting…
The European Central Bank (ECB) has decided to maintain its key interest rates unchanged for the third consecutive meeting, signalling confidence that inflation pressures are easing while the eurozone economy continues to stabilise. The decision comes amid cautious optimism that previous policy moves have helped tame price growth without triggering a deeper economic slowdown. Since July, the ECB has kept its deposit rate at 2 percent following a series of rate cuts that began in mid-2024. The bank’s latest decision reflects its commitment to ensuring price stability around its 2 percent inflation target, while closely monitoring economic conditions across the…
Nollywood actress Yvonne Jegede has criticised popular preacher Pastor Femi Lazarus for making what she described as “insensitive” and dismissive remarks about menstruation and women’s experiences. The actress took to social media to express her disappointment after a video of the pastor’s sermon went viral. In the trending clip, Pastor Lazarus told his congregation that menstruation should not be seen as a problem, claiming he had never read in the Bible where any woman complained about period pain. “You are not the first woman to see your period, so your menstruation is not the problem. You are simply not a…
Liverpool’s struggles continued on Wednesday night as they crashed out of the League Cup following a stunning 3-0 home defeat to Crystal Palace. The result has piled further pressure on manager Arne Slot, whose team has now suffered six losses in their last seven matches across all competitions. Palace forward Ismaila Sarr was the star of the night, scoring twice in the first half before Yeremy Pino sealed the win late on. Liverpool’s decision to rest several key players, including Mohamed Salah, Virgil van Dijk, and Alexander Isak, backfired as the team failed to find rhythm or composure. “It’s not…
The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to partner with equity investors to revive the country’s non-operational refineries. Group Chief Executive Officer, Bayo Ojulari, said the company is seeking credible technical partners with proven experience in refinery operations to help restore the facilities to full capacity. Ojulari explained that the partnership strategy would enable the state-owned oil company to ensure sustainable operations and reduce Nigeria’s reliance on imported petroleum products. “We are looking ahead with optimism to ensure our refineries operate effectively. We are dedicating significant time to a detailed review and are eager to implement our…
Indian state-backed refiner HPCL-Mittal Energy Limited (HMEL) has announced that it has stopped purchasing crude oil from Russia following new international sanctions imposed on Moscow’s energy sector. The company confirmed that the decision was made after the United States, the European Union, and the United Kingdom introduced fresh restrictions targeting Russian oil giants, including Rosneft and Lukoil. In a statement cited by Reuters, HMEL explained that it “had already taken the decision to suspend further purchases of Russian crude” to ensure compliance with global regulations. The company said it would honour existing contracts but would not place new orders until…
Chelsea manager Enzo Maresca has criticised striker Liam Delap for what he described as a “stupid” and “embarrassing” red card during their 4-3 League Cup win over Wolverhampton Wanderers on Wednesday. The Italian coach expressed disappointment over the player’s lack of discipline, which resulted in Chelsea’s fifth red card in just nine matches. Delap, who had only just returned from a hamstring injury after nearly two months on the sidelines, was introduced as a second-half substitute. However, his comeback was cut short after he received two yellow cards within seven minutes the first for pushing Wolves defender Yerson Mosquera and…
The Federal Government has released N2.3 billion to settle outstanding salary and promotion arrears owed to teaching and non-teaching staff in public universities across the country. The Ministry of Education confirmed that the funds represent the eighth batch of arrears processed through the Office of the Accountant-General of the Federation. According to a statement by the ministry’s Director of Press and Public Relations, Folasade Boriowo, the release of the funds reflects the government’s commitment to improving the welfare of university workers and addressing backlogs inherited from previous administrations. Minister of State for Education, Dr. Tunji Alausa, said affected institutions will…
The National Assembly has approved President Bola Tinubu’s request to secure an external loan of $2.34 billion to fund the 2025 Appropriation Act and refinance maturing Eurobonds. The approval, granted by both the Senate and House of Representatives, follows the adoption of reports from their respective committees on local and foreign debts. According to the report presented by Senator Aliyu Wamakko, Chairman of the Senate Committee on Local and Foreign Debts, the borrowing plan includes $1.22 billion in new external loans and $1.11 billion for refinancing due obligations. The loans will be sourced through Eurobonds, syndicated loans, bridge financing, or…
United States President Donald Trump has explained that he was too busy during his recent visit to South Korea to meet with North Korean leader Kim Jong Un but suggested that he could return soon for talks. Speaking to reporters aboard Air Force One as he left Busan, Trump said he wanted to focus on his main engagements in South Korea and not divert attention from them. “We never were able to talk because I was so busy, and really, this is why we came. I think it would have been maybe disrespectful to the importance of this meeting if…