Category: Business

Business

Food Prices Fall in Three Nigerian States, but Inflation Remains High Elsewhere

Food Prices Fall in Three Nigerian States, but Inflation Remains High Elsewhere By Utelnova News Desk Food prices recorded significant monthly declines in Adamawa, Kano and Bauchi in September 2026, while residents in other parts of Nigeria continued to face rising food costs, according to the latest Consumer Price Index report from the National Bureau of Statistics (NBS). The report showed that Adamawa recorded the … Continue reading Food Prices Fall in Three Nigerian States, but Inflation Remains High Elsewhere

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Business

BREAKING: Shell Exits Nigeria’s Domestic Gas Distribution Business, Sells to Nigeria Firm

Shell has agreed to sell its entire interest in Shell Nigeria Gas Group to indigenous energy company Vaaris Energy Limited, marking a major change in Nigeria’s domestic gas distribution sector. Shell Petroleum B.V. announced the agreement on Tuesday, October 13, 2026, as the international energy giant continues to restructure its operations in Nigeria. The transaction covers Shell Nigeria Gas Group, which supplies natural gas to … Continue reading BREAKING: Shell Exits Nigeria’s Domestic Gas Distribution Business, Sells to Nigeria Firm

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Business

JUST IN: Dangote Refinery Extends IPO Deadline to October 27, Gives Investors More Time

By Utelnova News Desk | October 13, 2026 Dangote Petroleum Refinery and Petrochemicals has extended the closing date of its initial public offering (IPO) by two weeks, giving prospective investors more time to apply for shares in the company. The offer, which opened on September 14 and was originally scheduled to close on Tuesday, October 13, will now remain open until October 27, 2026, following … Continue reading JUST IN: Dangote Refinery Extends IPO Deadline to October 27, Gives Investors More Time

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Business

“You’re Going Back to Nigeria” — Kenyan Presidential Candidate Warns Dangote Over $16bn Refinery Plan

“ Utelnova | Business & African News | October 12, 2026 A Kenyan presidential aspirant, Patrick Osoi, has warned Nigerian billionaire Aliko Dangote not to rush ahead with his proposed $16 billion oil refinery project in Kenya, declaring that he would prefer local investors to undertake the project if he becomes president. Osoi made the remarks while addressing supporters at a Lions Movement event. A … Continue reading “You’re Going Back to Nigeria” — Kenyan Presidential Candidate Warns Dangote Over $16bn Refinery Plan

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Business

US Government Warns American Investors About Business Risk in Nigeria

The United States government has raised concerns over business risks in Nigeria, warning American executives about possible detention, regulatory disputes and other challenges while operating in the country. The warning was highlighted in the US Department of State’s 2026 Nigeria Investment Climate Statement, published in September, according to reports by Nigerian media outlets. The report identified concerns including insecurity, corruption, port inefficiencies and regulatory uncertainty, … Continue reading US Government Warns American Investors About Business Risk in Nigeria

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Business

Dangote Refinery Cuts Diesel Price to ₦1,700 as Crude and Import Costs Fall

Dangote Petroleum Refinery has reduced the price of Automotive Gas Oil (AGO), commonly known as diesel, by ₦80 per litre, bringing its gantry price down from ₦1,780 to ₦1,700 per litre. The new price took effect on Wednesday, October 7, 2026, according to a notice issued by the refinery to its customers. The reduction represents a 4.5 per cent decrease from the previous price. The … Continue reading Dangote Refinery Cuts Diesel Price to ₦1,700 as Crude and Import Costs Fall

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Business

Nigeria Climbs Four Places to Eighth in African Investment Risk Ranking

The assessment comes as the country continues to implement economic reforms introduced since President Bola Tinubu took office in 2023. Among the major changes have been the removal of the petrol subsidy, reforms to the foreign-exchange market and changes to electricity tariffs. The reforms were designed to address long-standing economic challenges, although they have also brought significant pressure on households and businesses, particularly through higher … Continue reading Nigeria Climbs Four Places to Eighth in African Investment Risk Ranking

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Business

Dollar to Naira Today: Naira Remains Relatively Stable as Market Rates Hold

The Nigerian naira remained relatively stable against the United States dollar on Friday, October 2, 2026, as the official foreign exchange market and parallel market continued to trade within a relatively narrow range. At the official Nigerian Foreign Exchange Market (NFEM), the dollar was reported at approximately ₦1,328.17, with the Central Bank of Nigeria reference rate around ₦1,329.16 per dollar. In the parallel market, the … Continue reading Dollar to Naira Today: Naira Remains Relatively Stable as Market Rates Hold

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Business

5 Things Nigerians Should Know About the Latest Cost-of-Living Changes

Nigeria’s cost of living remains an important concern for households, workers and businesses, even as the country’s headline inflation rate continues to moderate. The National Bureau of Statistics (NBS) reported that headline inflation fell slightly from 15.43% in July 2026 to 15.39% in August. However, food inflation remained considerably higher at 19.57%. Recent increases in petrol prices have also created additional pressure on transportation and … Continue reading 5 Things Nigerians Should Know About the Latest Cost-of-Living Changes

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Business

‘A day will come when it will land at ₦10,000’: Dangote gives fresh update on refinery shares

Aliko Dangote, President of Dangote Industries Limited, has said the planned IPO of Dangote Petroleum Refinery, priced at ₦525 per share, could rise to as much as ₦10,000 in the future. The IPO is expected to provide small-scale investors with a greater opportunity to secure shares, as Dangote has pledged to prioritise them during the allotment process. In a recent interview conducted in Hausa language … Continue reading ‘A day will come when it will land at ₦10,000’: Dangote gives fresh update on refinery shares

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