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HB Report - Tracking Leadership, Power and Policy Across Africa
- 23 April 2025
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Operating Expenses of Eight Nigerian Banks Hit N4.61tn in 2024

The combined operating expenses of eight leading Nigerian banks surged to N4.61tn in 2024, reflecting growing financial pressure across the banking sector. This marks a 107.8 per cent increase from N2.2tn in 2023, largely driven by sharp rises in personnel and general operating costs. This information is based on the audited annual results submitted by […]

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HB Report - Tracking Leadership, Power and Policy Across Africa
- 23 April 2025
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IMF projects 37% inflation rate for Nigeria in 2026

The International Monetary Fund (IMF) has projected that Nigeria’s headline inflation will average 26.5% in 2025, following a recent rebasing of the Consumer Price Index (CPI) by the National Bureau of Statistics (NBS). The inflation rate, although down from 33.2% in 2024, is expected to spike again to 37.0% in 2026. This forecast is contained […]

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HB Report - Tracking Leadership, Power and Policy Across Africa
- 23 April 2025
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Nigeria Customs generates N1.75 trillion in Q1 2025

The Nigeria Customs Service (NCS) generated N1.75 trillion in revenue in the first quarter of 2025, exceeding its quarterly target of N1.645 trillion by N106.5 billion. This performance reflected a 29.96% increase compared to the N1.35 trillion recorded in Q1 2024. The Comptroller-General of Customs, Bashir Adewale Adeniyi, disclosed the figures during a press briefing […]

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HB Report - Tracking Leadership, Power and Policy Across Africa
- 22 April 2025
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Currency In Circulation Dropped To N5tn In March 2025 – CBN

Nigeria’s currency in circulation dropped to N5 trillion in March 2025, according to the latest data from the Central Bank of Nigeria (CBN). Currency in circulation refers to the total amount of cash — coins and paper currency — that has been issued by the CBN and is physically used for transactions by the public […]

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HB Report - Tracking Leadership, Power and Policy Across Africa
- 22 April 2025
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NNPCL Earns N336bn, Dangote Refinery Takes Lion’s Share

The Nigerian National Petroleum Company Limited (NNPCL) generated N336.37bn from crude oil sales in Q1 2025, with the Dangote Refinery alone accounting for over N107bn—more than 32% of total earnings. This follows the naira-for-crude policy, a Federal Government initiative launched to conserve foreign exchange and prioritize local refining. Under the deal, NNPCL supplied 915,821 barrels […]

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HB Report - Tracking Leadership, Power and Policy Across Africa
- 22 April 2025
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FG Generates ₦6.5bn from Mining Fees – Solid Minerals Minister Alake

The Federal Government collected N6,957,826,200 mining fees and registered 118 new private mineral buying centres in the first quarter of this year. Giving the details at the second Annual Mining Conference organised by Businessday newspaper in Abuja at the weekend, Minister of Solid Minerals Development, Dr Dele Alake, said the revenues reflected the outcome of […]

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HB Report - Tracking Leadership, Power and Policy Across Africa
- 22 April 2025
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Wale Edun leads Nigeria’s push for economic stability at 2025 IMF spring meetings

The Minister of Finance and Coordinating Minister of Economy, Wale Edun, is leading Nigeria’s delegation to the 2025 International Monetary Fund (IMF) Spring Meetings, holding from April 21 to April 26 in Washington, D.C. The IMF Spring Meetings aim to foster macroeconomic stability, provide policy advice, and assist nations facing balance-of-payments challenges. The gathering includes […]

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HB Report - Tracking Leadership, Power and Policy Across Africa
- 21 April 2025
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Dangote Price Drop Triggers N14bn Monthly Loss for Fuel Importers

Dangote Refinery has slashed its petrol ex-depot price to N835 per litre—undercutting importers by N33.33. Importers now face daily losses of N466.62 million, totalling nearly N14 billion monthly, as cheaper local fuel edges them out. “It’s good for Nigerians, but old-stock marketers will bleed,” said IPMAN’s Chinedu Ukadike. PETROAN’s Dr. Billy Gillis-Harry slammed the move […]

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HB Report - Tracking Leadership, Power and Policy Across Africa
- 21 April 2025
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Nigeria, UK to boost gas sector regulatory framework

The Federal Government has taken a significant step towards strengthening its gas sector regulatory framework through a strategic partnership with the United Kingdom’s Office of Gas and Electricity Markets (Ofgem). Besides, the government also seeks to draw insights from OfGEM’s practices in promoting investor confidence and consumer protection. The partnership was sealed during a meeting […]

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HB Report - Tracking Leadership, Power and Policy Across Africa
- 20 April 2025
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Local Refining Will Wipe Out Fuel Importers – CORAN

Fuel importers in Nigeria may soon be forced out of business due to the rise of local refining, according to the Crude Oil Refinery Owners Association of Nigeria (CORAN). Speaking to Sunday PUNCH, CORAN’s Publicity Secretary, Eche Idoko, dismissed claims by the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) that the naira-for-crude deal […]

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HB Report - Tracking Leadership, Power and Policy Across Africa
- 18 April 2025
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LCCI Blames Fiscal Indiscipline, Low Revenue Base for Nigeria’s N144.67 Trillion Debt Surge

The Lagos Chamber of Commerce and Industry (LCCI) yesterday expressed worry over the federal government’s new borrowings, which it noted “Are not for productive investments.” The body said Nigeria’s debt is projected to hit over N157 trillion by December 2025, blaming it on “The planned borrowing of N13 trillion to finance the 2025 budget deficit.” The President […]

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HB Report - Tracking Leadership, Power and Policy Across Africa
- 18 April 2025
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FG Moves to Add 1,900MW Solar Power to National Grid in Energy Transition Push

The Federal Government has revealed plans to construct modular solar power plants with a combined capacity of 1,900 megawatts for the 19 northern states, as part of efforts to boost renewable energy adoption and expand the national grid. It also disclosed its target to generate and distribute about 8,000MW of electricity before the end of […]

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HB Report - Tracking Leadership, Power and Policy Across Africa
- 18 April 2025
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NNPC Unveils $30 Billion Investment Drive to Bolster Nigeria’s Energy Sovereignty by 2027

The Nigerian National Petroleum Company Limited (NNPCL) has unveiled its agenda for attracting $30 billion investments by 2027 and $60 billion by 2030. The Group Chief Executive Officer (GCEO) Bayo Ojulari disclosed this to members of staff during a townhall meeting held at the NNPC Towers in Abuja, yesterday. In a press statement signed by […]

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HB Report - Tracking Leadership, Power and Policy Across Africa
- 16 April 2025
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Again, Dangote Refinery reduces petrol price

Dangote Petroleum Refinery has announced a further reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol. The new price is set at N835 per litre, down from N865 per litre, marking a 3.5 per cent decrease. This price adjustment follows the recent decline in global crude oil prices, which have […]

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HB Report - Tracking Leadership, Power and Policy Across Africa
- 16 April 2025
24 views 49 sec

83 firms get refining licences as petrol imports drop – NMDPRA

The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, has disclosed that the government has approved refining licenses to about 83 companies with a combined total refining capacity of 1,124,500. He explained that eight refineries have been issued Licenses to Operate (LTO), 30 refineries with Licenses to Construct […]

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HB Report - Tracking Leadership, Power and Policy Across Africa
- 16 April 2025
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FAAC: FG, states, LGs share N1.578trn for March

The Federation Account Allocation Committee (FAAC), on Monday, shared N1.578 trillion among the Febderal Government, states and the Local Government Councils (LGCs) for the month of March. A communiqué issued by Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation (OAGF),  said the revenue was shared at the April […]

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HB Report - Tracking Leadership, Power and Policy Across Africa
- 15 April 2025
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Nigeria’s inflation Hit 24.23% in March 2025 – NBS

Nigeria’s headline inflation rose to 24.23 per cent in March 2025, up from 23.18 per cent recorded in February, according to the latest data released by the National Bureau of Statistics. The figure represents a 1.05 percentage point increase, marking a sustained rise in the general price level across the country. On a month-on-month basis, […]

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HB Report - Tracking Leadership, Power and Policy Across Africa
- 15 April 2025
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Fuel Imports Crash by 67% as Local Refineries Boost Output — NMDPRA

Nigeria’s petrol imports have plummeted by 67%, dropping from 44.6 million litres per day in August 2024 to just 14.7 million litres by mid-April 2025, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority. The dramatic fall follows a 670% surge in local production, which jumped from 3.4 million litres daily in September to […]

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HB Report - Tracking Leadership, Power and Policy Across Africa
- 15 April 2025
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Nigeria’s oil reserves to run out in 64 years, says NUPRC

Nigeria’s crude oil reserves have been projected to last for another 64 years, while its gas reserves could sustain the country for 93 years, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said in Abuja on Friday. The latest reserves figures from NUPRC, contained in a statement signed by the Chief Executive of the commission, Gbenga […]

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HB Report - Tracking Leadership, Power and Policy Across Africa
- 15 April 2025
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UK Govt Invests $6m In InfraCredit To Boost Nigeria’s Energy Transition, Infrastructure

The United Kingdom has announced an investment of $6 million towards unlocking domestic capital for Nigeria’s infrastructure development and energy transition. The investment was made through its MOBILIST programme to support the listing of InfraCredit on the NASD OTC Exchange Plc. The total listing by InfraCredit, Nigeria’s first and only domestic credit guarantor, is valued […]