Economy

By CHUKWUDI ACHIFE He arrives promptly and firmly when beckoned -not with sirens and guns blazing but with a scale and a bagful of powers to ensure justice, equity and fairness in tax administration. He is the Tax Ombudsman of Nigeria. A new office created to strengthen President Ahmed Tinubu' s sweeping tax reforms. Heading this all -important office, is Dr. John Nwabueze who became the pioneer occupant of the office following his appointment by President Ahmed Tinubu GCFR in November 2035. His appointment has been widely and enthusiastically received within the nation's business community as he comes with a…

Oil markets have recorded their steepest annual fall since the Covid pandemic and could be on track to plummet further as oil producers continue to pump more crude than needed by the global economy. Oil prices slumped by almost 20% in 2025, marking the biggest annual loss since 2020 and the first time that the oil market has recorded three consecutive years of annual losses. On the last day of 2025, the price of Brent crude settled at $60.85 a barrel, down sharply from almost $74 a barrel at the end of 2024. The US oil price also fell 20%…

The richest 500 individuals in the world added a record $2.2trillion to their wealth in 2025, according to the Bloomberg Billionaires Index, with just eight billionaires accounting for a quarter of the gains. The gains increased their collective net worth to $11.9tn, bolstered by billionaire Donald Trump’s 2024 election victory and booming markets in cryptocurrencies, equities and metals. Around a quarter of the gains were attributed to eight billionaires, including Elon Musk, Jeff Bezos, Oracle chair Larry Ellison and Alphabet Inc co-founder Larry Page, though 2024 saw more concentrated net worth gains with the same eight billionaires making up 43%…

*Adds Over Half Trillion $ By Anna Isaac A stock market boom in artificial intelligence (AI) companies has added more than half a trillion dollars to the wealth of America’s tech barons in the past year, (2025), data shows. The top 10 US founders and bosses of some of the world’s largest technology companies saw their finances swell to nearly $2.5tn, up from $1.9tn, in the year to Christmas Eve, according to figures from Bloomberg. Elon Musk, already the world’s richest man, has again proved to be one of biggest winners as the AI gold-rush has pushed US stock markets…

*W/African Oil Struggles To Find Customers *Middle East Oil Displacing W/African Crude In Asia *Global Glut Builds West African crude oil sellers are struggling to find buyers for up to 26 December- and January-loading cargoes due to stiff competition from plentiful and cheaper alternative supplies, traders and analysts told Reuters. The amount of unsold Nigerian and Angolan crude, analysts say, is a symptom of a wider oil market surplus. It drove selling on the international futures market that pushed Brent crude below $60 per barrel to the lowest since May this week. "The overhang of West African cargoes partly reflects…

*Richest 10% Own 75% Wealth, Bottom Half Just 2% *Rich Getting Richer, Poor Poorer Fewer than 60,000 people – 0.001% of the world’s population – control three times as much wealth as the entire bottom half of humanity, according to a report that argues global inequality has reached such extremes that urgent action has become essential. The authoritative World Inequality Report 2026, based on data compiled by 200 researchers, also found that the top 10% of income-earners earn more than the other 90% combined, while the poorest half captures less than 10% of total global earnings. Wealth – the value…

By Stephen Gbadamosi, Ibadan Oyo State government has showcased its investment potentials at the ongoing Intra-African Trade Fair (IATF 2025) in Algiers, Algeria, joining other Nigerian states in projecting the nation’s economic strengths at the continental level. A statement by the State Commissioner for Information and Orientation, Prince Dotun Oyelade, on Wednesday, explained that the Commissioner for Investment, Trade, Cooperatives, and Industry, Hon. Adeniyi Adebisi, who led the Oyo State delegation to the trade fair, reiterated the government’s commitment to creating an enabling environment for business and investment. He explained that Oyo State was determined to leverage the African Continental…

*Promoters dream Of Toppling NB Plc Products By Sam Tyav, Makurdi Managing Director (MD), Benue Investments and Property Company (BIPC), Dr. Raymond Asemakaha, has disclosed the firm's preparedness to ensure that its up-and-coming Zeva alcoholic drinks take dominant market share in the industry. The MD noted that the drinks brand would not only create competition for those of Nigerian Breweries (NB) Plc and break the monopoly the elite beer and beverages producing firm enjoys in Nigeria, but would take the lead in the industry. Speaking with a select group of journalists, led by Chairman of the State Council of Nigeria…

By Vivian Emoni Abuja Chamber of Commerce and Industry (ACCI) has commended President Bola Tinubu for signing the 2025 Nigerian Insurance Industry Reform Act (NIIRA) into law. The chamber described it as a major milestone for the nation’s insurance sector, according to a report in News Agency of Nigeria (NAN) . Speaking at a stakeholders’ meeting in Abuja on Thursday, ACCI President, Chief Emeka Obegolu, said the Act would modernise the industry, boost investor confidence, and position insurance as a critical enabler of Nigeria’s economic transformation. “This reform signals Nigeria’s commitment to building a resilient, transparent, and investor-friendly insurance sector,”…

After bowing out as Chairman of Dangote Sugar, Africa's richest man, Aliko Dangote, has retired as Chairman of Dangote Cement. He is the founder and majority shareholder of the conglomerate. The Board of Dangote Cement quickly appointed Emmanuel Ikazoboh, an independent non-executive director, as new Chairman. The company’s Group Chief Branding and Communications Officer, Anthony Chiejina, confirmed news of the retirement in a statement issued on Friday, July 25. Chiejina said Dangote quit the position to devote more attention to Dangote Petroleum Refinery. His tenure transformed Dangote Cement into Africa’s largest cement producer and a leading exporter in Sub-Saharan Africa,…