Finance

Finance Minister Oyedele denies plans to tax petrol, calls reports fake news

Nigeria’s finance minister says there is no intention to impose a fuel tax, dismissing online reports and clarifying that the government would not raise petrol prices after subsidy removal.

LAS News Desk · 21 Oct 2026, 11:16 WAT · 4 sources

Governor Otu’s financial turnaround fuels calls for a landslide re‑election

Former presidential aide Okoi Obono‑Obla praised Cross River Governor Bassey Otu’s handling of state finances and revenue growth, arguing that these achievements make a second term inevitable.

LAS News Desk · 20 Oct 2026, 12:45 WAT · 2 sources

Stallion Group says court ruling does not affect wider businesses

The Federal High Court judgment involving United Bank for Africa Plc concerns only Stallion Nigeria Limited and a few other companies. Stallion Group clarified that the rest of its companies remain unaffected and fully operational.

LAS News Desk · 20 Oct 2026, 11:45 WAT · 3 sources

Dangote Refinery IPO draws investors from 90+ countries as valuation climbs 33%

The initial public offering of Dangote Petroleum Refinery & Petrochemicals has attracted subscriptions from over 90 nations, including 51 African states, and a research firm has lifted its share price target by a third on strong earnings.

Photo: FrankvEck / Wikimedia Commons · CC BY-SA 4.0

LAS News Desk · 19 Oct 2026, 06:15 WAT · 7 sources

SERAP files court action demanding INEC disclose N126.46bn electoral spending

The Socio‑Economic Rights and Accountability Project has taken the Independent National Electoral Commission to the Federal High Court in Abuja, seeking a mandamus order for full disclosure of more than N126 billion allocated for election‑related procurement, citing an auditor‑general report that flagged irregularities.

LAS News Desk · 19 Oct 2026, 01:15 WAT · 5 sources

Nigeria pushes for Chinese investment as officials stress policy stability ahead of elections

Nigeria’s central bank is courting Chinese investors to broaden financing options while the finance ministry warns markets are already pricing in President Tinubu’s likely second term, linking policy consistency to investor confidence.

LAS News Desk · 18 Oct 2026, 06:15 WAT · 2 sources

IMF chair notes global resilience amid Russian‑Ukraine dispute walkout

At the IMF and World Bank meetings in Bangkok, chair Mohammed Al‑Jadaan said the global economy remains resilient but warned against complacency, while about half of delegates walked out in protest of Russia’s finance minister’s remarks on the Ukraine war.

LAS News Desk · 17 Oct 2026, 13:15 WAT · 2 sources

Nigeria's FX demand soars to 15‑year high as services and financial flows dominate

Nigeria’s foreign‑exchange utilisation rose to $18.34 bn in Q2 2026, the highest level in 15 years, driven by a surge in services and financial transactions that now account for more than half of total demand.

LAS News Desk · 16 Oct 2026, 02:15 WAT · 2 sources

eTranzact Board reshaped after majority ownership shift

eTranzact International Plc has restructured its board following a shareholding transaction that transferred 56.18% of its shares to Trademarks Global Concepts Limited. The move saw resignations from exiting directors and the appointment of new members, including nominees from the new majority owner.

LAS News Desk · 14 Oct 2026, 09:45 WAT · 2 sources

Independent Football Regulator warns English clubs face mounting financial risk

The IFR’s draft ‘State of the Game’ report finds that most clubs in England’s top five divisions are loss‑making, with debt set to exceed £5bn, prompting calls for urgent action before broadcast revenues fall.

LAS News Desk · 14 Oct 2026, 04:12 WAT · 2 sources