Business Archives - Voice of Liberty NG

NNPCL ₦210tr probe: Kyari denies evasion

June 12, 2026June 12, 2026 Aminu Imam

…As Ex-CFO dismisses alleged discrepancy The controversy surrounding the Senate’s investigation into the finances of the Nigerian National Petroleum Company Limited (NNPCL) intensified yesterday, as former Group Chief Executive Officer, Mele Kyari, denied evading lawmakers, while the company’s former Chief Financial Officer, Umar Ajiya, dismissed claims of an alleged ₦210 trillion financial discrepancy as “mathematically impossible”. The twin developments came a day after the Senate Committee on Public Accounts issued an arrest warrant against Kyari following his failure to appear before the committee investigating NNPCL’s financial records and transactions. Responding…

’27m Nigerians faced food insecurity in 2025 under Tinubu’ – IMF

June 11, 2026June 11, 2026 Aminu Imam

…As poverty rate hits 63% …Foreign debt to hit $72.6bn after 2027 polls The International Monetary Fund, (IMF), has revealed that poverty in Nigeria rose to 63% under the administration of President Bola Tinubu, while an estimated 27 million Nigerians experienced food insecurity during the latter part of 2025 despite improvements in key macroeconomic indicators. The Fund disclosed this in a statement issued on Tuesday in Washington, DC, USA, where it assessed Nigeria’s economic performance and reform efforts over the past three years. According to the IMF, although recent economic…

MTN data hike triggers consumer revolt over service quality

June 9, 2026June 9, 2026 Aminu Imam

Communications giant, MTN Nigeria came under intense criticism at its “Data on Trial” public hearing in Lagos, as subscribers, digital creators, journalists and consumer advocates complained of poor network quality, disappearing data and unstable connections despite higher telecom tariffs. The backlash follows the Nigerian Communications Commission’s (NCC) approval of a 50% tariff increase in January 2025, which raised call and data costs after 12 years without adjustments. Consumers argue that service quality has failed to improve despite the higher charges. At the forum, MTN CEO, Karl Toriola defended the company’s…

Households groan, as rising cooking gas cost hits ₦2,400/kg

June 8, 2026June 8, 2026 Aminu Imam

Nigerians in major cities are groaning under the rising cost of Liquefied Petroleum Gas (LPG), commonly called cooking gas, as the price has climbed to as high as ₦2,400 per kilogramme in some retail outlets. The sharp increase has worsened hardship for households already struggling with high food prices, transport costs and other living expenses. Findings have showed that while some filling stations sold cooking gas between ₦1,650 and ₦1,900 per kilogramme, neighbourhood retailers and black market operators charged as much as ₦2,400 per kilogramme, depending on location. A housewife…

Tinubu moves to break S’African firm’s hold on airtime, data lending market

June 7, 2026June 7, 2026 Aminu Imam

President Bola Tinubu has directed the Federal Competition and Consumer Protection Commission (FCCPC) to break the long-standing dominance allegedly held by South African technology firm, Optasia in Nigeria’s airtime credit and data advance sector. The move follows a briefing by the FCCPC, which reportedly warned that the company’s near-exclusive control of the market over the past 12 years has led to significant capital outflows and limited benefits for the Nigerian economy. According to sources, the Presidency believes opening the sector to competition could unlock an estimated N3 trillion in annual…

NUPRC workers begin nationwide strike, shut down operations

June 2, 2026June 2, 2026 Aminu Imam

Workers of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have commenced an indefinite strike, shutting down all Commission offices across the country over unresolved welfare and administrative grievances. The industrial action began yesterday morning following a breakdown in negotiations between staff representatives and management over long-standing demands relating to staff welfare, promotions, training opportunities, and institutional governance issues. Sources said the workers moved to enforce a total shutdown after months of unsuccessful engagements failed to produce a resolution or implementation roadmap. A key point of contention is the review of…

‘Nigeria’s external reserves rise to $49.34bn’ – CBN

June 1, 2026June 1, 2026 Aminu Imam

…Says $2.34bn spent on food imports in 2025 Nigeria’s external reserves have continued their upward trajectory, rising to $49.34 billion as the naira remained largely stable against the United States dollar, reinforcing investor confidence in the country’s foreign exchange (forex) market reforms and external sector outlook, according to the latest data released by the Central Bank of Nigeria (CBN). This is just as the apex bank revealed that Nigeria spent approximately $2.34 billion on food imports in 2025, underscoring the country’s continued dependence on foreign food supplies despite a modest…

Rising inflation pushes petrol to ₦1,532, cooking gas – ₦22,382

May 31, 2026May 31, 2026 Aminu Imam

The average retail price paid by consumers for Premium Motor Spirit (PMS), otherwise known as petrol, rose by 23.69 percent year-on-year to ₦1,532.93 in April 2026, compared to ₦1,239.33 recorded in the corresponding period of 2025, according to the National Bureau of Statistics (NBS). According to the Premium Motor Spirit (Petrol) Price Watch (April 2026) report released by the statistical agency, month-on-month, petrol prices increased by 18.97% from ₦1,288.54 in March 2026. The increase in petrol price came amid persistent inflationary concerns and rising transportation and food costs that have…

Tinubu inaugurates major CNG infrastructure projects nationwide

May 31, 2026May 31, 2026 Aminu Imam

President Bola Tinubu on Friday inaugurated four major Compressed Natural Gas (CNG) infrastructure projects across Lagos, Abuja and Owerri as part of efforts of his administration to expand clean transport infrastructure and deepen domestic gas utilisation. The initiative, delivered under the Midstream and Downstream Gas Infrastructure Fund (MDGIF), form part of the Federal Government’s response to petroleum subsidy reforms and its strategy to reduce transport costs and accelerate the transition to cleaner fuels. This is contained in a statement issued by the Presidential Spokesperson, Bayo Onanuga, on Friday. The projects…

PoS operators threaten to shutdown services nationwide

May 31, 2026May 31, 2026 Aminu Imam

…Give reasons The Association of Point of Sale Service Providers (PoS) may suspend and cripple banking operations in the country if the Central Bank of Nigeria (CBN) and the Federal Competition and Consumer Protection (FCCPC) fail to immediately intervene in the alleged exclusivity practice by Verve International and Interswitch Limited. The association made the disclosure in a statement signed by its Communications Consultant, Yomi Idowu. Observers say the move that could affect millions of customers and merchants who rely on PoS terminals for daily business activities. According to Idowu, the…