The Central Bank of Nigeria (CBN) has refuted claims that it introduced new N5,000 and N10,000 banknotes, calling such reports false. Rumors had circulated widely that the apex bank planned to launch high-denomination notes to streamline cash transactions, reduce cash-handling costs, and enhance liquidity management. Some reports linked the alleged introduction to a supposed Deputy Governor, Dr. Ibrahim Tahir Jr., with claims that the new notes would be issued from May 1, 2025. However, posting the reports on its X page, the CBN wrote: “This content is NOT from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.”

Nigeria’s Net Foreign Exchange Reserve (NFER) reached $23.11 billion by the end of 2024, its highest level in over three years. This growth reflects improved external liquidity, lower short-term obligations, and renewed investor confidence. According to the Central Bank of Nigeria (CBN), the reserve surged from $3.99 billion in 2023, $8.19 billion in 2022, and $14.59 billion in 2021. NFER adjusts gross reserves by accounting for near-term liabilities such as FX swaps and forward contracts, making it a more accurate measure of available foreign exchange buffers. Gross external reserves also rose to $40.19 billion from $33.22 billion at the end of 2023. The increase follows strategic CBN measures, including a significant reduction in short-term FX liabilities like swaps and forward contracts. Additionally, policy actions to restore confidence in the FX market, strengthen reserves, and boost foreign exchange inflows—especially from non-oil sources—contributed to the growth. As a result, Nigeria now has a stronger, more transparent reserve position, enhancing its ability to withstand external shocks, even as the CBN continues to reduce short-term liabilities and improve reserve quality.

President Bola Tinubu has reconstituted the board of the Nigerian National Petroleum Company Limited (NNPCL), dismissing Chairman Chief Pius Akinyelure and Group Chief Executive Officer Mele Kyari. In a statement, presidential spokesman Bayo Onanuga announced that Tinubu also removed all other board members appointed alongside Akinyelure and Kyari in November 2023. “The new 11-man board has Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as non-executive chairman,” Onanuga said. President Bola Tinubu has appointed Adedapo Segun, who took over as chief financial officer from Umaru Isa Ajiya last November, to the new NNPCL board. The board includes six non-executive directors representing Nigeria’s geopolitical zones: Bello Rabiu (North West), Yusuf Usman (North East), and Babs Omotowa, former managing director of Nigeria LNG, representing North Central. Additionally, Tinubu appointed Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East) as non-executive directors. “Mrs Lydia Shehu Jafiya, permanent secretary of the Federal Ministry of Finance, will represent the ministry on the new board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources,” he said. “All the appointments are effective today, April 2. “President Tinubu, invoking the powers granted under Section 59, subsection 2 of the Petroleum Industry Act, 2021, emphasised that the board’s restructuring is crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialisation and diversification. “President Tinubu also handed out an immediate action plan to the new board: to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives. “Since 2023, the Tinubu administration has implemented oil sector reforms to attract investment. Last year, NNPC reported $17 billion in new investments within the sector. The administration now envisions increasing the investment to $30 billion by 2027 and $60 billion by 2030. “The Tinubu administration targets raising oil production to two million barrels daily by 2027 and three million daily by 2030. Concurrently, the government wants gas production jacked to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030. “Furthermore, President Tinubu expects the new board to elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030.”

The Securities and Exchange Commission (SEC) has issued a stern warning that individuals promoting or operating Ponzi schemes in Nigeria now face a minimum penalty of N20 million, a 10-year prison sentence, or both upon conviction, as mandated by the newly enacted Investments and Securities Act 2025. SEC Director-General, Dr. Emomotimi Agama, made this known in Abuja, emphasizing that the new law aims to strengthen Nigeria’s capital market framework, enhance investor protection, and introduce reforms that foster market integrity, transparency, and sustainable growth. He noted that in the past, the SEC lacked the legal authority to prosecute Ponzi scheme operators, making it difficult to hold offenders accountable. However, the new legislation now imposes a mandatory 10-year prison term or more for those found guilty. Additionally, the Act sets a minimum fine of N10 million for anyone caught operating a Ponzi scheme in the country. “So, N10 million is not the entire penalty or the entire money that will be charged or sanctioned to any suspecting or any accused capital market or non-capital market operator. It is just part of the penalties and or the sanctions that will be meted against such persons,” Agama explained. The SEC Director-General also said that sanctions will include “disgorgement,” meaning that any profits or gains obtained from defrauding Nigerians will be recovered adding “It is not about the quantum of the fraud, it is about sanctions that would deter people from even getting into it”. Also, Agama said the new ISA has also provided the SEC with the power to be able to obtain and request telephone conversations and all other conversations that are required to Prosecute Ponzi operators. “We recognize that a lot of Nigerians have fallen prey to these sponsor schemes and the reason why that is the case is because there were no sanctions. You know enough to deter them from doing this so what this Act has done is to introduce measures for Ponzi scheme operators and intending Ponzi scheme operators not to be able to do this again against the wish and will of Nigerians.

With the Federal Government targeting 2.06 million barrels per day in 2025, Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, on Tuesday, warned that oil blocks not being developed could be withdrawn. He announced that the government would enforce the “drill or drop” provisions of the Petroleum Industry Act (PIA) to boost production. As of February 2025, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported oil production at 1.67 million barrels per day. According to a statement by his Media Aide, Nneamaka Okafor, Lokpobiri made this declaration at a Cross Industry Group meeting in Florence, Italy, organized by International Oil Companies (IOCs) operating in Nigeria. The meeting addressed sector challenges, expectations, and strategies to strengthen domestic energy supply and expand across Sub-Saharan Africa. According to the Minister, “We cannot continue to have assets sitting idle for 20 to 30 years without development. If you are not utilizing an asset and it remains underdeveloped for decades, it neither adds value to your books nor to us as a country. “We encourage industry players to explore collaborative measures such as shared resources for contiguous assets, farm-outs, and the release of underutilized assets to operators ready to invest in production. Otherwise, like any responsible government, we will take back these assets and allocate them to those willing to go to work”. The Minister encouraged operators to explore farm-out agreements for assets near existing infrastructure, rather than investing heavily in new Floating Production Storage and Offloading (FPSO) units. Lokpobiri also called on International Oil Companies (IOCs) in Nigeria to increase investment in the oil and gas sector, emphasizing that President Bola Ahmed Tinubu's administration has provided all necessary incentives for smooth and profitable operations.

The National Institute for Policy and Strategic Studies (NIPSS) has assured Nigerians that petrol prices will decrease once Dangote Refinery and other local refineries begin production. Before the removal of fuel subsidies, petrol cost less than N200 per litre. However, prices have now surged to around N930 per litre, depending on the location. Despite this spike, NIPSS Director-General Ayo Omotayo expressed optimism about future relief during an appearance on The Morning Brief on Channels Television. He explained that as more refineries come online, petrol prices will begin to decline. “With the removal of the first subsidy, we have Dangote Refinery coming on. We have the other refineries. The refinery in Port Harcourt has worked continuously for 110 days if I’ve counted right! These are the short-term gains,” he said. He predicted that petrol prices could drop to around N750 per litre before the end of the year and that the exchange rate would stabilise. “We’re looking at it coming down as low as N750 before the end of the year. And of course, foreign exchange, we believe, will still drop to about 1.3 before the end of the year and it is going to continue like that as more of our refineries come into place. “We will become a net exporter in the long run,” he added. He acknowledged that Nigerians are currently facing difficulties but insisted that the country will benefit from the policy in the long run. “The gains at this time are very little, but then in the long run, we will make up for whatever sacrifices we have made today as Nigerians,” he stated.

Dangote Petroleum Refinery has resumed loading Premium Motor Spirit (PMS), also known as petrol, onto trucks for oil marketers. The refinery had halted truck loading based on Naira transactions due to the suspension of the Naira-for-crude program, rising crude oil prices, and foreign exchange challenges. However, ship loading continued on a dollar basis, with the $20 billion refinery asking marketers in existing agreements to "top up" payments to secure supply. Checks by *Vanguard* revealed that several companies, including MRS Oil & Gas, which complied with the payment adjustment, were being loaded at N880 per litre as of yesterday. A reliable industry source confirmed the development, stating, “Truck loading has commenced for oil marketing companies that have made additional payments.” Meanwhile, petrol prices have surged nationwide, with new pump and depot prices reaching up to N960 and N900 per litre, respectively, according to the latest price list from MRS Oil & Gas obtained by Waffi TV.

The House of Representatives has announced that its Public Accounts Committee (PAC) has recovered an additional $14.2 million (N21.4 billion) from four oil and gas companies as part of its ongoing probe into financial irregularities in the sector. The committee has also issued a 20-day ultimatum to four companies to remit $23.2 million (N34.8 billion) or risk public exposure in national newspapers and other penalties. House Spokesman, Rep. Akin Rotimi, Jr., noted that this latest recovery follows an earlier announcement on March 16, 2025, of N28.7 billion ($19.24 million) in recoveries, bringing the total recovered so far to $33.44 million (N50.1 billion). Breakdown of Latest Recoveries: - Platform Petroleum Ltd: $1.9 million (N2.9 billion) - Midwestern Oil and Gas Ltd: $1.578 million (N2.3 billion) - Universal Energy: $523,845 (N785.7 million) - Aradel Energy Ltd: $10.3 million (N15.5 billion) PAC Chairman, Rep. Bamidele Salam, credited these achievements to the strong support of Speaker Rt. Hon. Abbas Tajudeen, whose leadership has reinforced accountability in public finance. The committee has also directed the following companies to settle their outstanding payments within seven days: - Total Energies: $2 million - Seplat Energies (SPDC): $6.036 million + N1.5 billion - Aradel Energy Ltd: $12.1 million - Network Exploration: $3.1 million Additionally, the PAC raised concerns over several companies that have ignored its summons, warning of further action if they continue to evade accountability. These companies include Frontier Oil and Gas, Conoil Producing, Walter Smith Petrochemical, Bilton, Energia Ltd, Aiteo Petroleum Ltd, and Pillar Oil Ltd. Moreover, First E & P Oil Company has been instructed to reconcile a $90 million outstanding balance with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and appear before the committee on April 16, 2025, to resolve the issue. The House underscored that investigations into the 2021 Auditor General’s report have revealed over ₦10 trillion in unpaid dues from industry operators to the Federation Account.

The United Kingdom has raised visa fees for Nigerians and other international applicants, including students, tourists, and workers, increasing the financial burden on those seeking entry. According to the UK Home Office, the student visa fee has jumped from £363 to £490, marking a 35% hike. The six-month visit visa now costs £115, up from £100, while fees for work and family visas have also been revised. Defending the move, the UK government stated that the fee increase is essential to sustain the immigration system and support public sector wages. “It is right and fair to increase visa application fees to ensure that the costs of running the immigration system are met by those who benefit from it,” the Home Office said.

Aliko Dangote, Femi Otedola, Mike Adenuga, and Abdulsamad Rabiu have been listed among Forbes’ billionaires for 2025. Forbes Magazine published the ranking on Saturday, with the four being the only Nigerians featured. Dangote, owner of Dangote Refinery, leads the pack with a net worth of $23.9 billion, a significant rise from $13.9 billion in 2024. “Aliko Dangote of Nigeria tops the list for the 14th year in a row with an estimated net worth of $23.9 billion, up from $13.9 billion a year ago,” the magazine wrote. “The big jump in his fortune is primarily due to Forbes adding the value of his refinery, which opened last year on the outskirts of Lagos after long delays.” According to Forbes, Adenuga, the chairman of Globacom, comes in fifth position, having a net worth of $6.8 billion. Rabiu of BUA Group was rated sixth on the continent with an estimated worth of $5.1 billion. The chairman of First Bank of Nigeria (FBN) Holdings Plc, Otedola occupies the joint 16th position with a $1.5 billion net worth. “Another billionaire whose fortune grew more than 30%: Femi Otedola of Nigeria (No. 18, $1.5 billion), chairman of listed power generation firm Geregu Power Plc,” Forbes wrote about Otedola. “Shares of Geregu surged some 40% in the past year following a jump in revenue and profits. Two African billionaires who made the list in the past and then fell off are back on again.” According to Forbes, South Africa had the largest number of billionaires on the list with seven persons. This is followed by Nigeria and Egypt with four each. “The list also includes three billionaires from Morocco, one from Algeria (Isaad Rebrab), one from Tanzania (Mohammed Dewiji), and one (Masiyiwa) from Zimbabwe,” it said, adding that it “was a banner year for Africa’s billionaires, whose cumulative wealth surpassed $100 billion for the first time ever”. “Africa’s 22 billionaires saw their fortunes rise to a total of $105 billion, up from $82.4 billion and 20 billionaires last year. It’s no small feat to generate this level of wealth on the continent, where political uncertainty, currency crises, and challenging consumer markets are routine,” the magazine wrote.