GBN

Story by Alexandra Wexle There is a surprise winner from the Iran war: Africa’s richest man. Nigerian industrialist Aliko Dangote  went through hell building a $29 billion oil refinery  that was plagued by a decade of delays and cost overruns that doubled the tab for the project. Now, the commodities tycoon is reaping the benefits. The huge refinery reached full capacity in February—just in time to supply the world with diesel, jet fuel and gasoline that doesn’t need to pass through the Strait of Hormuz. Surging demand for refined petroleum products …

Abuja, July 10, 2026  The Abuja Federal High Court has affirmed the statutory authority of the Federal Competition and Consumer Protection Commission (FCCPC) to investigate consumer complaints relating to pricing of airline tickets.  The court clarified that the Commission’s investigative powers under the Federal Competition and Consumer Protection Act (FCCPA, 2018) are distinct from the exercise of a power to regulate price.  In a judgment delivered on June 29, Honourable Justice B.F.M. Nyako dismissed the suit filed by Air Peace Limited challenging the Commission’s authority to investigate complaints concerning possible …

Lagos, July 10, 2026 – It is a question that is becoming increasingly important for policymakers, investors, development finance institutions, regulators and financial market participants across the continent.  As African economies strive to attract long-term investment, strengthen macroeconomic resilience and deepen their capital markets, the pursuit of investment-grade status has become more than a rating objective; it has become a strategic economic priority. Recognising the significance of this conversation, DataPro has unveiled “Sovereign Credit Rating: Africa’s Roadmap to Investment-Grade Status” as the theme for its 2026 International Credit Rating Webinar, scheduled to …

Dubai, July 10, 2026 – Iran’s slain Supreme Leader Ayatollah  Ali Khamenei was buried in the country’s holiest shrine, state media said early on Friday, after huge crowds gathered ​for his funeral with his son and successor Mojtaba Khamenei  still hidden from public view. The burial in Mashhad in northeast Iran follows a week of mass funeral processions, rallies ‌and mourning ceremonies that has coincided with a renewed burst of conflict with the United States following weeks of truce in the four-month-old war. Khamenei was killed in the first strikes …

Washington, July 10, 2026 -U.S. President Donald Trump began this week with an Oval Office first: ringing the stock market’s opening bell. The moment captured a defining feature of his second term. Trump has increasingly cast Wall Street’s gains as a measure of his presidency, treating record stock prices as proof ​that his policies are working even as many Americans remain squeezed by high living costs and millions own no stock at all. It is a political and economic calculus that some economists say risks conflating the fortunes of ‌financial …

Lagos, July 10, 2026 – The International Monetary Fund (IMF) has projected 4.7% global headline inflation rate for 2026 The IMF disclosed this its July 2026 World Economic Outlook Update. It said the inflation rate is to increase from 4.1% in 2025 driven primarily by elevated commodity and surging energy prices—compounded by geopolitical tensions in the Middle East. The IMF also projected global growth at 3.0 per cent in 2026 and 3.4 per cent in 2027, down from the average of 3.5 per cent recorded in 2024–2025. The Fund said …

Lagos, July 10, 2026 – Nigeria has lost more than ₦2.376 trillion to persistent inefficiencies in the electricity grid over the past 12 years. Abdu Bello, the Chief Executive of the Nigeria Independent System Operator (NISO), disclosed this at the 11th Nigeria Energy Forum (NEF 2026) in Lagos. Bello, represented by Deji Ojo, the ISO General Manager of Research, said a significant portion of the country’s available electricity generation capacity remained stranded because the transmission and system operations framework could not dispatch all available power to consumers. He said the …

Abuja, June 10. 2026 – The Senate has approved N404.07 billion Police Trust Fund for 2025 and 2026. Out of the budget, N170.10 billion is for 2025, while N233.96 billion is for 2026. The budget was approved on Thursday following the consideration of the report of the Senate Committee on Police Affairs presented by Senator Yunus Akintunde (Oyo-Central). Akintunde said the 2025 budget was being reconsidered because of non-implementation of the previously approved budget due to legal issues surrounding the amendment of the Nigeria Police Trust Fund Establishment Act. “This …

Lagos, July 10, 2026 – The Nigerian currency, Naira, appreciated to N1,378.4313 to the dollar at the official foreign exchange market on Thursday. The naira exchange rate in the market was N1,379.0675 to the dollar on Wednesday. Bid rates quoted by dealers in the market on Thursday ranged between N1,376.5000 and N1,380.0000 to the dollar. Meanwhile, the naira is being traded at the black market in Lagos between N1, 410 and N1,415 to the dollar.

New Delhi July 10, 2026 – Oil prices edged higher on Friday and were set for weekly gains because of renewed fears of supply disruptions from the key Middle East producing region after renewed ​fighting between the U.S. and Iran this week curtailed shipping in the Strait of ‌Hormuz. Brent futures were up 4 cents, or 0.05%, at $76.34 a barrel by 0319 GMT. U.S. West Texas Intermediate (WTI) crude gained 7 cents, or 0.10%, to $72.15. For the week, Brent was set for a gain of about 6% and …