The African Continental Free Trade Area Secretariat has signed a 20-year, $3.1 billion concession agreement with Nigeria's Bergmans Security Consultants and Supplies Ltd to implement a continent-wide customs system aimed at boosting intra-African trade.
Indian oil refiners are increasingly purchasing crude from West African sources, including Nigerian grades, while some seek to avoid Gulf routes through the Strait of Hormuz and Red Sea amid ongoing regional tensions. Mangalore Refinery bought 1 million barrels of Oman crude while Hindustan Petroleum purchased 2 million barrels of Nigerian crude for its Rajasthan refinery.
Nigerian President Bola Tinubu has approved salary increases ranging from 30% to 80% for approximately 250,000 armed forces personnel, effective September 1, 2026. The move raises the military's annual wage bill from N660 billion to N924 billion as the country battles insurgency, banditry, and kidnappings.
Nigeria's tax authority has released the country's first comprehensive framework for taxing virtual assets, requiring crypto exchanges to verify customers with Tax Identification Numbers and imposing penalties up to ₦10 million ($7,000) for non-compliance. The guidelines include corporate tax rates, stamp duties, and mandatory registration requirements for crypto businesses.
Gunmen attacked a village in Nigeria, killing at least 12 people including six members of one family who were burned to death in their home, while abducting women and children. Nigerian Army soldiers have been deployed to the scene.
Nigerian singer Oladapo Oyebanjo, known as D'banj, made history as the first Nigerian artist to ring the closing bell at the London Stock Exchange. The milestone occurred amid other LSE developments including Volex's transition to the Main Market, McCormick's planned secondary listing, and the exchange's AI-driven trading infrastructure expansion.
Two Ghanaian nationals have petitioned the International Criminal Court to open a preliminary investigation into attacks against foreign nationals in South Africa that they allege could constitute crimes against humanity. Separately, Nigeria's House of Representatives ordered an investigation into losses, damages, and casualties suffered by Nigerians, while Ghana and Nigeria called for the issue to be placed on the agenda of the next African Union Summit.
Nigerian authorities charged six people, including a retired major general and a serving police officer, with terrorism and treason over an alleged coup attempt intended to overthrow President Bola Tinubu. The charges were brought forward on Tuesday.
Crude oil prices jumped nearly 8% to over $103-104 per barrel following Trump's announcement of the Iranian port blockade and the failure of peace talks. Physical oil prices in some markets approached $150 as buyers paid record premiums for immediate delivery amid supply disruption fears.
BBC-obtained internal documents show Shell continued operating a major oil pipeline in Nigeria despite warnings from its own staff about pollution and evidence linking it to over 100 oil leaks between 2011 and 2013. The revelations emerge as Niger Delta communities pursue legal action against Shell in English courts over the environmental damage.
