Nigerian Upstream Petroleum Regulatory Commission earns N28bn From Oil Licensing Fees

BRICS leaders at a summit took aim at US President Donald Trump’s “indiscriminate” import tariffs and recent Israeli-US strikes on Iran. The 11 emerging nations — including Brazil, Russia, India, China, and South Africa — account for about half the world’s population and 40 per cent of global economic output. BRICS members says the tariffs risked hurting the global economy, according to a summit joint statement. Trump says any country aligning themselves with the anti-American policies of BRICS will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Trump has warned he will impose unilateral levies on partners unless they reach “deals” by August 1.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Elon Musk says he is launching a new political party, weeks after dramatically falling out with US President Donald Trump. The billionaire announced on his social media platform X that he had set up the America Party, billing it as a challenge to the Republican and Democratic two-party system. The Federal Electoral Commission had not published documents indicating the party had been formally registered.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Namibian government has announced a temporary ban on state funerals amid criticism over the rising costs of these burials. Only President Netumbo Nandi-Ndaitwah has the power to exempt funerals from the moratorium, the government said. Minister of Information and Communication Technology Emma Theofelus says the moratorium would last until April 2026, while a review committee looks into the "criteria and processes associated with bestowing official funerals". Ms Theofelus added that a committee consisting of "no more than seven members" would be established to lead the review. The government has not said whether the decision was related to mounting criticism of the increasing costs of the numerous state funerals as reported by local media.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Nigerian Upstream Petroleum Regulatory Commission has generated a total sum of N28.11bn in miscellaneous oil revenue tied to licensing fees and renewals within the first five months of 2025. The fund collected by the commission between January and May 2025 was remitted fully to government coffers. This comes amidst the scramble by over 40 Petroleum Prospecting Licence holders to renew their exploration permits. The commission described this category of income as revenue generated from granting approvals for various types of licences and permits. Still, it did not disclose the specific amounts earned from each source.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Nigerian Communications Commission, the regulator for telecom firms and internet service providers, has said it will introduce a portal for tower companies to report downtimes on their network facilities. It has also given them an August deadline to improve their infrastructure or face fines. The NCC says Nigeria experiences an average of two network outages daily, with a total of 349 major outages recorded across the country between January and June 2025. The NCC wants every company involved in the network connectivity value chain to be held accountable. When your internet connection frustrates you next time, it’s not enough to blame MTN, Airtel, Glo, or 9mobile.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The Federal Government, through the Nigeria Data Protection Commission, has imposed a fine of N766million on Multichoice Nigeria for breaching the Nigeria Data Protection Act, citing violations of subscribers’ privacy rights and the unlawful transfer of citizens’ personal data across borders. The Head of Legal, Enforcement and Regulations at NDPC, Babatunde Bamigboye, says the sanction followed an investigation launched in the second quarter of 2024 after allegations surfaced regarding the company’s intrusive data processing activities. He says the probe uncovered multiple breaches, including the unauthorised processing of personal data belonging to both subscribers and individuals who were not Multichoice customers.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

President Donald Trump says a group of very wealthy people is set to buy short-form video app TikTok. Trump declined to share more details about the buyers, saying only that he would reveal their identities in two weeks Trump has repeatedly delayed a bill forcing owner ByteDance to sell the app or see it banned in the United States. In January, he said his “initial thought” was to create “a joint venture between the current owners and/or new owners whereby the U.S. gets a 50% ownership.” He’s also says he was open to allies Larry Ellison or Elon Musk buying the app, although Musk seems like a less likely candidate now.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Ethiopia’s central bank has issued a long-awaited directive allowing foreign banks and investors to formally enter its financial sector, marking a major step in the country’s broader economic liberalisation programme. Analysts say the move could inject new capital, boost competition, and accelerate the development of a sector that remains heavily dominated by the state-owned Commercial Bank of Ethiopia. The new licencing rules were published by the National Bank of Ethiopia, will provide a clear regulatory path for foreign banks to set up subsidiaries, open branches, or establish representative offices in the country. Foreign strategic investors can also acquire stakes in existing local banks, with individual ownership capped at 30%, and total foreign ownership capped at 40%.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

Rwanda and the Democratic Republic of Congo have signed a peace deal in Washington aimed at ending decades of devastating conflict between the two neighbours, and potentially granting the US lucrative mineral access. The deal demands the "disengagement, disarmament and conditional integration" of armed groups fighting in eastern DR Congo. US President Donald Trump says the violence and destruction comes to an end, and the entire region begins a new chapter of hope and opportunityBecome a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

The National Health Insurance Authority has sanctioned 49 healthcare facilities and 47 Health Maintenance Organisations in 2024 over violations of its operational guidelines, the agency said on Sunday. Acting Director of Media and Public Relations, Emmanuel Ononokpono, noted that the key issues recorded in the complaints against HCFs were unavailability of medicines, denial of services, out-of-pocket payment for covered services and non-provision of payment narrations. He says the issues were related to delays or denials of referral authorisation codes, delays in settlement of agreed reconciled payments, refusal to monitor quality assurance in facilities, etc.Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.