Here’s a quick roundup of the top business news you may have overlooked, giving you the insights you need to stay informed and ahead of the game.
1. MRS Revises Fuel Prices Nationwide
MRS Oil Nigeria Plc has lowered the price of Premium Motor Spirit (PMS), also known as petrol. The new price at Lagos stations is now N925 per litre. This follows Dangote Refinery’s recent reduction of its ex-depot price to N890 per litre.
Prices vary by region. In the South West, petrol costs N935 per litre. The North sees prices at N945, while the East has the highest rate at N955 per litre.
On Monday, MRS announced the update on its official X (formerly Twitter) account. The company reassured customers that fuel quality remains a priority. It also urged buyers to report any station selling above the listed prices.
Dangote Refinery Cuts Petrol Prices
On February 1, 2025, Dangote Petroleum Refinery reduced its ex-depot petrol price from N950 to N890 per litre. The company attributed this change to lower global crude oil prices.
According to a statement signed by Anthony Chiejina, the Group’s Chief Branding and Communications Officer, the price adjustment follows market trends. Dangote had raised prices on January 19 due to rising crude oil costs. Now, with prices easing, the refinery aims to offer Nigerians some relief.
Economic Impact of Price Reductions
Lower petrol prices may reduce transport costs. This could lead to lower prices for goods and services.
Dangote Refinery urged marketers to pass the savings to consumers. It also reaffirmed its commitment to President Bola Tinubu’s economic policies. The administration seeks to make Nigeria self-sufficient in refined petroleum products.
2. FG Launches Housing Fund to Boost Homeownership
The federal government has introduced the Ministry of Finance Real Estate Investment Fund (MREIF). This initiative aims to make homeownership easier for Nigerians.
MREIF: A N1 Trillion Housing Solution
MREIF is a N1 trillion fund designed to reduce Nigeria’s housing deficit. Experts estimate this deficit ranges between 17 million and 28 million units.
The fund is a private-sector-led initiative. It supports homebuyers and developers, creating a more accessible housing system.
Making Home Loans More Affordable
According to Biyi Adekunbi, Head of ARM Investment Managers, MREIF provides long-term mortgages. Loans can extend up to 20 years at low-interest rates.
MREIF also integrates pension-backed financing to ease affordability. Nigerians at home and abroad can apply.
How to Apply for MREIF
Applications are now open through an online portal managed by ARM Investment Managers. The process includes five stages: expression of interest, verification, pre-approval, property selection, and final disbursement. Loan amounts range from N45 million to N200 million.
Addressing Housing Market Challenges
MREIF supports developers struggling with inflation. The fund offers off-take guarantees, helping them secure credit.
The platform lists about 2,000 housing units, focusing on first-time buyers in cities like Lagos, Abuja, and Kano.
3. FBN Holdings Rebrands to First HoldCo Plc
FBN Holdings Plc has announced a rebranding. The financial group will now operate as First HoldCo Plc. However, FirstBank will retain its existing brand. The transition awaits regulatory approval.
Unifying Financial Services
FirstBank has shaped Nigeria’s banking sector for over a century. The rebrand aims to unify its banking, investment, and insurance arms under one identity.
“This is more than a name change. It reaffirms our vision,” said Wale Oyedeji, Group Managing Director.
4. Africa’s Startup Funding Surges
Africa’s startup ecosystem saw a strong start in 2025. January funding reached $289 million, marking a 240% rise from the $85 million secured in 2024.
Equity Investments Lead Growth
Equity financing dominated, raising $262 million. This marks the second-highest January for equity fundraising since 2019.
Major deals came from Nigeria, Kenya, Egypt, and South Africa. Key funding rounds included:
- PowerGen (EnergyTech): $50 million for renewable energy expansion.
- LemFi (Fintech): $53 million for global expansion.
- Naked (Insurtech): $38 million for automation and product growth.
- Enko Education (EdTech): $24 million to expand school networks.
Investor Confidence Returns
Experts see renewed investor interest after tough years in 2023 and 2024.
Davidson Oturu, General Partner at Nubia Capital, believes Nigerian startups have strong potential. “Investors are more selective, but scalable businesses with impact will attract capital,” he said.
5. Tony Elumelu: Africa Offers Unmatched Investment Potential
At the World Government Summit in Dubai, Tony Elumelu highlighted Africa’s high return on investment.
He emphasized that Africa’s challenges—like infrastructure gaps—are actually investment opportunities. “Every challenge is an opportunity,” he said.
Elumelu pointed to Africa’s youthful population as a key growth driver. With 65% of 1.5 billion people under 30, Africa has immense economic potential.
He urged investors to take a strategic approach, as economic reforms improve market stability. “Africa is open for business,” he stated.
6. MTN Faces Backlash Over Price Hike
MTN Nigeria has removed its 15GB weekly data bundle after customer outrage. The price had jumped from N2,000 to N6,000.
MTN Apologizes to Customers
On Thursday, MTN sent an apology to subscribers. “We know how upsetting this was. We could explain, but omo, all that one na story,” the message read.
The company urged customers to forgive and assured better service. The 15GB bundle is no longer available on the MoMo and MyMTN apps.
Telecom Price Increases Ahead
MTN’s move follows tariff hikes approved by the Nigerian Communications Commission (NCC). Prices for various services have increased by up to 50%.
Stay tuned for more updates as these stories unfold. Which of these headlines caught your interest the most? Let us know your thoughts!
