Business
Honda, Nissan aim to merge by 2026 in historic pivot (Reuters)
Honda and Nissan are in talks to merge by 2026, they said on Monday, a historic pivot for Japan’s auto industry that underlines the threat Chinese EV makers now pose to the world’s long-dominant legacy car makers.
The tie-up would create the world’s third-largest auto group by vehicle sales after Toyota and Volkswagen (VOWG).
It would also give the two companies scale and a chance to share resources in the face of intense competition from Tesla (TSLA.O), and Chinese rivals, such as BYD.
The merger of Honda, Japan’s second-largest automaker, with Nissan, its No. 3, would be the biggest reshaping in the global auto industry since Fiat Chrysler Automobiles and PSA merged in 2021 to create Stellantis (STLAM.MI) in a $52-billion deal.
Smaller Mitsubishi Motors was also considering joining and would make a decision by the end of January, the companies said.
The chief executives of all three held a joint press conference in Tokyo.
“The rise of Chinese automakers and new players has changed the car industry quite a lot,” said Honda CEO Toshihiro Mibe, citing technological trends of electrification and autonomous driving.
“We have to build up capabilities to fight with them by 2030, otherwise we’ll be beaten.
“The two companies would aim for combined sales of 30 trillion yen ($191 billion) and operating profit of more than 3 trillion yen through the potential merger, they said.
They aimed to wrap up talks around June 2025 before setting up a holding company by August 2026, when shares of both companies would be delisted.
Honda, which has a market capitalisation of more than $40 billion, roughly four times that of Nissan, will appoint the majority of the company’s board, they said.
Combining with Mitsubishi Motors would take the Japanese group’s global sales to more than 8 million cars. The current No. 3 is South Korea’s Hyundai and Kia.
Business
Nigeria’s oil minister orders marketers to reduce fuel price
“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act,”said Lokpobiri.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, at the NMDPRA General Counsel and Legal Advisers Forum, directed petroleum marketers to reduce fuel price .
At the two-day forum themed: “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector, Lokpobiri noted that refiners and marketers have continued to sell petrol at elevated pump prices despite the significant decline in crude oil prices from a peak of $120 per barrel to about $72 per barrel last week.
He said: “Following de-escalation of tensions between Iran and the United States, we expected to see a commensurate downward adjustment in the prices of PMS and other petroleum products.However, that has not yet happened.”
“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act,”said Lokpobiri.
Business
Naira Exchange Rates Tuesday, 30 June 2026
BLACK MARKET RATES
US DOLLAR (USD) ₦1, 390
GREAT BRITISH POUND (GBP) ₦1,855
EURO (EUR) ₦1, 585
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 390 Sell ₦1, 395
GREAT BRITISH POUND (GBP) Buy ₦1,855 Sell: ₦1,870
EURO (EUR) Buy ₦1, 585 Sell ₦1,605
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
OFFICIAL CBN EXCHANGE RATES
US DOLLAR (USD) ₦1,383. 63
GREAT BRITISH POUND (GBP) ₦1,831.64
EURO (EUR) ₦1,578. 03
SWISS FRANC (CHF) ₦1,710.71
JAPANESE YEN (JPN) ₦8.55
CHINESE YUAN (CNY) ₦203. 65
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,872. 07
SAUDI RIYAL (SAR) ₦368.43
SOUTH AFRICAN RAND (ZAR) ₦84.24
OFFICIAL CBN EXCHANGE RATES
US DOLLAR (USD) ₦1,380. 93
GREAT BRITISH POUND (GBP) ₦1,824.90
EURO (EUR) ₦1,577. 58
SWISS FRANC (CHF) ₦1,710.13
JAPANESE YEN (JPN) ₦8.54
CHINESE YUAN (CNY) ₦203. 13
WEST AFRICAN CFA (XOF) ₦2.39
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,867. 05
SAUDI RIYAL (SAR) ₦367.72
SOUTH AFRICAN RAND (ZAR) ₦83. 89
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 393 Sell ₦1, 400
GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,870
EURO (EUR) Buy ₦1, 580 Sell ₦1,600
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Insecurity: NSCIA fumes “Enough is Enough” over attacks on Islam and Muslims in Nigeria
NYSC to be headed by civilians under new reforms
Nigeria’s oil minister orders marketers to reduce fuel price
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
Crime3 days agoBREAKING: JTF Rescues Five Kidnap Victims Along Benin-Ore Expressway
-
Business1 day agoNaira Exchange Rates Monday, 29 June 2026
-
News3 days agoNDLEA, Army, NAFDAC, Agunechemba, Others Rally Against Drug Abuse in Anambra
-
Health23 hours agoWHO Confirms 1,300 deaths in Europe heatwaves
-
Crime3 days agoNDLEA Seizes 10,000kg Drugs, Convicts 173 in Niger
-
News23 hours agoJUST IN: Two Trucks, Car Collide on Lagos Expressway, Several Injured
-
Politics24 hours ago2027: Atiku Alleged Plot To Keep ADC Off Ballot
-
News3 days agoDSS Releases, Compensates Man Wrongfully Held Over Boko Haram Links