Business -

Port-Harcourt refinery set to begin operations by end of July

May 21, 2024 by Francis Abel

After several delays, the 210,000-barrel-per-day Port-Harcourt refinery is expected to commence operations by the end of July 2024. Chief Ukadike Chinedu, the National Public Relations Officer of the Independent Marketers Association of Nigeria (IPMAN), confirmed this development on Monday. Chinedu highlighted that the refinery’s operation would stimulate economic activities, lower petroleum product prices, and ensure … Read more

Naira gains against dollar, exchanges for N1,490/$ in parallel market

May 20, 2024 by Francis Abel

The naira appreciated further to N1,490 per dollar at the parallel section of the foreign exchange (FX) market on Monday, reflecting a 1.34 percent increase from the N1,510/$ rate recorded on May 17. Currency traders in Lagos, known as bureau de change (BDC) operators, quoted the buying rate of the dollar at N1,450 and the … Read more

CBN retracts cybersecurity levy directive

May 20, 2024 by Francis Abel

In a significant policy reversal, the Central Bank of Nigeria (CBN) has withdrawn its directive for banks and payment service providers to collect and remit the cybersecurity levy as stipulated in the Cybercrime Prevention and Prohibition Amendment Act of 2024. This announcement came through a revised circular issued on May 17, 2024. The updated circular, … Read more

Tinubu appoints lead developer of Green Industrial Zone

May 19, 2024 by Francis Abel

President Bola Tinubu has appointed The Infrastructure Corporation of Nigeria as the Lead Developer of Evergreen City, Nigeria’s green industrial zone, signaling his commitment to sustainable industrial growth. The appointment aims to meet both present and future industrial demands, according to a statement by Ajuri Ngelale, the Special Adviser to the President on Media and … Read more

Marketers make major demand as Dangote Refinery ends fuel imports in June

May 19, 2024 by Francis Abel

The Dangote Refinery is poised to halt Nigeria’s monthly importation of approximately one billion liters of premium motor spirit, signaling a significant shift in the nation’s fuel landscape. Aliko Dangote, Chairman of the Dangote Group, announced that Nigeria will cease petrol imports once the refinery begins selling the product in June. This development follows the … Read more

Dangote reveals when Nigeria will end fuel importation

May 18, 2024 by Francis Abel

Aliko Dangote, Africa’s wealthiest individual and the Chairman of Dangote Group, has announced that Nigeria will stop importing fuel next month, thanks to the operationalization of the Dangote Refinery. This development was shared during the Africa CEO Forum Annual Summit held in Kigali on Friday, where Dangote expressed optimism about reshaping Africa’s energy sector. Dangote … Read more

We’ve paid $125m in taxes to Nigeria, Chinese company tells Tinubu

May 18, 2024 by Francis Abel

Chairman of the China Railway Construction Corporation (CRCC), Mr. Dai Hegen, says the company has paid a whopping sum of $125 million in taxes to the Nigerian government. Hegen, who disclosed this during a visit to President Bola Tinubu at the State House, Abuja, on Friday, said the corporation has signed investment cooperation agreements with … Read more

NNPCL, fire service differ as inferno razes fuel depot in Lagos

May 18, 2024 by Francis Abel

In Apapa, Lagos State, a significant fire broke out at a tank farm, which the Lagos State Fire Service initially attributed to the facility of Nigerian National Petroleum Company Limited (NNPCL). A video capturing the blaze circulated on social media early Friday morning. However, NNPCL quickly refuted this claim, asserting that the fire originated from … Read more

FCCPC reveals ‘shocking’ stance on DStv, GOtv subscriptions’ price hike

May 17, 2024 by Francis Abel

On Thursday, the Federal Competition and Consumer Protection Commission (FCCPC) did not contest the recent hike in prices for DStv and GOtv subscriptions by MultiChoice Nigeria Limited. FCCPC’s stance was revealed through its lawyer, Nikiomari Abeke, during a session of the Competition and Consumer Protection Tribunal (CCPT) in Abuja. According to the News Agency of … Read more

Power sector : Tinubu approves payment of N3.3trn debts

May 17, 2024 by Francis Abel

In a strategic move to address the persistent power outages plaguing Nigeria, President Bola Tinubu has approved a phased repayment plan for the power sector’s outstanding debts, totaling over N3.3 trillion. The initiative will see the federal government disburse approximately N1.3 trillion to power generating companies (Gencos) through a combination of cash payments and promissory … Read more