News and analysis of global and local business trends, markets, and industry developments.
Former President Olusegun Obasanjo has disclosed that the Nigerian National Petroleum Corporation (NNPC) rejected a $750 million offer from billionaire businessman Aliko Dangote. In an exclusive interview with Channels TV, former President Olusegun Obasanjo revealed that in 2007, Dangote offered a staggering $750 million to manage the Port Harcourt and Kaduna refineries. …
By Damilola Adeleke Shell The Shell Petroleum Development Company of Nigeria Limited (SPDC) is a global oil and gas company that is the pioneer and leader of the petroleum industry in Nigeria. SPDC is the operator of the NNPC/SPDC/Total Energies/NAOC Joint Venture and supplies onshore and shallow water oil and gas to domestic and…
By Damilola Adeleke Nominees: Brand of the Year Indomie Talk of a dogged and consistent brand with an intentional approach to rule the market and Indomie will readily come to mind. Though it’s often argued that its early entry into the market is the major advantage it has over competitions, the story of Indomie…
The Nigerian Naira is anticipated to depreciate to N1,804 per dollar fair value at the official market in 2025, as stated in a recent report by Afrinvest titled ‘Beyond The Rhetorics: Transforming Reforms to Tangibles’. The report attributes this projection to the potential challenges the Central Bank of Nigeria might face in meeting foreign exchange…
President of Dangote Industries Limited, Aliko Dangote, has praised President Bola Ahmed Tinubu for implementing the crude-for-naira swap deal, a policy that has positively impacted Nigeria’s economy by stabilizing the naira and reducing petroleum product prices. In line with this development, Dangote announced a price reduction for Premium Motor Spirit (PMS) from N970 to N899.50…
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), in collaboration with its partners, plans to establish a refinery with an initial capacity of 50,000 barrels per day (bpd). According to PETROAN President Billy Gillis-Harry, the agreement and Memorandum of Understanding (MoU) to commence the refinery’s construction will be signed in the coming weeks….
The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have directed banks to clear an outstanding debt of N250 billion owed to telecom operators for Unstructured Supplementary Service Data (USSD) services. The regulators have set stringent deadlines for compliance, amid a notable decline in the usage of USSD for financial transactions. USSD…
Medical services in the Federal Capital Territory (FCT) may come to a halt as the Association of Resident Doctors (ARD) threatens a strike over unpaid six-month salary arrears. Speaking at a press briefing held at Wuse District Hospital, Abuja, on Monday, ARD President, Dr. George Ebong, issued a 14-day ultimatum to the FCT Minister, Nyesom…
A joint security task force has arrested a private miner and sealed off two mining sites in Kure, Amba community, Kokona Local Government Area of Nasarawa State. The State Commissioner for Environment and Natural Resources, Mr. Yakubu Kwanta, disclosed this during a raid on the illegal mining site in the area. According to Mr. Kwanta,…
The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N899 per litre, down from N1,020. This adjustment, according to Dr. Joseph Obele, National Public Relations Officer of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), reflects the…
Dangote Petroleum Refinery says it has reduced the price of its petrol to N899.50K per litre to provide relief for Nigerians ahead of the Christmas and New Year holiday season. In a statement, the company’s spokesman Anthony Chiejina said the price reduction is designed to ease transport costs during the festive period. The refinery…
Nigeria’s exports to member countries of the Economic Community of West African States (ECOWAS) totaled N1.54 trillion in the third quarter of 2024, according to the National Bureau of Statistics (NBS). The report revealed that imports from the ECOWAS region amounted to N82 billion, resulting in a significant trade surplus. Ivory Coast emerged as Nigeria’s…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced plans to launch another oil licensing round in 2025, leveraging the “Drill or Drop” clause from the Petroleum Industry Act (PIA) 2021, which mandates oil operators to commence production within three years or relinquish their licenses. This initiative aims to boost oil production, enhance resource management,…
The Presidential Livestock Reform Implementation Committee has convened discussions with stakeholders in Bauchi State to address longstanding challenges in the country’s livestock sector. The 25-member committee, co-chaired by Professor Attahiru Jega, aims to find sustainable solutions to farmer-herder conflicts, seasonal migrations, and inefficiencies in livestock production and processing. Speaking at the session held at the…
Kogi State Governor Ahmed Usman Ododo has engaged in discussions with China’s Consular General in Lagos, Yan Yuqing, to attract Chinese investment aimed at driving the state’s economic growth and industrialization. The meeting, held as part of the governor’s efforts to position Kogi as an industrial hub, focused on fostering partnerships in agriculture, manufacturing, infrastructure,…
The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) against enabling the illegal sale of mint naira notes to currency hawkers, imposing a penalty of N150 million for each offending branch involved in such activities. In a circular issued by Solaja Mohammed J. Olayemi, Acting Director of Currency Operations, on December 13,…
..as Kate emerges winner of 2024 edition FoodBay TV, a part of Maxima Media Group, organizers of StreetFoodz Naija season 5, has hinted about its plans to take the docu-series to other African countries including Ghana and Kenya in future. CEO of Maxima Media Group, Femi Ogundoro, made this known while speaking…
Dangote Refinery, Africa’s largest oil refinery, has achieved a historic milestone by exporting its first batch of Premium Motor Spirit (PMS) to Cameroon, in partnership with Neptune Oil. This marks the refinery’s inaugural international shipment and a significant step toward regional energy integration. The collaboration reflects a shared commitment to fostering economic ties between Nigeria…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has urged collective action to strengthen the fight against corruption in the oil and gas industry. Gbenga Komolafe, Chief Executive Officer of NUPRC, made the call in Abuja during a workshop organized by the commission to highlight the damaging impact of corruption on Nigeria’s economy and explore strategies…
Written by Damilola Adeleke Job-specific skills have always had a place on the resume, but employers increasingly emphasize the importance of interpersonal skills. And for good reason. Even the most isolated of individual contributors need to be able to interact with others. And while these skills are critical to success in our individual roles, the…
The Lagos State Government Ministry of Environment and Water Resources, in conjunction with C40 Cities, will be unveiling a new $90,000 biogas plant at the Ikosi Fruit Market in Ketu, Lagos. In a statement issued by the ministry’s spokesman, Kunle Adeshina, the plant will be unveiled during a 3-day annual Regional Academy scheduled to be…
Nigeria and South Africa have inaugurated the Joint Ministerial Advisory Council on Industry, Trade, and Investment, marking a significant advancement in economic cooperation between the continent’s two largest economies. The announcement was made by South African President Cyril Ramaphosa during the Nigeria-South Africa Business Roundtable in Cape Town, attended by key business leaders and government…
Nigeria’s Eurobond is said to have achieve a milestone on Monday, raising $2.2 billion after the country returned to the international market. This comes as the country recorded a $9 billion oversubscription of its Eurobond. The bond issuance, which commenced on Monday under the Global Medium Term Note Programme, had a target issuance of $1.7…
Civil servants in Nasarawa State have embarked on an indefinite strike following the state government’s failure to implement the N70,000 national minimum wage recently signed into law by the federal government. Led by organized labour unions, workers shut down ministries, departments, and agencies (MDAs) across the state to press their demands. Chanting solidarity songs, union…
The Nigeria Labour Congress (NLC) has criticized Ebonyi State Governor, Francis Nwifuru, for threatening to dismiss workers who joined an ongoing strike over the non-implementation of the new minimum wage. In a statement issued on Monday, NLC President, Comrade Joe Ajaero, described the governor’s stance as counterproductive. He directed workers and affiliate unions in Ebonyi…
The Presidency has dismissed allegations that the proposed tax reform bills before the National Assembly are designed to favor Lagos and Rivers States. According to Bayo Onanuga, Special Adviser to the President on Information and Strategy, the reforms aim to simplify Nigeria’s complex tax system and enhance the overall quality of life for Nigerians. Clarifying…
The Central Bank of Nigeria (CBN) will on Monday launch a new website that has a variety of new content which encompasses a broader spectrum of information regarding the bank’s mandate. The new website, according to the Ag. Director, Corporate Communications, CBN, Hakama Sidi Ali, is responsive to mobile devices, facilitating navigation across…
Nasarawa State’s organized labour is preparing for an indefinite strike following the state government’s delay in implementing the newly approved national minimum wage. The Chairman of the Nigeria Labour Congress (NLC) in Nasarawa, Comrade Ismaila Okoh, revealed this during a telephone conversation with Radio Nigeria. He stated that despite multiple discussions, including meetings chaired by…
President Bola Ahmed Tinubu has congratulated Alhassan Yahaya on his election as the new President of the Nigeria Union of Journalists (NUJ) during the 8th Triennial National Delegates Conference held in Owerri, Imo State, on November 27, 2024. In a statement issued by his spokesman, Bayo Onanuga, President Tinubu also extended his felicitations to other…
The Nigeria National Petroleum Company Limited, NNPCL, disclosed the Port Harcourt Refining Company, PHRC, has not yet begun bulk sales, stating that essential processes are still being finalized. The Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, made this known in a statement on Friday. According to him, the products the refinery currently sells originate…
Kwara State Governor, AbdulRahman AbdulRazaq, yesterday said his administration would collaborate with the Bank of Industry to ensure that the federal government’s intervention schemes have sustainable impact on the people of the state. He spoke at a stakeholders’ meeting on presidential grants and loan schemes for Small and Medium Enterprises (MSMEs) in Ilọrin….
