News and analysis of global and local business trends, markets, and industry developments.
The Central Bank of Nigeria (CBN) has clarified that it has not reinstated the cybersecurity levy that was previously suspended. The levy, which mandated all banks in Nigeria to collect and remit a 0.5 percent cybersecurity levy to the office of the National Security Adviser, was suspended following a decision by the Federal Executive Council…
Guinea Insurance Plc has reported a 49.4 per cent increase in insurance revenue for the full year 2023 to N2.07 billion from N1.36 billion in 2022. The impressive growth, according to the company, highlights the successful execution of strategic initiatives aimed at expanding market presence and enhancing customer satisfaction. “The revenue surge…
LAGOS — Hopes for a potential reduction in petrol prices, following the commencement of supply from Dangote Refinery, were dashed, yesterday, as NNPC Limited released a new pricing template that raised pump prices by about 11 per cent to N950 per litre. The pump price of petrol was increased by over 45 per…
The World Trade Organisation Director-General, Ngozi Okonjo-Iweala, has expressed her intention to seek another four-year term as the head of the organisation. The former Nigeria’s Finance Minister disclosed this in an interview with Reuters on Monday, stating that she hopes to complete “unfinished business” from her first mandate. She said, “I would like to be…
The Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery are currently at odds over the pricing of Premium Motor Spirit (PMS), commonly known as petrol, produced by the refinery. NNPCL had claimed that the refinery was selling petrol at ₦898 per litre, but Dangote Refinery has refuted this, stating that a final price has…
The Nigerian Electricity Regulatory Commission (NERC) has imposed fines totaling N9.11 billion on the country’s 11 electricity distribution companies (DisCos) for overbilling unmetered customers through estimated billing practices. The penalties were announced in the September 2024 Supplementary Order of the Multi-Year Tariff Order (MYTO), released by NERC on Friday. While NERC kept the electricity tariff…
Vice President Kashim Shettima has reiterated President Bola Tinubu’s commitment to revolutionizing Nigeria’s digital economy, emphasizing that the administration remains on track and fully supported by strategic initiatives and partnerships. During a courtesy visit by the management of Odua Investment Company Limited, led by its Chairman, Otunba Bimbo Ashiru, at the Presidential Villa in Abuja,…
The Federal Government has launched a new initiative to sell crude oil to local refineries and facilitate the purchase of petroleum products using the Naira, aiming to ease pressure on the national currency and streamline costs. This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, following a…
Kano State Governor Abba Kabir Yusuf has announced that the state will be the first to implement the new minimum wage of N70,000. The governor made this statement during a workshop on “Conflict Management for Harmonious Industrial Labour Relations” hosted by the Michael Imoudu National Institute for Labour Studies (MINILS) in Kaduna. Represented by Abdullahi…
The Nigerian Bulk Electricity Trading Plc has demanded for the renewal of its operating licence from the Nigerian Electricity Regulatory Commission, citing its contributions to the power sector. NBET’s current licence is set to expire on November 21, 2024, and it is seeking a five-year renewal. The request was made during a public…
The Federal Government has put forward a proposal to temporarily eliminate import duties on certain food items, a move aimed at addressing the nation’s food security challenges. This announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, following a closed-door session with the Nigeria Customs Service Board…
A three-day multi-sector trade and investment forum aimed at strengthening the economic and business ties between Nigeria and Tunisia was held at the John Wood Hotel, Abuja. The event, which began on September 10, was organized through the collaboration of the Tunisia-Africa Business Council (TABC), the Nigerian Embassy in Tunis, and the Tunisian Embassy in…
On Tuesday, Brent Crude futures dropped below $70 per barrel, marking the first time this has occurred since December 2021. Global prices experienced a decline, with Brent crude oil falling by $2.33 (-3.24 percent) to $69.51 per barrel, while WTI crude decreased by $2.60 (-3.78 percent) to $66.11 per barrel. The reduction in oil prices…
President Bola Tinubu has wrapped up his official visit to China, calling the trip a significant success. Addressing members of the Nigerians in Diaspora Organisation (NIDO) and the wider Nigerian community at the China World Hotel, President Tinubu highlighted the fruitful discussions held with Chinese leaders, including President Xi Jinping and Premier Li Qiang, as…
Former All Progressives Congress (APC) presidential aspirant, Moses Ayom, has lauded President Bola Ahmed Tinubu’s efforts in enhancing Nigeria’s economic partnership with the People’s Republic of China. Ayom, a prominent international businessman with a focus on bolstering Nigeria-China relations, praised the recent Memorandum of Understanding (MoU) signed in Beijing, which focuses on the peaceful use…
Nigeria is taking significant steps toward being removed from the Financial Action Task Force (FATF) grey list. A high-level inter-agency delegation from the country presented a progress report to the FATF’s International Cooperation Review Group during a meeting held in Brussels, Belgium, on Tuesday, September 3, 2024. The Nigerian delegation, led by the Chief Executive…
The National Association of Nigerian Students (NANS) has disassociated itself from a widely circulated notice claiming that the student body is organizing nationwide protests on September 15, 2024, in response to the recent fuel price hike. Speaking to Newsmen, NANS national president, Comrade Lucky Emonefe, clarified that no such protest has been planned, labeling the…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the Dangote Refinery in Lagos, valued at $20 billion, will begin supplying 25 million litres of fuel daily to the Nigerian market this September. According to the NMDPRA, the refinery, which has a capacity of 650,000 barrels per day, is expected to increase…
The NLC (National Labour Congress) has announced plans to convene a meeting to discuss the recent 45% hike in the price of Premium Motor Spirit (Petrol) by the NNPCL (Nigerian National Petroleum Company Limited). The NLC is urging the NNPCL to revert the N855 and N897 increase in petrol pump prices. The NLC president, Joe…
The President of Dangote Group, Aliko Dangote, on Tuesday said the capacity of Dangote Refinery will meet the fuel demands of Nigeria and SubSaharan Africa. Dangote assured that the refinery’s product would be of top quality that can compete with any petroleum product across the world. He disclosed this during a press conference to announce…
The Dangote oil refinery will supply a total of 25 million litres of petrol to the Nigerian market daily starting from September. The Nigerian Midstream and Downstream Petroleum Regulatory Authority disclosed on Tuesday that this will rise to 30 million litres from September. In a short statement, the NMDPRA said it met with the Nigerian…
The Ogun State Waste Management Authority has sealed off two Chinese-owned companies, Yibao Industrial Limited and Ronchang Industrial Park, for allegedly breaching the state’s environmental regulations. The enforcement action was taken after multiple warnings to the companies were ignored, with both firms failing to hire accredited waste management collectors to properly handle their waste disposal….
Governor Ademola Adeleke of Osun State has unveiled 31 newly acquired tractors and various farm inputs, in a move to boost agricultural productivity and food security across the state. The unveiling ceremony took place at the Agric Farm Settlement in Aisu, Ede, where Governor Adeleke emphasized the critical importance of food sufficiency and availability as…
The Oyo State government has launched an electronic payment system for retirees’ gratuities to ensure a secure, efficient, and uninterrupted disbursement process. Speaking at a three-day data capturing and e-payment exercise for retirees at the Nigeria Union of Pensioners’ Building in Agbarigo, Onireke, Ibadan, Commissioner for Establishments and Training, Olusegun Olayiwola, announced that the initiative…
Nigerian Breweries (NB) Plc has announced plans to raise N599.1 billion from its existing shareholders through a rights issue. This follows the approval from shareholders in April 2024, as well as regulatory clearances from the Securities and Exchange Commission (SEC) and NGX Regulation Limited. The company is offering 22.607 billion ordinary shares at 50 kobo…
The newly opened Tsamiya Dry Port in Kebbi State has established a clearing office in Kano to enhance trade for businesspeople in Northern Nigeria. During the inauguration of the Kano office on Wednesday, the Comptroller General of the Nigeria Customs Service (NCS), Bashir Adeniyi, represented by the Zone B Comptroller, ACG Sambo Dangaladima, highlighted the…
Oil and gas suppliers in Nigeria have endorsed the federal government’s decision to sell crude oil in Naira to local refineries, while urging the refineries to reciprocate by selling refined products to distributors in Naira to help stabilize the market. Benneth Korie, President of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), stressed…
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, announced that the ongoing construction of the Idu Industrial Park in Abuja is set to provide employment for over 40,000 youths upon completion, boosting both the local and national economy. During an inspection of the site on Wednesday, Wike praised the efforts of Zeberced Construction…
The Nigeria Labour Congress (NLC) has instructed its members across the country to participate in a peaceful prayer procession on August 29. This directive comes in response to the police’s recent invitation to NLC President Joe Ajaero for questioning on charges including alleged “criminal conspiracy, terrorism financing, treasonable felony, subversion, and cybercrime.” In a letter…
The new managing director and chief executive officer of the Niger Delta Power Holding Company (NDPHC) Jennifer Adighije, yesterday, took over the reins, promising to fully deliver on the firm’s mandate of executing and managing the National Integrated Power Project assets optimally. Adighije, took over from the erstwhile managing director, Chiedu Ugbo, whose…
Former Vice President Atiku Abubakar has raised concerns over the swift approval granted to Oando Plc for its purchase of AGIP/ENI’s onshore assets. Atiku questioned why Oando, owned by a relative of President Bola Tinubu, received expedited approval while other deals, such as the Shell/Renaissance and Mobil/Seplat transactions, face continued delays. Atiku emphasized the need…
