Business

Traders at the Onitsha Main Market have pledged to end compliance with the Monday sit-at-home, declaring their readiness to resume full business activities in line with the directive of the Anambra State Government. The pledge was made on Thursday during an interactive session between Governor Chukwuma Charles Soludo and market leaders from across the state. The meeting followed the recent …

The Central Bank of Nigeria (CBN) has upgraded the licenses of major FinTech companies and Microfinance Banks, including Opay and Moniepoint, to national status, allowing them to operate across the country following compliance with regulatory requirements. The upgrade applies to key players such as Moniepoint MFB, Opay, Kuda Bank, Palmpay, and Paga, which have grown rapidly through mobile technology and …

Nigerians face yet another controversy surrounding the country’s tax laws amid Lagos Internal Revenue Service’s notice on the tax law implementation. LIRS, in a notice seen by DAILY POST at the weekend, disclosed that the tax institution has power enshrined to it by Section 60 of the Nigeria Tax Act Administration to recoup unpaid tax through direct bank debit. The …

Dangote Petroleum Refinery and Petrochemicals FZE has suspended petrol sales and voided prior Premium Motor Spirit (PMS) supply agreements ; an abrupt move that raises fresh questions about the facility’s ability to deliver consistent volumes to the market. In a notice sighted by Petroleumprice.ng and circulated to counterparties on Monday, the refinery told customers that all existing PMS deal recaps …

Power distribution companies have expressed doubt over the directive by the Minister of Power, Adebayo Adelabu, that prepaid meters must be free for all categories of customers. Operators, who spoke with our correspondent anonymously due to the sensitivity of the matter, said the minister made only a political statement without considering the input of other stakeholders, especially the installers and …

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said the prices of petrol, diesel and Liquefied Petroleum Gas (LPG) will continue to decline nationwide. The Authority’s Chief Executive, Mr Saidu Mohammed, stated this on Sunday in Ogbele community, Ahoada East Local Government Area of Rivers State during an inspection of Aradel Holdings Plc facilities. Mohammed attributed the expected …

The Federal Government has banned electricity distribution companies and installers from collecting any form of payment for meters, warning that DisCo officials and installers found extorting customers will be prosecuted. The Minister of Power, Adebayo Adelabu, issued the warning on Thursday during an on-site inspection of newly imported smart meters at APM Terminals, Apapa, Lagos. Adelabu said the meters were …

Senegal has withdrawn the Cayar Offshore Shallow exploration licence previously held by Atlas Oranto Petroleum, the privately owned oil and gas company linked to Nigerian billionaire Arthur Eze, ending a permit that dates back to 2008. The offshore block about 3,600 square kilometres north of the Dakar peninsula, had long been viewed as oil-prone. But Senegal says the acreage remained …

The Northern Elders Forum (NEF) yesterday accused the federal government of locating “the National Gold Refinery” in Lagos State. But the federal government said it was unfortunate that the NEF was framing a private sector–driven initiative in the mining sector as a regional agenda. The NEF, in an open letter signed by its spokesperson, Professor Abubakar Jika Jiddere and addressed …

Nine state governments have domesticated the new tax laws aimed at ending the era of multiple taxation and uncoordinated levies. They are Bayelsa, Anambra, Ekiti, Gombe, Kogi, Nasarawa, Plateau, Kwara and Zamfara. The remaining 27 are likely to follow suit soon, The Nation gathered. Sources said the domestication of the new tax laws by the state governments will complement the …