Business

Elon Musk has lost his title as the world’s richest person to Larry Ellison, the co-founder of Oracle and an ally of US President Donald Trump. Ellison’s wealth surged to $393bn (£290bn) on Wednesday morning, surpassing Musk’s $385bn (£284bn), according to the Bloomberg Billionaires Index. Shares in Oracle soared more than 40% after the database software company gave investors a …

The Federal Government says there is no immediate plan to implement the 5 per cent Petroleum Products Tax contained in the new tax legislation. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this known at a press briefing in Abuja on Tuesday. The tax has generated widespread anger among Nigerians, with organised labour issuing the …

Dino Melaye, a former senator, has taunted the government of President Bola Tinubu, saying it may soon turn to Fintech operating in Nigeria for loan. The Tinubu administration has come under intense scrutiny over borrowing. Recently, the African Democratic Congress (ADC) said the new wave of borrowing will drive Nigeria’s public debt beyond N200 trillion before the end of the …

Following public outcry, mostly from the members of the Organised Private Sector (OPS), Civil Society Groups, and Nigerians at large, there are strong indications that the National Assembly (NASS) may scrap the Nigerian Electricity Regulatory Commission (NERC)’s introduced electricity tariffs categories- Band A, B, C, and D in the ongoing review of the 2023 Electricity Act over its unconstitutionality, Sunday …

The Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has explained that it is embarking on strike action on Monday, September 8, 2025, because Dangote Refinery and its management want to bring back slavery into Nigeria’s workforce. The union made its position known in a statement released on Sunday, signed by Williams Akporeha and Afolabi Olufemi, President and General …

The Bola Ahmed Tinubu-led federal government has decided to engaged with the National Union of Petroleum and Natural Gas Workers (NUPENG) and the Dangote Refinery over their face-off. The federal government is appealing to NUPENG to suspend its planned nationwide strike scheduled to begin on Monday, September 8, 2025. Confirming the government’s decision to resolve the dispute on Sunday, the …

The Petroleum Products Retail Outlet Owners Association of Nigeria and the Independent Petroleum Marketers Association of Nigeria have asked President Bola Tinubu and other stakeholders to intervene in the dispute between the Nigeria Union of Petroleum and Natural Gas Workers and the Dangote Refinery. But the Nigeria Labour Congress, while also calling for urgent intervention in the stand-off, accused the …

India’s state oil giant has turned to Nigerian and Middle Eastern supplies in its latest crude purchases, bypassing the United States as trade tensions with Washington escalate. According to trading sources quoted by Reuters, the Indian Oil Corporation (IOC) skipped US crude in its latest tender, instead buying two million barrels from Nigeria and another one million barrels of Abu …

Picture this scenario: It’s just after dawn at a filling station. A tired-looking commercial motorcyclist counts his crumpled notes carefully before handing them over. But the fuel attendant shakes his head gently and tells him the money will no longer buy what it used to. The rider forces a smile, but his eyes can see the reality that fuel has …

The Federal Government has made Tax Identification, (Tax ID) compulsory for people getting involved in banking and allied services in the country. Consequently, all taxable Nigerians are to obtain a Taxpayer Identification when the new tax Acts come into force in January 2026. The Tax ID is contained in the provisions of the Nigeria Tax Administration Act, 2025, Part II …