Business

NNPCL BOSS OJULARI ALLEGEDLY FORCED TO SIGN RESIGNATION LETTER The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has allegedly been forced to sign a resignation letter. This is according to a Peoples Gazette report on Saturday. According to the report, Ojulari was hijacked on Friday and pressured to sign a resignation letter by …

NEW TAX LAW INTRODUCES RENT RELIEF CAPPED AYt N500K FOR NIGERIANS The federal government has abolished the longstanding consolidated relief allowance and personal relief for individuals under Nigeria’s personal income tax system, replacing it with a rent-based deduction mechanism as contained in the newly enacted Tax Act. According to the Act, the total income of an individual for any year …

WE ARE NOT AGAINST DANGOTE REFINERY – OIL MARKETERS Petroleum products marketers have reiterated their support for the 650,000 barrels per day Dangote Refinery, stressing that their focus remains on ensuring Nigerians have access to high-quality petroleum products at affordable prices. Speaking at the Annual General Meeting of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) in Abuja, …

NIGERIA’S ECONOMY TO OUTPACE UK, OTHERS IN 2025 — IMF The International Monetary Fund (IMF) has projected that Nigeria’s economy will grow faster than that of the United Kingdom and several advanced economies in 2025, following an upward revision of the country’s GDP growth forecast from 3.0 to 3.4 percent. The revised projection was contained in the IMF’s latest World …

MARKETERS WARN AGAINST DISRUPTION AS DANGOTE PLANS DIRECT FUEL SUPPLY OF PETROL The Natural Oil and Gas Suppliers Association of Nigeria has warned that the Dangote Petroleum Refinery’s plan to bypass existing distribution channels and supply refined petroleum products directly to end-users would lead to a nationwide disruption, long-term product scarcity, and the collapse of existing supply networks. The oil …

ONE YEAR AFTER, PETER OBI’S WARNING COMES TRUE AS US, RUSSIA DITCH NIGERIAN PORTS FOR TOGO Over a year after presidential candidate of the Labour Party in 2023 election, Peter Obi raised concerns about Nigeria’s chaotic port charges and inconsistent trade policies, his warning appears to be materialising, as major global powers are now bypassing Nigerian ports in favour of …

WE’RE NOT SELLING PORT HARCOURT REFINERY – NNPCL ‎‎The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant. ‎Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, made the announcement during a company-wide town hall meeting at the NNPC Towers …

ENUGU TARIFF CUT EXPOSES GAP IN NATIONAL ENERGY – EXPERT The Convener of PowerUp Nigeria, a consumer rights advocacy group, Adetayo Adegbemle, has described the ongoing controversy surrounding the recent electricity tariff reduction announced by the Enugu State Electricity Regulatory Commission (EERC) as a deeper policy gap in Nigeria’s power sector planning. He specifically said that the absence of a …

FG MAY SELL 11 DISCOS TO NEW INVESTORS The Federal Government may sell the 11 power distribution companies through a re-privatisation process if the Electricity Act (Amendment) Bill, 2025, currently before the National Assembly, becomes law. The National Assembly has already initiated a legislative process to enforce sweeping reforms that could see core investors in electricity distribution companies lose their …

FG BARS MDAS FROM DOLLLAR-DENOMINATED CONTRACTS The Federal Government has directed all Ministries, Departments, and Agencies to desist from entering into contracts denominated in foreign currency, as part of new fiscal control measures outlined in the 2025 Appropriation Act Implementation Guideline. According to the document, all MDAs are to ensure that their contracts are wholly denominated in Naira. It states …