Business

IBM SACKS 8,000 EMPLOYEES TO REPLACE THEM WITH IBM laid off 8,000 employees to replace them with AI—what they didn’t expect was having to rehire as many due to AI In 2023, IBM made headlines with the announcement of nearly 8,000 layoffs, primarily from support roles such as Human Resources. The goal? To replace these workers with artificial intelligence (AI), …

IRAN-ISRAEL WAR: PETROL NEARS N1,000/L IN NIGERIA, MARKETERS PREDICT FURTHER HIKE Filling stations across the country have adjusted the pump price of premium motor spirit (PMS), otherwise known as petrol, with a litre sold at almost N1,000 across the country, Daily Trust can report. This followed the recent increase in the price of crude oil on the global market, triggered …

NNPCL SPOKESPERSON, SONEYE RESIGNS, GIVES REASON The spokesperson of the Nigerian National Petroleum Company Limited, NNPCL, Olufemi Soneye, has resigned. Soneye disclosed this in a statement made available to DAILY POST on Saturday. He said he would no longer be the spokesperson for the oil giant, as he had “stepped aside from his role as Chief Corporate Communications Officer of …

PETROL MARKETERS INCREASE FUEL PRICES Nigeria’s petroleum product marketers and filling station owners have increased the price of Premium Motor Spirit, DAILY POST reports on Friday. Correspondent who visited major filling stations in the Federal Capital Territory, Abuja, on Friday, gathered that members of the Independent Petroleum Marketers Association of Nigeria, IPMAN, had hiked their fuel prices by between N35 …

SENATE UNCOVERS N220M DISCREPANCY IN NNPCL ACCOUNT The Nigerian Senate has uncovered a staggering ₦210 trillion discrepancy in the audited financial statements of the Nigerian National Petroleum Company (NNPC). Lawmakers are demanding clarification and accountability, raising concerns over transparency and financial management within the state-owned oil giant. Senate Raises The Alarm Over ₦200trn ‘Unaccounted Funds’ In NNPC Coffers The Senate …

MARKETERS CONSULT FOREIGN TRADERS FOR CHEAPER FUEL IMPORTS Oil marketers say they have commenced negotiations with international traders to import cheaper Premium Motor Spirit (petrol) into Nigeria to remain competitive in the business. This is even as the Independent Petroleum Marketers Association of Nigeria and oil workers insisted that the price of petrol from the Dangote Petroleum Refinery should be …

NATIONAL ASSEMBLY TRANSMITS TAX REFORM BILLS TO TINUBU In a significant step towards overhauling Nigeria’s fiscal framework, the National Assembly has transmitted the landmark tax reform bills to President Bola Tinubu for assent, marking a critical phase in the implementation of the administration’s Renewed Hope economic agenda. Chairman of the Senate Committee on Media and Public Affairs, Senator YemiAdaramodu, confirmed …

FG TO LINK CREDIT SCORES TO NIN IN SWEEPING CREDIT REFORM DRIVE The federal government is set to implement a sweeping reform that will link Nigerians’ credit scores to their National Identification Numbers (NIN) as part of a bold strategy to build a unified, transparent, and accountable credit system that leaves no citizen out of financial scrutiny. This development was …

IPMAN RAISES ALARM OVER DANGOTE’S FREE DISTRIBUTION OF FUEL PLAN The Independent Petroleum Marketers Association of Nigeria, IPMAN, has expressed deep concern over the Dangote Petroleum Refinery’s plan to begin free distribution of petrol and diesel nationwide starting August 15, 2025, warning that the move could mark the onset of a dangerous monopoly in Nigeria’s downstream sector. IPMAN Chairman in …

WORTHLESS CURRENCY: ₦‎100 IN 1960 NOW WORTH ₦‎1.1 MILLION IN 2025 The Nigerian naira has lost nearly all its purchasing power over the last 65 years, with N100 in 1960 now worth N1.1 million in real terms by early 2025, according to data compiled by World Data. The dramatic erosion, fueled by persistent inflation, currency devaluations, and economic mismanagement, underscores …