Business

NNPC REFINERIES MAY NEVER WORK AGAIN — DANGOTE The President of the Dangote Group, Alhaji Aliko Dangote, has doubted the possibility of the state-owned Port Harcourt, Warri, and Kaduna refineries functioning again. Dangote also stated that the refineries, which are under the management of the Nigerian National Petroleum Company Limited, had gulped up to $18bn, yet have refused to work. …

BANKS TO REPORT MONTHLY TRANSACTIONS EXCEEDING ₦5 ILLION Nigerian banks have been mandated to report all customer accounts with monthly transactions exceeding N5 million to the country’s tax authorities, according to the latest update from the National Orientation Agency (NOA). This directive was part of a sweeping tax reform signed into law, aimed at improving tax compliance, curbing financial irregularities, …

TINUBU GOVERNMENT REPLIES IMF: IT’S UNREALISTIC TO FIX NIGERIAN PROBLEMS IN TWO YEARS The Nigerian presidency has fired back at the International Monetary Fund (IMF) for what it described as a “very fatalistic” and destabilising assessment of the Bola Tinubu-led administration’s economic reforms. The Tinubu government on Tuesday claimed that it is unrealistic to expect Nigeria’s deep-rooted problems to be …

ENUGU AIR MULLS OPERATIONS TO UK, US, CHINA, OTHERS Peter Ndubuisi Mbah, Enugu State governor, says the newly launched Enugu Air will fly into China, Europe, the United Kingdom, the United States, and other African nations. Speaking during the inauguration of the state-owned airline in Enugu on Monday, Mbah said the airline will start off with three Embraer aircraft and …

DANGOTE REFINERY REDUCES FUEL PRICE TO N820 PER LITRE Dangote Refinery has reduced its ex-depot price of Premium Motor Spirit for the second time in two weeks. The 650,000-barrel-per-day refinery slashed its fuel price to N820 per litre from N840 per litre. This was contained in a fresh price template announced through its X account on Tuesday. The oil firm …

500 LAWYERS PETITION, DEMAND SACK OF NMDPRA BOSS A group of 500 public interest lawyers has stormed the Presidential Villa and National Assembly with a petition demanding the immediate sack and prosecution of Ahmed Farouk, the Chief Executive Officer, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The lawyers cited grave allegations of corruption, abuse of office, …

PRESIDENCY REJECTS IMF REPORT ON NIGERIA’S INFLATION, POVERTY The Nigerian Presidency has rejected a recent International Monetary Fund (IMF) article that raised concerns over the country’s economic trajectory. The government has labelled the report as a “very fatalistic” and unhelpful assessment of ongoing reforms. In its July 7 publication titled “How Nigeria Can Unleash Its Economic Potential,” the IMF acknowledged …

RECAPITALISATION: FIVE BANKS’ HIT CBN TARGET AHEAD OF DEADLINE As of the end of the first half of 2025, at least five banks have met the new capital thresholds issued by the Central Bank of Nigeria. They include Access Bank, Zenith Bank, Ecobank Nigeria, Lotus Bank, and Jaiz Bank. In March 2024, the CBN directed commercial banks with international authorisation …

KEYAMO INAUGURATES ENUGU AIR, PRAISES GOVERNOR PETER MBAH The Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, SAN, on Monday, inaugurated Enugu Air, a state-owned commercial airline established by the Governor Peter Mbah Administration with three Embraer airplanes for a start. Recalling Mbah’s persistence and energy in bringing Enugu Air to reality, Keyamo described him as “an incredible, performing …

TINUBU PUTS 20-YEAR-OLD PRESIDENTIAL JET UP FOR SALE IN SWITZERLAND President Bola Tinubu’s administration has put up Nigeria’s ageing Boeing 737-700 Business Jet (BBJ) for sale in Switzerland, following its replacement with a newly acquired Airbus A330 for presidential use. The decision comes amid growing scrutiny over government spending and calls for transparency in the management of Nigeria’s presidential air …