Business

FUEL PRICE MAY CRASH TO N500 PER LITRE – MARKETERS Strong indications emerged at the weekend that prices of Premium Motor Spirit (PMS), popularly called petrol, may crash further in 2025.Industry experts, who spoke to Saturday Sun, noted that petrol, which currently sells for between N900 and N950 in many fuel stations, may have its price further crashing to as …

BUA REFINARY NEARS COMMISSIONING BUA Group, one of Nigeria’s leading business conglomerates, is on the cusp of a transformative milestone in the nation’s oil and gas sector. Some years back, the company signed a progress acknowledgement statement with Axens, a renowned French firm specialising in integrated solutions. This development follows the 2020 agreement between the two parties for Axens to …

NNPC BEGINS MODERNIZATION OF KADUNA, SECOND PORT HARCOURT REFINERIES The Nigerian National Petroleum Company Limited (NNPC Ltd.) says the 150,000 barrels per day (bpd) Port Harcourt Refinery and Kaduna Refinery are undergoing a comprehensive overhaul, designed to meet world-class standards. The company said the rehabilitation done at the 60,000 bpd Port Harcourt Refinery and Warri Refinery was not the typical …

YAR’ADUA REVERSED PORT HARCOURT REFINERY SALE TO DANGOTE DUE TO OBASANJO’S SHARES IN CONSORTIUM, OTHER FACTORS, SAYS FALANA-LED ASCAB A group chaired by human rights lawyer, Femi Falana (SAN), has revealed that the late President Umaru Musa Yar’Adua nullified the controversial sale of the Port Harcourt Refinery to a consortium led by Dangote Oil, after finding out that the deal …

GTB GETS COURT ORDER TO RECOVER N1.9BN WRONGLY CREDITED TO CUSTOMER ACCOUNTS Guaranty Trust (GTBank), a tier-1 Nigerian bank with a market capitalisation of ₦1.68 trillion, has been granted a court order to recover ₦1.9 billion mistakenly credited to customer accounts between October 28 and 29, 2024. The error occurred when the bank processed duplicate transactions while handling unapplied NIP …

YAR’ADUA REJECTED DANGOTE’S BID TO RUN NIGERIA’S REFINERIES –OBASANJO Former President Olusegun Obasanjo has revealed how his successor, late President Umar Musa Yar’Adua, rejected Alhaji Aliko Dangote’s bid to manage Nigeria’s refineries on a public-private partnership basis. Obasanjo revealed this in an interview with Channels TV on Thursday, while discussing Port Harcourt, Warri, and Kaduna refineries during his presidency. The …

NEW WITHHOLDING TAX BEGINS President Bola TinubuThe Federal Government has commenced the implementation of the 2024 Withholding Tax Regulations, signalling effort to modernise Nigeria’s tax system. Approved by President Bola Tinubu in July 2024 and published in the Official Gazette in October, the revised regulations became effective on January 1, 2025. Formally titled the “Deduction of Tax at Source (Withholding) …

NIGERIANS MAY PAY 40 PERCENT MORE FOR CALLS, DATA There is anxiety over a possible 40 percent telecommunications service tariff hike in Nigeria this New Year. This comes as telecommunications subscribers in Nigeria, under the aegis of the National Association of Telecoms Subscribers (NATCOMS), rejected the proposed telecoms tariff hike. The subscribers said it would be insensitive for the Nigerian …

NNPC CEO, MELE KYARI, SEEKS EXTENSION WITH LAST-MINUTE MOVE, REOPENS WARRI REFINERY The Nigerian National Petroleum Company Limited (NNPCL) has resumed operations at its Warri oil refinery after nearly a decade of shutdowns. According to sources, the refinery’s reopening despite its lack of readiness to produce Premium Motor Spirit, otherwise called petrol, is seen as a move by NNPCL’s CEO, …

X TO LAUNCH PAYMENT SYSTEM IN 2025 Linda Yaccarino, the chief executive officer (CEO) of X, formerly Twitter, has announced that the social media platform will launch a payment system called X Money in 2025. In a statement on X on Tuesday, Yaccarino said 2025 will connect X users in ways never thought possible. “In 2024, X changed the world. …