Business

COMPETITION BETWEEN DANGOTE, NNPC, REASON FOR PETROL PRICE DROP — IPMAN Independent Petroleum Marketers Association of Nigeria, IPMAN, has attributed the fierce competition between Nigeria’s two refineries owned by Dangote and NNPC Limited for the recent drop in the pump price of premium motor spirit, PMS, also known as petrol. Checks showed that most petrol retail outlets have reduced their …

NAIRA PROJECTED TO REACH ₦‎1,804/$ ON 2025 VOLATILITY PROJECTIONS The Nigerian naira is projected to depreciate to a weighted fair value of N1,804.45 in the coming year as tendency of volatility persists. This is according to a new report by Lagos-based investment and research firm Afrinvest titled ‘Beyond The Rhetorics: Transforming Reforms to Tangibles. The research company revealed that while …

MAN DG CONDEMNS CLOSURE OF COCA-COLA, GUINNESS FACTORIES BY LAGOS GOVT, SAYS ACTION ILL-TIMED Segun Ajayi-Kadir, the director-general (DG) of the Manufacturers Association of Nigeria (MAN), has condemned Lagos state for closing factories belonging to Coca-Cola Hellenic Bottling Company, FrieslandCampina WAMCO, and Guinness Nigeria. On December 24, the Lagos State Water Regulatory Commission (LASWARCO) sealed the factories for extracting groundwater …

NCC APPROVES MTN DISCONNECTION OVER UNPAID CHARGES The Nigerian Communications Commission (NCC) has approved the disconnection of Exchange Telecommunications Ltd. from MTN Nigeria’s network over the non-settlement of interconnect charges. In a public notice issued Friday and signed by the NCC’s Public Affairs Director, Reuben Muoka, the commission explained that the action would remain in effect until further notice. “The …

UNCERTAINTY OVER RENEWED EFFORTS TO REVIVE AJAOKUTA COMPANY The Ajaokuta Steel Company Limited (ASCL), once heralded as a beacon of industrialisation for Nigeria, now stands as a symbol of dashed hopes. Despite federal government’s spending of over $10bn in the 45 years since its inception, the project remains uncompleted, casting a long shadow over the host community. Our correspondents observe …

NNPC SLASHES PETROL PRICE TO N925/LITRE IN LAGOS, N965/LITRE IN ABUJA The Nigerian National Petroleum Company (NNPC) Limited has reduced the retail price of petrol at its outlets to N925 per litre in Lagos and N965 per litre in Abuja. NNPC dropped the price of the product from N1,025 per litre in Lagos and N1,040 in Abuja. TheCable observed that …

PETROL SELLS ₦‎935 PER LITRE FROM TODAY – IPMAN The Independent Petroleum Marketers Association of Nigeria has said that petrol is going to sell at N935 per litre beginning from today based on the latest arrangement with the Dangote Petroleum Refinery. IPMAN’s National President, Maigandi Garima, said the reduction in Dangote refinery’s ex-depot price for petrol and the uniform arrangement …

FUEL TO SELL N935 PER LITRE NATIONWIDE FROM MONDAY – IPMAN The Independent Petroleum Marketers Association of Nigeria, IPMAN, has announced that the pump price of petrol will reduce to N935 per litre by Monday. The development, according to IPMAN, follows the marketers’ new deal with Dangote Refinery. IPMAN National President, Alhaji Maigandi Garima, who made this known on Sunday …

NIGERIA’S MOBILE SUBSCRIPTIONS HIT 157.3 MILLION IN OCTOBER, MTN, AIRTEL GAIN Nigeria’s mobile subscription base increased to 157.3 million in October 2024 from 154.6 million in September, signaling the beginning of recovery after months of decline. The growth was driven by two network operators, MTN, and Airtel, that recorded an increase in their subscriber base in the month under review. …

MARKETERS EXPECT CHEAPER PETROL AS DANGOTE CUTS PRICE TO N899.50k/LITRE There is cautious optimism among Nigerians over reduction in fuel price following the decision of Dangote Refinery to slash price in what it called a Christmas/New Year bonanza. Dangote had reduced the price to N899.50k per litre, to provide the much-needed relief for Nigerians ahead of the holiday season. In …