Business

GOVERNOR MBAH’S CRUSADE SWEEPS THROUGH ENUGU MORIBUND ASSETS, BY UCHE ANICHUKWUDecrepit. Abandoned. Eyesore. Wasted.These and more are the immediate adjectives and pictures that confront any visitor to the once iconic Sunrise Flour Mills, one of the legacies of Senator Jim Nwobodo as the governor of old Anambra State. It was commissioned in 1983 to add to the industrialisation and economic …

63 ITEMS EXEMPTED FROM VAT UNDER NEW REFORMS The Federal Government has announced the exemption of 63 items from Value-Added Tax (VAT), as part of its latest fiscal reforms. This was revealed by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, via a post on X (formerly Twitter) on Friday. The exemptions are outlined …

NNPC PORTAL SHUTDOWN, DELAYS PETROL SUPPLY – MARKETERS Oil marketers have said that the Nigerian National Petroleum Company Limited portal used to purchase petrol has been shut against dealers, making it impossible for them to apply for the commodity purchase. They said marketers are still awaiting over 90 million litres of petrol from the state-owned company. This is valued at …

AGAIN, JOE IGBOKWE, TINUBU SUPPORTER CRIES: “WHY IS OUR NAIRA WEAK?” A chieftain of the All Progressives Congress (APC), Joe Igbokwe, has again lamented the outcome of the economic policies of the President Ahmed Bola Tinubu+led administration. This is the third time in weeks that Igbokwe, a Lagos- based south easterner, would criticise the economic interventions of the president. In …

PH REFINERY DEFIES DEADLINE, EXPERTS ARRIVE FROM ITALY The Port Harcourt Refinery, whose rehabilitation works commenced over two years ago, has defied all efforts to resume operations. Fuel importation and a lack of working refineries in the country have strained the Nigerian economy, pushing many into poverty. Despite the Nigerian National Petroleum Company Limited’s (NNPCL) management’s promise that the refinery …

NAIRA DEPRECIATES TO N1,700/$ AT PARALLEL MARKET – LOWEST IN SEVEN MONTHS The naira depreciated to N1,700 per dollar at the parallel section of the foreign exchange (FX) market on Friday. At the end of trading hours, the naira depreciated by 1.49 percent compared to the N1,675/$ traded on Thursday. The N1,700 per dollar is the lowest the naira has …

ENUGU RANKS LOWEST IN EASE OF DOING BUSINESS The Presidential Enabling Business Environment Council (PEBC) in its annual report on Nigeria’s subnational ease of doing business, showed that, Enugu State was one of the worst states in ease of doing business in Nigeria, ranking 36th out of the 36 states and the Federal Capital Territory (FCT), Abuja. The latest report …

NNPC STRUGGLING TO SUPPLY CRUDE TO DANGOTE BECAUSE BUHARI USED REFINERY AS LOAN COLLATERAL – PENGASSAN The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has explained the reasons behind the struggles of the Nigerian National Petroleum Company (NNPC) Limited in supplying crude oils to an indigenous refinery owned by Aliko Dangote. Speaking in a recent Channels TV …

COUNT US OUT OF DANGOTE, NNPC CONTROVERSY – FG The Federal Government has distanced itself from the ongoing controversy between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery over petrol pricing. However, there are expectations from some quarters that involvement by the government would lead to a reduced price of the commodity. President Tinubu’s Special Adviser on Information …

OIL INDUSTRY MAFIA BIGGER THAN DRUG CARTEL – DANGOTE The owner of Dangote Refinery and Africa’s richest man, Aliko Dangote, has opened up about some of the challenges of operating in Nigeria’s oil industry, underscoring the controlling influence of some cartels.According to him, the mafia in the oil industry is bigger than the drug cartel. Dangote made the submission during …