Business

NAIRA STABILISERS AS GAP ACROSS PARALLEL AND OFFICIAL RATES NARROWS TO ₦1 The naira continued its recent streak of relative stability, closing the gap between the official and parallel exchange markets. On Friday, the currency traded at N1,535 to the dollar in the parallel (black) market, just N1 less than the N1,536/$1 rate recorded at the official market. Data on …

HOW LATE BUHARI’S EIGHT-YEAR TENURE PLUNGED NIGERIA INTO ECONOMIC DECLINE – SBM A research and political risk analysis firm, SBM Intelligence, has said that late former President, Muhammadu Buhari, left behind a legacy of economic decline as president from 2015 to 2023. The organisation said that Buhari’s eight-year tenure plunged Nigeria into deep economic and social failure despite isolated gains. …

DANGOTE HALTS FUEL DISCOUNT SCHEME AMID FRAUD ALLEGATIONS The Dangote Petroleum Refinery and Petrochemicals has uncovered a fresh racket involving some of its affiliate marketers and strategic partners who have been diverting subsidised refined petroleum products for profit, prompting the suspension of the refinery’s discounted fuel supply scheme. Investigations by the refinery revealed that certain marketers who were granted discounted …

OTEDOLA TAKES OVER 40 PERCENT OF FIRST HOLDCO IN FORCED EXIT OF OTUDECO A total of N324.47 billion value for 10.47 billion units of shares in off-market block trading on First Holdco Plc shares, took place on the floor of the Nigerian Exchange Limited (NGX) yesterday in a mega deal linked to Mr Femi Otedola, who increased his current 15 …

DANGOTE NAMES REFINERY ROAD AFTER TINUBU The Chairman of the Dangote Group, Aliko Dangote, has announced that the road leading to the state-of-the-art Dangote Petroleum Refinery & Petrochemicals will be named after President Bola Ahmed Tinubu in honour of his contribution to the project. Dangote hailed Tinubu for his unwavering support of the private sector and credited him as the …

AFRICA HAS BECOME DUMPING GROUND FOR SUBSTANDARD PETROLEUM PRODUCTS – DANGOTE Africa’s heavy dependence on fuel imports has turned the continent into a dumping ground for substandard petroleum products, Aliko Dangote, has said. The president of Dangote Industries Limited and Africa’s richest man made the remarks during an interview with journalists, where he highlighted the motivation behind building the $19 …

MARKETERS PROTEST AS DANGOTE MOVES TO CRASH COOKING GAS PRICE President of the Dangote Group, Alhaji Aliko Dangote, has announced plans to reduce the price of Liquefied Petroleum Gas, also known as cooking gas. He also promised to start direct sales of the product to consumers should the existing distributors fail to allow the price crash in cooking gas. However, …

NIGERIAN PETROLEUM SECTOR RIDDLED WITH CORRUPTION – DANGOTE President of the Dangote Group, Alhaji Aliko Dangote, has said that Nigeria’s daily petrol consumption figure is higher than what the country consumes, stressing that the petroleum sector is riddled with corruption. Dangote said the figure was bloated by some individuals for personal gains, especially during the fuel subsidy era. However, while …

NIGERIAN MARKETERS REDUCE FUEL PRICES Nigerian petroleum products marketers have announced a reduction of premium motor spirit prices, starting from today, Tuesday. This comes as the economy shuts down today owing to the public holiday declared by the federal government to honour ex-president Muhammadu Buhari. The national president of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, disclosed this …

PETROL MARKETERS SET TO REDUCE FUEL PRICES NATIONWIDE FROM MONDAY In a positive development for Nigerian consumers, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced plans to reduce fuel prices nationwide starting Monday, following a fresh cut in the ex-depot petrol price by the Dangote Refinery. Eyes Of Lagos reports, This was confirmed by IPMAN National President, Abubakar …