Business

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. …

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 …