Business

It’s rare to find a multibillionaire who hasn’t had nasty battles. Yet, as battles go, the fight between Aliko Dangote, the founder of the Dangote Refinery, and the CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, is among the most spectacular that Africa’s wealthiest man has had to fight in recent times. It won’t be …

The Enugu Electricity Distribution Company, EEDC, has attributed the recent drop in power supply across the South-East to low system frequency caused by gas constraints affecting power generation companies. EEDC said the situation has forced the Transmission Company of Nigeria, TCN, to implement load shedding of available energy. This was disclosed in a statement issued on Tuesday by the Group …

President of the Dangote Industries Limited, Alhaji Aliko Dangote, has launched a fresh offensive against the regulator, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), insisting the leadership of the authority is sabotaging efforts at boosting local refining. At a press conference on Sunday, at the Dangote Petroleum Refinery, he said imports were being used to checkmate domestic potential, …

Africa’s richest man and president of the Dangote Group, Aliko Dangote, has declared that the business environment in Nigeria was not conducive for any investor to be interested in buying the refineries operated by the Nigerian National Petroleum Corporation (NNPC) Limited. Dangote made the statement during a press briefing on Sunday in Lagos, noting that even if the government puts …

Tensions within the Nigerian Communications Commission (NCC) have escalated as aggrieved staff have raised a fresh alarm over what they describe as a compromised board leadership. Sources said some 22 staff members of the organization feel cheated, witch-hunted and unfairly treated and that even their hope of seeking redress with the new board of the commission seems like a utopian …

The Federal Government has announced plans to exempt millions of low-income Nigerian workers from paying personal income tax, in a sweeping reform aimed at easing the cost-of-living crisis and restructuring what officials describe as an unjust tax system. Under the proposed reforms, workers earning N100,000 or less per month across both the public and private sectors will no longer be …

The Northern Elders Forum, on Sunday, called for the immediate termination of the Memorandum of Understanding signed between the Federal Inland Revenue Service and the French tax authority, Direction Générale des Finances Publiques. The forum warned that the agreement poses a grave threat to Nigeria’s economic sovereignty and national security. In an open letter addressed to the Federal Government, the …

Amid rising public anxiety over the ongoing tax reforms, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, yesterday dismissed fears that the government plans to deduct money directly from bank accounts, insisting that such claims are “false, dangerous and capable of destabilising the economy.” Speaking during a media workshop on the new consolidated tax law, …

A SaharaReporters’ review of Nigeria’s foreign trade statistics for the first three quarters of 2025, covering January to September, has shown that the country imported fuel worth N5.3 trillion. According to data released by the National Bureau of Statistics (NBS), between January and March (Q1 2025), Nigeria spent N1.76 trillion on the importation of Motor Spirit Ordinary (fuel). A further …

The Corporate Affairs Commission (CAC) has announced a regulatory move to sanitise Nigeria’s rapidly expanding Point of Sale (PoS) industry, declaring January 1, 2026 as the enforcement date for mandatory registration of all PoS operators nationwide. In a public notice signed by the Commission’s management, the CAC expressed concern over the rising number of unregistered PoS operators conducting business in …