Business

HOW TINUBU GOVT USED RESEARCH INSTITUTES AS FRONTS TO DOLE OUT MONEY FOR UNRELATED PROJECTS A review of the public payments portal, Govspend has shown that Nigeria Research institutes are fast becoming conduits for carrying out tasks that are outside their stated legal frameworks.Most times the monies spent on these projects inserted into these research institutes’ budgets are usually more …

ENUGU GOVERNOR, PETER MBAH, FLAGS OFF REVITALISATION OF UNITED PALM PRODUCTS Governor of Enugu State, Dr. Peter Mbah, Thursday, performed the formal flag-off of the revitalisation of the Enugu United Palm Products Limited, EUPPL. The flag-off, which took place at Ibite-Olo, Ezeagu LGA of the state, was sequel to the N100bn deal between the Enugu State Government and Pragmatic Palms …

NAIRA DEVALUATION WORSENS COST OF FUEL IMPORTATION AS NIGERIA SPENT N5.8TN IN SIX MONTHS Data released by the National Bureau of Statistics has shown that petroleum worth N5.8 trillion was imported into the country in the first six months of 2024, representing first and second quarter of the year. A review shows that in the first quarter of the year, …

PETROLEUM SMUGGLING RESPONSIBLE FOR NAIRA INSTABILITY, ECONOMIC WOES – NSA RIBADU The National Security Adviser (NSA), Nuhu Ribadu, has raised the alarm over the increasing smuggling of petroleum products out of Nigeria, warning that the instability in the foreign exchange market would persist unless addressed. Speaking in Abuja on Monday at a stakeholder engagement for Operation Whirlwind, organised by the …

NAIRA NEARS N2,000 PER DOLLAR The Naira raced to N2,000 per dollar at the black market on Saturday despite the Central Bank of Nigeria’s sale of dollars to the Bureau De Change operators. A BDC operator, Dayyabu Ashiru confirmed that Naira was exchanged for N1,670 per dollar on Saturday from the N1665 exchange rate last Friday. “We buy at N1665 …

EIGHT MILLION SMALL BUSINESSES IN NIGERIA SHUT DOWN IN 18 MONTHS OVER ECONOMIC HARDSHIP, SAYS ASBON The National President of the Association of Small Business Owners of Nigeria (ASBON), Mr Femi Egbesola, has lamented the impact of the economic policies under the administration of former President Muhammadu Buhari and the current administration of President Bola Tinubu on small businesses. During …

DANGOTE REFINERY WILL NOT SELL FUEL BELOW MARKET PRICE — PRESIDENCY The Nigerian Presidency has said that Dangote Refinery will not sell its product including Premium Motor Spirit (PMS) below the official market price. On Tuesday, Aliko Dangote, the Chairman of the Dangote Group, formally declared the commencement of petroleum production at his highly anticipated refinery. This significant milestone marks …

WHAT NIGERIANS DON’T KNOW ABOUT TINUBU’/OANDO OIL.DEAL, BY IFEANYI IZEZEAlso, how do you explain that barely few months from the announced acquisition of all Agip’s onshore assets by Tinubu’s Oando, the federal government is coming out to announce to us that all contentious issues around OPL 245, Nigeria’s most lucrative deep offshore oil acreage has been resolved and lease handed …

FG CAN,’T FIX PRICE OF PETROL – MINISTER The federal government of Nigeria has no hand in fixing the price of petrol in the country.This was disclosed by the Minister of State for Petroleum Resources, Heineken Lokpobiri after meeting the Vice President, Kashim Shettima President Bola Tinubu had mandated the Vice President, Kashim Shettima to convene a high-level meeting aimed …

NNPCL YET TO LIFT PETROL FROM DANGOTE REFINERY – SPOKESMAN Dangote Group on Thursday denied reports that the Nigerian National Petroleum Company Limited, NNPCL, has started lifting fuel from its refinery. It was reported that NNPCL lifted petrol from Dangote Refinery and sold it for N897 per liter to Nigerians. The report comes amid the declaration by the Chairman of …