Business

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 …

:OUR PETROL IS 15% CHEAPER THAN IMPORTED FUEL – DANGOTE President of Dangote Group and Africa’s richest man has said that the price of Dangote Refinery’s petrol is 15 percent cheaper than the ones imported by the Nigerian National Petroleum Company Limited. The billionaire disclosed this in an interview with Bloomberg Television on Monday. His comments were weeks after NNPCL …

ANOTHER HIKE IN ELECTRICITY TARIFF LOOMING Another electricity tariff hike may be introduced in October 2024 by the Nigerian Government as the country’s monthly power subsidy rose to N181,63 billion in September. This comes as the electricity subsidy by the Federal Government rose to N181,63 billion in September from N102.30 billion in May. In the last three months, the government …

HIGH PETROL PRICE HAS WIPE OUT N70,000 MINIMUM WAGE – NLC The Nigeria Labour Congress (NLC) has raised concerns that the current price of Premium Motor Spirit, popularly known as petrol has eroded the benefits of the proposed N70,000 new national minimum wage, which is yet to be implemented. NLC President Joe Ajaero made this statement during a two-day workshop …

REFINERS ANGRY AS MARKETERS DUMP DANGOTE REFINERY FOR IMPORTED FUEL Crude Oil Refiners Association of Nigeria has kicked against a move by petroleum marketers to import Premium Motor Spirit (Petrol) despite the availability of Dangote Refinery Petrol. Publicity Secretary of CORAN, Eche Idoko, made this known in a statement condemning the move. His comments come as a report emerged that …

DANGOTE REFINERY: OUR HOPE DASHED – NIGERIANS Despite the rollout of premium motor spirit (PMS) otherwise known as petrol from the Dangote Refinery on Sunday, Nigerians have expressed disappointment over the high price of fuel.They said their hope on the refinery for a reduced fuel price after recent increment of pump price was dashed with the price sold to the …