Business

NIGERIANS LOSE N1.3TRN AS CBEX TRADING PLATFORM CRASHES Nigerians took to their various social media platforms to lament their losses after a digital asset trading platform, known as CBEX, allegedly swept over N1.3 trillion from investors’ accounts on Monday. This comes as CBEX, operating without legal approval from the Nigeria Securities Commission, crashed on Monday after the money in their …

THEY ONLY KNOW HOW TO DRAIN DATA – TELECOM CONSUMERS LAMENT TARIFF HIKE, POOR NETWORK Some telecommunication services consumers in the Federal Capital Territory, FCT have urged Mobile Network Operators to improve their services to match the recent hike in their tariffs. They made the call in separate interviews with NAN on Monday in Abuja. The subscribers said despite the …

AGAINST LOCAL PROPAGANDA, NIGERIA’S PETROL PRICE DUE TO GLOBAL PRICING Nigeria is on the brink of a rare moment of respite as petrol prices are falling. This respite is rare, and in Nigeria, where petrol costs are dictating the rhythm of daily life from the cost of food prices to transportation, this should be welcome news. But a dangerous narrative …

NERC FINES EIGHT DISCOS ₦‎628 MILLION FOR FLOUTING ESTIMATED BILLING RULES The Nigerian Electricity Regulatory Commission has sanctioned eight DisCos for failing to comply with monthly energy caps for unmetered customers between July and September 2024. The affected DisCos include Abuja, Eko, Enugu, Ikeja, Jos, Kaduna, Kano, and Yola. The commission, in a statement on Thursday, said these DisCos have …

NIGERIANS TO START ENJOYING BENEFITS OF LOWER GLOBAL CRUDE PRICES — PETROAN The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has stated that Nigerians will begin to enjoy the benefits of the recent drop in global crude oil prices, following the announcement by Dangote Refinery of a reduction in the price of premium motor spirit. PETROAN spokesperson Joseph …

DANGOTE REFINERY SLASHES PETROL PRICE TO ₦865 As exclusively predicted by The PUNCH, the Dangote refinery has informed marketers and its customers of a downward review of its ex-gantry loading cost to N865 per litre. The new price is a reduction of N15 from N880 per litre sold by the facility on Wednesday. Our correspondent gathered that the refinery informed …

CRUDE OIL PRICE CRASHES, PUTS 2025 FG REVENUE TARGET IN JEOPARDY THE price of Bonny Light, Nigeria’s premium oil grade, yesterday, dropped by 5.09 percent to $59.62 per barrel in the global market at the backdrop of the on-going ripples created by the tariff war that has followed the series of tariff hikes announced by the United States of America …

65% TANK FARMS DORMANT DUE TO FUEL SUBSIDY REMOVAL As the battle to control market share in the downstream sector rages on, no fewer than 70 tank farm owners have been compelled to cease operations in the past two years, leaving their facilities abandoned and idle as retailers and station owners increasingly avoid utilising their services. These dormant tank farms, …

FEC ORDERS FULL IMPLEMENTATION OF NAIRA-FOR-CRUDE DEAL The Federal Executive Council has officially directed the full implementation of the suspended Naira-for-Crude agreement with local refiners. The Ministry of Finance disclosed this on its official X handle titled “Update on the Crude and Refined Product Sales in Naira Initiative,” on Wednesday. Recall that the first phase of the six-month deal involving …

CRUDE OIL SALES IN NAIRA WILL CONTINUE – FG The Federal Government has confirmed that crude and refined product sales in Naira initiative will continue as a national policy. This assurance was contained in the official X (formerly Twitter) handle of the Federal Ministry of Finance on Wednesday morning amid growing inquiries on the status of the policy. The Ministry …