Business

FG SPENDS $600m ON FUEL IMPORTATIONS MONTHLY – FINANCE MINISTER Nigeria pays $600 million each month on fuel imports, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed. According to him, the expenditure is partly because neighbouring countries, extending to Central Africa, are benefiting from these fuel imports. Speaking during an interview on AIT’s ‘Moneyline with …

CONSUMER PROTECTION BODY ACCUSES COCA-COLA OF USING ARTIFICIAL SWEETENER IN PLACE OF SUGAR The Federal Competition and Consumer Protection Commission, FCCPC, has accused Coca-Cola Nigeria Limited and Nigerian Bottling Company Limited, NBC, of violating consumer protection laws. The allegations include misleading trade descriptions, unfair marketing tactics, and failure to comply with regulatory requirements, according to a statement released by the …

BANKS, BUSINESSES REMAIN CLOSED AS PROTESTS CONTINUE As the the nationwide protests across the country continues to rage on, traders in most markets of Lagos and other parts of the country might have taken to just sit and watch. The situation in Tradefair complex is almost same for Alaba, Ladipo, Computer Village and others remain sealed. Cities like Lagos, Port …

BANKS, OTHERS SHUT OVER HUNGER PROTEST Banks and other financial institutions in the country closed on Thursday, August 1, 2024, as the planned hunger strike begins across the country. While none of the banks outrightly announced a closure, chats with different employees of the banks indicated that they have been advised not to report for work on Thursday as the …

THOUSANDS OF DOLLARS FLOWN OUT OF NIGERIA EVERY HOUR – INTERPOL The International Police Organisation (INTERPOL), on Monday, revealed that “hundreds of thousands of dollars” are being laundered out of Nigeria to other African countries and across the world every hour. The organisation also said money laundering across Africa and the entire world has assumed a monstrous dimension, adding that …

TINUBU’S LEBANESE ALLY, GILBERT CHAGOURI, FACILITATED EXECUTIVE ORDER GIVING DANGOTE REFINERY LIFELINE President Bola Tinubu on Monday gave an executive order to the Nigerian National Petroleum Company (NNPC) Limited to sell crude to Dangote Refinery and other upcoming indigenous refineries in naira. This was announced by the Special Adviser to the President on Information and Publicity, Bayo Onanuga on X, …

NCC DIRECTS TELECOM OPERATORS TO RESTORE BARRED TELEPHONE LINES The Nigerian Communications Commission (NCC) has directed telecom service providers to immediately reactivate all lines recently disconnected. In a statement issued and signed by Reuben Muoka, Director Public Affairs, NCC, it noted that over the weekend many telecom subscribers/consumers were unable to access their phone lines because of the inability of …

PROTEST AT MTN OFFICERS ACROSS NIGERIA OVER MASS SIM CARD DISCONNECTION Thousands of Nigerians woke up on Sunday to find their SIM cards barred by MTN Group Limited, sparking widespread outrage. The telecommunications giant claimed that the affected subscribers had failed to link their National Identification Number (NIN) with their SIM cards. In response, scores of disgruntled subscribers stormed MTN …

DANGOTE: END OF THE ROAD FOR A MONOPOLIST? BY SOJI ADEKUNMBI In the last one month, easily one of the most discussed issues in Nigeria is the allegation by the Dangote Refinery accusing the International Oil Companies (IOCs) of frustrating its operations by refusing to sell crude to it. In a statement released in July, which later followed up by …

ALLEGATIONS OF MONOPOLY MOST UNFAIR – DANGOTE The Chairman of Dangote Group, Aliko Dangote, while speaking with Premium Times, recently, countered allegations that he was trying to be a monopoly in the industry. On how he feels about the twist in government’s reaction to his investment in the petroleum sector in contrast o 70. I need very little to live …