Business

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 …

SUDDEN SURGE IN NIGERIA’S PETROLEUM IMPORTS FROM MALTA Nigeria’s petroleum importation from Malta surged significantly to $2.8 billion in 2023. Nigeria is one of Africa’s biggest oil-producing nations — but it lacks local refining capacity. Speaking at an event in May, Vice-President Kashim Shettima had said over $25 billion is expended on the importation of refined petroleum products yearly. The …

EZEKWESILI CALLS FOR AUDIT OF DANGOTE-NNPC BUSINESS TRANSACTIONS A former Minister of Education, Oby Ezekwesili, has called for an independent audit of business dealings between the Nigerian National Petroleum Company Limited (NNPCL), and the Dangote Refinery. This is as the Chief Executive Officer of the Dangote Group and owner of the Dangote Refinery, Aliko Dangote, last week, revealed that NNPCL …

JONATHAN GAVE DANGOTE, OTHERS TOO MUCH WAIVERS, DESTROYED SMALL BUSINESSES – YESUFU A social critic, Aisha Yesufu has said that former President Goodluck Jonathan gave Aliko Dangote and other rich so much waivers during his tenure. Yesufu said the action consequently destroyed small businesses in the process. Her statement comes amid an alleged soured relationship between Dangote and the regulators …