Business

DANGOTE CALLS OFF PLAN TO INVEST IN STEEL, DISCOURAGED BY GOVERNMENT, CABAL Aliko Dangote, Africa’s richest man, is calling off plans to invest in a new steel plant in Nigeria after the government accused him of seeking to become a monopoly with his new refinery in the West African nation. Dangote said, “let others that have more money than us …

DANGOTE REFINERY’S PETROLEUM PRODUCTS INFERIOR – NMDPRA The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has said that the quality of petroleum products from the Dangote refinery, as well as those from Watersmith, Aradel, and other modular refineries, is inferior compared to imported ones. Chief Executive Officer of NMDPRA Farouk Ahmed disclosed this in a recent interview with journalists, …

DANGOTE REFINERY TO ROLL OUT PETROL IN AUGUST,  RESOLVES CRUDE SUPPLY ISSUES President of the Dangote Refinery, Alhaji Aliko Dangote, says the refinery is now set to roll out its petrol from August 2024, having resolved its crude oil supply issues through the help of the Nigeria National Petroleum Company Limited (NNPCL) and the federal government. Dangote told senior journalists …

FG APPROVES METERING SYSTEM FOR CRUDE OIL FLOW In a major move towards reforming Nigeria’s energy sector, the federal government has approved a contract for the construction of metering system for all the crude oil flow stations in the energy sector. The approval for the contract was awarded by the Federal Executive Council chaired by President Bola Tinubu. The Minister …

US LAWYMAKERS URGE STATE DEPT TO SECURE RELEASE OF  BINANCE HEAD, TAG DETENTION ‘HOSTAGE TAKING’ United States lawmakers have urged the U.S State Department to secure the release of Tigran Gambaryan, Binance’s head of financial crime compliance and a former IRS agent, who has been detained in Nigeria since February. Gambaryan was arrested on allegations of money laundering and tax …

NERC REELS OUT NEW SANCTIONS FOR DISCOS The Nigerian Electricity Regulatory Commission has disclosed that there will be new sanctions for Discos that failed to meet up some contractual agreements with customers and regulators. In an Order on Performance Monitoring Framework for all the DisCos, it said this will affect seven issues that would be used to assess their performance. …

DON’T PAY FOR ELECTRICITY TRANSFORMERS, CABLES – NERC WARNS NIGERIANS The Nigerian Electricity Regulatory Commission (NERC):has warned Nigerians against paying for electricity distribution infrastructures such as transformers, cables or poles. In a statement shared alongside a video on X on Tuesday, NERC emphasised that consumers should not be coerced into purchasing transformers, cables, or poles, as this responsibility lies squarely …

NIGERIA GETS NEW WORLD BANK COUNTRY DIRECTOR The newly appointed Country Director for Nigeria, Dr. Ndiamé Diop, assumed his new position on Monday. He is succeeding Shubham Chaudhuri who completed his term in the same capacity. Prior to his assignment to Abuja, Dr. Ndiamé Diop served as the World Bank Country Director for Brunei, Malaysia, Philippines, and Thailand, based in …

EEDC TO REFUND OVER N11B TO SOUTH EAST CUSTOMERS FOR OVER-BILLING The Enugu Electricity Distribution Company (EEDC) is to refund over N11 billion to customers in the southeast region, being the sum it over-billed them between January to September 2023. This is contained in an order by the Nigerian Electricity Regulatory Commission (NERC), which insisted that the EEDC over-billed 1,011,402 …

FG ALLOCATED N732B ON VALUE EMPOWERMENT PROJECTS IN 2024 BUDGET – TRACKA Tracka, a subsidiary of BudgIT, has said that Nigeria allocated N732 billion on vague empowerment projects higher than the N646.5 billion allocated to health projects in the 2024 national budget. Ayomide Ladipo, the Head of Tracka disclosed this in a statement on Sunday. Tracka maintained that Nigeria’s empowerment …