Business

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 …

NIGERIA’S DATA USAGE SOARS 93% IN TWO YEARS Internet data consumption in Nigeria has nearly doubled in two years, rising by 93 per cent, according to an analysis of the figures from the Nigerian Communications Commission. Data usage hit 1,000,930.60 terabytes in January 2025, up from 517,670 terabytes in January 2023. The surge underscores the country’s increasing dependence on internet …

NNPC ANNOUNCES NEW SENIOR MANAGEMENT TEAM The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced the appointment of a new senior management team. This follows the appointment of the Group Chief Executive Officer and Board of Directors. In a statement on Friday, the Chief Corporate Communications Officer, NNPC, Olufemi Soneye, announced the 8-man Senior Management Team. He stated that …

MORE HEADS TO ROLL IN NNPCL, SUBSIDIARIES AS OJULARI ASSUMES OFFICE There are indications that more heads will roll in the Nigerian National Petroleum Company Limited, NNPCL and its subsidiaries as Engineer Bayo Ojulari yesterday assumed office as the new Group Chief Executive Officer. This was even as the management and staff of NNPC Ltd welcomed the appointment of a …

MTN DENIES STEALING CUSTOMERS’ DATA‘The Chief Executive Officer of MTN Ghana, Stephen Blewett, has dismissed accusations that the telecom operator steals customer data, a persistent complaint he says he’s faced in every market during his career, MyJoyOnline, Ghanaian online news portal, reported on Wednesday. His comments come as a wave of similar concerns sweeps through Nigeria, where subscribers are also …

NIGERIA RECOGNIZES CRYPTOCURRENCIES AS SECURITIES IN LANDMARK LEGAL SHIFT Nigeria’s new capital market laws now officially classify cryptocurrencies and other virtual assets as securities for the first time, in what would lead to greater transparency and increased investments. President Bola Tinubu recently assented to the Investments and Securities Act (ISA) 2024, which repeals the Investments and Securities Act No. 29 …

WHY TINUBU SACKED KYARI, DISSOLVED NNPCL BOARD There are strong indications that President Bola Ahmed Tinubu reluctantly approved the sack of Mele Kolo Kyari as Group Chief Executive Officer (CEO) of the Nigerian National Petroleum Company Limited (NNPCL), following mounting concerns about some aspects of the company’s operations. The President announced Kyari’s removal alongside the dissolution of the NNPCL board …

CBN REFUTES REPORTS OF NEW ₦5,000, ₦10,000 NOTES The Central Bank of Nigeria (CBN) has refuted claims that it has introduced new ₦5,000 and ₦10,000 notes, describing the reports as false. This comes after widespread misinformation suggested that the apex bank had unveiled the high-denomination banknotes to enhance cash transactions. According to the reports, the CBN was set to introduce …