Business

THEY’RE FRUSTRATING OUR EFFORTS – DANGOTE REFINERY CRIES OUT OVER ROADBLOCKS ON ITS WAY The final commissioning of the Dangote Refinery in May 2023, by former President Muhammadu, few days before the emergence of the Bola Tinubu presidency, was a welcome development to not a few Nigerians. It was real hope and the proverbial light at the end of the …

OPERATING FOUR BUDGETS CONCURRENTLY, RECIPE FOR CATASTROPHE, CHAOS – PETER OBI All available evidence has confirmed that the Nigerian government is implementing four national budgets concurrently. This is in blatant disregard for fiscal responsibility, transparency, and accountability. It is also a recipe for chaos, confusion, and catastrophe. This intentionally reckless action will lead to frivolous items in the approved budgets …

FG FAULTS DANGOTE, MEETS LOCAL REFINERS OVER PRICING The Federal Government, on Tuesday, declared that there was no importation of dirty fuel into Nigeria, countering the recent position of an official of the Dangote Petroleum Refinery. It declared this after meeting with oil marketers and local refiners of crude oil in Abuja, where parties at the meeting discussed issues about …

ATIKU, EL RUFAI, OTHERS OWN N1.49TRN INVESTMENT IN DUBAI A comprehensive investigation has uncovered that approximately 200 Nigerian politicians, security officers, and their associates have collectively invested almost $1 billion (N1.49 trillion) in Dubai’s real estate market over the past two decades, according to a BusinessDay report. The explosive findings are part of a global investigative project, “Dubai Unlocked,” spearheaded …

SHOPRITE TO SHUT DOWN ABUJA BRANCH ON JUNE 30 DUE TO CURRENT ECONOMIC REALITIES Shoprite Mall has announced its intention to cease operation in one of its Abuja branches from June 30, 2024. The branch is situated at Novare Central Mall in Wuse Zone 5. This was contained in a circular signed by the Chief Executive Officer, Dr Folakemi Fadahunsi, …

PETER OBI LAMENTS EXIT OF MULTINATIONAL COMPANIES FROM NIGERIA I am compelled to address the alarming exodus of multinational companies from Nigeria, which has cost our nation a staggering N95 trillion in the past five years. According to The New Telegraph, in the last year alone, over ten multinational giants such as GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, …

WHY PETROL, DIESEL PRICES MAY NOT DROP DESPITE DANGOTE REFINERY – EXPERTS Experts have indicated that the commencement of production at the Dangote Petroleum Refinery may not lead to a substantial decrease in petrol and diesel prices. Despite the refinery’s strategic location in Lagos, Nigeria, the input costs for its operations are heavily import-dependent, and the volatility of foreign exchange …

ENUGU REVENUE BOARD SEALS 200 SHOPS IN MARKET OVER NON-PAYMENT OF FEES The Enugu State Board of Internal Revenue has sealed over 200 shops at Ikpa Market located at the university community of Nsukka in Enugu State. As at 9am on Friday, almost all the shops were still sealed. Shop owners were seen standing away from their shops discussing the …

N53B EBONYI AIRPORT LIES IDLE OVER A YEAR OF INAUGURATION June 19, 2024, marks the 390th day since the Chuba Okadigbo International Airport in Abakaliki, Ebonyi State, was opened by former President Muhammadu Buhari on May 26, 2023. Notably, the airport had a soft launch on April 26, 2023, when former Governor David Umahi oversaw the landing of two inaugural …

WESTERN MULTINATIONALS FLEEING NIGERIA BEING REPLACED BY ASIAN, TURKISH FIRMS As United States and Europe-based multinationals exit Nigeria, Asian and local companies are stepping in to fill the void, Bloomberg has reported. Last week, London-based Diageo Plc sold its controlling stake in Guinness Nigeria Plc to Singapore’s Tolaram Group Inc. The Fouani Group, a local firm, operates a diaper and …