Business

The Federal Government has announced plans to privatise or concession at least 91 state-owned enterprises, including the Ajaokuta Steel Company, Tafawa Balewa Square (TBS), Lagos Trade Fair Complex (TFC), the country’s four refineries, and five international airport terminals. Director-General of the Bureau of Public Enterprises (BPE), Mr. Ayodeji Ariyo Gbeleyi, disclosed this yesterday in Abuja, noting that each transaction would …

Nestlé has dismissed its chief executive, Laurent Freixe, after an investigation into an “undisclosed romantic relationship” with a subordinate that was found to have breached its code of business conduct. The Swiss-headquartered multinational named Philipp Navratil as his replacement. Nestlé said Freixe’s departure after 40 years at the company followed an investigation overseen by its chair, Paul Bulcke, and lead …

DINO MELAYE FACES CRIMINAL PROSECUTION FOR TAX EVASION Former Senator representing Kogi West, Dino Melaye, has been summoned to court over alleged failure to pay his mandatory Personal Income Tax for 2023 and 2024, as well as underpayment of taxes in 2020, 2021, and 2022. A criminal summons, dated August 21, 2025, was issued by a Federal Capital Territory (FCT) …

AIR PEACE CEO, MINISTER SPEAK ON NIGERIA–BRAZIL AVIATION PACT As Nigeria and Brazil deepen ties with a landmark Bilateral Air Services Agreement (BASA), Air Peace has been designated to commence direct flights linking Lagos to São Paulo and Rio de Janeiro before the end of the year. In an interview with journalists in Brasília, Air Peace Chairman Allen Onyema and …

CBN ORDERS MONIEPOINT, OPAY, PALMPAY, OTHERS TO GEOTAG CUSTOMERS WITHIN 60 DAYS.The Central Bank of Nigeria (CBN) has issued a new directive that will shut down PoS devices that are used outside of a merchant’s registered address. In a circular released on August 25, 2025, the regulator ordered all licensed operators, including Moniepoint, OPay, PalmPay, and banks, to geo-tag every …

Barring any last-minute change in plan, the Dangote Petroleum Refinery is expected to start its direct fuel distribution scheme soon, as 1,000 Compressed Natural Gas-powered trucks required for the exercise have arrived in Nigeria. With the 1,000 trucks, the refinery would start distributing fuel directly to marketers in Lagos, Ogun, and other South-West states, pending the delivery of the remaining …

DANGOTE, OTHERS ADJUST PETROL DEPOT PRICES TO ₦823 PER LITRE Three operators – Dangote Petroleum Refinery, Aiteo and AA Rano – weekend, adjusted the depot prices of Premium Motor Spirit, PMS, also known as petrol to N823 per litre from N821 per litre as crude oil rises to $67 per barrel from $65 per barrel in the international market. Dangote …

FG SEEKS $238 MILLION JAPAN LOAN FOR NATIONAL GRID EXPANSION The Federal Government is currently discussing a loan funding of $238 million from the Japan International Cooperation Agency (JICA) to expand Nigeria’s national electricity grid network, especially the transmission segment of the power value chain, News360 Nigeria reports. This was part of the outcome of deliberations at the just-concluded Ninth …

The Dangote Petroleum Refinery is quickly silencing its critics, with operations running more consistently and efficiently than ever before. Dangote Petroleum Refinery increased production to 610,000 barrels per day in August 2025, nearing its full capacity. The refinery consistently surpassed industry expectations, enhancing operational reliability and efficiency. June 2025 marked its first gasoline export to Asia, showcasing expanding export capabilities. …

FG TO MODERNISE, UPGRADE EASTERN PORTS The Federal Government says it is modernising the Western Ports in Apapa and upgrading the Eastern Ports in Onne, Calabar, and Rivers to promote balanced regional growth. Mr Adegboyega Oyetola, Minister of Marine and Blue Economy, said this in a statement signed on Tuesday in Abuja by his Media Adviser, Dr Bolaji Akinola. Oyetola …