Business

Picture this scenario: It’s just after dawn at a filling station. A tired-looking commercial motorcyclist counts his crumpled notes carefully before handing them over. But the fuel attendant shakes his head gently and tells him the money will no longer buy what it used to. The rider forces a smile, but his eyes can see the reality that fuel has …

The Federal Government has made Tax Identification, (Tax ID) compulsory for people getting involved in banking and allied services in the country. Consequently, all taxable Nigerians are to obtain a Taxpayer Identification when the new tax Acts come into force in January 2026. The Tax ID is contained in the provisions of the Nigeria Tax Administration Act, 2025, Part II …

The average price of refilling a 12.5kg cylinder of Liquefied Petroleum Gas, LPG, otherwise known as cooking gas dropped by 17.4 percent on a month-on-month, MoM basis, to N11,875 in August 2025 from N14,375 in July. On a year-on-year, YoY basis, the average retail price declined by 16.7 percent from N14, 261.57 recorded in the corresponding period of 2024. Meanwhile, …

Nigerians buying petrol will pay additional N45 for each litre of fuel they purchase come 2026 if the price remains unchanged at the rate of N900. This is due to the provision of a five percent surcharge in the 2025 Nigeria Tax Administration Act on refined petroleum products in a bid to promote the use of clean energy. The five …

The Nigerian government has said it will introduce a new petrol consumption tax starting January 2026. This means that Nigerians will pay a 5% levy — equivalent to N500 for every N10,000 spent on petrol. The measure is designed to discourage fossil fuel use and encourage citizens to adopt cleaner energy sources. The tax will be collected at the point …

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 …