Business

PROTESTING SUPPORT STAFF SHUT DOWN WARRI REFINERY Protesting support staff of the Warri Refining & Petrochemical Company (WRPC) in Delta State have embarked on an indefinite strike, shutting down the facility over what they have termed “Poor Condition of Service” by the management of the company. The staff, who gathered in large numbers, blocked the entrance to the company. The …

TINUBU, NIGERIA’S DE-MARKETER-IN-CHIE Which serious foreign investor would commit capital to a country led by an individual whose early life remains shrouded in mystery where the first twenty years of his life are undocumented, his biological parents are unknown, and there is no verifiable record of his primary or secondary education? Which investor would trust a nation led by a …

NIGERIA REMOVED FROM LIST OF COUNTRIES INDEBTED TO IMF In a report titled: ‘Total IMF Credit Outstanding – Movement from May 01, 2025 to May 06, 2025,” obtained on the multilateral institution’s website yesterday, Nigeria was not listed among its debtors which has a total of 91 developing and least developed countries owing the Fund a total of $117,797,656,224 as …

SENATE REJECTS VAT INCREASE, PASSES TWO TAX REFORM BILLS The Senate, on Wednesday, passed two of President Bola Tinubu’s four tax reform bills. The two bills approved are the Nigeria Revenue Service (Establishment) Bill and the Joint Revenue Board (Establishment) Bill. This development follows the Senate’s consideration of the report submitted by an ad hoc committee chaired by Senator Sani …

HOW IMPORT WAIVERS ARE CRIPPLING LOCAL RICE MILLS Rice millers have raised concerns over the federal government’s import duty waiver on rice, maize and sorghum, saying it is hurting their businesses. This is just as the Nigeria Customs Service (NCS) said the waiver has caused food prices to drop. The government had, last year, approved a 150-day waiver for the …

MAJOR MARKETERS, NOT NEW NNPC BOARD FRUSTRATING MY REFINERY — DANGOTE The President of Dangote Group, Aliko Dangote, has said that those who are still fighting against the survival of his refinery were major marketers and traders, saying they were not the new leadership of the Nigerian National Petroleum Company Limited. Dangote stated this as he praised President Bola Tinubu …

BANKS HIKE EMPLOYEE PAY AS STAFF COSTS ACCOUNT FOR 27.44% OF OPERATING EXPENSE Employee costs account for 27.44 percent of the total operating costs of Nigerian banks in the first quarter of 2025, posing challenges to banks in improving their net interest margins as lenders hiked pay for workers to cushion the impact of cost of living. The most capitalised …

BANKS HIKE EMPLOYEE PAY AS STAFF COSTS ACCOUNT FOR 27.44% OF OPERATING EXPENSE Employee costs account for 27.44 percent of the total operating costs of Nigerian banks in the first quarter of 2025, posing challenges to banks in improving their net interest margins as lenders hiked pay for workers to cushion the impact of cost of living. The most capitalised …

TINUBU BANS IMPORTATION OF FOREIGN GOODS, UNVEILS NEW INDUSTRIALISATION POLICY President Bola Tinubu has ordered a ban on importation of foreign goods, especially those that can be produced locally in Nigeria. Tinubu also placed a caveat on expatriates coming into Nigeria to execute jobs, which local contractors and artisans can undertake, unless there is convincing justification for it, including express …

PORT HARCOURT, WARRI, KADUNA REFINERIES MDS ARRESTED,KYARI, 13 SENIOR EX-NDDC OFFICIALS FACE PROBE The Economic and Financial Crimes Commission has arrested the recently sacked managing directors and some top officials of the Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Company. The officials were arrested over alleged mismanagement of funds earmarked for the rehabilitation …