Business

In a historic development, the first batch of trucks belonging to the Nigerian National Petroleum Company (NNPC) Limited has started loading premium petrol (PMS), popularly known as petrol, at its gantry. The development was announced by Dangote Group in a video uploaded on its X platform showing trucks stationed at the gantry on Sunday. ALSO READ: Dangote refinery to start …

Dangote Refinery has denied claims that it sold premium motor spirit (PMS) to Nigerian National Petroleum Company Ltd NNPCL at N898/litre, describing it as misleading and dangerous. The denial was contained in a statement uploaded on the X platform by Anthony Chiejina, the conglomerate’s Group Chief Branding and Communications Officer on Sunday, September 15, 2024. Earlier reports had emerged that …

Following the dashed hopes for a reduction in the price of premium Spirit Motor (PMS), popularly known as petrol from the Dangote Refinery, the Minister of Finance and Coordinating Minister for Economic Affairs, Mr Wale Edun has pleaded for time for the price of the product to be reduced. Edun predicted that with continued local gasoline distribution, fuel prices at …

In Nigeria, many businesses are housed in old buildings due to affordability, strategic location, or historical value. However, these buildings often require significant upgrades to make them attractive and functional for modern commercial use. Renovating an old building can improve its commercial viability, attract tenants or customers, and improve business operations. Improving the appearance of an old building does not …

Investors in the Nigerian equity market enjoyed a trading week of massive profit-taking as they raked in a whopping N607 billion on the floor of the Nigerian Xchange Group (NGX) as equity capitalization rose to N56.00 trillion from N55.39 trillion in the previous week. This follows a loss of N83.55 billion in the previous week. The exchange recorded gains on …

In a major milestone towards achieving energy independence, the Presidential Committee on the Sale of Crude Oil and Refined Products has announced that the loading of the first batch of petrol from the Dangote Refinery will commence on Sunday, September 15. Chairman of the Federal Inland Revenue Service (FIRS) and a member of the committee, Zach Adedeji, disclosed this at …

The Nigerian Electricity Regulatory Commission (NERC) has imposed a fine of ₦3.10 billion on the Abuja Electricity Distribution Company (AEDC) and the Ikeja Electricity Distribution Company (IE) for overcharging their customers. According to the power industry watchdog, the fine was based on the DisCos’ non-compliance with the commission’s earlier order on capping estimated bills for electricity consumers. The penalty is …

Nigeria’s equity market recovered from earlier losses on Thursday as investors gained N178 billion at the close of trading for the day. This follows a surge in the prices of shares such as FBNH, CAVERTON, and FLOUR MILL among others on the trading floor. After five hours of trading in the capital market, equity capitalization increased to N55.7 trillion from …

Stakeholders in Nigeria’s oil and gas sector have called for the establishment of a special structure similar to the Banking Committee to drive development in the industry. The structure will serve as a link between the upstream and downstream sectors. One of the proposed structures is a Petroleum Industry Consultative Assembly that would bring together stakeholders from across the oil …

The Minister of Finance and Coordinating Minister for Economic Affairs, Wale Edun, and the Nigerian Customs Service (NCS) have met to discuss the imposition of zero percent import duty on certain food imports. This was stated by the Ministry of Finance in a written statement to X on Wednesday. Edun noted that the tax abolition would address ongoing food shortages …