Economy - Page 20

DangoteRefinery

News Update·Economy·News

Dangote Drops Ex-Depot Petrol Price To ₦820 Per Litre

Dangote Petroleum Refinery on Tuesday further dropped the ex-depot price per litre of petrol from ₦840 to ₦820. In an update, a spokesman for the refinery, Tony Chiejina, confirmed the ₦20 marginal reduction, which occurred about one week after the $20bn refinery

July 9, 2025

Dangote Refinery

Why Dangote Refinery Increased Petrol Price — Official

Dangote Refinery has said that the recent adjustment in the company’s ex-depot price of petrol “is directly related to the significant increase in global crude oil prices”. The company assured Nigerians that three of its partners will sell petrol for ₦970 per

January 20, 2025

Tax reform bills

Economy·News·Politics

Oyedele Reveals NASS Plans to Pass Tax Bills in March, Effective Implementation by July

The Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has disclosed that the National Assembly will pass the controversial tax reform bills into law in the first quarter (Q1) of 2025. Speaking at the weekend during The

January 20, 2025

Bitcoin

Bitcoin Hits Record Above $109,000 Ahead of Trump’s Return

Bitcoin reached an all-time high of $109,241 just before Trump’s inauguration ceremony but fell back to $107,765 around 07:40 GMT. The world’s largest cryptocurrency has surged since Trump won the presidential election in November, surpassing the $100,000 mark for the first time

January 20, 2025

MMIA Customs Sets New Record, Exceeding 2024 Target with ₦71.6 Billion Revenue

The Murtala Muhammed International Airport (MMIA) Command of the Nigeria Customs Service (NCS) has announced that it generated a total of ₦71.6 billion in 2024, surpassing its revenue target for the year. The Customs Area Controller (CAC), Comptroller Effiong Harrison, stated in

January 17, 2025

Fidelity Bank Plc Announces New Appointments to Its Board of Directors

Fidelity Bank Plc has announced significant changes to its Board of Directors, effective January 14, 2025. The new appointments include Alhaji Abdullahi Sarki Mohammed as an Independent Non-Executive Director, Ms. Obiaku Augusta Okam as a Non-Executive Director, and Mr. Sufiyanu Ibrahim Garba

January 17, 2025

CBN Launches DocFlow, MDA Naira Payment Solutions

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has introduced two transformative initiatives, the Document Flow (DocFlow) System and the Ministries, Departments, and Agencies (MDAs) Naira Payment Solution. According to a statement released by the apex bank, the launch

January 17, 2025

CBN Fines Nine Banks N150m Each for Failing to Dispense Cash via ATMs

The Central Bank of Nigeria (CBN) has imposed sanctions totaling N1.35 billion on nine Deposit Money Banks (DMBs) for failing to ensure the availability of Naira notes through Automated Teller Machines (ATMs) during the 2024 festive season, a period of heightened demand

January 15, 2025

FG to Finalise Bank of Agriculture Recapitalisation by Q1 2025

The Federal Government has announced its commitment to finalising the long-awaited recapitalisation of the Bank of Agriculture (BoA) by the end of the first quarter of 2025. The initiative is aimed at addressing the persistent funding challenges faced by smallholder farmers and

January 15, 2025

We Are Not Owing First Bank $225 Million, Claims ‘Misleading and Malicious’—GHL

General Hydrocarbons Limited (GHL) has officially disputed claims regarding an alleged debt to First Bank of Nigeria (FBN) Plc. The management asserts that the company does not owe any money to the bank, including the claimed sum of $225 million. Setting the

January 13, 2025

CBN Announces End of Export Proceeds Repatriation Extension

The Central Bank of Nigeria (CBN) has suspended the approval of extensions for the repatriation of export proceeds on behalf of exporters. CBN noted this directive which was issued through a circular dated January 8, 2025, takes immediate effect. The suspension applies

January 10, 2025

Inflation Rate May Decline to 27% by December — Report

Nigeria’s headline inflation rate is projected to average 30.5% year-on-year in 2025 and settle at 27.1% by December 2025. According to the latest NESG-Stanbic IBTC Business Confidence Monitor report, the forecast is based on the premise that headline inflation is expected to

January 10, 2025

FBN Holdings Addresses Call for Extraordinary General Meeting, Reassures Stakeholders

FBN Holdings Plc has released a statement to address a media report regarding two of its shareholders’ calls for an Extraordinary General Meeting (EGM). The company has assured its stakeholders that this development will not affect its operations, as all businesses within

January 10, 2025

Economy·Politics

Biden Blocks US Steel Sale To Japan’s Nippon Steel

US Steel and Nippon Steel threatened legal action Friday after President Joe Biden blocked a controversial $14.9 billion deal for the Japanese company to buy its American rival. Biden cited a strategic need to protect domestic industry — but the move drew

January 8, 2025

Telecom Operators Back 100% Tariff Hike, Says MTN CEO

The Chief Executive Officer of MTN Nigeria, Karl Toriola, says telecommunication companies are unanimously proposing a 100 per cent increase in tariffs to the Nigerian government. He noted that the rising operational cost, inflation, and naira devaluation have made the increase in

January 6, 2025

Landmark Africa to relocate headquarters from Lagos following beach demolition, Plans Expansion into Two African Nations

Landmark Africa, owner of the Landmark Beach Resort in Lagos, has announced plans to relocate its Nigerian headquarters and expand its operations. Paul Onwuanibe, CEO and Founder revealed that the company will extend its reach into two other African countries, establish a

January 6, 2025

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