Business

Nigerian National Petroleum Company Limited (NNPC Ltd) has said market of Premium Motor Spirit (PMS) or petrol is open to lower prices from any domestic refinery, stating that price is determined by global market forces. The Chief Corporate Communications Officer, NNPC Ltd, Mr. Olufemi Soneye responding to Muslim Rights Concern (MURIC) claims that the Dangote Refinery Limited (DRL) is being…

The Nigeria Civil Aviation Authority (NCAA) has revealed it is taking decisive action to address the refund concerns of passengers affected by the recent suspension of Dana Air’s operations. In a statement on Friday, the NCAA confirmed that to resolve these issues, it has engaged NG Eagle, a new partner of Dana Air, to manage the airline’s outstanding financial obligations…

The Nigeria Customs Service (NCS) announced on Thursday that it will soon implement a duty waiver on food imports, pending receipt of the list of beneficiaries for tax exemptions from the Ministry of Finance. This move follows the federal government’s announcement of a 150-day duty-free import window for food commodities on July 8, 2024, aimed at mitigating food inflation. Speaking…

The federal government is considering granting Aliko Dangote’s refinery the authority to set petrol prices, according to reports from Bloomberg. This decision could reshape the government’s control over fuel prices paid by consumers. The report indicates that Nigeria will permit Dangote to set the price of gasoline for petroleum marketers starting next month, according to officials familiar with the matter.…

The management of Dangote Refinery has denied report that it has fixed price of Premium Motor Spirit (PMS) or petrol for N897 per litre. BusinessDay Newspapers had published a story titled, “NNPC lifts Dangote petrol, sells at N897 per litre”, revealing that NNPC Ltd outlets in Lagos adjusted the pump price of petroleum to N897 per litre. At several other…

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has commended President of Dangote Group, Ahalji Aluko Dangote over the commencement of the Dangote Refinery, stressing that it is a remarkable achievement at the world’s largest single-train petroleum refinery and petrochemical plant is a testament to unwavering commitment, innovation, and excellence in the energy sector. NUPENG in a statement…

The Nigerian equities market on Wednesday experienced profit-taking by investors, reversing the gains from the previous trading session. Precisely, the All-Share Index declined by 336.26 points, representing a loss of 0.35 per cent to close at 96,537.48 points. Also, market capitalisation dipped by N193 billion to close at N55.454 trillion. The downturn was driven by price depreciation in large and…

In line with its dedication to enhancing financial literacy among the next generation, FMDQ Group Plc (FMDQ Group), through its flagship corporate social responsibility initiative, FMDQ Next Generation Financial Markets Empowerment Programme (FMDQ-Next), successfully concluded the 5th edition of its Summer Camp Programme. This annual Programme, designed to foster financial markets education among students from primary and secondary schools, was…

The Central Bank of Nigeria on Friday disclosed that it sold $20,000 to each Bureau De Change operator at a rate of N1,580 per US dollar. The bank disclosed this in a circular addressed to all Bureau De Change operators in Nigeria and the general public. In the circular, signed by the Acting Director of the Trade and Exchange Department,…

The co-chair of the Bill and Melinda Gates Foundation, Bill Gates, has stated that Nigeria’s low tax collection rates threaten financing critical sectors such as health and education. Gates made these remarks on Tuesday during Nutrivision 2024, a Pan-African youth dialogue on nutrition held in Abuja. Gates spoke while responding to a question on potential financing mechanisms for large-scale public…