Dangote Petroleum Refinery has clarified why it cannot set the price of petrol. In a statement released on Thursday, Anthony Chiejina, the Group Chief Branding and Communications Officer, explained that the market for Premium Motor Spirit (PMS) is heavily regulated, a fact well-known to all oil marketers and industry stakeholders. This regulation is the reason…
Olabode Sowunmi, Chairman of the Energy Transition Study Group at the Nigerian Gas Association, has cautioned Nigerians against placing excessive expectations on the Dangote Refinery. He emphasized that the refinery is a business venture, not a non-governmental organization (NGO), and its primary goal is to generate profit. During an appearance on Arise Television on Wednesday,…
**Search** Bill Gates, co-chair of the Bill and Melinda Gates Foundation, has stated that Nigeria’s Value Added Tax (VAT) ranks among the lowest globally. Gates made this remark on Tuesday during the Nutrivision 2024 dialogue held in Abuja, where he addressed a question regarding potential financing strategies for large-scale public health initiatives. He noted that…
The Nigeria Employers Consultative Association (NECA) has condemned the recent increase in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, by the Nigerian National Petroleum Company Limited (NNPCL). NECA characterized this situation as Nigerians suffering due to the inefficiencies of NNPCL. In a statement released on Tuesday in Abuja, NECA’s Director…
Zenith Bank Plc has achieved remarkable growth in the first half of the year, with gross earnings soaring to N2.1 trillion, marking a significant milestone for the bank. According to the audited financial report for the six months ending June 30, 2024, released at the Nigerian Exchange (NGX) over the weekend, gross earnings surged by…
Nigeria’s Letter of Credit (LC) payments for imported goods have seen a dramatic decline of 57.04%, plummeting to $391.91 million in the first seven months of 2024, compared to $912.35 million during the same period in 2023. This data is outlined in the Central Bank of Nigeria’s (CBN) weekly report on international payments, which can…
The Nigerian Exchange Limited experienced a downturn on Wednesday, with the market capitalization decreasing by N176 billion, or 0.32 percent, following three consecutive days of gains. The market capitalization, which started at N55.437 trillion, fell to N55.261 trillion by the end of the trading day. The All-Share Index also saw a decline of 0.32 percent,…
Johann Rupert of South Africa has surpassed Aliko Dangote, the President of the Dangote Group, to become the richest person in Africa. Dangote, who had maintained the top position for several years, saw his wealth decrease by $1.7 billion year-to-date, as reported in the latest Bloomberg Billionaires Index released on Wednesday. In contrast, Rupert’s net…
Nigeria’s oil production fell by 160,000 barrels per day in the second quarter of 2024, as reported by the National Bureau of Statistics (NBS) in its recently released Gross Domestic Product report for Q2 2024. During this period, the country averaged daily production of 1.41 million barrels, a decrease from the 1.57 million barrels per…
The Central Bank of Nigeria (CBN) has raised its Standing Lending Facility (SLF) rate to 31.75% in a bid to enhance stability in the financial sector. This announcement was made in a circular released on Monday by Omolara Duke, the director of the Financial Market Department, which also lifted the suspension on the SLF. Additionally,…
