BUSINESS
Dangote Refinery Sells Petrol At N960/Litre To Ships, N990 For Trucks
Dangote Refinery has disclosed the price of its petrol, saying that it sells at N990 per litre in trucks and N960 per litre into ships. The disclosure follows the Independent Petroleum Marketers Association of Nigeria (IPMAN) and Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) claim of importing the products at cheaper rates compared to that of Dangote. The marketers...
We Have Disbursed Conditional Cash Transfer To 25 Million Nigerians — FG
The Federal Government on Thursday said 25 million Nigerians have so far received the ₦25,000 conditional cash transfer. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this while briefing State House Correspondents shortly after the National Economic Council meeting chaired by Vice President Kashim Shettima. He enumerated the steps taken by President Bola Tinubu’s administration to...
Ghana Targets Fuel Imports From Dangote Refinery
Ghana could buy petroleum products from Nigeria’s Dangote Petroleum Refinery once the facility is operating at full capacity, cutting more expensive exports from Europe, the head of the country’s oil regulator said on Monday. Chairman of the National Petroleum Authority, Ghana, Mustapha Abdul-Hamid, said this could end monthly fuel imports from Europe of $400m. He spoke at the OTL Africa...
FG Urges States To Comply With Payment Of N70,000 Minimum Wage
The Federal Government has appealed to state governments yet to comply with the new National Minimum Wage Act and commence paying the new N70,000 minimum wage to do so. After a meeting with President Bola Tinubu on Monday, the Secretary to the Government of the Federation, George Akume, applauded those states that have commenced paying workers the new minimum wage. Akume...
Moniepoint Joins Africa’s Unicorn Club After Raising $110m From Google, DPI
Moniepoint, a leading Nigerian fintech company, has secured $110 million in funding from prominent investors, including Google and Development Partners International (DPI). The nine-year-old startup disclosed this in a statement to ABN TV on Tuesday. The investment has boosted Moniepoint’s valuation to over $1bn for the first time. In the startup ecosystem, a unicorn is a privately held company valued at more...
We’re Experiencing Low Patronage At Filling Stations, Petrol Marketers Cry Out
With the price of a litre of petrol now above ₦1,000 in most filling stations across Nigeria, petrol marketers have lamented low patronage at their retail outlets nationwide. The marketers said they are now cutting their workforce and work shifts because of high pricing and low returns on investment. The National President of the Petroleum Products Retail Outlets Owners Association of...
We’ve No Hand In Nigeria’s Fuel Subsidy Removal, Says IMF
The International Monetary Fund (IMF) clarified that it was not behind Nigeria’s recent removal of fuel subsidies, a decision made independently by the Nigerian government. The IMF has faced criticism for Nigeria’s recent fiscal reforms, which have led to rising inflation and increased hardship for many citizens. Speaking at a press conference during the IMF and World Bank Annual Meetings in...
BVN Platform For Nigerians In Diaspora Ready By December – CBN
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said the bank verification number (BVN) platform will be launched by December for Nigerians in the diaspora. Cardoso spoke on Wednesday during a parley with members of the Nigerian community on the sidelines of the World Bank and International Monetary Fund (IMF) meeting in Washington D.C, United States. He...
IMF Says Naira Showing Signs Of Stability
The International Monetary Fund (IMF) has said Nigeria’s currency, the naira, is showing signs of stability. This, it said, is due to recent interest rate hikes and the clearing of foreign exchange backlogs by the Central Bank of Nigeria (CBN). The IMF made this known during a press briefing in Washington DC on Tuesday. “In Nigeria, rate hikes and the clearing of...
N200/SCM Vs N1,000/Litre Petrol: Tinubu Introduces CNG As Cheaper Alternative To Petrol
President Bola Tinubu says Nigerian motorists now have the option of buying fuel at N1,000 per litre or gas equivalent at N200 per Standard Cubic Meter. Tinubu made this known during a meeting with executives of the Nigerian Independent Petroleum Company (NIPCO) at the State House in Abuja, on Tuesday. During the meeting, Tinubu acknowledged NIPCO’s role as a critical player...
