The Federal Government has announced the commencement of crude oil sales to local refineries and the purchase of petroleum products in Naira. The announcement was made in a statement released by the Federal Ministry of Information and National Orientation on Saturday, September 14. The statement reads: “In a landmark move towards reducing pressure on the […] More
Nigerian commercial banks have suffered a massive loss of N42.6 billion to fraud within just three months, according to a report released by the Financial Institutions Training Centre (FITC). The report covers the period from April to June 2024 and reveals a sharp surge in fraudulent activities across banking platforms, marking a significant increase from […] More
Beginning Sunday, marketers will commence lifting of PMS from the Dangote refinery, according to Business Day. According to insights from BusinessDay, Dangote Refinery is poised to begin distributing its refined petrol to marketers throughout Nigeria this Sunday. According to sources, the price of petrol at the pump will stay the same even with the entry […] More
The President of the Petroleum Products Retail Outlets Owners Association, Gillis-Harry, expressed that local marketers are unaware of the pricing for petrol from Dangote Refinery, making it impossible for them to consider a boycott of the product. He believes that the Dangote Refinery should disclose the pricing for its PMS. He remarked that marketers are […] More
The Dangote Refinery is facing challenges in selling approximately 29 tankers of diesel daily, primarily due to reduced demand from oil marketers. The Vice President of Dangote Industries remarked that oil marketers currently acquire just 3% of the products from Dangote Refinery, as they are opting out due to the lower pricing. He said, “As […] More
Solid Minerals Development Minister Dr. Dele Alake has hailed the $1 billion (N1.6Trillion) new iron ore to steel project planned for Kogi State as breakthrough in the Federal Government’s campaign to make local value addition the model of development in the solid minerals sector. Addressing the promoters- Chart and Capstone Integrated Limited of Nigeria and […] More
In the second quarter of 2024, the Company Income Tax (CIT) was recorded at N2.47 trillion, reflecting a substantial growth rate of 150.83% compared to the previous quarter when it stood at N984.61 billion in Q1 2024. In the second quarter of 2024, local payments amounted to N1.35 trillion, whereas foreign CIT payments accounted for […] More
The Value Added Tax (VAT) for the second quarter of 2024Â has reportedly reached N1.56 trillion, reflecting a quarter-on-quarter growth rate of 9.11% compared to N1.43 trillion in the first quarter of 2024. In the second quarter of 2024; Domestic payments amounted to N792.58 billion foreign VAT payments totaled N395.74 billion Import VAT contributed N372.95 […] More
Now that NNPC has said they are not the sole off-taker of Dangote petrol, it then means that the price of the product would determine where we are going to buy it. If NNPC imports the product and its price is cheaper than that of Dangote, we will buy from NNPC. The National Publicity Secretary […] More
As of September 8, 2024, the black market exchange rate for the US dollar to Nigerian naira is approximately ₦1,675 for $1. The buying rate is around ₦1,660 per dollar, while the selling rate is ₦1,675. This marks a notable disparity compared to the official Central Bank of Nigeria (CBN) rate, which is ₦1,621 per […] More
In statement released today by Olufemi SoneyeChief Corporate Communications Officer. The NNPC has stated that they are not the exclusive buyer, indicating that the market is available for competitive pricing from any local refinery. NNPC Ltd Not the Sole Offtaker; Market Open to Lower Prices from Any Domestic Refine “The attention of the NNPC Ltd […] More
The smartphone market in Nigeria is experiencing a significant downturn, primarily driven by economic challenges such as high inflation, currency instability, and slow GDP growth. According to a report by techinafrica.com, these factors have drastically reduced the purchasing power of Nigerian consumers, leading to a notable decline in the demand for new smartphones. As a […] More