Category: Business
Dangote Refinery Delays Petrol Production Start to Mid-July
Lagos, Nigeria — June 10, 2024 — The commencement of petrol production at the $20 billion Dangote Refinery in Lagos has been postponed from June to mid-July, according to Aliko Dangote, the President and CEO of Dangote Group. During a meeting with journalists on Monday, Dangote confirmed the shift in the production timeline, attributing it…
Nigerian Imports Surge to ₦12 Trillion in Q1 2024, Fuel and Food Items Lead
June 10, 2024 — Nigeria’s total imports in the first quarter of 2024 have skyrocketed to ₦12.64 trillion, marking a significant 39.65% increase from ₦9.05 trillion in the last quarter of 2023, and a staggering 95.53% rise from ₦6.47 trillion in the first quarter of 2023. This surge highlights a sharp escalation in the nation’s…
Nigerian Petroleum Marketers Register with Dangote Refinery Ahead of June Petrol Launch
Lagos, June 10, 2024 — As Nigerians eagerly anticipate the availability of petrol from the Dangote Petrochemical Refinery this month, petroleum marketers have begun the registration process with the company in preparation for loading the product. The marketers are signing up as independent business proprietors to request direct fuel supply from the oil refinery, signaling…
BREAKING: Binance to Face Full Legal Scrutiny for Severe Financial Crimes, Says Federal Government
Abuja, June 5, 2024 — The Federal Government has reaffirmed its commitment to upholding due process in the ongoing trial of the online trading platform Binance and one of its Chief Executives, accused of engaging in illegal cryptocurrency activities in Nigeria. Minister of Information and National Orientation, Mohammed Idris, emphasized that all legal procedures are…
BREAKING: Geregu Power Signs Deal with Siemens to Upgrade Power Plant to 500MW
Lagos, Nigeria – May 30, 2024 Geregu Power Plc, chaired by billionaire businessman Femi Otedola, has entered into a partnership with Siemens Energy to expand the capacity of the Geregu 1 power plant. This development is expected to significantly enhance the power generation capabilities of the facility, contributing to Nigeria’s energy infrastructure. In a notice…
BREAKING: Dangote Set to Run All Cement Trucks on Compressed Natural Gas (CNG) in Line with President Tinubu’s Alternative Fuel Agenda
Lagos, Nigeria – May 30, 2024 In a significant move aligning with President Bola Tinubu’s directive on adopting alternative fuels for official vehicles by 2025, Dangote Cement Plc has announced that it will transition all its cement trucks to run on Compressed Natural Gas (CNG). This announcement was made during the 15th Annual General Meeting…
President Tinubu Directs Swift Completion of Inland Dry Ports Nationwide
President Bola Tinubu has issued instructions for the expedited completion of all unfinished Inland Dry Ports across the country, with the aim of bolstering trade, facilitating international business, and creating employment opportunities for Nigerians. The directive came during the inauguration of the Inland Dry Port in Funtua on Thursday, underscoring President Tinubu’s commitment to advancing…
President Tinubu to Inaugurate Funtua Inland Dry Port in Katsina State
President Bola Tinubu is set to inaugurate the Funtua Inland Dry Port in Katsina State on May 9th, according to Mrs. Rebecca Adamu, Assistant Director of the Public Relations Unit at the Nigerian Shippers’ Council (NSC). The inauguration ceremony, scheduled for 11:00 a.m. at the Funtua IDP Project Site in Katsina, will be attended by…
Federal Government Removes Signature Bonus Requirement to Boost Oil Sector Investment
In a bid to stimulate new investments and ramp up oil production, the Federal Government has announced the removal of the requirement to pay a signature bonus when bidding for oil blocks. The Minister of State for Petroleum Resources, Mr. Heineken Lokpobiri, made this announcement during his participation in the 2024 Offshore Technology Conference (OTC)…
Central Bank of Nigeria Suspends Cash Deposit Fees Until September 2024
In a move aimed at providing relief to individuals and businesses, the Central Bank of Nigeria (CBN) has announced the suspension of fees on cash deposits until September 30, 2024. The decision was communicated in a memo dated May 6, 2024, signed by Adetona Adedeji, the Director of Banking Supervision at the CBN. The memo…