By Francis Ugwu President Bola Tinubu has expressed confidence in the reforms introduced by his administration, stating that they will create a more robust economy and usher in a new era of prosperity for Nigerians. The president noted that the ...

By Ogaga Ariemu Dangote Refinery has said that it will be forced to export 95-97 percent of its Premium Motor Spirit (petrol) because of low patronage by marketers in Nigeria. This is as the 650,000 barrels per day indigenous oil firm revealed ...

By John Owen Nwachukwu Devakumar V.G. Edwin, Vice President (Oil & Gas) of Dangote Group, has revealed that the Nigerian National Petroleum Company Limited, NNPCL, has requested a permanent presence at the Dangote Refinery as part of the ...

The National Agency for Food and Drug Administration and Control has ordered the recall of Dove Beauty Cream Bar Soap (100g) with batch number 81832M 08, produced in Germany, due to the presence of a chemical impurity. NAFDAC said the product violates the Cosmetic ...

By Ogaga Ariemu The Naira raced to N2,000 per dollar at the black market on Saturday despite the Central Bank of Nigeria’s sale of dollars to the Bureau De Change operators. A BDC operator, Dayyabu Ashiru ...

By Ogaga Ariemu There are more burdens on Nigerians as Moniepoint, Opay and other Fintech banks and financial services have imposed fresh N50 charges known as Electronic Transfer Levy, EMTL, on customers. DAILY POST gathered that customers of ...

Following the recent increase in the pump price of petrol and the prevailing food supply challenges gripping the country, economists have warned that the number of Nigerians below the poverty line may soon exceed the 104 million projected by the World Bank in 2023. ...

By Ogaga Ariemu The Corporate Affairs Commission has said it will work with law enforcement agencies and other legal means to shut down recalcitrant Sales Operators who fail to register their businesses ...

By Williams Anuku Microsoft Founder and philanthropist, Bill Gates on Wednesday in Abuja revealed plans to inject at least $2.8 billion into the country’s healthcare, nutrition, and agricultural sectors to reflate it. While speaking on his ...

By John Owen Nwachukwu The Dangote Petroleum Refinery has vowed to ship its petroleum products to other countries if the Nigerian National Petroleum Company Limited, NNPCL and other oil marketers in the country fail to patronise it. The Vice ...

 By Ogaga Ariemu The Nigerian National Petroleum Company Limited, NNPC Limited has unveiled plans to hand over the operation and maintenance of Warri and Kaduna refineries to a private firm. The oil company announced this on Friday on its official ...

By Seun Opejobi AbdulSamad Rabiu, the Chairman of BUA Cement, has said the intention of his company to sell cement at N3,500 in 2023 was frustrated by the actions of cement dealers. Rabiu said BUA sold over a million tons of cement ...

By Ogaga Ariemu There are indications that the 650,000 barrels per day Dangote Petroleum Refinery has commenced a production test-run of Premium Motor Spirit (petrol) before it is released in September. This is according to a recent report by ...

By Ogaga Ariemu The Nigerian National Petroleum Company Limited has announced September 2024 as a new date for the commercial commencement of Port Harcourt Refinery. The Chief Financial Officer of NNPCL, Umar Ajiya disclosed this on Monday while speaking with journalists in Abuja. ...

By Ogaga Ariemu Nigeria’s latest inflation report which recorded a decline in July 2024 is generating mixed reactions. This is as Nigerians have decried that the figure does not reflect everyday market realities. Recall that on Thursday last week, the National Bureau of Statistics ...

By Francis Ugwu The Nigerian National Petroleum Company Limited (NNPC Ltd.) has declared a N3.3 trillion profit for the 2023 financial year. Chief Financial Officer of NNPC Ltd, Umar Ajiya who addressed newsmen on Monday on the development, said this was the highest profit declared by the company ...

By Ogaga Ariemu Nigeria’s oil marketers have reignited hope that the Port Harcourt Refinery would commence commercial production in the coming weeks. The national president of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry disclosed this in an exclusive ...

As businesses increasingly rely on a complex web of vendors—on average, partnering with 11 third-party providers—the potential gateway for cybercriminals increases. This interconnectedness means that even the most robust internal cybersecurity measures can be easily bypassed if a third-party vendor ...

By Ogaga Ariemu Uncertainties hit global crude oil prices as WTI crude and Brent Crude fluctuated around $73.44 and $76.73 per barrel, respectively, on Wednesday morning amid tension in the Middle East. This is according to oilprice.com data on Wednesday as of 9:00 am Nigerian time. The ...

By Ogaga Ariemu The Chief Executive Officer of Financial Derivatives, Bismarck Rewane has said the adjustment of the Asymmetric corridor around interest rate by the Central Bank of Nigeria Monetary Policy Committee will reduce the pressure on Nigeria’s Foreign Exchange. The renowned economist ...

By Matthew Atungwu President of the Dangote Group, Aliko Dangote has said a wealthy friend of his, who had previously warned him against investing in Nigeria is now laughing at him for ignoring his advice. He made this disclosure following reports that the Nigerian Midstream and Downstream ...

By Ogaga Ariemu The Chairman of the Dangote Group, Aliko Dangote has offered to sell his $20 billion Dangote Refinery to the Nigerian National Petroleum Company Limited amid challenges. Dangote made this known in an interview with Premium Times on Sunday. According to him, it was unfair to label ...

By Ogaga Ariemu The National Bureau of Statistics, NBS, has identified Edo, Kogi and Cross River as three states with the highest prices of food in Nigeria in June 2024. NBS disclosed this in its latest inflation report released on Monday. This comes as DAILY POST reports that Nigeria’s food ...

Dangote Petroleum Refinery is set to import a cargo of Brazilian crude, Bloomberg reported on Friday. It said this would add to the large number of overseas barrels of crude feedstock that the Nigerian firm was importing. Indigenous crude oil refiners, including Dangote refinery and modular ...

By Ogaga Ariemu The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, has said Nigeria’s economy is currently suffering from the consequences of wasteful N27 trillion Ways and Means advance and N10 trillion intervention under the past government. He alleged that the interventions led ...

An acute scarcity of one of Nigerians’ most popular staple foods, bread, has hit Kaduna, Katsina, and Kano states. Checks revealed that the commodity was very hard to come by as its prices have hit the roof. Many of the residents could no longer afford the staple and, as such had turned to other ...

 The Central Bank of Nigeria, CBN, insisted weekend that further capitalisation of banks in the country was for the common good of the nation. CBN governor, Dr Olayemi Cardoso, stated this at the launch of the book, “Power of One Man,” written by Dr. Ray Echebiri. Cardoso, represented at the ...

As Nigeria battles an economic crisis sparked by the government’s twin policies of petrol subsidy removal and unification of FX windows, United Kingdom-based Diageo joined about 15 other multinational companies that have exited the country in the past three years. Diageo is the latest to announce ...

The Corporate Affairs Commission has announced the approval to extend the mandatory Point of Sales agents, super agents and sole agents registration to September 5th, 2024. The commission made the announcement in a statement signed by its management and posted on its Facebook page on Saturday, ...

Alhaji Aliko Dangote, the President, Dangote Industries Ltd has criticized the Central Bank Nigeria, CBN’s 30 per cent interest rates, warning that such industry policy is capable of stifling business growth and job creation in the country. This is as the business magnate also proffers solutions ...

American electric vehicle manufacturer, Saglev, has started assembling electric cars at its assembly plant in Ikorodu, Lagos. This milestone was announced through a video shared by the Special Assistant to the President on Social Media, Dada Olusegun, on Thursday, June 27. According to Saglev’s ...

By Ogaga Ariemu An economist at SPM Professionals, Paul Alaje, said the best approach the government should take in tackling inflation is interventions targeted at boosting the supply of food in the country. Alaje disclosed this on Channels ...

The Central Bank of Nigeria, CBN, yesterday, said it has discontinued the Price Verification System (PVS) and Report as criteria for importers to access foreign exchange. Acting Director, Trade and Exchange Department, CBN, Dr. W.J Kanya, disclosed this in a circular to banks and the general ...

By Ogaga Ariemu PricewaterhouseCoopers, PwC, a consulting firm, has projected a marginal decline in Nigeria’s inflation to 29.5 percent by the end of this year from 33.95 in May 2024. The firm disclosed this in its latest economic outlook ...

Mr Femi Otedola, billionaire businessman and chairman of First Bank Nigeria (FBN) Holdings Plc, yesterday, acquired additional 797,946,415 units of the company’s shares through the Nigerian Exchange Limited, NGX, to sustain his majority stake in the company. The acquisition was disclosed in a ...

By Ogaga Ariemu British Airways has temporarily grounded flight operations at Murtala Muhammed International Airport, MMIA, Lagos, over a technical fault. The carrier’s Regional Commercial Manager for Nigeria & Ghana, Mrs. Tutu Otuyalo, in a statement reacting to the delay, said passengers ...

Independent marketers have lifted and distributed over 25 million litres of Automotive Gas Oil, popularly called diesel, produced by the Dangote Petroleum Refinery in less than three months after the plant started releasing AGO to the market. It was also gathered on Saturday that the registration ...

By Ogaga Ariemu Nigerian Association of Liquefied Petroleum Gas Marketers has said the federal government’s ban on the export of Liquefied Petroleum Gas has crashed the price of the product. NALPGAM, Oladapo Olatunbosun disclosed this in a recent statement when he led the Association on a ...

By Ogaga Ariemu Aliko Dangote, the owner of the $20 billion Dangote Refinery, has blamed beneficiaries of fuel importation in other African countries for the absence of new refineries in the continent in the past 35 years. Dangote disclosed this statement during a recent conversation with CNN’s ...

International Breweries announces products price hike International Breweries Plc said it has increased prices of its various product offerings in Nigeria. The brewer said in a statement that reviewing prices in its portfolio has become necessary due to current market realities, and was done to ...

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has hinted that the apex bank will keep interest rates high until inflation subsides by implementing orthodox policies. Inflation in Nigeria remains stubbornly high at 33.2 per cent, the highest in three decades, while food ...

By Ogaga Ariemu The naira continued its depreciation against the US dollar in the foreign exchange market. Data from the parallel market section and FMDQ showed further depreciation against the dollar on Monday. At the parallel market, a Bureau De Change operator in Wuse Zone 4, Mistila Dayyabu, ...

The declining fortunes of the Naira persisted yesterday with further depreciation in the parallel and official markets due to the re-emergence of speculation and hoarding, even as some Bureaux De Change, BDCs withdrew from the Central Bank of Nigeria, CBN’s, dollar sales program. Vanguard also ...

The Naira yesterday depreciated to N1,415 per dollar in the parallel market, from N1,410 per dollar on Monday. Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,416.57 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to ...

The Benue State government, on Tuesday, said plans had been concluded to start production of beer brands in the state. The Managing Director of Benue Investment and Property Company, Dr Raymond Asemakaha, disclosed this to journalists on Tuesday, stating that this would help stop capital flight ...

The Naira yesterday depreciated to N1,340 per dollar in the parallel market, from N1,300 per dollar last week Friday. Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,419.11 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM ...

By Nsikak Nseyen A Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja, on Monday, restrained Multichoice Nigeria Limited, owners of Dstv and GOtv from increasing their tariffs and cost of products and services scheduled to begin on May 1. The three-member tribunal, presided over ...

What just happened? Ring, the smart home security company owned by Amazon, found itself in the crosshairs of the Federal Trade Commission back in 2023 over some serious privacy missteps. Now, over twelve months later, the commission is sending $5.6 million in refunds to customers as part of the ...

The Naira yesterday depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,300.15 per dollar exceeding the parallel market rate by N45.15. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,300.15 per dollar from N1,234.49 per dollar last week Friday, ...

There are indications that prices of goods and services may not come down soon despite the speedy appreciation of Naira against major foreign currencies in recent weeks. On Thursday, US Dollars traded for N1,060, about N840 gain against N1,900 to US Dollar peak in February this year. But Vanguard ...