History was made on Monday as President Muhammadu Buhari inaugurated the first indigenous refinery in Nigeria, the $18.5 billion worth Dangote Petroleum  Refinery, in Ibeju-Lekki, Lagos.The modern refinery, according President Buhari, is expected to enable the nation achieve self-sufficiency in ...

President of Dangote Industries Limited, Alhaji Aliko Dangote has announced that the first refined petroleum products from his 650,000 barrels per day refinery will be in the Nigerian market before the end of July or beginning of August this year.Dangote made the announcement Monday during his ...

Nigerian Economic Summit Group (NESG), one of Africa’s leading think-tanks, has projected that Dangote Refinery and Petrochemical Company, set for inauguration on May 22, can create a $21 billion market for Nigeria’s crude oil.In a brief by the organisation, it further noted that the facility ...

The Presidency yesterday rose in stout defence of the rising inflation rate in the country, saying the menace is global, and not peculiar to Nigeria. Presidential spokesperson, Mallam Garba Shehu, said this in a statement, titled, “Re: Buhari Leaves Inflation at Highest in 17 Years.”The ...

The Consumer Price Index (CPI), which measures the rate of change in goods and commodities, rose to 22.22 per cent in April compared to 22.04 per cent in the preceding month, the National Bureau of Statistics (NBS) stated Monday.The food inflation increased to 24.61 per cent year-on-year, which ...

Nigeria Customs Service (NCS), Kwara state Command has said that, it had generated a total sum of over N3billion between January and March this year. The state’s Controller of the NCS, Mr. Kehinde Dehinde who made the disclosure in Ilorin on Wednesday during a news conference on the activities of ...

By Asare Asare The Minister of Mines and Steel Development, Olamilekan Adegbite, has said that Nigeria will now be saving $300 million every year, which hitherto was used for the importation of processed barite. The minister spoke in Ugaga community of Yala LGA, Cross River State, where the ...

By  Leke BaiyewuThe Budget Office of the Federation has said Nigeria now has a “limited borrowing space” due to its poor debt-to-revenue ratio, stressing that “trouble” looms for the country if it exceeds its limits.The Director-General of the Budget Office, Ben Akabueze, while addressing ...

Africa’s richest man and owner of the Dangote Refinery, Mr. Aliko Dangote, has said with the planned commencement of the refinery located in Lagos, Nigeria could save up to $10 billion in foreign exchange (FX) and generate another $10 billion in exports when the facility begins operation.The ...

By John Owen NwachukwuDangote Group has announced the date for the launch of its much-awaited refineries.A letter of invitation circulating on social media indicated that the commissioning would happen on May 22, 2023.The multi-billion-dollar Oil Refinery and Petrochemical Company is ...

Nowadays it can be difficult to distinguish a sophisticated scam from a real investment opportunity.You may have seen adverts on social media and search engines promising high returns on investments, like: "Double your money in 24 hours" and "Get rich with crypto ...

The National Agency for Food and Drug Administration and Control (NAFDAC) has confirmed that locally produced Indomie Instant Noodles in Nigeria are safe for consumption. This statement refutes reports circulating online that NAFDAC has banned locally produced Indomie Instant Noodles. The ...

Some Nigerians stormed the headquarters of the Central Bank of Nigeria (CBN) today to demand the resignation and arrest of CBN Governor Godwin Emefiele over the failed new naira notes policy. The protesters, wielding placards, were sighted on the premises of the apex bank, and noted that Emefiele ...

ARCON is seeking N30 billion in fines and sanctions for continued violations and infractions of the Advertising Regulatory Council of Nigeria Act No. 23 of 2022.The Abuja Division of the Federal High Court has granted Advertising Regulatory Council of Nigeria (ARCON) leave to serve a writ of ...

Guaranty Trust Holding Company Plc (GTCO) announced a Profit Before Tax (PBT) of N74.1 billion for the period ended March 31. The bank disclosed this in its unaudited consolidated and separate financial statements for the period under review, presented to the Nigerian Exchange Ltd. (NGX) and London ...

TotalEnergies EP Nigeria Limited has disclosed that its plastic recycling plant has in one year, removed and recycled over 200 tons of plastic waste into high quality resins.The Executive Director, JV Assets, TotalEnergies EP Nigeria Limited, Mr. Obi Imemba, disclosed this yesterday, in Port ...

If the horror stories about marriage emanating from the front-pages of blogs and news publications lately are anything to go by then you'd honestly feel that the institution called marriage is all doom and gloom, you start asking yourself if it's really worth it anymore....at a point you just might ...

Earlier today, President Muhammadu Buhari commissioned 748 Housing Units in the Federal Housing Authority Estate located in Zuba, Abuja. The entire estate is situated on 18.5 hectares of land area. During the project's execution, over 13,000 Nigerians were employed both directly and indirectly. ...

The regime of the President, Major General Muhammadu Buhari(retd), on Monday claimed that a total of 1.6 million poor households benefited from a bimonthly payment of N10,000 each as part of the regime’s plan to mitigate suffering among the citizens.The Minister of Labour, Employment and ...

The Edo State Governor, Mr. Godwin Obaseki, yesterday said the federal government may not be able to pay workers’ salaries beyond June 2023 without resorting to massively printing money or removing fuel subsidy.Obaseki disclosed this while delivering his address during the 2023 May Day ...

The first phase of a project to rehabilitate Nigeria’s 210,000 barrels per day Port Harcourt refinery, which had been slated for completion in April this year, may not be finished for another four months at least, refinery and oil ministry sources have told Argus Media. The Nigerian government ...

President-elect Asiwaju Bola Tinubu has promised to provide Nigerian workers with a "living wage" that exceeds the minimum wage. In a statement issued on May 1, 2023, to mark the Workers' Day celebration, Tinubu pledged to prioritize social and economic justice for all Nigerians, including ...

The Minister of Labour and Employment in Nigeria, Dr Chris Ngige, has revealed that he earns a monthly salary of N942,000 after tax and takes no allowance. He made this disclosure during an interview on Channels Television's Politics Today program on Tuesday, April 25, 2017....

The Governor of Anambra State, Chukwuma Soludo, has threatened to cut salaries of workers who skip work on Mondays due to the sit-at-home order issued by the Indigenous People of Biafra (IPOB) in the South-East region of Nigeria (Punch, 2022).Governor Soludo issued the ...

The Presidency has released a 90-page fact sheet chronicling the high points of the Muhammadu Buhari-led government as it winds down on May 29, 2023. The fact sheet highlights the achievements of the administration in areas such as security, economy, anti-corruption, infrastructure, legislative ...

“$800 million at best is equivalent to about N360 billion and when you divide this by the targeted 10 million households, that amounts to approximately N36,000. What significant or tangible effect would this have on anyone, irrespective of status?” – Wale-Smatt Ojerinde, Director General, NECA ...

By Racheal Ayodele Popular Nigerian billionaire Femi Otedola has sold his 6.3% stake in Transnational Corporation Plc (Transcorp) to its chairman, Tony Elumelu. The group chairman of Transcorp, Elumelu, purchased Otedola’s shares on Thursday using Transcorp’s closing price at an options contract ...

By  Francis Ugwu Famous Nigerian social critic, Aisha Yesufu, has called out social media giant, Twitter, for engaging in what she described as “fraudulent misrepresentation”. Yesufu asked the blue app to take off the “blue tick” or give proper explanation of why it was restored to her Twitter ...

The three months of rising inflation in 2023, with the recent figure standing at 22.04 per cent, has put pain, frustration and agony in the faces of Nigerians and the country’s economy.DAILY POST reports that like a drowning person, Nigerians are overwhelmed by the rising food prices and the ...

By Ogaga AriemuNigeria’s March inflation rate rose to 22.04 per cent from 21.91 per cent in February 2023, according to the National Bureau of Statistics, NBS.NBS disclosed this on Saturday in its latest Consumer Price Index and Inflation report.The recent figure showed a 0.13 per ...

The Director of the Centre for the Promotion of Private Enterprise, Muda Yusuf, said borrowing $800 million from the Word Bank to fund fuel subsidy removal palliative in June is strange.After last week’s Federal Executive meeting, the Minister of Finance, Budget and National Planning, Mrs ...

Chairman of DAS Energy Services Ltd, Udu near Warri, Chief Sunny Onuesoke, has appealed to the federal government to ensure that local refineries are functional before implementing the planned deregulation of the petroleum sector.Onuesoke, who spoke to journalists in Asaba, Delta State, ...

By  Temitayo JaiyeolaThe naira lost 10.2 per cent of its value in 2022, according to the World Bank.This came as rising food and fuel prices were responsible for high inflation in the country in 2022. The global bank revealed this in its latest Africa’s Pulse report for April 2023.It ...

The Nigerian economy has started recovering from the three-month-long naira scarcity, but there is another brewing risk of a possible banking sector collapse as customers shun cash deposits. The development is a spill-over effect of the Central Bank of Nigeria’s poorly implemented Cashless Policy, ...

By  Our Reporters N’Assembly extends 2022 budget implementation to JuneThe House of Representatives, on Tuesday, approved the request by the Federal Government to borrow $973,474,971.38 from China Development Bank.This followed the decision by the China-Exim Bank to reject ...

Daniel Ayantoye, Ayoola Olasupo, John Charles and Sunday NwakanmaBenue’s Alia, Abia’s Otti to battle months of unpaid salaries, pensionsThe 17 newly-elected governors face an uphill task to stimulate the economies of their respective states as they will inherit at least N2.1tn in domestic ...

The Federal Government has earned N10.1 trillion in revenue from the Value Added Tax, VAT, under President Muhammadu Buhari’s administration.The latest National Bureau of Statistics report showed that VAT earnings continued to rise annually throughout the eight years.The country earned ...

Two bar owners in Ogbomoso, Oyo State have died in mysterious circumstances.DAILY POST gathered that the death of the two individuals occurred in the last three days.Adebayo Owolabi, who was until his death the Chief Executive Officer of Moreke Bar Osupa Ogbomoso died on Wednesday at the ...

President Muhammadu Buhari has been urged to suspend the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele.The Director of Media and Publicity to Bola Tinubu, the President-elect, Bayo Onanuga, made the call over the continued naira scarcity.Onanuga said Emefiele should not be ...

By Elizabeth AdegbesanDESPITE the adoption of electronic payment channels due to cash scarcity occasioned by the Naira redesign policy of the Central Bank of Nigeria (CBN), the value of electronic payment transactions declined while volume of transactions increased.However, most e-payment ...

The Governor of Anambra State, Prof Charles Soludo confirmed on Monday that the Central Bank of Nigeria has asked commercial banks to dispense and accept old naira notes as deposits.DAILY POST reports that Soludo, a former CBN governor, made this known in a statement he posted on his ...

There are many ways to make money online, and the best method depends on your skills, interests, and availability. Here are some popular ways to make money online:Freelancing: Offer your skills on freelancing platforms such as Upwork, Fiverr, or Freelancer, and work on various projects from ...

By Peter EgwuatuThe Chief Executive Officer, Bullnet Bulletin and Enquiries Networking Services, has disclosed that eNaira introduced by the Central Bank of Nigeria, CBN, can be funded directly with cash-purchased vouchers.He disclosed this in a media parley during a presentation to ...

A 2023 report released by parent body of Facebook, Whatsapp and Instagram, Meta has shown that 77 percent of Nigerian shoppers for the upcoming Islamic festive season, Ramadan, made their choices through Facebook and Instagram contents.The report titled: ‘Ramadan and Eid Study’ was Meta’s ...

For weeks, there has been chaos in Nigeria’s micro and macroeconomic sectors as commercial banks, business owners and Nigerians continued to count their revenue losses owing to the untamed naira crisis.The pain of Naira scarcity has been on the lips of many Nigerians, including corporate, ...

President Muhammadu Buhari has met with the Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele at the Presidential Villa Abuja.Emefiele met privately with Buhari for the third time since the cash crunch started in the country.The CBN Governor, however, did not speak to ...

Fear gripped residents of Abeokuta, the Ogun State capital, on Monday morning when banks started rejecting the old N200, N500 and N1000 notes.As of the weekend, residents of Abeokuta were still transacting businesses with the old notes, despite the February 10 deadline of the Central Bank of ...

Despite the Supreme Court order extending the deadline for old Naira notes to remain in circulation, businesses and other economic activities are still suffering a setback as the cash crunch continues to ravage the nation.DAILY POST reports that the Supreme Court had on Wednesday temporarily ...

Governor Nasir el-Rufai of Kaduna State has urged Nigerians to continue spending the old denominations of the redesigned naira notes.El-Rufai said Nigerians should disregard the directives of the Central Bank of Nigeria, CBN, because the presidential candidate of the All Progressives Congress, ...

The Managing Director of the Yobe Micro Finance Bank, Sheriff Muhammad Almuhajir, has alleged that the sum of N4.3 billion disbursed by the Central Bank of Nigeria, (CBN), to banks in the State has been diverted.The MD made the allegation in a 4:31 seconds video footage posted on his ...