Top 15 Weekly Business News Roundup For Latest Nigeria News

Here is New Telegraph’s weekly business news roundup of the top 15  latest Nigerian news making headlines from Monday, July 15 to Saturday, June 20, 2024.

Port Harcourt Refinery Resumption Threatened As Vandals Invade Facility

The expectation of Port Harcourt Refinery resuming soon has been put under threat following the recent invasion of the facility by vandals, who have continuously destroyed the newly installed equipment.

An oil and gas industry source, who raised the alarm, said there were serious attempts to sabotage the efforts of…Read more

NNPC Ltd, ENI Hold Talks On Increasing Crude Oil Production, Others

The Group Chief Executive Officer, Nigerian National Petroleum Company Limited (NNPC Ltd) and Chief Executive Officer, Eni, Claudio Descalzi have engaged in business discussions.

The talks took place at the NNPC Towers in Abuja on…Read more

CBN Sells Forex To BDCs At N1,450/$1

After an interval of about three months, the Central Bank of Nigeria (CBN) announced a fresh sale of foreign exchange to Bureaux De Change (BDC) operators.

In a circular posted on its website on Thursday, which was signed by Aliyu Mahdi, the Acting Director, Trade and Exchange Department, the apex bank said it had approved the sale of the sum of $20,000 to each eligible…Read more

Minimum Wage: Private Sector Worries Over N70,000 Approval

Following the agreement reached on the new minimum wage by President Bola Tinubu and labour leaders on Thursday, the Organised Private Sector of Nigeria (OPSN) has expressed concern over its ability to pay the approved N70,000 minimum wage, saying private organisations are over-burdened by the high cost of production.

The Director-General of Nigeria Employers’ Consultative Association (NECA), Mr Adewale-Smatt Oyerinde, who spoke on behalf of the body...Read more

Dangote, NMDPRA Bicker Over Diesel Quality

Dangote Industries Limited (DIL) on Friday said it is untrue the report that the quality of its diesel is inferior.

It claimed that its refined diesel is 80% superior to those currently imported into Nigeria…Read more

TotalEnergies Signs $860m Sales Deal With Chappal Energies

TotalEnergies’ subsidiary, TotalEnergies EP Nigeria, has signed a sale and purchase agreement (SPA) with Chappal Energies for the sale of its 10 per cent interest in the SPDC JV licences in Nigeria.

According to the company’s statement seen by New Telegraph yesterday, the transaction was concluded for a firm…Read more

CBN Roles Out Economic Indices On Growth, Stability

The Central Bank of Nigeria (CBN), on Friday, marshalled out indices, depicting improved growth and stability of the country’s economy, noting that the planned stability, would make Nigeria hit a $1 trillion economy by 2030.

This was as the Governor of the apex bank Olayemi Cardoso, raised the hope of the already heavily discouraged Nigerians, assuring them of…Read more

South Africa Simplifies Visa Processes For Nigerians

South Africa has simplified visa processes for Nigerians wishing to visit the country by cutting visa application delays and the former policy that keeps applicants’ travel passports for more than six months before approval or rejection.

The new arrangement for visa application and collection is now seven days with the option for applicants to only attach the photocopies of their travel passports to…Read more

Court Orders 9mobile Network Owners To Pay N55bn Debt To Keystone Bank

Justice Yellin Bogoro of a Federal High Court in Lagos has ordered the owners of 9Mobile Network, to pay the sum of Fifty-five Billion Naira, Seven Hundred and Seventy-six Million, Five Hundred and Seven Thousand, Five Hundred and Nine Naira, Sixty Kobo, being owed to Keystone Bank Limited.

In an action filed on behalf of Keystone Bank Limited by its counsel, Bode Olanipekun (SAN), Teleology Nigeria Limited was…Read more

IOCs Selling Crude At $4 Per Barrel Above Market Price – Dangote

The Dangote Industries Limited (DIL) has said local petrol prices will continue to increase as trading arms offer cargoes at $2-$4 per barrel above…Read more

The Vice President of Oil & Gas, Dangote Industries Limited, Mr DVG Edwin stated this while responding to a statement by the Chief Executive Officer of NUPRC, Engr. Gbenga Komolafe, in an interview on ARISE TV.

Oil Marketers: Petrol Landing Cost Now N1,117/Litre

The Major Energies Marketers Association of Nigeria (MEMAN) on Wednesday said the landing cost of Premium Motor Spirit (PMS), also known as petrol or fuel, was N1,117/litre as of Tuesday, July 16, 2024.

The association who disclosed this during a webinar with journalists revealed that the landing cost of diesel was…Read more

Dangote: Why Local Prices Will Continue To Increase

The management of Dangote Industries Limited (DIL) has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its various interventions in the oil company’s crude supply requests from international oil companies (IOCs).

He also lauded the agency for publishing the Domestic Crude Supply Obligation (DCSO) guidelines to enshrine transparency in the oil…Read more

H1’24: Nigerian Importers Spend Extra $3.1bn On Cargo Shipments

During the first six months of the year, Nigerian importers spent not less than $3.1 billion to ferry containers laden with goods to Nigerian seaports.

The amount was imposed by liners as extra freight rates charged to ferry 780,000 Twenty Equivalent Units (TEUs) of containers to the…Read more

Telecoms: ‘Effective Policies’ll Unlock Investment, Stimulate Economic Growth’

The Executive Vice Chairman and CEO of the Nigerian Communications Commission (NCC), Dr Aminu Maida, has emphasised effective policies in the telecoms sector, saying it will facilitate huge investment and stimulate economic growth.

According to him, consolidating telecom policies is a catalyst for Nigeria’s digital aspirations towards technical efficiency. Maida, who said…Read more

Tech Investors Urged To Key Into $32.9trn Eco-Digital Economy

Stakeholders have said that Nigeria cannot afford to miss out on the eco-digital economy projected to rise from $16.6 trillion in 2023 to approximately $32.9 trillion by 2028.

One of the latest figures by Capgemini states that the eco-digital economy value will rise from $16.6 trillion in 2023 to...Read more

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