Aliko Dangote, Africa’s richest man, is seeking to raise billions of dollars to step up crude oil supplies for his $20 billion oil refinery in Lagos, Financial Times (FT) is reporting. According to the report on Sunday, the Dangote Group founder is in talks with commercial lenders, development banks, oil traders, and other industry participants […]
Bitcoin reached a record high above $90,000 on Wednesday, as the world’s largest cryptocurrency gained from President-elect Donald Trump’s pledge to ease regulation on digital assets. Bitcoin surged to a peak of $91,000 before settling at $90,670. The volatile asset has soared since Trump’s US presidential election victory last week, repeatedly setting new records. Trump […]
Japanese automaker Nissan on Thursday announced 9,000 job cuts as it slashed its annual sales forecast, saying it was taking urgent measures to tackle “a severe situation”. The company reported a 93 percent plunge in net profit in the first half as CEO Makoto Uchida told reporters that weak sales in the North American market […]
Electricity Distribution Companies in Nigeria have announced a rise in the price for various electricity meter models, marking the second price hike in four months. According to the DisCos, the cost of a single-phase meter has risen from approximately N117,000 to as much as N149,800. This amount indicates an increase of 28.03 per cent or […]
The Nigerian National Petroleum Company (NNPC) Limited has firmly stated it does not import adulterated fuel and is not responsible for the recent hike in fuel prices. Responding to demands for Group Chief Executive Officer Malam Mele Kyari’s resignation over rising fuel prices, NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, clarified on Tuesday that protesters […]
The National Bureau of Statistics (NBS) has reported a 63% increase in road tax revenue collected by Nigerian states in 2023, emphasising the growing role of road taxes in state-level revenue generation. According to the NBS’s Internally Generated Revenue (IGR) report, total road tax collections rose to N40.14 billion in 2023, up from N24.57 billion […]
The Dangote Petroleum Refinery says any oil marketer that sells petrol cheaper than the price it offers is importing substandard products. In a statement on Sunday, the refinery countered claims by some oil marketers that the cost of the product is higher than that of the imported petrol. On November 1, the Independent Petroleum Marketers […]
Dangote Refinery has disclosed the price of its petrol, saying that it sells at N990 per litre in trucks and N960 per litre into ships. The disclosure follows the Independent Petroleum Marketers Association of Nigeria (IPMAN) and Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) claim of importing the products at cheaper rates compared […]
The Federal Government has stopped the export of locally produced Liquefied Petroleum Gas, also known as cooking gas, to prioritise domestic supply. The measure, announced by the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, on Tuesday, is intended to mitigate the soaring price of gas and will take effect from November 1, 2024. […]
Oil marketers have said that the bulk of jet fuel consumed locally is now being supplied by the Dangote Refinery. According to a report by Energy Intelligence, jet fuel marketers say fuel from the 650,000 barrels per day Dangote refinery make up the bulk of jet fuel utilised locally, less than six months after it […]
