The Federal Government has sought the assistance of the World Bank to provide funding worth $50 million to support state governments for the installation of solar plant pilots and infrastructure upgrades. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun spoke on the initiative when he met with a World Bank […]
The Nigerian National Petroleum Company (NNPC) Limited says its decision to limit its equity participation in the Dangote Petroleum Refinery was made months ago. In a statement on Sunday, Femi Soneye, NNPC’s spokesperson, said the national oil firm periodically evaluates its investment portfolio to make sure it is in line with the company’s strategic […]
The Chief Executive Officer of Dangote Refinery, Aliko Dangote, Sunday said that the Nigerian National Petroleum Corporation no longer owns a 20 per cent stake in the refinery. The richest man in Africa stated this while briefing journalists in Lagos State. According to him: “NNPC no longer owns a 20% stake in the Dangote […]
President of the Dangote Refinery, Alhaji Aliko Dangote, says the refinery is now set to roll out its petrol from August 2024, having resolved its crude oil supply issues through the help of the Nigeria National Petroleum Company Limited (NNPCL) and the federal government. Dangote told senior journalists in Lagos on Sunday that the […]
The Central Bank of Nigeria (CBN) has sold about $122.67m to 46 authorised dealers, in its determination to promote stability and reduce market volatility in the foreign exchange market. A statement signed by the Bank’s Director in charge of Financial Markets, Dr. Omolara Duke, disclosed that of the total sale, $67,500m was sold to […]
Dangote has purchased 5 million barrels of US crude scheduled for delivery next month and in September, Bloomberg is reporting. According to the report on July 11, the refining company also started a tender process in which it intends to buy a further 6 million barrels of American crude for September. Dangote refinery, according […]
As a way of promoting food security in Nigeria, the Federal Executive Council (FEC) has announced the approval of 2,000 tractors, 4,000 disc ploughs, and 1,200 tractor trailers among other equipment under the National Agricultural Mechanization Programme (NAMP). In a statement by President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga on […]
The Nigeria Civil Aviation Authority (NCAA) has warned airlines against indulging in deceitful departure time scheduling. Briefing journalists on Tuesday at the Authority’s corporate headquarters in Abuja, the agency’s acting Director General, Chris Najomo, said the NCAA now runs a zero-tolerance approach to regulatory infractions. Speaking through the NCAA Director of Public Affairs and […]
The Federal Government has announced the suspension of duties, tariffs, and taxes on some essential food items imported through land and sea borders. The Minister of Agriculture and Food Security, Abubakar Kyari, made this known during a press briefing at the National Press Centre, Abuja on Monday. Kyari disclosed that the listed food items, […]
KuCoin, a cryptocurrency exchange, says it will commence collection of a 7.5 percent value-added tax (VAT) on transaction fees for users in Nigeria. The company said a regulatory update in Nigeria led to KuCoin’s decision to introduce the VAT. In a statement on July 3, the cryptocurrency platform said the deduction of the VAT […]
