Nigeria’s fuel price hike has sparked widespread concerns, with many pointing fingers at oil producers, particularly local operators like Dangote Refinery. However, OPEC Secretary General, Haitham Al Ghais, has set the record straight, revealing that the real reasons behind high fuel prices lie elsewhere—primarily in taxes imposed by governments, including those of major oil-consuming nations. […]

The Federal Government has announced that the Nigerian National Petroleum Company Limited will be the sole buyer of Premium Motors Spirit from Dangote Refinery. It also noted that interested marketers would have to buy the product from the national oil firm through its trading company. This was part of the agreement reached with the management […]

Records of all Point of Sale (PoS) transactions are to be submitted every month henceforth, the Central Bank of Nigeria (CBN) said yesterday. The apex bank has already directed two licensed Payment Terminal Service Aggregators (PTSAs) – Nigeria Interbank Settlement System PIc (NIBSS) and Unified Payment Services Limited (UPSL) – to carry out the directive. […]

The Nigerian Electricity Regulatory Commission has imposed a fine of N1.69bn on Abuja Electricity Distribution Company for overbilling customers. The penalty, documented in Order NERC/2024/114, was issued as part of the commission’s September 2024 Supplementary Order. The regulatory document, ORDER/NERC/2024/114, which was dated August 30 and signed by Vice Chairman, Musiliu Oseni, and Commissioner, Legal, […]

The Central Bank of Nigeria has directed all Payment Service Providers to route all transactions from PoS terminals at merchant and agent locations — physical or electronic — through an approved CBN Payment Terminal Service Aggregator. It also issued a 30-day deadline requiring service providers to comply with enhanced routing guidelines for Point of Sale […]

Moniepoint, a financial technology firm (fintech), says 58.9 percent of women-owned businesses in Nigeria struggle to access funding. Moniepoint, in a report focusing on funding for women-owned businesses in Nigeria, said 40.2 percent of women use their funds and savings to run or start their businesses. The fintech said while 16.7 percent of women manage […]

The federal government says over $900 million was raised from its first-ever domestic dollar-denominated bond issuance. Speaking on the results of the issuance on Tuesday, Wale Edun, minister of finance and coordinating minister of the economy, said the bond saw an over 180 percent subscription. On August 20, the federal government offered its first $500 […]

Brent crude oil price has dropped below $70 per barrel for the first time since December 2021. During trading hours on Tuesday, Brent crude, the global oil benchmark, dropped by 3.45 percent to $69.36 per barrel. On the other hand, West Texas Intermediate (WTI) fell by 3.86 percent to $66.06 a barrel. According to a […]

Financial technology companies have started charging levies on electronic transfers into personal and business accounts in compliance with the Federal Inland Revenue Service regulations. In a notice to its customers on Saturday, OPay, one of the fintechs, stated, “Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will […]

. The Nigeria National Petroleum Company Ltd (NNPCL) on Saturday said there is no guarantee of lower price as it is set to begin lifting petrol from the Dangote refinery. NNPCL would reportedly commence lifting petrol from the refinery on September 15. In a statement by its spokesman, Olufemi Soneye, the company said the pricing […]