Business Archives - Voice of Liberty NG

Tinubu transfers Snake Island port terminal to Chagoury for 45yrs

March 15, 2026March 15, 2026 Aminu Imam

Eko Hotel owner and President Bola Tinubu’s longtime ally, Gilbert Chagoury, has got another multimillion-dollar deal in Nigeria through his ITB construction company, which has been contracted to build the Snake Island Port container terminal in Lagos State. To decongest overloaded terminals in Lagos, the Nigerian maritime company, Nigerdock awarded the development of a new shipping terminal to Swiss shipping giant MSC Group, via a $1 billion concession agreement spanning 45 years. While MSC Group will operate the terminal for the duration of the concession, ITB Construction Nigeria Limited and…

CBN limits mobile banking apps to one device per customer, to curb fraud

March 15, 2026March 15, 2026 Aminu Imam

The Central Bank of Nigeria (CBN) has introduced new regulations aimed at strengthening the security of mobile banking and instant payment services, including a policy that restricts each banking application to a single device per customer. The new directive, which takes effect on July 1, 2026, was contained in a circular issued to banks, financial institutions, and payment service providers by the apex bank’s Payments System Policy Department, and signed by its Director, Musa Jimoh. Under the new framework, customers will no longer be able to operate the same mobile…

Petroleum Sector: Tinubu sets up Task Force to drive new reforms

March 15, 2026March 15, 2026 Aminu Imam

President Bola Tinubu has approved the establishment of a ‘Presidential Petroleum Reform and Value-Optimisation Task Force, to drive the next phase of structural reforms in Nigeria’s petroleum sector. The development was disclosed in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga. According to the statement, the Task Force will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank (GTBank) and founder of FATE Foundation. He will coordinate the activities of the team and ensure the timely delivery of its mandate. Other members of…

Petrol: Again, Ɗangote increases price to ₦1,175/litre

March 14, 2026March 14, 2026 Aminu Imam

Ɗangote Refinery has revised its petrol price back to ₦1,175 per litre hours after it reduced the price of the product. The increase has resulted in depot operators across the country pausing their sales temporarily. The refinery had previously lowered the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, by ₦100, bringing it to ₦1,075 per litre on March 10, 2026, reduced from the earlier price of ₦1,175 per litre. Depot operators, who had started selling at an average price of ₦1,100 per litre, immediately paused their…

CBN blacklists all loan defaulters from banking services

March 14, 2026March 14, 2026 Aminu Imam

The Central Bank of Nigeria (CBN) has issued a directive to commercial banks to restrict access to credit facilities for large-ticket obligors who are in default. The CBN announced the development in a circular issued to banks. According to the circular, the restriction aims to promote a sound financial system, protect depositors, and enhance prudential compliance within the banking sector. The circular reads: “In furtherance of its mandate to promote a sound financial system, protect depositors, and enhance prudential compliance within the banking sector, the Central Bank of Nigeria (CBN)…

‘FG initiates collateral-free loan for farmers’ – NOA

March 14, 2026March 14, 2026 Aminu Imam

The Federal Government has introduced a new collateral-free loan scheme aimed at supporting smallholder farmers across the country. The initiative was announced via the official website of the National Orientation Agency (NOA). According to official sources, the initiative is designed to provide easier access to funding for farmers who often struggle to obtain credit from traditional financial institutions, thereby improving agricultural productivity, strengthening national food security, and increasing the income of rural farmers. Through the scheme, eligible farmers will be able to access funds without providing physical collateral, a major…

Naira hits ₦1,401/$ amid global tensions

March 12, 2026March 12, 2026 Aminu Imam

…Analysts warn of FX volatility The Naira traded at ₦1,401.4 per dollar at the official foreign exchange (FX) market on Tuesday, marking a 4.09% depreciation over the past three weeks from ₦1,346.32/$ on February 20. Data from the Nigerian Foreign Exchange Market (NFEM) showed that the local currency crossed the ₦1,400/$ threshold on Monday, trading at ₦1,405.62/$. This is the first time the naira has hit this level since January 27, when it traded at ₦1,401.2/$. At the parallel market, the naira weakened slightly by 0.70%, moving from ₦1,430/$ on…

FG halts petrol import licences, as Ɗangote Refinery supplies 92% of Nigeria’s fuel

March 12, 2026March 12, 2026 Aminu Imam

The Federal Government has halted the issuance of petrol import licences for a second consecutive month, a move that has effectively prioritised domestic refinery production, and allowed the Ɗangote Refinery to dominate fuel supply in Nigeria. Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) show that no petrol import licences were issued in February, while the Crude Oil Refineries Association of Nigeria (CORAN) confirmed that none have been granted so far in March. Under the provisions of the Petroleum Industry Act (PIA), import licences can only be…

Ɗangote lowers ex-depot prices for petrol, diesel

March 11, 2026March 11, 2026 Aminu Imam

The Ɗangote Refinery has reduced the ex-depot prices of Premium Motor Spirit (PMS), also known as petrol, and Automotive Gas Oil (AGO), commonly called diesel. The new adjustment comes after several recent increases in fuel prices. According to the refinery’s latest pricing template released yesterday March 10, 2026, the gantry price of petrol has been reduced by ₦100 per litre. The price dropped from ₦1,175 to ₦1,075 per litre. The company also stated that petrol supplied through coastal distribution channels will now cost ₦1,050 per litre. This price reflects a…

1.4m N-Power beneficiaries threaten ‘no pay -no vote’ against Tinubu

March 11, 2026March 11, 2026 Aminu Imam

No fewer than 1,495,571 beneficiaries of the Federal Government’s N-Power programme have issued a 10-day ultimatum to the government, demanding the immediate payment of their outstanding stipends. The beneficiaries, speaking through their national leadership in an issued statement dated March 9, 2026, expressed deep frustration over what they described as the prolonged failure of the government to settle payments owed to them under the youth empowerment scheme. According to the statement, beneficiaries across the country have endured severe economic hardship for more than three years due to the non-payment of…