Category: Business

Business

“We’re no cabal; we only have vested interest just like you” – Petroleum marketers tell Ɗangote

Aminu Imam
Petroleum marketers & Ɗangote2

The Depot and Petroleum Products Marketers Association of Nigeria, (DAPPMAN) says no cabal in the midstream and downstream sector, just individuals with vested interests. Recall that on May 1, president of the Ɗangote Group, Aliko Ɗangote, said he was still fightingcabals for the survival of his $20 billion refinery — subsequently describing “cabals” as some major oil marketers and traders. However, speaking in a televised interview on Friday, the Executive Secretary of DAPPMAN, Olufemi Adewole, described the use of “cabals” by Ɗangote as being “negative” and “subversive”. “There is no…

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‘Criminal diversion of $3.4bn IMF loan must be probed’ – Falana

Aminu Imam
Falana on probe

Renowned lawyer Femi Falana (SAN), has urged President Bola Tinubu “to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, (SAN), and appropriate anti-corruption agencies to promptly probe the allegations that $3.4 billion loan obtained from the International Monetary Fund (IMF) is missing, diverted or unaccounted for”. Recall that last week, the International Monetary Fund (IMF) confirmed that Nigeria has fully repaid the $3.4 billion emergency COVID-19 loan it received in 2020 under the Rapid Financing Instrument, (RFI).  According to Falana, who is the Chair, Alliance…

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FCCPC hails court ruling on MultiChoice price probe

Aminu Imam
FCCPC on MultiChoice

The Federal Competition and Consumer Protection Commission, (FCCPC), has welcomed the Federal High Court’s ruling affirming its authority to investigate alleged exploitative practices by MultiChoice Nigeria Limited. Recall that MultiChoice had filed a suit seeking to restrain the FCCPC from investigating its recent price increases for DStv and GOtv services. In a statement issued yesterday in Abuja, signed by the Director of Corporate Affairs, Ondaje Ijagwu, the commission quoted its Executive Vice-Chairman, Tunji Bello, who described the ruling as a victory for the rule of law. Bello said the judgment…

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Dr. Harris Hails Tinubu’s ‘Nigeria-First’ Procurement Policy

Aminu Imam
IMG 20250508 WA0058

…Describes it as game-changer for local economy President Bola Ahmed Tinubu’s newly approved Renewed Hope–Nigeria First Procurement Policy has been described as a strategic masterstroke to revitalize Nigeria’s economy through local content prioritization. The policy, which mandates all federal agencies to prioritize Nigerian-made goods and services, has drawn strong endorsement from industry leaders, including Dr. Harris Haroon Rasheed Jibril, Group Managing Director of Vivid Solutions Consulting Group and National President of the Arewa Consultative and Synergy Congress. According to him, federal Ministries, Departments, and Agencies (MDAs) are now required to…

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Senate passes two Tax Reform Bills 

Aminu Imam
Senate on tax reform bills

…Removes contentious clauses, retains 7.5% VAT The 10th Senate yesterday passed two of the four Tax Reform Bills transmitted by President Bola Tinubu in October 2024, aimed at overhauling Nigeria’s tax system. The Bills passed include the Nigeria Tax Administration Bill 2024 and the Nigeria Revenue Service (Establishment) Bill 2024. The remaining two – the Nigeria Tax Bill 2024 and the Joint Revenue Board (Establishment) Bill 2024 – are expected to be concluded on Thursday. The Senate President, Godswill Akpabio, announced the passage of the two Bills, following a majority…

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Ɗangote Refinery on track for $30bn annual revenue target despite US tariff

Aminu Imam
Ɗangote Refinery

Aliko Ɗangote, Africa’s richest person, said his group is on track to generate total revenue of $30 billion next year, even as companies fret over the potential impact of US President Donald Trump’s tariffs. The Chief Executive Officer of Ɗangote Industries Ltd. said his businesses, which include a giant 650,000 barrels-a-day oil refinery in Lagos, Nigeria’s commercial hub, will add at least $5 billion of revenue in 2026 from $25 billion this year. Trump’s tariffs spared oil and gas exports, allowing Ɗangote Petroleum Refinery to keep selling its products to…

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Tinubu to meet GenCos leadership over ₦4tr debt – Minister

Aminu Imam
IMG 20250504 WA0011

Minister of Power, Adebayo Adelabu, has said that a meeting has been scheduled between President Bola Tinubu and the leadership of the Power Generation Companies (GenCos) over a ₦4-trillion debt. Adelabu said that the meeting was scheduled with a view to finding a common ground to settle the debt owed the GenCos. Special Adviser, Strategic Communications and Media Relations to the minister of power, Bolaji Tunji, who disclosed this in a statement in Abuja yesterday, assured that the Federal Government would immediately pay a significant portion of the debt, while…

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FG Impoverishment Policies: ‘73.3% of Nigerians reject electricity tariff hike, subsidy removal” – Poll

Aminu Imam
Nigerians reject tariff hike

73.3% of Nigerians have rejected the recent Federal Government’s electricity tariff hike, as well as its fuel subsidy removal, according to a recent poll. A recent poll by ‘BusinessDay’s April 2025 TalkExchange’ has revealed that most Nigerians are against the recent increase in electricity tariffs for high-usage consumers and the reduction of Government subsidies on electricity. The electricity tariff hike, with a 300% increase for Band-A customers, has sparked concern, as power remains unreliable.  The data reflects growing concerns over affordability, fairness, and the effectiveness of these reforms. Despite subsidy…

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Naira depreciates by 0.34% against dollar at official market

Aminu Imam
Naira depreciates

The Naira depreciated on Friday at the official market, trading at ₦1,602.18 to the dollar. Data from the Central Bank of Nigeria (CBN) website showed that the Naira lost ₦5.49. This represents a 0.34 percent loss when compared to the ₦1,596.69 per dollar recorded on Wednesday, April 30, before the Workers’ Day holiday on Thursday, May 1. The Naira had remained relatively static for three trading days, from Monday, April 28, to Wednesday, April 30, when it traded at ₦1,599.95, ₦1,599.71, and ₦1,596.69, respectively. The local currency, which closed the…

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$3bn Refinery Scandal: EFCC arrests sacked MDs, traces ₦80bn to one account 

Aminu Imam
EFCC arrests sacked MDs

The Economic and Financial Crimes Commission, (EFCC), has arrested former managing directors and top officials of Nigeria’s three state-owned refineries over an alleged multibillion-dollar fraud involving the rehabilitation of the plants. Those detained include former heads of the Port Harcourt Refining Company, Warri Refining and Petrochemical Company, and Kaduna Refining and Petrochemical Company. The EFCC is probing the alleged mismanagement of $2.95 billion earmarked for the revamp of the facilities. A breakdown of the funds under investigation shows $1.56 billion allocated to the Port Harcourt refinery, $740 million to Kaduna…

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