A recent development in Nigeria’s petroleum industry has seen the landing cost of petrol skyrocket to N870 per litre, significantly higher than the price offered by the Dangote refinery. This increase has raised concerns about the potential impact on fuel prices and the overall economy. The landing cost, which includes the cost of importing petrol,
In a strategic move to strengthen the digital capacity of small and medium-sized businesses, the Edo State Government, through its Ministry of Digital Economy, Science and Technology (MDEST), has partnered with the Walkfront African Network (WAN) to roll out a comprehensive capacity-building programme for Micro, Small and Medium Enterprises (MSMEs) across the state. The initiative
Customers of Guaranty Trust Bank (GTBank) will begin to pay more for SMS transaction alerts as the bank has announced an upward review of its charges. Effective Thursday, May 1, 2025, the fee for receiving transaction alerts via text message will rise from N4 to N6. The increment, which comes as part of the bank’s
Despite soaring global gold prices and subdued demand in many parts of the world, Saudi consumers have displayed a remarkable appetite for gold jewellery, purchasing more of the precious metal in the first quarter of 2025 than ever before. According to the latest figures released by the World Gold Council, shoppers in the Kingdom acquired
The Nigeria Customs Service (NCS) has recorded a significant revenue boost, announcing a total collection of ₦1.75 trillion for the first quarter of 2025. This figure surpasses the quarterly target of ₦1.645 trillion by over ₦106 billion, representing a 106.47% performance rate. Compared to the ₦1.35 trillion collected in Q1 2024, this marks an impressive
The Nigerian National Petroleum Company Limited (NNPCL) is once again under intense scrutiny following the shutdown of the Warri Refining and Petrochemical Company (WRPC), just weeks after it was declared operational, despite consuming nearly $900 million in rehabilitation costs. The controversy emerged after a document from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA),
In a renewed push to accelerate the growth of small businesses across the country, the Nigeria Employers’ Consultative Association (NECA) has formally announced the 2025 edition of its flagship Micro, Small, and Medium Enterprises (MSMEs) Fair. The event is scheduled to take place on Tuesday, May 6, 2025, at the association’s headquarters—NECA House—located in the
Stakeholders in public relations and risk management have called on Nigerian business leaders to place greater emphasis on reputation management as a fundamental strategy for long-term sustainability and stakeholder trust. The call was made during a high-level webinar themed “Protecting Your Organisation’s Reputation: The Critical Role of Risk Identification and Management,” jointly organised by the
In a significant push to improve Nigeria’s trade facilitation and ease of doing business, the Federal Government has officially inaugurated the Ports and Customs Efficiency Committee (PCEC). The initiative, a collaborative effort between the Presidential Enabling Business Environment Council (PEBEC) and the Nigerian Ports Authority (NPA), was launched today at the NPA headquarters in Lagos,
The Attorney General of the Federation (AGF), Lateef Fagbemi (SAN), has announced the initiation of an investigation into Mele Kyari, the former Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), following serious allegations involving a $2 billion crude-for-loan deal. This investigation is in response to protests and growing public concern over a
