Author: Mary Osisanya-Bello

Oil marketers have questioned NNPC’s petrol pricing, arguing Dangote’s local fuel shouldn’t exceed imported prices.Oil marketers on Monday argued that it wasn’t normal for the Nigerian National Petroleum Company Limited (NNPC) to sell petrol produced locally from the Dangote refinery to Nigerians at a pump price higher than imported fuel.Coming under the umbrella of the Independent Petroleum Marketers Association of Nigeria (IPMAN), the oil marketers stressed that it then means that there was no cause for celebration if imported products are cheaper.“If NNPC can sell Dangote product higher than the imported product, it doesn’t make sense. What is the celebration…

India’s antitrust regulator has accused Samsung and Xiaomi of colluding with Amazon and Flipkart for exclusive launches.The Competition Commission of India (CCI) has found that top smartphone manufacturers, including Samsung and Xiaomi, colluded with e-commerce giants Amazon and Flipkart to exclusively launch products on their Indian websites, breaching antitrust laws.According to regulatory reports, the CCI’s investigation revealed that the Indian units of Samsung, Xiaomi, Motorola, Realme, and OnePlus were “involved in the practice of exclusive” phone launches with Amazon, while Samsung, Xiaomi, Motorola, Vivo, Lenovo, and Realme engaged in similar practices with Flipkart.The 1,027-page report on Amazon and the 1,696-page…

Donald Trump, the former US President, has launched a cryptocurrency platform called World Liberty Financial, alongside his sons and entrepreneurs. Despite an assassination attempt on Trump, the platform’s launch event went ahead as planned. Key Features of World Liberty Financial: Decentralized Finance (DeFi): The platform uses blockchain technology to eliminate intermediaries like banks, allowing users to lend or borrow cryptocurrencies directly. Stablecoins: The platform will primarily use stablecoins, backed by traditional currencies like the US dollar, to minimize fluctuations. Token-Based Governance: Users can buy digital tokens, giving them voting rights in platform decisions. Accessibility: The goal is to create a…

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has taken swift action against fuel thieves, sealing filling stations and fining at least three marketers for allegedly receiving stolen fuels. This crackdown follows a series of operations conducted by the Nigeria Customs Service (NCS) in August 2024. Key Achievements of the NCS Operations: Interception of Stolen Fuel: Seven petrol trucks were intercepted, and 466,000 litres of petrol were seized. Sealing of Retail Outlets: 12 retail outlets were sealed, and three marketers were fined by the NMDPRA. Prosecution of Suspects: Seven suspects were prosecuted after an investigation into the matter. The…

With Nigeria’s inflation rate soaring, cutting expenses is no longer a choice, but a necessity. Many Nigerians can relate to overspending on impulse buys, unused gym memberships, and pricey coffee habits. To make ends meet, consider these cost-cutting measures: Ditch Unused Subscriptions: Review your subscriptions and cancel any unused or unnecessary ones. This includes gym memberships, streaming services, and magazine subscriptions. Kick the Lottery and Gambling Habit: These habits can quickly drain your finances. Instead, focus on saving and investing in your future. Make Coffee at Home: Visiting coffee shops can be pricey. Learn to brew your own coffee and…

A report by Afrinvest Research reveals that Nigerian banks and discount houses borrowed N3 trillion from the Central Bank of Nigeria (CBN) through the Standing Lending Facility (SLF) within a week. Conversely, they deposited N493.6 billion through the Standing Deposit Facility (SDF) during the same period. The surge in borrowing resulted in a 4.7% increase in system liquidity, now standing at N712.3 billion. The CBN uses SLF and SDF to manage money supply and liquidity in the financial system. The CBN recently issued a directive to boost lending to the real sector, signaling a shift towards a contractionary monetary policy…

The Federal Ministry of Agriculture and Food Security has announced the commencement of subsidized rice sales to the general public, starting today. This initiative aims to mitigate the soaring price of rice, which has reached as high as N90,000 per 50kg bag in some states. The government had previously distributed subsidized rice to civil and public servants. Despite promises to sell rice at N40,000 per 50kg bag, many Nigerians have yet to benefit from the initiative, with prices remaining high. Reports from various states indicate that rice prices remain above the promised N40,000. Citizens have expressed frustration, citing the government’s…

The Federal Government has commenced the free conversion of petrol-powered commercial vehicles to run on Compressed Natural Gas (CNG) in Ibadan, Oyo State, and Zaria, Kaduna State. The initiative aims to cushion the effect of fuel subsidy removal and promote cleaner energy. In Ibadan, about 100 commercial vehicles were converted to CNG at three locations. Louisa Afu, Business Development Executive of Presidential CNG, explained that the distribution of conversion kits is part of the government’s efforts to promote sustainable energy solutions. Afu stressed that the free conversion exercise will benefit many vehicle owners, reducing fuel costs and contributing to a…

Minister of Aviation and Aerospace Development, Festus Keyamo, recently wrote a diplomatic letter to the United Kingdom aviation handlers requesting landing slots for Air Peace, at the UK’s Choice airport in Heathrow. These requests sparked discussions in the industry.The media has been filled with reports about the protest letter written by the Minister of Aviation and Aerospace Development, Festus Keyamo, to his British counterpart. The letter was written to lodge a formal complaint about the UK airport authority’s refusal to allow the Nigerian Air Peace to land at Heathrow Airport.In a letter dated August 1, 2024, and addressed to Louise…

The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has refuted allegations made by Devakumar Edwin, Vice President of Dangote Industries Limited, claiming the association reported the Dangote Refinery to President Bola Tinubu over its low-priced products. Edwin had stated that oil marketers reported the refinery to the President, alleging its low-priced diesel was harming their businesses. However, DAPPMAN’s Executive Secretary, Olufemi Adewole, denied the claim. DAPPMAN’s Letter to Senate President A letter obtained by our correspondent revealed DAPPMAN’s concerns about the Dangote Refinery’s alleged monopoly in the downstream petroleum sector. The letter, addressed to Senate President Godswill…

The Federal Ministry of Budget and Economic Planning and Ministry of Finance are intensifying efforts to coordinate policies and payments, addressing Nigeria’s financial commitments. Minister of Budget and Economic Planning, Senator Abubakar Bagudu, emphasized the importance of inter-ministerial collaboration to ensure timely and efficient payment of national financial obligations. Represented by Permanent Secretary Dr. Vitalis Obi, Bagudu stressed the need for policy frameworks to address delayed payments to manufacturers and critical sectors. “We partner with the Ministry of Finance to develop consensus-driven strategies and policy frameworks addressing national interests,” he said. Bagudu announced the upcoming Nigerian Economic Summit (NES#30), themed…

Ogun State Governor Dapo Abiodun has urged personnel managers to leverage insights and networking opportunities from the 10th Chartered Institute of Personnel Management (CIPM) conference to drive growth and development. Represented by Head of Service, Mr. Kehinde Onasanya, at the awards ceremony, Abiodun emphasized the program’s potential to promote excellence in human resource management. “The lessons learned will inspire positive change within organizations, including the public service,” he said. The governor reiterated the state’s commitment to collaborating with CIPM to promote best practices and drive excellence in human resource management. CIPM President, Mallam Ahmed Gobir, commended the state for prioritizing…

The naira experienced a significant surge on the official market, gaining N103.35 to close at N1,546.41/$1, while remaining stable at N1,650/$1 on the parallel market. This marks a 6.68% appreciation on the Nigerian Autonomous Foreign Exchange Market (NAFEX) window, a notable recovery from earlier volatility. Despite the gain, analysts caution that foreign-exchange flow imbalances persist, and more substantial interventions may be necessary to stabilize the naira. Seasonal factors, such as increased demand for foreign currency, and decreased treasury bill yields, have also impacted market sentiment. Economist Omobola Adu predicts the naira could strengthen to N1,500/$1 by year-end, contingent on effective…

Polaris Bank has been inducted as a premium member of the Nigeria-British Chamber of Commerce (NBCC), marking a significant milestone in its journey to enhance profitable trade between Nigerian and UK businesses. The induction ceremony, held recently in Lagos, welcomed Polaris Bank alongside other esteemed enterprises, expanding the Chamber’s membership to represent a broad spectrum of top players across various sectors. Kayode Lawal, Managing Director/CEO of Polaris Bank, expressed gratitude to the Chamber for the recognition and highlighted the Bank’s commitment to leveraging this platform for sustainable economic development and deeper stakeholder engagement. “We are honored to join this esteemed…

The Nigeria Labour Congress (NLC) and the Nigerian Bar Association (NBA) have formed a strategic partnership to promote the rule of law and protect citizen rights. NLC President, Comrade Joe Ajaero, met with NBA President, Afam Osigwe (SAN), and his team on Thursday to discuss collaboration opportunities. According to a statement by NLC’s Head of Information and Public Affairs, Comrade Benson Upah, the meeting enabled both organizations to share perspectives on entrenching the rule of law and safeguarding citizens’ fundamental rights. Discussions focused on how the labour and legal sectors can work together to ensure democracy thrives and governance is…

The Ogun State Government has reiterated its dedication to collaborating with the Nigerian Export Promotion Council (NEPC) and other stakeholders to create a conducive environment for the cashew industry to thrive. This commitment was made known by the State Head of Service, Mr. Kehinde Onasanya, during a one-day intervention program and cashew seedling distribution to farmers, organized by NEPC in partnership with the Ministry of Industry, Trade, and Investment. The event, held at the Obas’ Complex in Oke Mosan, Abeokuta, aimed to leverage the state’s comparative advantage in cashew production and strengthen the implementation of the One State, One Product…

The National Centre for Artificial Intelligence and Robotics (NCAIR), in collaboration with Google, has launched the AI Fund, a ₦100 million initiative to support Nigerian startups leveraging Artificial Intelligence (AI) to develop innovative solutions. This program aligns with the Ministry of Communications, Innovation & Digital Economy’s strategic efforts to harness AI’s potential for development, innovation, and well-being in Nigeria. Following the Artificial Intelligence Strategy Workshop in April and the release of the National AI Intelligence Strategy in August, the AI Fund marks a significant step in actualizing these plans. The fund provides Nigerian startups with necessary resources to innovate and…

The Ministry of Housing and Urban Development and the World Bank Group have resolved to collaborate on addressing Nigeria’s unregistered land challenge, aiming to register 90% of unregistered land within five years. This initiative seeks to make Nigeria’s vast land assets more economically viable and unlock over $300 billion in dead capital tied up in undocumented land. The partnership, announced during a visit by World Bank Vice President Guangzhe Chen to Minister Ahmed Dangiwa, will focus on the National Land Registration and Titling Programme, in collaboration with state governments. The programme aims to: – Register, document, and title all land…

At the 17th annual banking and finance conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, UBA Chairman Tony Elumelu emphasized the banking sector’s crucial role in Nigeria’s economy. He highlighted regulatory and compliance costs as significant challenges stifling growth and innovation in the sector. Elumelu praised the sector’s transformation over the past few decades as a success story but noted that high regulatory costs impede its progress. He advocated for collaborative dialogue among stakeholders to create a conducive environment for the sector to contribute more effectively to Nigeria’s economic growth. Elumelu emphasized the sector’s impact beyond…

The Bank of Industry (BOI) has donated relief materials to the National Emergency Management Agency (NEMA) as part of its Corporate Social Responsibility initiative. In a statement released on Tuesday, BOI’s Managing Director, Olasupo Olusi, emphasized the bank’s commitment to supporting vulnerable communities and promoting inclusiveness across Nigeria. Olusi noted that recent challenges, including natural disasters and economic hardships, have tested the resilience of many Nigerians. However, he emphasized that such times also present opportunities for collective strength and solidarity. The donated relief materials, Olusi explained, are more than just an act of charity; they represent a reaffirmation of BOI’s…