Sequel to a consistent surge in the price of Brent, the global benchmark for crude, the Dangote Petroleum Refinery has communicated an upward adjustment in the price of Premium Motor Spirit, also known as petrol, to its customers. In an email statement obtained by our Correspondent on Friday, the refinery announced that its refined…
The Central Bank of Nigeria (CBN) has sanctioned nine Deposit Money Banks with fines totalling N1.35bn for failing to ensure cash availability via Automated Teller Machines during the festive season. Each of the banks was fined N150m following spot checks that revealed non-compliance with the apex bankās cash distribution guidelines. The affected banks include Fidelity…
The Premium Motor Spirit, PMS, also known as petrol would likely cost more as depot owners have increased prices by about 4.74 per cent. This follows the recent increase of crude oil prices, including Nigeriaās Bonny Light to $80 per barrel this week from $73 per barrel last week. Already, some depots, including Swift Depot…
In Nigeria, there are numerous low-cost business opportunities that require minimal startup funds, often less than N100,000. These ventures are accessible, scalable, and cater to everyday needs, making them viable for aspiring entrepreneurs. In Nigeriaās current economic climate, starting a business is an uphill battle for many aspiring entrepreneurs. The rising cost of living, inflation,…
Nigeria has attracted $7.6bn in investment interests at the Africa Investment Forum 2024, held in Rabat, Morocco, from 4 to 6 December 2024. The announcement was made by the President of the African Development Bank, Dr Akinwumi Adesina, in a post on his X (formerly Twitter) account on Saturday. Adesina expressed optimism about the potential…
The Central Bank of Nigeria (CBN) has issued a circular announcing the immediate suspension of approvals for the extension of export proceeds repatriation on behalf of exporters. Dated January 8, 2025, the directive applies to both oil and non-oil export transactions, marking a significant policy shift aimed at ensuring compliance with existing regulations. The circular…
Managing your money is more crucial than ever as 2025 approaches. Although Nigeriaās economy is unpredictable, you might go from barely making ends meet to actually flourishing by avoiding common financial mistakes. Here are eight financial mistakes to avoid in 2025. 1. Taking unnecessary loans Although taking out a loan can seem tempting, doing so…
Strong indications emerged at the weekend that prices of Premium Motor Spirit (PMS), popularly called petrol, may crash further in 2025. Industry experts, who spoke to Saturday Sun, noted that petrol, which currently sells for between N900 and N950 in many fuel stations, may have its price further crashing to as low as N500 a…
The Nigerian National Petroleum Company Limited (NNPC Ltd.), says the 150,000 barrels per day (bpd) Port Harcourt Refinery and Kaduna Refinery are undergoing a comprehensive overhaul, designed to meet world-class standards. The company said the rehabilitation done at the 60,000 bpd Port Harcourt Refinery and Warri Refinery was not the typical Turnaround Maintenance (TAM) of…
Telecommunication operators in Nigeria have asked the Nigerian Communications Commission to approve a 100% increase in tariffs in the first quarter of 2025. In a proposal submitted to the commission, the telcos said the increase would help address rising operational costs driven by inflation and nairaās devaluation. The telcos’ decision was communicated by Karl Toriola,…