Dangote Petroleum Refinery has announced plans to supply the market with 50 million litres of Premium Motor Spirit (PMS) daily, and a total of 1.5 billion litres monthly in December 2025 and January 2026, to ensure uninterrupted nationwide fuel availability through the festive season and into the New Year. President and Chief Executive of Dangote…
The Central Bank of Nigeria (CBN) has directed all banks, payment service banks, and other regulated financial institutions to immediately withdraw any advertisement or promotional material that fails to comply with existing consumer-protection and fair-marketing rules. The directive is contained in a circular issued on November 27, 2025, signed by Olubunmi Ayodele-Oni for the Director…
The Central Bank of Nigeria has proposed stricter sanctions for individuals who repeatedly issue dud cheques, including an automatic five-year ban each time a repeat offence occurs. The measure is part of a new exposure draft titled Guidelines on the Treatment of Dud Cheques by Banks and Other Financial Institutions in Nigeria, released on Monday…
The Manufacturers Association of Nigeria (MAN) has warned that the decision to ban the production and sale of alcoholic beverages packaged in sachets and small PET bottles by 31st December, 2025 could lead to the loss of over N1.9 trillion investments by indigenous companies and 500,000 direct, and 5 million indirect jobs. The outcry follows…
The Dangote Petroleum Refinery has slashed its ex-gantry petrol price to N828 per litre. According to sources at the refinery, the price of the product was reduced by N49 from the prior price of N877 per litre. “The refinery reduced its petrol price to N828 per litre,” a source said. The development comes amid plans…
The Dangote refinery has re-employed the engineers sacked last month during the crisis between it and the Petroleum and Natural Gas Senior Staff Association of Nigeria. Our correspondent reliably gathered that the engineers were now being posted to Borno, Zamfara, Benue and others. The engineers, some of whom were still graduate trainees during their sack,…
The Bureau De Change (BDC) operators have lamented that they are close to going out of operations as most of its members are struggling to stay afloat and meet up with overhead expenses. These licensed currency traders have attributed this mainly to the suspension of dollar allocation by the Central Bank of Nigeria (CBN) to…
Nigeria witnessed cryptocurrency transactions exceeding $50 billion between July 2023 and June 2024, according to the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama. With an exchange rate of N1,500 to the Dollar, the amount translates into N75 trillion, about two-thirds of the capitalization of the Nigerian equities market capitalization currently at…
Rice prices have dropped sharply in several Lagos markets due to a surge in border imports, easing the burden on consumers. The development, however, has raised concern among traders over reduced profits and business sustainability. The News Agency of Nigeria (NAN) reports that 50kg of rice in Lagos currently sells for between N55,000 and N70,000,…
Dangote Refinery has announced that it is increasing its production from 650,000 barrels per day to 1.4 million barrels per day. When completed, the expansion will make the facility the largest refinery in the world, surpassing the Jamnagar Refinery in India. Speaking at a press conference in Lagos on Sunday, the President of the Dangote…