Fidelity Bank is scrambling to stave off a looming insolvency after a Supreme Court panel found the top lender liable in a years-long tort dispute with a little-known general services venture operating out of Ibadan, Peoples Gazette heard from people familiar with the situation. The Lagos-based banking group has opened talks with lawyers representing Sagecom…
The Chinese Ambassador to Nigeria, Yu Dunhai, has reaffirmed China’s commitment to deepening bilateral cooperation with Nigeria, particularly in the solid minerals sector, through the establishment of electric vehicle (EV) factories and increased industrial collaboration. Speaking during a courtesy visit to the Minister of Solid Minerals Development, Dele Alake, at the weekend, Ambassador Dunhai emphasised…
Indonesia, the world’s largest producer of palm oil, increased the export tax on crude palm oil (CPO) from 7.5% to 10% on May 17. This policy shift is aimed at financing biofuel initiatives and replanting activities within the country. Nigeria, the world’s fifth-largest palm oil producer, still imports almost half of the two million tons…
Dangote Petroleum Refinery has slashed the gantry price Premium Motor Spirit, PMS, also known as petrol to ₦825 per litre from N835 per litre as competition continues in the domestic market. Last month, the 650,000 barrels per day refinery reduced the gantry price of petrol to N835 per litre from N865 per litre. Checks…
Banks will commence implementing charges for alerts and other short messages (SMS) communications to their customers at the rate of N6 for every SMS transaction with effect from today. This is coming on the heels of the increase in telecommunications rates by telecommunication providers following a nod by the Federal Government. The SMS charges were…
The Corporate Affairs Commission (CAC) has issued a six-week notice to unregistered businesses to register with the Commission or face jail term prosecution. This was disclosed in a statement issued by the CAC on Tuesday, titled: “PUBLIC NOTICE: CARRYING ON BUSINESS IN NIGERIA UNDER AN UNREGISTERED NAME OR ACRONYM.” The development comes amid the collapse…
Dangote Petroleum Refinery and Petrochemicals has announced another review of its ex-depot (gantry) loading price for Premium Motor Spirit (PMS), popularly known as petrol. The new price is now set at N835 per litre, down from N865 per litre, which had been in effect for the past six days, representing a 3.5 per cent reduction….
The global human hair extension market, valued at $4.45 billion in 2023, is on a rapid upward trajectory. Projections show it will rise to $4.88 billion in 2024, with a remarkable climb to $10.78 billion by 2032, according to ‘Fortune Business Insights’. This remarkable growth has spurred the establishment of numerous hair factories across the…
The cost of importing premium motor spirit, popularly known as petrol, into Nigeria has increased to N885 per litre, up from N797 per litre recorded last week. The Major Energy Marketers Association of Nigeria (MEMAN) confirmed this rise in its daily energy bulletin released on Wednesday. This marks an increase of N88 per litre within…
Oil marketers under the aegis of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) have raised alarm about potential risks linked to the naira-for-crude oil policy. On March 10, TheCable reported that the Nigerian National Petroleum Company (NNPC) Limited had reportedly suspended the naira-for-crude deal until 2030, as the government-owned company has forward-sold…