Scarcity of petroleum products may soon hit the country as members of the National Union of Petroleum and Natural Gas Workers (NUPENG) continue their strike on Tuesday after negotiations between the Federal Government, organised labour, and the Dangote Group hit a roadblock late Monday in Abuja. This came as NUPENG officials stopped fuel loading activities…
Members of the Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, have shut down petrol distribution nationwide with effect from today, Monday, September 8, over a face-off with Dangote Refinery. The National President of NUPENG, Williams Akporeha, in an interview with DAILY POST on Sunday, noted that the move was in the interest of…
Nigeria’s Dangote refinery has dispatched its first gasoline shipment to the United States, marking a new milestone for the $20bn facility and signaling the country’s growing influence in global oil product markets. The consignment left the refinery’s jetty near Lagos on 26 August aboard the vessel Gemini Pearl, carrying about 300,000 barrels of gasoline, according…
Forex traders have attributed the recent exchange rate stability to the success of Nigeria’s currency swap agreement with Chinese traders now collecting naira for its currency, the yuan, instead of dollars. They also identified P2P (Peer-to-Peer) foreign currency trade as one of the factors that is contributing to the stability of the naira. Peer-to-peer foreign…
Billionaire businessman Aliko Dangote has revealed he built his business empire from the scratch despite being born into a wealthy family. Speaking in a video, Dangote said he chose not to rely on inherited wealth. Dangote said he worked with his uncle before venturing into his business, initially trading in cement. He recognised the vast…
More European refiners are facing increasing pressure from Nigeria’s Dangote refinery as it ramps up production and curtails gasoline exports from Europe to West Africa, a development that could force closures of vulnerable refining plants across the continent. Since it began production in September 2024, Africa’s largest refinery, the 650,000 barrels per day (bpd) Dangote…
Access Holdings Plc has confirmed the appointment of Innocent Ike as its new Group Managing Director and Chief Executive Officer, effective August 29, 2025, following the approval of financial regulators. The decision brings an end to the 18-month acting tenure of Bolaji Agbede, who assumed leadership of the financial services giant after the sudden death…
The Central Bank of Nigeria has directed that all Point of Sale (PoS) terminals in the country be geo-tagged within 60 days as part of measures to curb fraud and strengthen oversight of digital payments. “This initiative is designed to ensure that all PoS terminals are traceable and that transactions are secure. Terminals operating outside…
The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant. ‎Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, made the announcement during a company-wide town hall meeting at the NNPC Towers in Abuja, ending…
Nigerian banks have resumed processing international tuition payments from Naira accounts through the Central Bank of Nigeria, CBN’s Form A portal. Form A is an application form designed by the Central Bank of Nigeria to pay for service transactions (invisible trade). The form allows customers to purchase forex at the CBN or interbank rate to…