The Nigerian National Petroleum Company (NNPC) has begun the export of petrol from the Port Harcourt Refinery to Dubai, shunning the local market. The Port Harcourt Refinery which began operations in November following rehabilitation shipped its first export of petroleum products to Dubai, with the company expected to load the cargo onboard the Wonder Star…
After more than six decades of operations in Nigeria, Swiss multinational Holcim has announced its decision to exit the country. Holcim, a global leader in innovative and sustainable construction solutions, disclosed plans to sell its 83.8% stake in Lafarge Africa Plc to China’s Huaxin Cement in a transaction valued at $1 billion. The deal, which…
The federal government has commenced N50 electronic levy deductions from transactions of N10,000 and above made by users of financial technology (Fintech) companies, including Opay, Moniepoint, Kuda, and others. The levy, called Electronic Money Transfer Levy (EMTL), introduced under the Finance Act 2020, places a singular and one-off levy of N50 on the recipient of…
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the price of Premium Motor Spirit (PMS), also known as petrol, to marketers. The new price, which takes effect immediately, is N1,030 per litre, down from the previous price of N1,045 per litre. The price reduction was announced by the Petroleum Products Retail Outlet Owners Association…
The United Kingdom has officially launched its largest Visa Application Centre (VAC) in Africa, located in Ikeja, Lagos, through its new commercial partner, VFS Global. This marks a significant milestone in strengthening the UK’s visa application services for Nigerian residents. According to the British High Commission, the new VAC, alongside facilities in Abuja and Victoria…
Nigerian National Petroleum Company Limited (NNPC Ltd) on Wednesday night, through the chief corporate communications officer, Olufemi Soneye, has disclosed that the company has not commenced bulk sales of petrol and has not opened the purchase portal for Port-Harcourt refinery. He explained that the company is finalising necessary processes, noting that it currently sells products…
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has said the price of Premium Motor Spirit churned out by the old Port Harcourt Refinery which resumed production on Tuesday, is ₦75 per litre higher than that sold by the Dangote Refinery. This was revealed by the association’s Public Relations Officer, Dr. Joseph Obele,…
The Dangote Refinery has successfully exported its jet fuel to various international destinations, including airports in Iceland, Tenerife, and London. According to a report by SP Global Commodity Insights, the refinery’s Nigerian-made aviation fuel has reached prominent locations such as Heathrow Airport in the UK, as the petrochemical facility continues to scale up production. The…
The Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) from ₦990 per litre to ₦970 per litre for marketers. The announcement was made in a statement issued by Anthony Chiejina, the Group Chief Branding and Communications Officer. The statement read: “As the year comes to an end, this…
The Central Bank of Nigeria (CBN) has directed banks to prioritise cash disbursement through automated teller machines (ATMs). CBN gave the directive in a circular to banks on Friday titled ‘Mystery shopping & spot checks on cash disbursement activities of deposit money banks (DMBs)”. In the circular signed by Solaja Olayemi, acting director, currency operations…