Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit (PMS), popularly known as petrol, in naira, ending a brief period of dollar-denominated transactions for local buyers. The refinery also announced a new ex-depot (gantry) price of ₦1,215 per litre, representing an increase of ₦140, or about 13%, from the previous price of ₦1,075…
The Federal Government is pushing ahead with plans to expand Nigeria’s oil reserves and crude production while the Central Bank of Nigeria (CBN) maintains a cautious monetary policy stance to keep inflation under control. At the ongoing Nigeria 2025 Licensing Round in Abuja, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) concluded the commercial bidding process…
Nigerian courts have ordered the final forfeiture of billions of naira worth of assets linked to former Attorney-General of the Federation Abubakar Malami and businesswoman Aisha Achimugu, marking two of the country’s biggest civil asset recovery rulings in recent years. The decisions followed applications by the Economic and Financial Crimes Commission (EFCC), which argued the…
The Yobe State Government has approved the release of ₦460.83 million to support 1,780 women entrepreneurs through a grassroots empowerment program aimed at strengthening small businesses and improving livelihoods across the state. The approval was granted during the State Executive Council meeting chaired by Governor Mai Mala Buni in Damaturu. According to the Commissioner for…
The Kano State Government has distributed modern working tools to 1,900 butchers drawn from the state’s 44 local government areas as part of an empowerment program aimed at improving livelihoods, strengthening food safety and modernizing the meat industry. Speaking during the distribution ceremony at the Government House in Kano, Governor Abba Kabir Yusuf said the…
Nigerians may soon face another increase in petrol prices as fuel importers prepare to raise depot prices from ₦1,230 to ₦1,350 per liter, a move expected to squeeze marketers’ margins and push retail pump prices higher in the coming days. The increase comes amid rising import costs and continued pressure on foreign exchange, with marketers…
Nigeria’s pension industry has reached a new milestone, with total pension assets rising to ₦31.48 trillion following recent reforms by the National Pension Commission (PenCom). The Commission also disclosed that 938,229 new contributors joined the Contributory Pension Scheme (CPS) over the past two years, bringing total membership to 11.32 million. Speaking at a State House…
German automotive giant Volkswagen is considering one of the largest workforce reductions in the industry’s history, with plans that could see up to 100,000 jobs cut worldwide as the company battles rising costs, U.S. tariffs, weaker electric vehicle margins and intensifying competition from Chinese manufacturers. Volkswagen CEO Oliver Blume confirmed in an internal memo that…
The Dangote Petroleum Refinery has begun selling petrol and other refined petroleum products in U.S. dollars, marking a major shift in Nigeria’s downstream oil market following the breakdown of the Federal Government’s naira-for-crude arrangement. Under the new pricing template, the refinery fixed the ex-depot price of petrol at $0.779 per liter, with diesel priced at…
Zamfara State has commissioned a $200 million lithium mining and processing plant in Boko Village, Zurmi Local Government Area, marking a major step in Nigeria’s drive to add value to its vast mineral resources rather than exporting raw materials. Governor Dauda Lawal, who inaugurated the facility, described the project as a milestone in the state’s…
