Category:

Business

Dangote
Business

BREAKING: Dangote Refinery announces suspension of petrol sale in naira

by Folarin Kehinde
written by Folarin Kehinde

Dangote Petroleum Refinery has announced suspension of sale of petroleum products in naira.

This was announced in a notice sent to petroleum marketers, on Wednesday afternoon.

In the notice obtained by Daily Trust, the company said the decision is temporary, explaining why it took the decision.

“We wish to inform you that, Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira. This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars.”

“To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency. Our attention has also been drawn to reports on the internet claiming that we are stopping loading due to an incident of ticketing fraud. This is malicious falsehood. Our systems are robust and we have had no fraud issues.

“We remain committed to serving the Nigerian market efficiently and sustainably. As soon as we receive an allocation of Naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in Naira. We appreciate your understanding and cooperation during this period.”

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Business

BREAKING: House of Representatives approves Tinubu’s tax reform bills

by Folarin Kehinde
written by Folarin Kehinde

The House of Representatives has approved the four tax reform Bills earlier transmitted by President Bola Ahmed Tinubu, as it considered and adopted report by its special committee on the proposals on Thursday March 13, 2025.

They include a Bill for an Act to provide for the Assessment, Collection of, and Accounting for Revenue Accruing to the Federation, Federal, States and Local Governments; Prescribe the Powers and Functions of Tax Authorities, and for Related Matters, and a Bill for an Act to Repeal the Federal Inland Revenue Service (Establishment) Act, No.13, 2007 and Enact the Nigeria Revenue Service (Establishment) Bill to Establish Nigeria Revenue Service, charged with Powers of Assessment,
Collection of, and Accounting for Revenue Accruable to the Government of the Federation and for Related Matters.

The others are a Bill for an Act to Establish Joint Revenue Board, the Tax Appeal Tribunal and the Office of the Tax Ombud, for the Harmonisation, Coordination and Settlement of Disputes arising from Revenue Administration in Nigeria and for Related Matters, and a Bill for an Act to Repeal Certain Acts on Taxation and Consolidate the Legal Frameworks Relating to Taxation and Enact the Nigeria Tax Act to Provide For Taxation of Income, Transactions and Instruments.

Pressing the report for consideration, Chairman of the Finance Committee, James Faleke, said due diligence had been done as issues of public concerns have been addressed.

Details loading…

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
European Bank
Business

Nigeria Joins European Bank As 77th Shareholder

by Nelson Ugwuagbo
written by Nelson Ugwuagbo

Nigeria has officially become a member of the European Bank for Reconstruction and Development (EBRD), increasing the total number of the bank’s shareholders to 77. The shareholders include 75 national members, along with the European Union and the European Investment Bank.

Nigeria submitted its application to join the EBRD in April 2024, which was approved by the bank’s Board of Governors in May 2024. The membership follows a decision at the EBRD’s 2023 Annual Meeting in Samarkand, where an amendment to the Agreement Establishing the EBRD was adopted. This amendment allows for the bank’s gradual expansion into sub-Saharan Africa and Iraq, pending ratification by the majority of shareholders.

An EBRD statement noted that once the amendment takes effect, Nigeria could transition to recipient country status, granting it access to the bank’s financial resources and policy support to drive sustainable development.

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the membership as a step towards economic growth. “Nigeria’s membership of the EBRD strengthens our drive for private sector-led growth, sustainable infrastructure, and a greener economy. This partnership aligns with our economic reform agenda and commitment to creating jobs through investment and innovation,” he said.

EBRD President Odile Renaud-Basso welcomed Nigeria’s inclusion, emphasizing the bank’s commitment to supporting economic development in the country. “I am very happy to welcome Nigeria, the most populous country in Africa, as a shareholder of the bank. This is a landmark moment for the EBRD as we look forward to launching our activities in sub-Saharan Africa this year. With such large economic potential in the country, our objective will be to leverage our expertise in developing the private sector and conducting policy dialogue to support sustainable economic growth in Nigeria,” she stated.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Business

Ramadan: Good news for Nigerians as food prices begin to crash

by Folarin Kehinde
written by Folarin Kehinde

With the commencement of fasting which usually signifies the beginning of the Ramadan season, food prices in the market are crashing in states like Yobe, Borno, among others.

It was gathered that the crash in the food prices is quite notable on farm produce like millet, maize, beans and even rice which has been on an all-time high for some time.

Speaking on the new development, some marketers and business people within the markets said they are grateful for the crash in foodstuff prices.

While some of the sellers commended the government for introducing various initiatives to sustain the production of foodstuff by farmers, others said the prices began to drop when it was obvious that people could no longer afford the products and some perishables were going to waste.

However, Adamu Isah, a foodstuff seller said the current drop in prices is due to the harvest season.

Isah noted that this is the season of harvest and at this particular time – annually – prices of foodstuffs usually drop because there is an abundance of produce.

For instance, the price of rice which sold at almost N90,000 last year has dropped to N65,000; beans dropped from N150,000 to about N75,000 while millet which initially stood at N80,000 has now dropped to N45,000.

He, however, called in the governments at all levels to drive policies that would reduce the hardship faced by Nigerians across the country.

Isah said, “We need support, even the farmers need to be supported with seedlings, fertiliser, subsidised farming plans so they can produce more crops.”

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Business

GAIM 6 Promo: Fidelity Bank rewards NYSC member with N500,000 Entrepreneurship Grant

by Folarin Kehinde
written by Folarin Kehinde

In affirmation to keeping their word, Fidelity Bank has awarded the sum of N500,000 entrepreneurship grant to Koromo Bomane-aziba, a serving FCT Corp member in the 6th edition of its Getz Alerts In Million, (GAIM) promo.

Abuja Branch Leader Fidelity Bank, Vincent Ijioma while speaking in Abuja on Tuesday at the presentation of the grant stated that the entrepreneurship grant aims at giving back to the society, especially to serving corp members as a start up capital to ease their business startup and make their dreams reality.

Ijioma explained that the grant will be given to corp members who won the promo on quarterly basis adding that more than 12 corp members are currently on the waiting list.

“What we are doing is also part of
the way of rewarding and giving back to the society and part of the things that we have done differently in this year promo is to incorporate the NYSC into it.

“The bank decided they were going to make available 500,000 what we call
entrepreneurship grants that we are giving to people, the lucky winners from the
draw. What we are doing here today is also happening in every other place across the nation with people that have won, they are making that presentation.

“Like I said, from the list that was sent to
us, we have more than 12 corp members currently, you know, that this transition is going on. And it’s not going to be a one-off thing, it’s going to happen every quarter.”. he added.

Expressing her delight after receiving the cash reward, Koromo Bomane-aziba stated that her dreams of starting her culinary business is now a reality, she however advised her fellow corp members to open account with fidelity bank and enjoy many benefits and opportunities that the bank presents.

“I am happy that I was chosen for this. I was really surprised because I didn’t expect it. This just came about and I really want to thank fidelity Bank for giving me this opportunity. And I would want to go into a business, which is what I love doing. I love cooking. While in camp, I joined the culinary class because that’s what I love doing. So with this money, I’m really going to start a big business. Something I can use to manage myself while I’m in
Abuja.

“I will advise fellow corp member that if something like this happens to them, they shouldn’t take it for granted and they should try as much as they can to own an account with Fidelity Bank. Because just as I was, I was surprised and I didn’t expect this. So once they are able to get an
account with Fidelity Bank, I believe they have more packages for other corp members so they will definitely be opportune like me.”. She added.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Edukoya
BusinessHeadlines

Nigerian EduTech Company Edukoya Shuts Down, 3 Years After Raising $3.5 Million

by Nelson Ugwuagbo
written by Nelson Ugwuagbo

After three years of operation, Nigerian education technology startup Edukoya has ceased operations, citing poor infrastructure and economic challenges that hindered its ability to scale.

The startup, which secured Africa’s largest pre-seed funding of $3.5 million in 2021, announced on Wednesday that it would return capital to investors rather than continue in what it described as an unsustainable market environment.

In a statement obtained by reporters, Edukoya said despite early success, it faced significant adoption barriers, including limited internet penetration, high device costs, and declining disposable incomes, which impacted its target audience’s ability to pay for digital education services.

Launched to revolutionize digital learning for K-12 (primary and secondary) students, Edukoya quickly gained traction, enrolling over 80,000 students, facilitating millions of practice questions, and conducting thousands of live tutoring sessions.

However, after considering strategic alternatives such as partnerships, mergers, and business model pivots, the company found no viable path forward.

“Having explored various strategies to sustain operations—including partnerships, mergers, and business model shifts—without success, we’ve made the difficult decision to shut down and return capital to investors rather than exhaust resources in an unsupportive market,” the statement read.

“This strategic shutdown—though counterintuitive in a startup culture that emphasizes persistence at all costs—creates better outcomes for everyone: our investors can redeploy capital, our team can transition with dignity, and we preserve our vision’s integrity instead of compromising to survive.”

Edukoya’s closure reflects broader challenges in Africa’s edtech sector, where startups struggle to balance innovation with infrastructure limitations and affordability concerns. While digital learning remains a high-potential market, achieving large-scale adoption continues to be difficult.

The company expressed gratitude to its team, parents, students, and investors, stating that while its journey is ending, the insights gained could contribute to future innovations in African edtech when market conditions improve.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Business

Again, Multichoice increases DStv, GOtv prices

by Folarin Kehinde
written by Folarin Kehinde

Multichoice is set to increase the prices of its DStv and GOtv packages effective from March 1, 2025.

This was disclosed in a statement to its customers on Monday.

The statement titled, “Price adjustments for DStv and GOtv packages,” read, “Dear Customer, please note that effective 1 March 2025, there will be a price adjustment on all DStv packages.

“This is to enable us to continue to offer our customers world-class homegrown and international content, delivered through the best technology.”

This is coming almost one year after its last price review.

According to the company, its latest price review will hike the DStv Compact bouquet from N15,700 to N19,000, the Compact Plus to N30,000, and the Premium subscription

Similarly, GOtv customers, who currently pay N3,600, will now pay N3,900, while the tariff on GOtv Plus will rise from N4,850 to N5,800.

The GoTV max package will now cost N8,500 while the Supa will cost N11,400 and the Supa Plus, N16,800.

MultiChoice, the parent company for DStv and GOtv, claimed the price increase is due to the increasing cost of running a business in Nigeria.

It points to currency depreciation, with the naira’s value dropping significantly and high inflation ballooning its operation expenses.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Cardoso
Business

CBN Pledges to Deepen Nigeria-Saudi Economic Relations

by Nelson Ugwuagbo
written by Nelson Ugwuagbo

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reiterated the bank’s commitment to enhancing economic cooperation between Nigeria and Saudi Arabia.

In a statement issued on Sunday, the CBN said Cardoso made the pledge during a courtesy visit to the bank’s headquarters by Saudi Arabian Ambassador to Nigeria, Faisal bin Ibrahim Alghamdi, and his delegation.

Cardoso emphasized the apex bank’s dedication to fostering partnerships across key sectors that drive economic growth.

“The Central Bank of Nigeria remains committed to advancing partnerships that will deepen economic ties between Nigeria and Saudi Arabia. We will continue to explore opportunities that yield tangible benefits for both countries,” he said.

The CBN governor also commended the Saudi government for its hospitality during the recently concluded AIUla event, organized by the Saudi Ministry of Finance in collaboration with the International Monetary Fund (IMF) Regional Office in Riyadh.

In his response, Alghamdi expressed appreciation for the warm reception and reaffirmed Saudi Arabia’s interest in expanding bilateral cooperation with Nigeria. He highlighted the Kingdom’s willingness to collaborate in key sectors such as renewable energy, agriculture, and water connectivity.

“We are eager to strengthen our relationship with Nigeria and explore mutually beneficial opportunities that will contribute to the prosperity of both nations,” Alghamdi stated.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Business

BREAKING: Airtel increases data, call rates

by Folarin Kehinde
written by Folarin Kehinde

Airtel Nigeria, the country’s second-largest telecom operator, has revised its data pricing structure, implementing a tariff adjustment of up to 50 per cent, according to details published on its website on Monday.

The price revision, which affects various data bundles, aligns with ongoing industry concerns over escalating operational costs.

While the company has yet to issue an official statement, the move underscores the broader push among telecom operators for a tariff review to cushion the impact of inflation and forex volatility.

Beyond data adjustments, the operator with over 56 million subscribers had also increased voice call tariffs over the weekend.

A senior Airtel official, speaking with The PUNCH on Monday, confirmed the development, emphasising that the adjustments were necessitated by rising costs.

“Yes, we have updated data prices today, and they are available on our website. However, the increase is not up to 50 percent,” the official clarified.

In its revised price list, Airtel assured customers of continued affordability, stating, “Whatever your data needs are, we have a plan for you. Our fast, affordable, and reliable internet experience will keep you connected anytime, anywhere. To get started, Dial *312#.”

The revised daily and weekly data plans include N50 for 40MB valid for 1 day, N100 for 100MB valid for 1 day, N200 for 200MB valid for 3 days, N350 for 1GB valid for 1 day, N350 for 350MB valid for 7 days, N500 for 750MB plus 1GB YouTube Night and 200MB YouTube Music/Spotify valid for 7 days, N500 for 1GB plus 1GB YouTube Night and 50MB Socials valid for 7 days, N500 for 2GB valid for 2 days, and N1500 for 5GB valid for 7 days.

Similarly, MTN, Nigeria’s largest telecom provider, has also adjusted its data and call tariffs in line with the NCC’s approval.

The revised pricing, implemented over the past week, has seen customers paying more for calls, SMS, and internet usage.

The latest increases come as telecom operators grapple with inflation, foreign exchange volatility, and the rising cost of network expansion.

While the adjustments aim to support long-term service improvements, subscribers may face increased financial pressure as communication costs rise.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Business

Breaking: MTN Nigeria makes u-turn, reverses 200% data bundle tariff hike

by Folarin Kehinde
written by Folarin Kehinde

Nigeria’s telecommunications giant, MTN, has reversed its 15G data plan 200 percent tariff hike.

The company disclosed this in a statement through its official X account on Thursday.

Recall that on Tuesday, MTN commenced implementation of a 200 percent tariff hike for the 15G data bundle alongside other data plans.

Meanwhile, the telecommunication company has apologised to Nigerians for the 15G data tariff hike.

“To our 15G digital bundle lovers, you dey vex. We know.

“We know how upsetting it must have been to suddenly wake up to a 200 percent increase on your favourite digital bundle.

“We could share several reasons and provide explanations, but omo, all that one na story. We don cast.

“We get it and admit it. Let’s just say na mistake.

“In this love season, don’t stay angry with us. Please forgive and forget. You matter die and we will never stop showing you how much,” the statement reads.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Newer Posts
Older Posts