Fuel price may drop further as landing cost drops to N774/litre
Nigerians may soon see a reduction in fuel prices as the cost of importing petrol has dropped significantly. According to the Major Energies Marketers Association of Nigeria (MEMAN), the landing cost of petrol is now N774.82 per litre, which is lower than Dangote Refinery’s ex-depot price of N825 per litre. The main reason for the […]
Why retailers, marketers dump Dangote Refinery petrol for import – Stakeholders
Even though Dangote Refinery and other local refineries are producing petrol, Nigeria still imports fuel. Stakeholders in the petroleum industry say this is due to price competition, supply gaps, and concerns over monopoly. The President of the Petroleum Products Retail Outlet Owners Association, Billy Gillis-Harry, and the Chairman of the Major Marketers Association of Nigeria, […]
Dangote Refinery Begins Production Of Polypropylene (Pictures)
The Dangote Petroleum Refinery and Petrochemicals has officially started producing polypropylene. The refinery, which has a capacity of 650,000 barrels per day (bpd), has now added polypropylene production to its operations. Polypropylene is a type of plastic used in making various products, including packaging materials, household items, and car parts. The start of production at […]
Obi Cubana receives 50 free tricycles from a friend to distribute in celebration of his 50th birthday
Popular businessman Obi Cubana has received 50 tricycles (keke napep) as a surprise gift ahead of his 50th birthday. Obi Cubana, whose real name is Obinna Iyiegbu, shared that he was resting when his “younger brother and business partner” called to say he was coming over. However, he didn’t come empty-handed. Upon arrival, two trucks […]
Businesswoman reveals what she noticed while paying salary to two of her Muslim employees
A businesswoman recently shared an unusual experience she had while paying salaries to her employees. She noticed that two of her female Muslim employees provided the same bank account details for their salary payments. Surprisingly, the account did not belong to either of them. Curious about the situation, she asked them why they shared an […]
Expect more fuel price drop amid NNPC, Dangote war – PETROAN, IPMAN to Nigerians
Nigerians should prepare for further reductions in petrol prices as the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery engage in a price war. Both companies have recently lowered their fuel prices, giving consumers more options. On Monday, NNPC announced its new petrol prices, setting them at N860 and N880 per litre in different […]
Investors in Nigerian stock market record N91bn gain
Investors in Nigeria’s stock market recorded a gain of N91 billion on Friday, bringing a positive end to the week after several days of losses. The market capitalisation, which started the day at N67.102 trillion, increased to N67.193 trillion, reflecting a 0.14 percent rise. Similarly, the All-Share Index moved up by 146 points to close […]
Citigroup Mistakenly Credits $81 Trillion To Customer Account
Mistakes happen, but some errors are bigger than others. Citigroup recently made headlines after mistakenly crediting a customer’s account with a staggering $81 trillion instead of the intended $280. The error occurred in April 2024 when a payment employee processed the wrong amount. A second worker also missed the mistake, allowing the transaction to go […]
Naira Appreciates To ₦1,530/$ In Parallel Market
The Nigerian Naira showed mixed performance in the foreign exchange market today. It appreciated in the parallel market, trading at ₦1,530 per dollar, an improvement from ₦1,540 per dollar on Thursday. However, in the Nigerian Foreign Exchange Market (NFEM), the Naira depreciated to ₦1,502.5 per dollar, down from ₦1,496 per dollar the previous day. This […]
CBN orders banks to publish details of dormant accounts, unclaimed balances
The Central Bank of Nigeria (CBN) has introduced a new rule that requires all banks and financial institutions to display details of dormant accounts and unclaimed balances on their official websites. This move is aimed at improving transparency and ensuring that funds in inactive accounts are properly managed. A dormant account is a bank account […]