Nigeria’s Oil Imports Plunge by 35% in Q2 – CBN Report
Nigeria saw a big shift in its oil imports during the second quarter of 2024, with a 35% drop compared to the first quarter. According to the Central Bank of Nigeria’s (CBN) latest economic report, oil imports fell to $2.79 billion from $4.31 billion in Q1. This decline is part of Nigeria’s ongoing economic adjustments […]
Filling Stations Raise Fuel Prices as Marketers Source Petrol from Dangote
As Nigerians face rising fuel prices, a new change has emerged in the way petrol is sourced. Recently, the federal government approved independent marketers to buy fuel directly from the newly launched Dangote refinery. This decision allows marketers to bypass traditional suppliers and access petrol locally. However, with the Nigerian fuel market now deregulated, market […]
We Have Over N40bn Outstanding With NNPC – IPMAN
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has recently addressed a significant delay in receiving petroleum products from the Nigerian National Petroleum Company Limited (NNPCL). According to Abubakar Garima, IPMAN’s President, association members currently have over N40 billion in outstanding product supplies with NNPCL, awaiting their long-due delivery. Garima raised these concerns during an […]
Ghana Plans to Import Fuel from Dangote Refinery to Lower Prices
Ghana is planning to import petroleum products from the Dangote Refinery in Nigeria to help reduce fuel prices. Mustapha Abdul-Hamid, the chairman of the Ghana National Petroleum Authority (NPA), made this announcement at an oil conference in Lagos. The Dangote Refinery officially began refining crude oil on September 3, although it started operations earlier in […]
Pick n Pay Leaves Nigeria After Four Years of Challenges
Pick n Pay, the South African grocery retailer, has announced that it will exit the Nigerian market after just four years. The company is selling its 51% stake in a joint venture as part of a strategy to improve its financial performance outside of South Africa. The retailer entered Nigeria in 2018 by partnering with […]
Binance Executive Tigran Gambaryan Leaves Nigeria After Eight Months in Custody
Tigran Gambaryan, the Head of Financial Crime Compliance at Binance, has finally been released from detention in Nigeria after spending eight long months in prison. This announcement was made by Binance in a statement shared with The PUNCH on Thursday. Gambaryan, who is an American citizen, was allowed to leave Kuje prison last night. His […]
Court Demands Explanation from Herbert Wigwe’s Cousin Over Estate Claims
The ongoing legal battle over the estate of the late Herbert Onyewumbu Wigwe has taken a new turn. Recent court documents reveal that the Lagos State High Court is demanding Christian Chukwuka Wigwe, a cousin of Herbert, to clarify his claims regarding the estate. Christian had previously filed a caveat on behalf of Pastor Shyngle […]
Naira Rises to N1,715 in the Parallel Market
On Monday evening, October 21, the Nigerian Naira saw a slight appreciation against the US dollar in the parallel market, rising to N1,715 per dollar. This is an improvement from last weekend’s rate of N1,725 per dollar. However, the situation is a bit more complex when looking at the official market, particularly the Nigerian Autonomous […]
Dangote Refinery to Withdraw Lawsuit Against NNPCL and Other Companies
Dangote Refinery has decided to withdraw its court case against the Nigerian National Petroleum Corporation Limited (NNPCL) and five other companies involved in the importation of petroleum products. This clarification comes after some confusion about the ongoing legal situation. The lawsuit also names Aym Shafa Limited, A. A. Rano Limited, T. Time Petroleum Limited, 2015 […]
Businessman Expresses Concern Over Rising Business Costs in Nigeria
A Nigerian businessman recently took to social media to express his frustration over the steep increase in business costs across the country. In a video he posted, he described how things have changed drastically over the past few years. He recalled that back in 2018, he used N2.4 million to buy 800 bags of groundnuts. […]