Category: Business

Zone Payment Network Limited (formerly Appzone) has announced a strategic partnership with the Nigeria Inter-Bank Settlement System (NIBSS) to advance Point of Sale (POS) transactions across Nigeria. This collaboration aims to transform the payment landscape by leveraging blockchain technology to streamline the payment value chain. The partnership aligns with the Central Bank of Nigeria’s Payment…

The Lagos State Taskforce recently conducted a major cleanup operation along the Mile 2 Oke stretch of the Oshodi-Apapa Expressway, resulting in the removal of illegal shanties and roadside vendors. The operation also led to the confiscation of 2,000 liters of petroleum products. Abdulraheem Gbadeyanka, the Agency’s Director of Press and Public Affairs, confirmed the…

Stephen Olufemi Oni, Ilorin The Oodua Progressive Care Initiative (OPCI) has kicked against the request by the Oodua People’s Congress (OPC) for recognition and involvement in national security efforts. Addressing journalists on Saturday in Ilorin, the Kwara State capital, the National President of the OPCI, Dr. Maruff Olarewaju, said the demand is ridiculous, self-serving and…

Alhaji Aliko Dangote, President and Chief Executive of Dangote Group, has affirmed that the $20 billion Dangote Petroleum Refinery was specifically designed to process Nigerian crude oil and enhance its value domestically. In a statement released by the refinery on Thursday, Dangote emphasized that while the facility has also been handling crude oil from Europe,…

∙ Says it’s unfair to treat govt businesses as an orphan∙ Reveals plan to conduct investigation alongside lower chamber From Lateef Taiwo Amid pervasive allegations of sabotage in the petroleum industry, the Senate has raised questions over $1.5 billion approved in 2021 for the turn-around maintenance of the Port Harcourt Refinery with little or no…

…Reports of S10m Bribe, Shouting Match With Abbas Unfounded From Lateef Taiwo Deputy Speaker, House of Representatives Hon. Benjamin Kalu has informed that he is in support of the dissolution of the joint committee on Petroleum Resources (Midstream) and (Downstream) probing the activities of the Nigeria’s petroleum sector, a decision recently taken by the leadership…

The Dangote Refinery is set to sell its remaining 12.7% stake in 2024 to manage its loan obligations, according to a recent Fitch Ratings report. Fitch Ratings revealed that the Nigerian National Petroleum Company Limited (NNPCL) had initially planned to acquire a 20% stake in the refinery. However, the national oil company decided against exercising…

From Lateef Taiwo The Nigerian Electricity Regulatory Commission, NERC or the Commission,has issued an order to transfer regulatory oversight of the electricity market in Oyo State from the Commission to the Oyo State Electricity Regulatory Commission, OSERC. A statement by the Commission Tuesday said the move was in compliance with the amended Constitution of the…

A Federal High Court in Lagos has halted the sale of Nigeria Air shares to Ethiopian Airlines. The court declared the sale null and void after resolving issues raised in the suit. Justice Ambrose Lewis-Allagoa ordered that the Federal Government’s plans to establish Nigeria Air be halted. The judgment favored the Registered Trustees of the…

Banks and other financial institutions in the country will be closed on Thursday, August 1, 2024, as a planned hunger strike begins nationwide. While none of the banks have outrightly announced closures, discussions with various bank employees indicate that they have been advised not to report for work on Thursday as the institutions monitor the…