Category: Business

PENGASSAN Strike Threatens Nationwide Blackout, Gas-Powered Plants Face Shutdown

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Power generation companies have warned of an impending shutdown of thermal facilities in response to directions from the Petroleum and Natural Gas Senior Staff Association of Nigeria ( PENGASSAN) , which might result in a statewide blackout starting Monday. In a WhatsApp message on Sunday, Joy Ogaji, the Executive Secretary of the Association of Power Generating Companies, expressed concern about the impending blackout. In accordance with PENGASSAN’s strike resolution, she disclosed that gas providers had sent out letters to stop supplying thermal power plants. “Good morning, everybody. Our gas suppliers…

Experts Warn Financial Institutions to Prepare for Risks Under New Tax Laws

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“This is a structural recalibration of Nigeria’s financial architecture, with full implementation set within three months, institutions must avoid complacency. There will be no hiding place once these laws take effect. Our responsibility goes beyond compliance- we must anticipate risks, identify opportunities, and contribute to future policy refinement. In doing so, we must also hold the Government accountable and transparent,” the experts said at an event organised by TAC Tax Advisory Services, a leading indigenous firm of chartered accountants and tax advisers. Additionally, Mr. John Briggs, the head of the…

4% Levy Waived: Customs Excludes Raw Materials and Spare Parts

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Raw materials, replacement parts, and some machinery are free from the 4% Free on Board duty, according to the Nigeria Customs Service, which has announced major relief measures for manufacturers and important economic sectors. Adewale Adeniyi, the Comptroller-General of Customs, and Francis Meshioye, the President of the Manufacturers Association of Nigeria, jointly signed a statement on Friday that detailed the development. The agreement came after both sides held a high-level consultation on the levy’s implementation in Ikeja, Lagos. The statement stated that the exemption was approved following discussions with the…

Nigeria to begin labour export Programme – NTAC DG

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In order to generate jobs, deter irregular migration, and reposition Nigeria’s human capital as a source of foreign exchange, the Nigeria Technical Aid Corps (NTAC) is finalising plans to start exporting Nigerian labour with dignity to nations worldwide, according to Director-General Yusuf Buba Yakub. Yakub said the initiative, which has already received approval from the Federal Ministry of Justice following consultation with the Ministries of Labour, Health, and Foreign Affairs, will go beyond NTAC’s soft power diplomacy into organised labour export programs during his presentation of his two-year stewardship scorecard…

NERC: 148,077 Electricity Customers Metered in May and June

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According to the Nigerian Electricity Regulatory Commission’s  (NERC) factsheet on the Metering Status of Distribution Companies, which was released on Wednesday, 148,077 electricity customers were metered nationwide in May and June 2025. Of these, 63,180 customers were metered in May and 84,897 in June, bringing the total number of metered customers nationwide to 6,422,933 as of June 2025. This represents a slight increase in the national metering rate from 53.78 percent in May to 54.33 percent in June. The country’s total active electricity customers increased slightly from 11,784,842 in May…

CBN’s Rate Cut ‘Not Enough,’ Says Private Sector Demanding Credit Relief

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After three consecutive pauses, the Central Bank of Nigeria’s  (CBN) Monetary Policy Committee lowered the benchmark interest rate to 27.0 percent, the first drop in 2025 and an indication of a policy change in favour of economic recovery. Although they applauded the action, members of the Organised Private Sector contended that the cut was insufficient to alleviate the credit crunch on small firms and manufacturers. Following the committee’s 302nd meeting, CBN Governor Olayemi Cardoso announced the decision at a press event in Abuja on Tuesday. He added that all 12…

Parallel Market: Naira Gains Strength, Trades at N1,518 to a Dollar

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In the parallel market yesterday, the value of the Naira increased from N1,520 to $1 on Monday to N1,518. However, on the Nigerian Foreign Exchange Market (NFEM), the value of the Naira dropped to N1,493.2 per dollar. The Central Bank of Nigeria, or CBN, released data suggesting that the naira depreciated by N1.8 to reach N1,493.2 per dollar from N1,491.4 per dollar on Wednesday. As a result, the difference between the NFEM rate and the parallel market dropped from N28.6 to N24.8 per dollar on Monday.

Tango Brook introduces digital fuel card

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The Tango gasoline Card, a digital gasoline management system created by Tango Brook Technologies, is intended to provide corporate and individual clients with more control, transparency, and incentives when it comes to fuel management. In addition to tools, comprehensive reports, analytics, and gadgets that help homes and businesses track and optimise fuel use while reducing fraud, the Tango Fuel Card gives users access to actual payment cards that are accepted at petrol stations across the country, the company said in a statement on Tuesday. The company claims that the system…

Middlemen out as bulk fuel buyers go directly to Dangote.

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Filling stations and bulk gasoline consumers are abandoning their intermediaries suppliers in favor of Dangote’s free delivery since the refinery’s direct fuel distribution plan was introduced. This was said by Yusuf Othman, President of the National Association of Road Transport Owners, in a live TVC News show. Buyers have now renounced the contracts they signed with his members in order to receive free delivery from Dangote, according to Othman, who denounced the free delivery of petrol to filling stations, telecom companies, and other bulk consumers. The president of NARTO clarified…

The Future of Ajaokuta Steel: Dangote Expresses Doubt on Its Viability

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The abandoned Ajaokuta Steel Complex may never be completed, according to Alhaji Aliko Dangote, president of Dangote Petroleum Refinery, who maintains that the project has been surpassed by worldwide technological developments. In a talk with reporters on Tuesday, Dangote emphasized that although no country can prosper without a strong steel sector, Ajaokuta’s future is still uncertain. “We will definitely look at the opportunities of doing that,” the business tycoon stated in reference to the steel in question. Without a steel industry, no country can be established. Ajaokuta won’t work between…