The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has clarified that Dangote Petroleum Refinery continues to sell fuel in naira, countering speculations that the company had switched to dollar transactions. The clarification comes amid concerns over foreign exchange volatility and its impact on fuel pricing in Nigeria. Speaking on the matter, PETROAN officials reassured marketers and consumers that Dangote Refinery has not altered its pricing model to require payment in U.S. dollars. Instead, the refinery maintains its transactions in naira, ensuring accessibility for local buyers and reducing pressure on forex demand in the downstream sector. Fuel Pricing and…
Author: Temitope N.
The Chartered Institute of Personnel Management (CIPM) and Lagos State Governor Babajide Sanwo-Olu have reiterated the need for a transformation in human resource (HR) management to drive productivity and economic growth. Speaking at a stakeholders’ forum, they emphasized the importance of modernizing HR practices to align with global standards and improve workforce efficiency across sectors. Governor Sanwo-Olu highlighted the role of HR professionals in shaping policies that enhance employee welfare, performance management, and leadership development. He stressed that as Lagos continues to position itself as a business hub, adopting innovative HR strategies will be crucial in attracting and retaining top…
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has rejected a proposed six-month petrol price stability plan, arguing that it is unrealistic given the current economic and supply challenges. The proposal, reportedly suggested to cushion the impact of fluctuating fuel prices on consumers, has been met with resistance from marketers who claim that price control measures could disrupt supply chains and lead to shortages. IPMAN officials stated that maintaining a fixed petrol price for six months would be impractical due to factors such as foreign exchange volatility, rising crude oil prices, and logistical costs. They argued that any artificial price…
The Lagos Chamber of Commerce and Industry (LCCI) has called on the federal government to boost petrol exports as a strategy to curb inflation and stabilize the economy. The chamber emphasized that increasing the country’s refining capacity and export of petroleum products would reduce dependence on imports, ease foreign exchange pressure, and lower production costs. LCCI noted that Nigeria’s heavy reliance on imported fuel contributes to rising inflation, as fluctuations in global oil prices directly impact domestic costs. By strengthening local refining and exporting surplus petrol, the country could generate foreign exchange earnings while reducing the cost of fuel for…
Nigeria’s equity market saw a loss of N166 billion despite a reported drop in inflation, highlighting investor concerns over economic stability. The downturn was driven by sell-offs in key sectors, as traders remained cautious about market conditions. The decline in inflation, which was expected to boost investor confidence, did not translate into market gains. Analysts suggest that lingering economic uncertainties, including foreign exchange volatility and high interest rates, may have contributed to the bearish sentiment. Blue-chip stocks bore the brunt of the decline, with banking, manufacturing, and consumer goods sectors experiencing notable sell pressure. Market participants are closely watching upcoming…
The National Insurance Commission (NAICOM) and the Federal Road Safety Corps (FRSC) are ramping up efforts to ensure better enforcement of third-party motor insurance across Nigeria. The move aims to improve road safety and ensure compliance with mandatory insurance policies for vehicle owners. As part of this initiative, both agencies have agreed to share data and enhance digital verification of insurance policies to curb the rising cases of fake insurance documents. By integrating their databases, FRSC officials will have real-time access to valid insurance records, making it easier to identify non-compliant motorists during routine checks. NAICOM has reiterated its commitment…
Nigerians may soon face another increase in petrol prices as negotiations over the proposed naira-for-crude oil exchange drag on, leading to a surge in fuel imports. The prolonged discussions have created uncertainty in the downstream sector, with marketers warning that continued reliance on expensive imports could push pump prices higher. The naira-for-crude policy, introduced as an alternative to dollar payments for crude oil transactions, was expected to ease pressure on Nigeria’s foreign exchange reserves and stabilize fuel prices. However, delays in finalizing agreements between oil producers and the government have left fuel importers with no choice but to continue sourcing…
Stanbic IBTC has organized a gas and infrastructure conference to explore opportunities for investment, innovation, and policy reforms in Nigeria’s energy and infrastructure sectors. The event brought together industry leaders, government officials, and investors to discuss strategies for maximizing Nigeria’s gas potential and addressing infrastructure challenges. Key discussions focused on the role of gas as a critical driver of economic growth, particularly in power generation, industrial applications, and export markets. Experts emphasized the need for improved financing models, regulatory reforms, and stronger public-private partnerships to enhance infrastructure development and energy accessibility. Stanbic IBTC reiterated its commitment to providing financial solutions…
Energy theft in Nigeria will now attract a fine of N300,000, according to the federal government’s new regulations aimed at curbing electricity losses. This move is part of broader efforts to address power sector inefficiencies and ensure fair billing for consumers. The penalty is targeted at individuals and businesses found guilty of illegal connections, meter bypassing, and tampering with electricity infrastructure. The government hopes that stricter enforcement will discourage such practices, which contribute to revenue losses and unstable power supply. Electricity theft has been a long-standing issue in Nigeria, with many consumers resorting to unauthorized connections due to high tariffs…
As financial fraud becomes more sophisticated, industry operators are turning to artificial intelligence (AI) as a crucial weapon to combat fraudulent activities. Experts believe AI-powered systems can enhance fraud detection, reduce financial crime, and protect consumers from cyber threats. With financial institutions facing an increasing number of scams, including identity theft, phishing, and unauthorized transactions, AI is being recommended for its ability to analyze vast amounts of data in real time. By leveraging machine learning algorithms, AI can detect unusual patterns, flag suspicious transactions, and prevent fraudulent activities before they escalate. According to industry leaders, traditional fraud prevention methods are…
Nigeria is facing a severe economic downturn as its GDP per capita has declined by 72%, according to the International Monetary Fund (IMF). The report highlights worsening economic conditions driven by inflation, currency depreciation, and slow economic growth, which have significantly reduced the purchasing power of citizens. The IMF attributes the decline to structural weaknesses, including low productivity, high unemployment, and inadequate investment in critical sectors. The fall in GDP per capita indicates that economic growth has not kept pace with population expansion, leading to a drop in living standards for many Nigerians. Experts warn that without urgent policy interventions,…
AIICO Insurance has honored top-performing financial advisers for their dedication and exceptional contributions to the company’s growth and client satisfaction. The recognition event celebrated professionals who have demonstrated excellence in financial advisory services, helping clients make informed decisions on insurance, investment, and retirement planning. Speaking at the event, AIICO’s management commended the awardees for their hard work, emphasizing the crucial role financial advisers play in driving financial literacy and inclusion in Nigeria. The company highlighted that these professionals have not only contributed to AIICO’s success but have also helped clients achieve financial security through tailored solutions. The honored advisers received…
The Dangote Petroleum Refinery has assured Nigerians that it has enough fuel to meet the country’s demand, dismissing concerns over potential shortages. The refinery, which has ramped up production in recent months, stated that its output is sufficient to stabilize supply and reduce reliance on imports. Speaking on the refinery’s capacity, officials confirmed that production levels are steadily increasing, with refined petrol, diesel, and aviation fuel being distributed across the country. They emphasized that the facility is positioned to support Nigeria’s energy security by ensuring a steady and reliable fuel supply. The assurance comes amid ongoing market fluctuations and concerns…
Pension unions across Nigeria are advocating for greater collaboration between stakeholders to improve the welfare of retirees. The unions emphasize the need for better policies, timely pension payments, and enhanced social support systems to ensure that retirees live comfortably after years of service. At a recent stakeholders’ meeting, representatives from various pension associations highlighted persistent challenges, including delayed gratuities, irregular pension disbursements, and insufficient health benefits. They called on the federal and state governments, pension fund administrators, and labor unions to work together in addressing these issues. Union leaders stressed that retirees often face financial hardships due to bureaucratic bottlenecks…
Leadway Assurance has raised concerns over the low level of compliance with third-party motor insurance in Nigeria, revealing that only about 30% of vehicle owners have the mandatory coverage. The company described the situation as alarming, emphasizing the risks it poses to road users and the insurance industry. According to Leadway, third-party motor insurance is crucial for protecting motorists from financial liabilities arising from accidents, yet a majority of vehicle owners either lack valid policies or rely on fake insurance certificates. The firm urged relevant authorities, including the Federal Road Safety Corps (FRSC) and the Nigerian Insurance Association (NIA), to…
The Nigeria Employers’ Consultative Association (NECA) has called for improved labor policies to enhance economic stability and foster business growth. The organization emphasized the need for policies that support job creation, fair wages, and a more business-friendly environment to boost productivity and economic resilience. NECA’s Director-General highlighted that outdated labor laws, inconsistent policies, and poor implementation have hindered sustainable development. He urged the government to engage in meaningful dialogue with employers and labor unions to create policies that balance workers’ rights with business interests. The association also stressed the importance of addressing unemployment, improving social security systems, and ensuring fair…
The Oyo/Osun Area Command of the Nigeria Customs Service (NCS) has announced a revenue collection of N82 billion for the 2024 fiscal year. This marks a significant contribution to the nation’s economy, reinforcing the agency’s commitment to trade facilitation and revenue generation. According to the Area Controller, the revenue was generated through import duties, excise duties, and other statutory charges. The command also intensified efforts to curb smuggling activities along its borders, ensuring that illicit trade does not undermine government revenue. The Customs leadership attributed the achievement to improved operational strategies, enhanced compliance measures, and collaboration with relevant stakeholders.…
The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has raised concerns over state governments encroaching on the constitutional powers of local governments to collect property taxes. According to the professional body, this interference undermines local governance and weakens the financial autonomy of local councils. Speaking at a recent event, NIESV representatives criticized the trend where state governments either take over property tax collection entirely or impose regulations that limit the role of local councils. They argued that this not only contradicts Nigeria’s legal framework but also deprives local governments of a crucial revenue source needed for grassroots development. Property…
The Federal Government has disbursed N15 billion in compensation to property owners affected by the construction of the Lagos-Calabar coastal highway. The payment is part of efforts to fast-track the controversial project, which has faced resistance due to concerns over displacement and environmental impact. The highway, spanning approximately 700 kilometers, is expected to enhance connectivity along Nigeria’s coastal regions, boosting trade and tourism. However, the project has drawn criticism, particularly over allegations of inadequate compensation, lack of transparency, and its impact on communities along the route. Minister of Works, Dave Umahi, stated that the compensation process was carried out in…
A technology firm has unveiled an innovative solution aimed at eliminating gas flaring in Nigeria’s oil and gas sector. The new technology, designed to capture and convert flared gas into usable energy, is expected to help oil companies comply with environmental regulations while maximizing the economic potential of natural gas. According to the firm’s executives, the system utilizes advanced gas processing techniques to trap and repurpose excess gas that would otherwise be burned off during oil extraction. This breakthrough is in line with Nigeria’s commitment to reducing carbon emissions and meeting its climate targets. Gas flaring has long been a…