The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has said constructing more modular refineries can help curb the cases of oil theft, pipeline vandalism and illegal refining in Nigeria. Lokpobiri stated this while inspecting the ongoing construction of a 30,000-barrel-per-day modular refinery project in Koko, Delta State, by Ebenco Global Link Limited. …
In a major strategic move to accelerate the expansion of the Dangote Refinery in Nigeria, the Dangote Group has entered into a partnership with Honeywell International Inc., boosting efforts to increase the plant’s capacity. The goal of the partnership is to significantly increase the refinery's capacity from its initial 650,000 barrels per day (bpd) to …
MTN Nigeria has announced that it has paid over ₦6.9 Trillion in taxes, levies, and duty contributions. This figure solidifies the telecommunications giant's position as one of the largest corporate taxpayers and fiscal partners to the Federal and State Governments, directly funding critical sectors of the economy. The company’s role in nation-building extends beyond tax; …
The Nigerian naira closed the week on a negative note as it further depreciated at the official foreign exchange market on Friday, November 21. The Central Bank of Nigeria (CBN) foreign exchange data indicated that the naira exchanged for N1,456.72 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Friday. This reflects a N4.59 …
Every December, Lagos stops being just a city; it becomes a global carnival ground. From Murtala Muhammed Airport down to Victoria Island, Lekki, and the Mainland, the city pulsates with an energy that comes only once a year. Flights from London, Atlanta, Toronto, Dubai, and Johannesburg arrive full of Nigerians in the diaspora ready to …
In a strategic move to optimize their portfolios, French energy giant TotalEnergies and Nigeria's Conoil Producing have signed an asset swap agreement. The deal involves TotalEnergies acquiring Conoil’s 50 per cent stake in a promising deep-water oil block (OPL257) and in exchange, Conoil will acquire a 40 per cent participating interest held by TotalEnergies in block …
Global coffee prices fell sharply on Friday after U.S. President Donald Trump removed 40% tariffs on Brazilian agricultural products, including coffee and cocoa, responding to rising American consumer concerns over high food costs. U.S. retail coffee prices surged 40% year-on-year in September, partly due to tariffs, contributing to a decline in Trump’s approval ratings. This …
In a significant move to enforce passenger rights, the Nigeria Civil Aviation Authority (NCAA) has imposed a ₦5 million fine on Qatar Airways for allegedly violating the country's aviation regulations concerning the treatment of passengers. Michael Achimugu, Director of Public Affairs and Consumer Protection at the NCAA, made this known in a statement on Wednesday. …
The naira recorded a significant drop on Wednesday, November 19, at the official foreign exchange market despite a surge in Nigeria’s foreign reserves in recent times. The Central Bank of Nigeria’s exchange rate data indicated that the naira depreciated to ₦1,454.19 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, against the ₦1,447.43 …
China imported no soybeans from the United States for the second consecutive month in October, even as its overall soybean imports rose to a monthly record driven by massive purchases from South America. Data released Thursday by the General Administration of Customs showed U.S. soybean imports dropped to zero, compared to 541,434 metric tons in …
