The refinery says the union’s directive to its members is an act of lawlessness, criminality and amounts to economic sabotage Dangote Petroleum Refinery & Petrochemicals has stated that the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has no right to interfere in the supply of gas and crude oil to the …
Nigeria's hope for cheaper fuel faces a major hurdle as the 650,000 bpd-capacity refinery begins to demand US dollars for petrol sales, creating a new challenge for marketers. The decision by the Dangote Petroleum Refinery and Petrochemicals to suspend sales of Premium Motor Spirit (PMS), also known as petrol in Nigerian Naira, has raised …
The National Pension Commission (PenCom) has raised the minimum capital requirement for Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) to ₦20 billion from ₦2 billion. It said the revised capital requirements are to take effect immediately for new licences, while existing operators have until December 31, 2026, to comply. The commission announced the …
For the first time since the beginning of this year, the Central Bank of Nigeria (CBN) acted dovishly, cutting the benchmark interest rate to rein in inflation as investors' appetite trended northward at the stock and foreign exchange (FX) markets. On Tuesday, September 23, after its two-day bi-monthly Monetary Policy Committee (MPC) meeting, CBN Governor …
The U.S. economy expanded at its fastest pace in almost two years during the second quarter of 2025, driven by robust consumer spending, higher business investment, and a sharp narrowing of the trade deficit. Figures released by the Commerce Department’s Bureau of Economic Analysis on Thursday showed gross domestic product (GDP) grew at an annual …
Global stocks fell on Wednesday as the dollar strengthened, following Federal Reserve Chair Jerome Powell’s cautious remarks on U.S. interest rates. Powell avoided committing to the sharp rate cuts investors expect in the coming months, dampening market sentiment. Traders still see a 92% chance of an October cut, according to CME FedWatch, but Powell stressed …
Guaranty Trust Holding Company Plc (GTCO), the parent company of Guaranty Trust Bank, has reported a 40.13 per cent decline in profit before tax (PBT) for the first six months of the year. The Group's audited financial statements for the six months ended June 30, 2025, released on Tuesday, September 23, show the pre-tax profit …
The Centre for the Promotion of Private Enterprise (CPPE) has expressed concern that the Central Bank of Nigeria (CBN) benchmark interest rate cut will require the federal government to play a complementary role to fully unlock growth potential for the Nigerian economy. The CPPE Chief Executive Officer, Muda Yusuf, raised this in a statement on …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recorded a shortfall in its revenue target in August 2025 despite improved crude oil production in recent months. The Commission remitted N745.21 billion to the Federation Account in August against a monthly benchmark of N1.204 trillion. This reflects a shortfall of N459.6 billion. This was revealed by the …
Nigeria’s Gross Domestic Product (GDP) reached a four-year high growth in the second quarter (April-June) of 2025, indicating the strongest economic growth since mid-2021. This growth was primarily driven by performance in the oil and gas industry, which has traditionally been the backbone of the Nigerian economy. The latest GDP report released by the National …
