Atiku Abubakar Denounces Efforts to Undermine Dangote Refinery, Urges Nigerians to Safeguard Project
Former Vice President Atiku Abubakar has voiced strong opposition to any attempts to obstruct the progress of the Dangote refinery, a major private sector initiative poised to address Nigeria’s energy and foreign exchange needs. In a post on X (formerly Twitter) on Saturday, Atiku emphasized the importance of supporting the refinery, urging Nigerians to ensure […]
Tony Elumelu Demands Action on Oil Theft, Criticizes Government Inaction
Nigerian businessman and philanthropist Tony Elumelu has urged the federal government and security agencies to expose those responsible for the rampant crude oil theft plaguing the nation. In an interview published by the Financial Times on Friday, Elumelu stressed the devastating effect of this theft on Nigeria’s economy, which has contributed to the exodus of […]
Dangote Refinery Urges NUPRC to Enforce Domestic Crude Supply Obligation as Mandated by PIA
The management of Dangote Petroleum Refinery has called on the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to strictly enforce the domestic crude supply obligation outlined in the Petroleum Industry Act (PIA). They emphasize that Nigerian refineries should have the right to purchase crude directly from domestic producers, bypassing international intermediaries, as stipulated in the PIA. […]
Federal Government Lifts Suspension on Arik Air Operation
The Federal Government has lifted the suspension on Arik Air’s operations, allowing the airline to resume flights. Michael Achimugu, the Director of Public Affairs and Consumer Protection at the Nigerian Civil Aviation Authority (NCAA), shared the news on social media Thursday. This development follows more than a week of grounded flights due to a dispute […]
Japanese Shares Rebound After Monday’s Plunge, Stabilizing Global Markets
Japanese shares rebounded on Tuesday after a sharp plunge on Monday that sent shockwaves through global financial markets. The Nikkei 225 stock index surged by 10.23%, or 3,217 points, marking its biggest one-day gain in points and nearly reversing the previous day’s record drop. In Europe, the FTSE 100 and stock markets in Paris and […]
Federal High Court Declares Nigeria Air-Ethiopian Airlines Agreement Void, Orders New Bidding Process
Justice Ambrose Lewis-Allagoa of the Federal High Court in Lagos has declared the agreement between the federal government and Ethiopian Airlines, which handed over the management of the proposed Nigeria Air to the foreign airline, null and void. In his judgment, Justice Lewis-Allagoa also ordered the withdrawal of the Air Transport Licence (ATL) already issued […]
Global Stock Markets Plunge Amid US Economic Slowdown Fears
Stock markets across Europe and Asia plummeted on Monday, driven by growing concerns that the US economy is heading for a slowdown. In London, the FTSE 100 index opened 2.3% lower, while the Euronext 100 tumbled by 3.5%. These declines followed sharp falls across Asia, with Japan’s Nikkei 225 dropping 12.4% or 4,451 points, marking […]
Fidelity Bank Chairman Announces Upcoming Banking Community Stance on Windfall Tax
Chairman of Fidelity Bank Nigeria, Mustafa Chike-Obi, announced that the “banking community” will soon release its official position on the contentious windfall tax imposed on banks by Nigeria’s federal government. Chike-Obi made this known in a tweet from his X (formerly Twitter) handle on Friday, stating that personal views expressed by some bank chairmen do […]
Max Air Suspends Operations Amid Hunger Protests, Citing Passenger Safety Concerns
Max Air, a prominent Nigerian airline, has announced an indefinite suspension of its operations starting Friday, August 2, 2024, due to the ongoing hunger protests across the country. This move makes Max Air the only airline to halt its services, while others have faced delays caused by low passenger turnout and flight postponements. In a […]
Femi Otedola Advocates Windfall Tax for Nigerian Banks, Condemns Executive Extravagance
Billionaire businessman Femi Otedola has endorsed the implementation of a windfall tax on Nigerian banks, labeling it as essential for achieving a fairer economic system. Speaking on Wednesday, Otedola underscored the need for this tax amidst ongoing reforms in the banking sector. “Imposing a tax on these exceptional profits is vital for ensuring a more […]
