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 […]
NAMA Grounds Arik Airline Aircraft Over $2.5 Million Debt
The Nigerian Airspace Management Agency (NAMA) has suspended Arik Airline’s operations due to a $2.5 million debt owed to Atlas Petroleum International Ltd. This suspension follows a court ruling mandating debt recovery. NAMA’s Director of Public Affairs and Consumer Protection, Abdullahi Musa, stated that the Federal Capital Territory (FCT) High Court’s enforcement department issued an […]
NNPC Targets Two Million Barrels Per Day Amid Reduced Oil Theft
The Nigerian National Petroleum Company Limited (NNPC) aims to increase crude oil production to two million barrels per day by the end of the year. This target follows a recent rise in production from 1.27 million barrels in June to 1.6 million in July, as reported by the Nigerian Upstream Petroleum Regulatory Commission. During a […]
FEC Directs NNPCL to Boost Local Refining, Stabilize Fuel Prices
The Federal Executive Council (FEC) has instructed the Nigerian National Petroleum Company Limited (NNPCL) to begin selling crude oil to local refineries, including the Dangote Refinery. This directive, announced by Federal Inland Revenue Service (FIRS) chairman Zack Adedeji after today’s FEC meeting led by President Bola Tinubu, aims to ease Nigeria’s foreign spending and stabilize […]
Italy’s Prime Minister Giorgia Meloni Commits to Strengthening Ties with China on Beijing Visit
Italy’s Prime Minister Giorgia Meloni has pledged to “relaunch” relations with China during her first official visit to Beijing since taking office. At the outset of her five-day trip, Ms. Meloni met with Chinese Premier Li Qiang and signed a three-year plan aimed at enhancing economic cooperation between the two nations. This visit follows Ms. […]
Financial Markets Plunge in US and Asia as Investors Sell Off Tech Stocks, AI Sector Hit Hard
Financial markets in the US and Asia have experienced sharp declines as investors offload shares in technology companies, with artificial intelligence (AI) stocks particularly affected. In Wednesday’s trading in New York, the S&P 500 dropped 2.3%, while the tech-heavy Nasdaq plummeted 3.6%, marking their biggest one-day falls since 2022. The Dow Jones Industrial Average also […]
Femi Otedola Urges Support for Dangote Amid Refinery Dispute with Regulators
Femi Otedola, Nigerian billionaire and Chairman of First Bank, has called for support for Aliko Dangote, CEO of Dangote Refinery, amid an ongoing dispute between Dangote and national oil regulators. The controversy, centered around the refinery located in Ibeju-Lekki, Lagos State, intensified when the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced that the […]
Aliko Dangote Considers Selling $19bn Oil Refinery to Nigeria’s State-Owned Energy Company
Africa’s wealthiest individual, Aliko Dangote, is contemplating the sale of his multi-billion-dollar oil refinery to NNPC Limited, Nigeria’s state-owned energy company, due to ongoing disputes with the federal government. The 650,000 barrel-per-day refinery, which commenced operations last year after a decade of construction, has encountered several challenges, including difficulties in securing crude oil from international […]
NNPC Optimistic Nigeria Will Be a Net Exporter of Petroleum by December 2024
Mele Kyari, the group executive officer of the Nigerian National Petroleum Company (NNPC) Limited, has expressed optimism that Nigeria will become a net exporter of petroleum by December 2024. This statement was made during a meeting with the Senate Committee on Finance, chaired by Senator Sani Musa, on Monday. Kyari highlighted several key developments that […]
China’s Economy Stumbles in Q2 Amid Key Leadership Meeting to Address Growth Concerns
China’s economy stumbled in the second quarter, according to official data, just as the country’s top leaders gathered for a key meeting to address its sluggish growth. The economy grew 4.7% in the three months to June, falling short of expectations after a stronger start in the first quarter of 2024. The government’s annual growth […]
