Category: Business
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NIGERIA SECURES ₦758 BILLION BOND TO PAY LONG-OVERDUE PENSIONS AND REBUILD TRUST
The Nigerian government has approved a groundbreaking ₦758 billion bond to settle longstanding pension liabilities, including pension increases owed since 2007, marking a significant step towards protecting retirees. The move, announced by Ms. Omolola Oloworaran, the Director-General of the National Pension Commission (PenCom), aims to clear a backlog of about ₦758 billion in pension debts…
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EFCC ARRAIGNS MT Ostria VESSEL AND THREE MEN OVER ₦12 BILLION OIL THEFT IN LAGOS
The Economic and Financial Crimes Commission (EFCC) arraigned the vessel MT Ostria, along with three men Raymundo Panaligam, Roneno Villarin, and Vincent Wayas on Wednesday before the Ikeja Special Offences Court. They face a four-count charge relating to conspiracy and theft of over 13 million litres of Premium Motor Spirit (PMS) valued at ₦12 billion,…
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COURT ADJOURNS DANGOTE PETROLEUM REFINERY’S SUIT AGAINST NNPCL OVER OIL IMPORT LICENCE DISPUTE TO NOVEMBER 5
The Federal High Court in Abuja has adjourned the hearing of a lawsuit filed by Dangote Petroleum Refinery and Petrochemicals FZE against Nigeria National Petroleum Company Limited (NNPCL) and others concerning oil import licences. The hearing, initially scheduled for Wednesday, was postponed due to the presiding judge Justice Mohammed Umar’s absence, as he was sitting…
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AFRICAN ENERGY LEADERS PUSH FOR REGIONAL INTEGRATION AND INVESTMENT AT OTL AFRICA DOWNSTREAM ENERGY WEEK 2025
Energy regulators and stakeholders from across Africa gathered in Lagos for the 19th OTL Africa Downstream Energy Week 2025, calling for stronger regional integration, harmonised policies, and increased investment to boost sustainability and competitiveness in the continent’s oil and gas sector. The event, themed “Energy Sustainability: Growth Beyond Boundaries and Competition,” highlighted how fragmented regulations…
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NIGERIA URGED TO BUILD A RESILIENT AND INCLUSIVE SHEA INDUSTRY TO BOOST ECONOMY
Nnanyelugo Ike-Muonso, Director-General of the Raw Materials Research and Development Council (RMRDC), stressed the urgent need for Nigeria to develop a competitive and inclusive Shea industry to strengthen the national economy. Speaking at an investors’ forum in Ibadan, he highlighted the potential of the Shea sector to create jobs, empower women, generate significant export revenue,…
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NAIRA APPRECIATES TO ₦1,452.79 AGAINST THE DOLLAR AS ECONOMIC CONFIDENCE GROWS
The Nigerian Naira continued its positive run on Monday, appreciating by ₦5.16 to trade at ₦1,452.79 to the dollar at the official foreign exchange market, according to the Central Bank of Nigeria (CBN). This marks a 0.35% gain from Friday’s rate of ₦1,457.95, extending the weeklong upward trend. The Association of Bureau De Change Operators…
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US AND JAPAN TEAM UP TO SECURE SUPPLY OF CRITICAL MINERALS AND RARE EARTHS
In a major step to reduce dependence on China, U.S. President Donald Trump and Japanese Prime Minister Sanae Takaichi signed an agreement in Tokyo on Tuesday to deepen cooperation on rare earths and critical minerals. These materials are crucial for advanced technologies, including smartphones, electric vehicles, wind turbines, defence equipment, and more. The framework aims…
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ASEAN SUMMIT 2025 CONCLUDES IN MALAYSIA WITH FOCUS ON UNITY AND PROGRESS
The 47th Association of Southeast Asian Nations (ASEAN) Summit wrapped up on Tuesday in Kuala Lumpur, Malaysia, with Prime Minister Anwar Ibrahim emphasizing the enduring importance of ASEAN’s centrality in regional affairs. Speaking at the closing ceremony, Anwar Ibrahim highlighted that despite challenges, ASEAN’s machinery remains effective, guided by patience and reason, affirming that “the…
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CHINA CUTS GASOLINE AND DIESEL PRICES AMID INTERNATIONAL OIL PRICE FLUCTUATIONS
China’s top economic planner announced a significant retail price reduction for gasoline and diesel effective Tuesday, October 28, 2025. Gasoline prices will drop by 265 yuan (about 37.39 U.S. dollars) per tonne, while diesel prices will decrease by 255 yuan per tonne. The National Development and Reform Commission instructed China’s three largest oil companies—China National…
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NIGERIA TO BE REPRESENTED AT GLOBAL MINING ENGINEERING FORUM IN RUSSIA BY NSE PRESIDENT
Mrs. Margaret Oguntala, President of the Nigerian Society of Engineers (NSE), is set to represent Nigeria at the upcoming global roundtable on future competencies in mining engineering, scheduled for October 31 in Russia. The high-level forum, organized by the International Centre of Competence in Mining Engineering Education under the auspices of UNESCO and the National…
