Category: Business

CARDOSO CONFIRMS 14 BANKS THAT MET CAPITAL REQUIREMENT

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The Central Bank Governor, Olayemi Cardoso, says about 14 banks have met the regulatory capital requirement. He spoke on the funding progress during a news conference on Tuesday in Abuja, while announcing the decisions of the Nation’s apex bank’s monetary policy committee (MPC). “On the financial sector, the MPC noted the continued resilience of the banking system with most of the financial soundness indicators remaining within projected benchmarks,” he said. “Members also acknowledge the significant progress in the ongoing bank recapitalisation exercise, as 14 banks have fully met the new…

NIGERIA MEETS 96% OF OPEC QUOTA AS OIL OUTPUT HITS 1.63m bpd IN AUGUST

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the nation’s crude oil output increased to 1.63 million barrels per day (bpd) in August. According to the Commission, the drilling record, which includes condensates, upticked by 5.47 percent from the 1.58 million bpd in the same period last year. Commenting on its official X account on Saturday, 20th September, the NUPRC said the data was based on its crude oil and condensate production report for August 2025. The commission however attributed the growth to improved operational efficiency and “a steady recovery…

SHOPRITE STORES STRUGGLE IN NIGERIA WITH SHRUNKEN SHELVES; SOME OUTLETS SHUT IN IBADAN, ILORIN, AND LAGOS

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The retail chain Shoprite, which once thrived in the country, is struggling for survival due to the challenging economy. This raises the question of whether the decline is a result of the South African parent company’s exit or the subsequent transfer of ownership. Previously, the retail chain was one of the market leaders in Nigeria. However, it is now clearly struggling, with several outlets experiencing dwindling customer traffic, empty shelves, and frequent operational disruptions due to power issues. Some are virtually empty and appear to be on the verge of…

WORLD SHIPPING COUNCIL ADOPTS AI PROGRAM TO COMBAT MISDECLARED DANGEROUS GOODS

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The World Shipping Council (WSC), liner shipping’s lobby group, has announced the launch of its Cargo Safety Program, an industry-led initiative to detect misdeclared and undeclared dangerous goods using artificial intelligence in order to prevent ship fires, protect crews, vessels, customers’ cargo, and the marine environment. The program is said to combines AI-powered cargo screening and common inspection standards to identify misdeclared and undeclared high-risk shipments before they are loaded. The World Shipping Council (WSC) has recently adopted an AI-powered Cargo Safety Program to address misdeclared and undeclared dangerous goods,…

US RECEIVES FIRST NIGERIA EXPORT GASOLINE

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The first Nigeria cargo of gasoline produced at the Dangote refinery has reportedly arrived at its destination in the United States. Reuters, citing unnamed sources in the know and ship-tracking data, said the gasoline cargo was arranged by Sunoco and commodity trader Vitol. VesselFinder reported that Gemini Pearl, a Panama-flagged oil product carrier, was currently located in the Port of New York, arriving there on Sunday. Most of the cargo, which stands at 320,000 barrels, was sold to Sunoco, with Vitol set to keep the rest for itself. Reuters further…

OVERTIME CARGO CLEARANCE AUTOMATED, CUSTOMS EXTENDS DEADLINE

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The Nigeria Customs Service (NCS) has automated the clearance process for overtime cargoes and extended the deadline to 120 days to facilitate trade. Comptroller General of Customs, Bashir Adeniyi,made this known on Monday, 15 September, 2025 during a sensitisation programme on the automation of the overtime cargo clearance system for stakeholders in Lagos, he said the extension would improve the ease of doing business across the country. According to NAN, the stakeholders include consignees, brokers, terminal operators, and customs officers in Zone ‘A,’ Lagos. Adeniyi, said the automation would address…

TENSION GONE AS NUPENG CALLS OFF STRIKE, SIGNS MoU WITH DANGOTE REFINERY

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The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has called off its strike action. In a memorandum of understanding (MoU) signed by representatives of the Dangote refinery and the association, NUPENG said it decided to shelve the strike following a resolution reached by both parties. The MoU, dated September 8, was signed by Sayyu Dantata, managing director, Dangote Group, Ogbugo Ukoha, executive director of distribution systems, storage, and retailing infrastructure at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Benson Upah, acting general secretary, Nigeria Labour Congress…

IMPORTS WORTH $300 or LESS WILL BE TAX-FREE FROM MONDAY—–Customs

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The Nigeria Customs Service Board (NCSB) has approved a de minimis threshold value of $300 for low-value consignments imported through express shipments or passenger baggage. De minimis means the minimum value of goods below which no customs duties or taxes are charged when importing into a country. Abdullahi Maiwada, the Customs PRO has confirmed this in a statement on Sunday, he said the decision was taken at the board’s 63rd regular meeting on September 2, chaired by Wale Edun, minister of finance and coordinating minister of the economy. Maiwada, also…

EAGLE EYE MARITIME ANTI-CORRUPTION COLLABORATES WITH ICPC, STAKEHOLDERS, CIVIL SOCIETY TO END CORRUPTION IN THE INDUSTRY

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The Eagle Eye Transparency and Integrity Initiative (EETAII) Maritime Anti-Corruption Branch in collaboration with the Independent Corrupt Practices and Other Related Offences Commission (ICPC), recently launched a campaign in Lagos where stakeholders in the Industry were in attendance. The theme for this year’s campaign was “Combating Corruption in the Maritime Industry Through Collaborative Efforts.” Although, some stakeholders in the maritime industry have been raising alarm over what they described as growing cost of corruption at the nation’s ports, this made the Eagle aye Anti – Corruption calling on all consumers,…

EXPORT: DANGOTE REFINERY GASOLINE ARRIVES US.

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The Dangote Refinery has exported its first petrol gasoline cargo to the United States, marking a new milestone for the $20 billion facility and signaling the country’s growing influence in global oil product markets. The refined products left the refinery’s jetty near Lagos on 26 August aboard the vessel Gemini Pearl, carrying about 300,000 barrels of gasoline, according to shipping data from Kpler and industry sources. The cargo is bound for the US East Coast and is likely to discharge at terminals in either New York or New Jersey. The…