Category: Business

Fuel crisis: Black marketers hit Abuja streets amid PENGASSAN strike

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The ongoing strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has led to a resurgence of black market petrol sellers in some parts of Abuja, Nigeria’s capital city. Following reports from Abuja on Tuesday, September 30, it was observed that some major petrol retail outlets in the Central Business District (CBD) and Wuse District were under lock and key. For instance, it was observed that the NNPC retail outlets and some independent stations along the routes were not selling petroleum products. At the front of…

Ndume asks Tinubu to dissolve PENGASSAN

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Senator Ali Ndume, lawmaker representing Borno south, says President Bola Tinubu should dissolve the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) if the union continues to “serve private interests” rather than the public good. On Saturday,27th September, 2025 PENGASSAN instructed its members to embark on a nationwide strike immediately over Dangote refinery’s dismissal of “over 800 workers”. The Dangote refinery said the industrial action embarked upon by the union was aimed at weaponizing hardship against Nigerians. Commenting on the development while appearing on Prime Time, an Arise…

First SME with AEO Status, Le Look Nigeria, Celebrates 40th Years of Resilience and Empowerment on October, 1st.

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   …. Marks achievements as early recipient of both AfCFTA certifications. Le Look, an indigenous company known for promoting African culture with its 100% Nigerian products, will celebrate its 40th Anniversary on October 1, 2025. The celebration will take place at the Federal Palace Hotel, Ahmadu Bello Way, Victoria Island, Lagos Chief Mrs. Chinwe Ezenwa, the company’s founder and CEO, told Sooth News that the theme for the celebration is ‘Legacy of Resilience: Empowering Entrepreneurs for Africa’s Economic Future.’ The event will feature a morning session and an awards night.…

MINISTER ADVOCATES INNOVATIVE FINANCING TO ADVANCE NIGERIA’S MARINE AND BLUE ECONOMY

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The Honorable Minister of Marine and Blue Economy, His Excellency Adegboyega Oyetola, CON has maintained that finance remains the decisive factor in transforming Nigeria’s bold new vision for its marine and blue economy into tangible impact, stressing that without sustainable investment, the country risks leaving its vast marine resources underutilized. The Minister made this known on Thursday, 26th September, at the 3rd Quarter Citizens’ and Stakeholders’ Engagement of the Ministry and its agencies held in Lagos. This was contained in a statement signed by the Special Adviser, Media and Communications…

DANGOTE REFINERY REVERSES NAIRA SALES SUSPENSION, RESUMES PETROL SUPPLY

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The Management of Dangote refinery says it has resumed the sale of fuel in naira. In a memo sent to marketers on Saturday, 27th September, 2025, where it explained that that the previous decision was reversed due to the intervention of the naira-for-crude technical committee. “Following the intervention of the Naira for Crude Technical Committee Chairman, we are pleased to inform you of the resumption of PMS sales in Naira commencing immediately. “You may kindly proceed to place your orders in naira for both self-collection and free delivery of PMS…

DANGOTE HALTS NAIRA-BASED PETROL SALES, CITING DOLLAR MISMATCH

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The Management of Dangote Petroleum Refinery has suspended the sale of petrol in naira. In an email sent to its customers on Friday, 26th September, 2025 the refinery announced that the decision would take effect on September 28, attributing it to the depletion of its crude-for-naira allocation. The Group Commercial Operations of the Refinery signed the document titled; “Suspension of DPRP PMS Naira Sales – Effective 28th September 2025”. “We write to inform you that Dangote Petroleum Refinery & Petrochemicals has been selling petroleum products in excess of our Naira-Crude…

DANGOTE REFINERY FACES SHUTDOWN THREAT AS PENGASSAN CUTS GAS, CRUDE SUPPLY

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The Petroleum and Natural Gas Senior Staff Association of Nigeria (Pengassan) has directed its members to cut gas supply to the Dangote refinery. Friday, September 26, the association said the refinery laid off some of its staff members, noting that the group was working to “resolve” the issue. Subsequently, the Dangote refinery confirmed sacking some workers, saying that “only a small number were affected” in what it described as a reorganisation exercise. Following the announcement, the association urged the management of the refinery “to recall all terminated Nigerian workers”. In…

DANGOTE REFINERY LAYS OFF WORKERS AMID REORGANISATION

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The Dangote Petroleum Refinery has confirmed sacking some workers, saying that “only a small number were affected” in what it described as a reorganisation exercise. This was contained in a statement on Friday clarifying reports concerning the “ongoing reorganisation within its facility”. The statement said the action became necessary to safeguard the refinery from repeated acts of sabotage that “have raised safety concerns and affected operational efficiency”. “Over 3,000 Nigerians continue to work actively in our Petroleum Refinery, at present,” the statement reads. “Only a very small number of staff…

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…