Category: Business

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…

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…

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…

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…

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,…

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…

The Central Bank of Nigeria, CBN has given a 60 days deadline to Point of Sales terminals in the Country to be geo-tagged or will be shut down. This is another bold step taken by the apex bank to curb incessant cases of fraud against some of the terminals. “This initiative is designed to ensure that all PoS terminals are traceable and that transactions are secure. Terminals operating outside their registered location will be flagged, and non-compliant devices will be deactivated.” This is contained in a statement issued on Tuesday…

The Lagos Metropolitan Area Transport Authority (LAMATA) has said yellow buses, popularly known as Danfo, remain central to the state’s transport system despite ongoing reforms. This was disclosed by LAMATA”s Managing Director,  Abimbola Akinajo, while speaking on Channels Television’s Sunrise programme on Saturday. Akinajo said, “It is not about throwing away what exists. “We work with the yellow buses because if you do not interact with them, you cannot speak of regulation; they are the ones who carry the majority of people in Lagos.” Akinajo explained that the Bus Industry…