Nigeria now producing methanol locally in Ondo State
The plant has the capacity to produce 100,000 metric tons of methanol and 160,000 metric tons of ammonium bicarbonate annually- marking a historic leap for Nigeria’s gas-based industrialization.
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FG Exempts Electricity, Gas Companies From Withholding Tax
▪︎ Wale Edun The Federal Government has categorised all electricity companies, including the Generation and Distribution Companies (GenCos and DisCos), as those exempted from the payment of Withholding Tax in the country. This was contained in the new Withholding Tax regulation document signed by the Minister of Finance, Wale Edun. The new Withholding Tax regulation…
WCO Elects Nigeria’s CGC Bashir Adeniji , Chairperson
” Comptroller-General of Nigeria Customs Service, Bashir Adewale Adeniyi, said: “I am deeply grateful for my election as Chairperson of the Council.” The World Customs Organization (WCO) Council, the governing body of the organization, comprising the Heads of 186 Customs administrations, has formally endorsed Mr. Bashir Adewale Adeniyi, Comptroller-General of Nigeria Customs Service, as its…
Youth Minister Plans Cottage Industry Per Local Govt
The Minister of State for Youths, Mr. Ayodele Olawande, has revealed plans to collaborate with the Corporate Affairs Commission (CAC) to offer opportunities for youth in every nook and cranny of the country to establish and develop cottage industries relevant to their communities. “My ambition is to set the pace and drive the formation of…
NCC Stops Banks’ Withdrawal of Telecoms USSD Charges
The Nigerian Communications Commission (NCC) has announced an important change on the deduction of charges for Unstructured Supplementary Service Data (USSD) transactions. Starting Tuesday, June 3, 2025, Deposit Money Banks (DMBs) will no longer be allowed to deduct these fees directly from customers’ bank accounts. Instead, the charges will be deducted from users’ mobile airtime…
Outcome of CBN Meeting with IFC
Both the CBN and IFC aim to invigorate Nigeria’s banking industry by fostering the development of financial products that meet the country’s needs and catalyze the financial ecosystem.
Nigerians Weep as CBEX Swindles ₦1.3trn
Nigerians are in shock, disbelief, and tears after another Ponzi scheme named CBEX crashed early this week. Weeks ago, many who invested in the scheme advertised their newly-found pathway to ‘financial freedom’ on social media with screenshots of account balances from $1,000, $10,000, and $85,000. As of Tuesday morning, their accounts have been blanked, with…
MAN: CBN’s Rate Cut Still Disrupting Manufacturing Production and Investment Plans
• CBN monetary policy committee members The Manufacturers Association of Nigeria (MAN) reacted today to Central Bank of Nigeria (CBN) July interest rate cut. The Association is complaining that the persistent increase in the rate over the years has impacted the sector negatively, especially the disruptions on manufacturing production and investment plans. Segun Ajayi-Kadir, MAN…
Dangote Seeks Regulatory Protections for Oil Refinery
It appears that the objective of the IOCs is to ensure that Nigeria remains a country which exports Crude Oil and imports refined Petroleum Products.
CAPPA Criticizes Tobacco Industry for Promoting E-cigarettes
▪︎Akinbode Oluwafemi, Executive Director of CAPPA Corporate Accountability and Public Participation Africa (CAPPA) has condemned a five-year deal between Grammy Award-winning artiste Burna Boy’s company, BrkFst, and Aspire North America, LLC, a subsidiary of Inspire Technology Inc., for the manufacture and distribution of vaping products in Nigeria, Ghana, South Africa, and Europe. According to CAPPA,…