Business Archives - TheCitizen - It's all about you https://thecitizenng.com/category/business/ Nigeria's leading online newspaper Mon, 04 May 2026 19:20:59 +0000 en-GB hourly 1 https://wordpress.org/?v=6.9.4 https://thecitizenng.com/wp-content/uploads/2017/04/cropped-TheCitizen-330x50-1-32x32.png Business Archives - TheCitizen - It's all about you https://thecitizenng.com/category/business/ 32 32 Nigeria signs MoU with Chinese firms to operate Warri, Port Harcourt refineries https://thecitizenng.com/nigeria-signs-mou-with-chinese-firms-to-operate-warri-port-harcourt-refineries/ https://thecitizenng.com/nigeria-signs-mou-with-chinese-firms-to-operate-warri-port-harcourt-refineries/#respond Mon, 04 May 2026 19:20:59 +0000 https://thecitizenng.com/?p=282316 The Nigerian National Petroleum Company Limited (NNPC Ltd) has signed a Memorandum of Understanding (MoU) with two Chinese firms for the restart, operation and expansion of the Warri and Port Harcourt refineries. In a statement on Monday, NNPC’s Chief Corporate Communications Officer, Andy Odey, said the agreement was signed with Sanjiang Chemical Company Limited and […]

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]]> https://thecitizenng.com/nigeria-signs-mou-with-chinese-firms-to-operate-warri-port-harcourt-refineries/feed/ 0 Sahara Power Group advocates digital grid to drive reliable power supply https://thecitizenng.com/sahara-power-group-advocates-digital-grid-to-drive-reliable-power-supply/ https://thecitizenng.com/sahara-power-group-advocates-digital-grid-to-drive-reliable-power-supply/#respond Mon, 04 May 2026 16:23:36 +0000 https://thecitizenng.com/?p=282292 Nigeria’s electricity challenge is no longer about how much power the country can generate, but how intelligently it can deliver it, Dr. Kola Adesina, Group Managing Director of Sahara Power Group, has said. Delivering remarks on his behalf at the IoT West Africa Conference in Lagos, Emilomo Arorote, Group Head, Human Resources at Sahara Group, […]

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]]> https://thecitizenng.com/sahara-power-group-advocates-digital-grid-to-drive-reliable-power-supply/feed/ 0 Femi Otedola denies funding Dangote Refinery https://thecitizenng.com/femi-otedola-denies-funding-dangote-refinery/ https://thecitizenng.com/femi-otedola-denies-funding-dangote-refinery/#respond Mon, 04 May 2026 12:58:45 +0000 https://thecitizenng.com/?p=282257 Billionaire businessman, Femi Otedola, has dismissed claims that he financed the Dangote Petroleum Refinery, describing the reports as false and misleading. In a post shared on X on Monday, Otedola said he did not invest in the refinery project, contrary to circulating social media claims. “Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery […]

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]]> https://thecitizenng.com/femi-otedola-denies-funding-dangote-refinery/feed/ 0 Dubai airport traffic plunges 66% amid Iran-UAE tensions https://thecitizenng.com/dubai-airport-traffic-plunges-66-amid-iran-uae-tensions/ https://thecitizenng.com/dubai-airport-traffic-plunges-66-amid-iran-uae-tensions/#respond Mon, 04 May 2026 12:52:53 +0000 https://thecitizenng.com/?p=282252 Dubai airport’s passenger traffic plunged by two-thirds in March following Iran’s attacks on the United Arab Emirates during the Middle East war, the emirate’s media office said in a statement on Monday. Traveller numbers at Dubai International, usually the world’s busiest for international passenger traffic, sank to 2.5 million, down 66 percent year on year, […]

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]]> https://thecitizenng.com/dubai-airport-traffic-plunges-66-amid-iran-uae-tensions/feed/ 0 Dangote denies rift with Elumelu, funding claims https://thecitizenng.com/dangote-denies-rift-with-elumelu-funding-claims/ https://thecitizenng.com/dangote-denies-rift-with-elumelu-funding-claims/#respond Mon, 04 May 2026 08:30:17 +0000 https://thecitizenng.com/?p=282209 The Dangote Group has dismissed as false and malicious claims of a rift between its President, Aliko Dangote, and the Chairman of Heirs Holdings, Tony Elumelu, and also rejected allegations that he (Dangote) solicited support for financing his refinery project. In a statement issued on Sunday, the group described as “entirely baseless” a publication stating […]

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]]> https://thecitizenng.com/dangote-denies-rift-with-elumelu-funding-claims/feed/ 0 Airlines commence international flights to Akwa Ibom Airport https://thecitizenng.com/airlines-commence-international-flights-to-akwa-ibom-airport/ https://thecitizenng.com/airlines-commence-international-flights-to-akwa-ibom-airport/#respond Sun, 03 May 2026 03:57:56 +0000 https://thecitizenng.com/?p=282156 Minister of Aviation and Aerospace Development, Festus Keyamo, on Saturday declared the Victor Attah International Airport, Uyo, as the only sub-national transit hub in Nigeria with no basis for comparison, as the facility commenced international operations with a maiden flight to Ghana. Keyamo, who spoke at the inauguration of the new international terminal, said the […]

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]]> https://thecitizenng.com/airlines-commence-international-flights-to-akwa-ibom-airport/feed/ 0 US-Iran war: FG earns N5tr oil windfall amid rising fuel hardship https://thecitizenng.com/us-iran-war-fg-earns-n5tr-oil-windfall-amid-rising-fuel-hardship/ https://thecitizenng.com/us-iran-war-fg-earns-n5tr-oil-windfall-amid-rising-fuel-hardship/#respond Sun, 03 May 2026 03:22:30 +0000 https://thecitizenng.com/?p=282144 Nigeria’s oil earnings have recorded an estimated windfall of about N5.13tn in two months, as crude prices surged sharply following tensions linked to the United States–Iran crisis, pushing revenues far above the Federal Government’s 2026 budget assumptions. The US-Iran war started on February 28 when oil prices were below $70 a barrel. Since the war started, […]

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]]> https://thecitizenng.com/us-iran-war-fg-earns-n5tr-oil-windfall-amid-rising-fuel-hardship/feed/ 0 China scraps tariffs for all but one African nation https://thecitizenng.com/china-scraps-tariffs-for-all-but-one-african-nation/ https://thecitizenng.com/china-scraps-tariffs-for-all-but-one-african-nation/#respond Sat, 02 May 2026 03:11:25 +0000 https://thecitizenng.com/?p=282108 China will scrap tariffs for all African countries from Friday – except Eswatini, which maintains ties with Taiwan. As of December 2024, China had already implemented a duty-free policy for 33 least-developed African nations. The policy now covers 53 countries, and will be in place until 30 April 2028. It is unclear what will happen […]

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]]> https://thecitizenng.com/china-scraps-tariffs-for-all-but-one-african-nation/feed/ 0 Nigeria’s debt to World Bank surges by $2.08bn in 2025 https://thecitizenng.com/nigerias-debt-to-world-bank-surges-by-2-08bn-in-2025/ https://thecitizenng.com/nigerias-debt-to-world-bank-surges-by-2-08bn-in-2025/#respond Sat, 02 May 2026 02:51:25 +0000 https://thecitizenng.com/?p=282100 Nigeria’s debt to the World Bank rose by $2.08bn in one year to $19.89bn as of December 31, 2025, according to an analysis of external debt stock data released by the Debt Management Office (DMO). The figure represents an 11.7 per cent increase from the $17.81bn owed to the global lender as of December 31, […]

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]]> https://thecitizenng.com/nigerias-debt-to-world-bank-surges-by-2-08bn-in-2025/feed/ 0 Trump to raise tariffs on cars, trucks from EU to 25% https://thecitizenng.com/trump-to-raise-tariffs-on-cars-trucks-from-eu-to-25/ https://thecitizenng.com/trump-to-raise-tariffs-on-cars-trucks-from-eu-to-25/#respond Sat, 02 May 2026 02:20:07 +0000 https://thecitizenng.com/?p=282116 US President Donald Trump on Friday announced he was hiking US tariffs on cars and trucks from the European Union next week to 25%. Trump said he was increasing tariffs because the bloc was not fully complying with the terms of its trade agreement with the US, without citing specifics. The EU agreed to erase tariffs on US imports in exchange for a 15% tariff on […]

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]]> https://thecitizenng.com/trump-to-raise-tariffs-on-cars-trucks-from-eu-to-25/feed/ 0 Fed Govt resolves 20-year MM2 dispute with Bi-Courtney, approves aircraft leasing firm https://thecitizenng.com/fed-govt-resolves-20-year-mm2-dispute-with-bi-courtney-approves-aircraft-leasing-firm/ https://thecitizenng.com/fed-govt-resolves-20-year-mm2-dispute-with-bi-courtney-approves-aircraft-leasing-firm/#respond Fri, 01 May 2026 11:40:54 +0000 https://thecitizenng.com/?p=282041 The Federal Government has resolved the over two-decade dispute surrounding the Murtala Muhammed Airport Terminal Two (MM2) in Lagos, marking a major breakthrough in Nigeria’s aviation sector reforms. Aviation and Aerospace Development Minister Festus Keyamo dropped the hint while briefing State House reporters after the fifth Federal Executive Council (FEC) meeting yesterday. Keyamo said the Council approved […]

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]]> https://thecitizenng.com/fed-govt-resolves-20-year-mm2-dispute-with-bi-courtney-approves-aircraft-leasing-firm/feed/ 0 Dangote refinery recalls engineers after union face-off https://thecitizenng.com/dangote-refinery-recalls-engineers-after-union-face-off/ https://thecitizenng.com/dangote-refinery-recalls-engineers-after-union-face-off/#respond Fri, 01 May 2026 11:24:08 +0000 https://thecitizenng.com/?p=282033 Dangote Petroleum Refinery has approved the recall of engineers previously sacked and redeployed across its business units during its face-off with the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN). In a statement on Thursday, the refinery said the recall followed what management described as a conditional pardon after internal disciplinary actions linked […]

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]]> https://thecitizenng.com/dangote-refinery-recalls-engineers-after-union-face-off/feed/ 0 Egbin shutdown, grid fault paralyse Lagos power supply https://thecitizenng.com/egbin-shutdown-grid-fault-paralyse-lagos-power-supply/ https://thecitizenng.com/egbin-shutdown-grid-fault-paralyse-lagos-power-supply/#respond Thu, 30 Apr 2026 14:40:49 +0000 https://thecitizenng.com/?p=281996 A prolonged blackout may be imminent in Lagos State following a sudden shutdown of the Egbin Power Station and a simultaneous transmission line outage, the Nigerian Independent System Operator has said. The system operator disclosed in a statement on Thursday that the Egbin Power Station suffered a major operational disturbance, leading to a complete loss […]

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]]> https://thecitizenng.com/egbin-shutdown-grid-fault-paralyse-lagos-power-supply/feed/ 0 Oil price hits highest since 2022 https://thecitizenng.com/oil-price-hits-highest-since-2022/ https://thecitizenng.com/oil-price-hits-highest-since-2022/#respond Thu, 30 Apr 2026 09:12:02 +0000 https://thecitizenng.com/?p=281944 Oil prices have jumped to their highest since 2022 after a report that the US military is set to brief President Donald Trump on new plans for potential action in the Iran war. US Central Command has prepared a plan for a wave of “short and powerful” strikes on Iran to try to break the deadlock […]

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]]> https://thecitizenng.com/oil-price-hits-highest-since-2022/feed/ 0 Petrol nears N1,400/litre as Dangote hikes price https://thecitizenng.com/petrol-nears-n1400-litre-as-dangote-hikes-price/ https://thecitizenng.com/petrol-nears-n1400-litre-as-dangote-hikes-price/#respond Thu, 30 Apr 2026 08:30:28 +0000 https://thecitizenng.com/?p=281911 The pump prices of Premium Motor Spirit (petrol) are nearing N1,400 per litre in many parts of the country as the United States and Iran fail to agree on a ceasefire that should lead to the reopening of the Strait of Hormuz. As the crisis in the Middle East lingers, coupled with the exit of […]

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]]> https://thecitizenng.com/petrol-nears-n1400-litre-as-dangote-hikes-price/feed/ 0 Court stops telcos from suspending airtime credit services https://thecitizenng.com/court-stops-telcos-from-suspending-airtime-credit-services/ https://thecitizenng.com/court-stops-telcos-from-suspending-airtime-credit-services/#respond Wed, 29 Apr 2026 11:11:38 +0000 https://thecitizenng.com/?p=281873 Millions of Nigerian telecom subscribers may soon regain access to airtime and data credit services after separate Federal High Court orders in Abuja and Lagos restrained enforcement actions tied to digital lending regulations. The Federal High Court in Abuja, in a ruling delivered on April 24, 2026, restrained the respondents—telecommunications firms, MTN Nigeria Communications Plc […]

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]]> https://thecitizenng.com/court-stops-telcos-from-suspending-airtime-credit-services/feed/ 0 Dangote raises petrol price by N75, to N1,275 per litre https://thecitizenng.com/dangote-raises-petrol-price-by-n75-to-n1275-per-litre/ https://thecitizenng.com/dangote-raises-petrol-price-by-n75-to-n1275-per-litre/#respond Wed, 29 Apr 2026 11:02:32 +0000 https://thecitizenng.com/?p=281866 The Dangote Refinery has increased its ex-depot price of Premium Motor Spirit by N75 per litre, deepening concerns over a fresh round of fuel price hikes across the country, as it also suspended product sales following a disruption in its Proforma Invoice process. Price data obtained from Petroleumprice.ng and confirmation from a Dangote refinery official […]

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]]> https://thecitizenng.com/dangote-raises-petrol-price-by-n75-to-n1275-per-litre/feed/ 0 US-Iran war: NNPC hikes oil prices by $7/barrel https://thecitizenng.com/us-iran-war-nnpc-hikes-oil-prices-by-7-barrel/ https://thecitizenng.com/us-iran-war-nnpc-hikes-oil-prices-by-7-barrel/#respond Wed, 29 Apr 2026 10:59:04 +0000 https://thecitizenng.com/?p=281864 The Nigerian National Petroleum Company Limited (NNPCL) has raised the official selling prices of all 37 Nigerian crude grades for May-loading cargoes, according to a report by Oilprice.com. The report stated that Nigeria is reaping the benefits of the US-Iran war, as the NNPC increased the price of its flagship grade, Bonny Light, by $6.13 […]

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]]> https://thecitizenng.com/us-iran-war-nnpc-hikes-oil-prices-by-7-barrel/feed/ 0 UAE announces exit from OPEC, OPEC+ https://thecitizenng.com/uae-announces-exit-from-opec-opec/ https://thecitizenng.com/uae-announces-exit-from-opec-opec/#respond Tue, 28 Apr 2026 18:16:11 +0000 https://thecitizenng.com/?p=281836 The United Arab Emirates (UAE) announced on Tuesday that it would withdraw from the OPEC and OPEC+ oil cartels on May 1, after being a key member of the world’s largest energy body for five decades. “This decision reflects the UAE’s long-term strategic and economic vision and evolving energy profile,” the official WAM news agency […]

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]]> https://thecitizenng.com/uae-announces-exit-from-opec-opec/feed/ 0 Petrol price jumps by 22.55% in March https://thecitizenng.com/petrol-price-jumps-by-22-55-in-march/ https://thecitizenng.com/petrol-price-jumps-by-22-55-in-march/#respond Tue, 28 Apr 2026 17:19:58 +0000 https://thecitizenng.com/?p=281813 The National Bureau of Statistics (NBS) has stated that the average retail price paid by consumers for Premium Motor Spirit (petrol) in March 2026 was ₦1,288.54, indicating a 22.55 per cent increase compared to ₦1,051.47 recorded in February 2026. A report by the bureau also showed that the March price reflected a 2.13 per cent […]

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]]> https://thecitizenng.com/petrol-price-jumps-by-22-55-in-march/feed/ 0