Business
JUST IN: Dr. Olayemi Cardoso Assumes Duty As Acting CBN Governor

Dr. Olayemi Michael Cardoso, who was recently nominated by President Bola Ahmed Tinubu, has on Friday, September 22, 2023, formally assumed duty, in an acting capacity, as the Governor of the Central Bank of Nigeria (CBN), pending his confirmation by the Senate.
This follows the resignation of Mr. Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN), Similarly, the Deputy-Governors-Designate have also assumed duty, in acting capacities, sequel to the formal resignation of Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora as Deputy Governors of the CBN.
Dr. Cardoso and his colleagues subscribed to the relevant oaths of office at a brief ceremony
held at the Bank’s Head Office in Abuja, on Friday, September 2023, and have since settled
down to the task of administering monetary and financial sector policies of the Federal
Government.
An Economic and Development Policy Advisor, Financial Sector Leader, former Chairman
Citi Nigeria and Commissioner for Economic Planning and Budget in Lagos, Cardoso brings
over three decades of managerial experience on board.
He is an alumnus of Aston University, Birmingham, United Kingdom, where he studied managerial and administrative studies. He also holds a Master’s degree in Public Administration from the Harvard Kennedy School, United States of America.
Recall that Dr. Cardoso and his colleagues were appointed to their respective
positions at the Bank on September 15, 2023, subject to their confirmation by the Senate.
Business
BREAKING: Dangote refinery Reduces petrol price from N880 to N840 per litre

….New rate takes effect from June 30.
The Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit, popularly known as petrol, from N880 to N840 per litre.
Anthony Chiejina, the Spokesman for the Dangote Group, confirmed the price adjustment on Monday night.
Chiejina said the new rate took effect on June 30.
He said, “PMS price has been reduced from N880 to N840 per litre effective 30th June,.
Recall that Dangote refinery hiked the price of petrol to N880 as tension escalated during the 12-day crisis between Israel and Iran, raising the price of crude oil to almost $80 per barrel.
Also, marketers anticipated that there would be a new price regime from Monday.
Dangote’s partners like MRS, Heyden and AP are expected to adjust their pump prices soon.
Business
FG Suspends Implementation of Financial Reporting Council (Amendment) Act 2023
Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, announced the decision in a release on Monday.

• Minister of Industry, Trade and Investment, Dr Jumoke Oduwole
The Federal Government has suspended the implementation of contentious provisions in the Financial Reporting Council (Amendment) Act 2023 following concerns raised by private sector stakeholders.
Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, announced the decision in a release on Monday.
She said that it followed a series of high-level consultations with key industry groups.
These include the Nigeria Employers’ Consultative Association (NECA), the Association of Licensed Telecommunications Operators of Nigeria (ALTON), and the Oil Producers Trade Section (OPTS).
At the heart of the concerns is the reclassification of large private companies as Public Interest Entities, requiring them to remit annual dues between 0.02 and 0.05 percent of turnover without a ceiling.
This is in contrast to the ₦25 million cap placed on publicly listed companies regardless of their size.
Stakeholders warned that the provision could increase compliance costs and hurt investor confidence.
But the minister said the policy was part of President Bola Ahmed Tinubu’s pro-business posture under the 8-Point Agenda and has responded with practical measures.
She explained that a stakeholder consultation was held on March 26, 2025, leading to an administrative pause and the formation of a Technical Working Group.
The group, she noted, comprised representatives from NECA, MAN, ALTON, NACCIMA, CAC, SEC, and others and held six meetings over three weeks that culminated in the submission of a comprehensive report on April 17, 2025.
“To provide immediate relief, the Ministry has now directed the Financial Reporting Council to impose an interim cap of ₦25 million on annual dues for private sector PIEs, aligning them with the publicly quoted companies.
Business
Dangote Refinery to plough back N1.7trn into economy
From August 15, Dangote will begin the direct delivery of petrol and diesel to filling stations, industrial facilities, and other high-volume consumers.

The Dangote Petroleum Refinery has earmarked to plough back N1.7 trillion gross annual savings from domestic fuel distributions into the economy.
In a statement, the company said that the daily distributions of 65 million litres of petrol, diesel and Jet AI and CNG nationwide would bolster the government’s presidential CNG initiative, and every key actors in the distributions value chains.
In a breakdown of the refinery’s benefits to all Nigerians, it emphasized that the familiar narrative of perennial fuel scarcity and adulterated fuel imports by marketers is being replaced by ” no more fuel scarcity, and consistent supply of high quality petroleum products from the refinery.
It added that the refinery’s operations will likely cut down the nation’s inflation from the current 33 percent to 23 percent, while pushing the GDP growth rate from 2 percent to 3.4 percent.
Regarding the over N720 billion it was investing on deploying 4,000 Compressed Natural Gas-powered trucks for the nationwide distribution of petroleum products, the company said that it will significantly benefit over 42 million Micro, Small and Medium Enterprises (MSMEs) by reducing energy costs and enhancing profitability.
The initiative, which eliminates transportation costs for fuel marketers and large-scale consumers, is expected to help reduce pump prices and inflation.
From August 15, Dangote will begin the direct delivery of petrol and diesel to filling stations, industrial facilities, and other high-volume consumers, the company said.
According to the statement from the refinery, it aims to meet Nigeria’s daily consumption of 65 million litres of refined petroleum products.
This includes 45 million litres of Premium Motor Spirit (PMS) or petrol, 15 million litres of diesel, and 5 million litres of aviation fuel.
The initiative is also expected to resuscitate dormant filling stations, fostering job creation in the process.
Over 15,000 direct jobs are projected to be created across the logistics chain, including drivers, station managers, and attendants at the CNG stations.
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