Business
JUST IN: Substandard fuel: NNPC threatens legal action over viral video
The Nigerian National Petroleum Company Limited, NNPCL, has threatened to take legal action over a viral video in which a reviewer claimed its petrol does not last long in vehicles.
NNPC spokesperson Olufemi Soneye issued the threat in a statement on Saturday.
The state-owned oil firm dismissed claims made in the viral video that its product doesn’t last when compared with Dangote Refinery’s petrol.
NNPC described the originators of the viral video as economic saboteurs who are desperate to misinform the public.
“This misleading video represents yet another desperate attempt by economic saboteurs to misinform the public and tarnish NNPC Ltd.’s reputation.
“We will not tolerate deliberate misinformation designed to undermine our operations and mislead Nigerians.
“Henceforth, NNPC Ltd will take firm legal action against individuals or groups who intentionally spread falsehoods about our brand and operations.
“Those engaged in such malicious activities will be held fully accountable under the law,” the statement reads.
NNPCL added that most PMS in its Lagos retail outlets are sourced from Dangote Refinery.
Recall that a viral video of a reviewer claiming that NNPCL petrol products don’t last long as Dangote Refinery went viral on the social media.
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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