Photo: Director -General of BPP, Dr. Adebowale Adedokun, during a courtesy call on the Registrar-General/CEO of Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, March 5, 2026.

The Bureau of Public Procurement (BPP) revealed that in the last 12 months, it saved 1.1 trillion for the government in view of its implementation of a robust price intelligence mechanisms.

The Director General of the BPP, Dr. Adebowale Adedokun, disclosed this today during a courtesy call on the Registrar-General/CEO of Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, to strengthen collaboration in order to support the present administration’s agenda for a trillion-dollar economy.

Dr. Adebowale recalled the long-standing collaboration between the two agencies which dates back to 2008 and therefore applauded the reforms being implemented by the Commission.

Adebowale remarked that the two agencies have a critical role to play in the efforts being made to realize a trillion dollar economy.

While speaking on beneficial ownership, the BPP DG harped on the need to ensure transparency and to, among others, weed out those he called same and multiple bidders.

While highlighting BPP’s reforms, Adebowale stressed the need for robust enforcement measures to ensure compliance and accountability by professional bodies whose executives often overstay their tenure of office in contravention of the code of corporate governance.

In his remarks, the Registrar-General highlighted CAC’s reform initiatives which are in tandem with President Bola Ahmed Tinubu’s renewed hope agenda, especially Item 7 that harps on digitization and innovation.

The CAC boss, who enjoined the BPP to utilize the Commission’s globally acclaimed Beneficial Ownership Register to enhance their operations, also asked for collaboration on capacity development between the two agencies.

By Rukayat Moisemhe

The Publisher of The TMBC Business, Mr Tony Monye, has commended the Monetary Policy Committee (MPC) of the Central Bank of Nigeria for reducing the Monetary Policy Rate by 50 basis points to 26.5 per cent from 27.0 per cent.

Monye made this known in Lagos on Sunday in an interview with the News Agency of Nigeria (NAN).

He said that the committee’s decision to begin a gradual monetary loosening was timely and appropriate, given the improving macroeconomic conditions.

NAN reports that the MPC, at its latest meeting, lowered the benchmark interest rate by 0.50 percentage points, citing sustained dis-inflation and improving economic fundamentals.

Monye described the move as a cautious and responsive approach needed to consolidate recent gains in price stability.

“I doubt there are sane economic players out there that aren’t applauding the members of the MPC.“The system needs this sort of decision at this time. So, members of the committee should be commended,” he said.

Monye noted that recent policy measures by government had helped align key price indicators in the economy, including inflation, exchange rate and interest rate, towards planned targets.

According to him, inflation has maintained a steady month-on-month decline, while the naira has continued to strengthen in the foreign exchange market.

He added that interest rates had remained relatively stable, creating a more predictable environment for investors and other economic agents.

“With policies, appropriateness should be accompanied by right timing buoyed by the right level of implementation,” Monye said, in support of the MPC’s gradual easing stance.

He expressed optimism that the measured rate cut would support investment and economic expansion without undermining price stability.

NAN further reports that The TMBC Business, a monthly non-street journal, aimed at select C-suite executives and online readers, will celebrate its second anniversary in April.

Monye said the anniversary would be commemorated with a series of programmes, including a seminar to be anchored by seasoned experts in the corporate communications community.

Dangote Petroleum Refinery has reviewed the price of its Premium Motor Spirit (PMS) gantry price by N100, bringing the ex-depot rate to N874 per litre from the previous N774, as international crude oil prices surged past $80 per barrel due to the ongoing U.S – Israeli war against Iran.

A senior refinery official who confirmed the adjustment on Monday, said that the price has been reviewed.

” The new gantry price is now N874 per litre, up from N774. The revision became necessary due to changes in global crude fundamentals and replacement costs,” the official said.

Checks on petroleumprice.ng indicate that the new pricing has already been implemented, signaling a shift in downstream benchmarks that will likely affect petrol retail prices across the country.

The price hike followed the refinery’s suspension of petrol loading operations, effective midnight on March 2, 2026.

Industry data showed that PMS loading and issuance of proforma invoices were temporarily halted, although the suspension applied only to petrol, while Automotive Gas Oil (diesel) continued to load uninterrupted.

The refinery’s move triggered a ripple effect across Nigeria’s downstream sector, with several private depot owners halting petrol sales during the trading day.

“Several depot owners suspended PMS sales because of the crude rally. The market is already factoring in risk premiums. Nobody wants to sell below replacement cost,” a downstream operator was quoted as saying.