Business
NMDPRA Licenses Edo Modular Refinery for Operations

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has issued operational licence to Edo Modular Refinery and Petrochemical Company Limited, Ologbo in Ikpoba-Okha local government area of Edo State.
The NMDPRA is the Technical and Commercial Regulator of Midstream and Downstream Operations in the petroleum industry with its issuance of operational licence being the final stage of approval from the regulatory authority that would make the plant operate as a refinery.
The Chief Executive Officer of NMDPRA, Ahmed Farouk in a ceremony, handed the certificate to AIPCC, the parent company of the Edo Refinery.
Farouk, who was accompanied by the Executive Director (ED), NMDPRA, Hydrocarbon Processing Plant Installation and Transport Infrastructure (HPPITI, Mr Francis Ogaree, handed over the operational license to the refinery Head, Technical Operations, Segun Okeni.
Farouk assured the management of the refinery that the regulatory authority is a business enabler and would be ready to give the refinery all the necessary support in all its projects.
A statement by Okeni made available to journalists in Benin City on Tuesday said the company is out to make her contributions to the petroleum refinery and gas processing subsector adding that the AIPCC is developing three other projects and one of such would be completed in the next one year.
On the alleged non-allocation of crude from the Nigerian National Petroleum Corporation Limited (NNPCL), Okeni revealed that the refinery is finalising arrangements with an indigenous oil company to access crude oil for optimal production capacity.
“We are finalising a major crude supply agreement with an indigenous oil company.
Although the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and NMDPRA have been supportive but once we find a source of crude they will normally give us urgent approval.
However with this licensing, NUPRC ought to consider existing local refineries in the bidding round for marginal field”, he said.

The Dangote Petroleum Refinery and Petrochemicals has appointed David Bird, the former head of Oman’s Duqm Refinery, as its new Chief Executive Officer.
A report by S&P global on Friday said, Bird heads the refinery’s petroleum and petrochemicals division in a strategic move to overcome production challenges and advance its next wave of expansion.
Effective from July 2025, the former Shell head of operations at its Balau Pokom refinery stepped in as CEO of the Dangote Group’s fuels and petrochemicals business, which commissioned the world’s largest single-train refinery last year.
The CEO participated at the just concluded Dangote Leadership Development Program Graduation Ceremony.
Business
Trump Imposes 15% tariff on Nigerian Imports
Under the revised tariff schedule:15% tariffs now apply to Nigeria, Angola, Ghana, South Korea, Turkey, Japan, Israel, Norway, and several others.10% tariffs target countries such as the Falkland Islands, the United Kingdom, and others not explicitly listed.

US President Donald Trump has approved a 15 percent import tariff on Nigeria and dozens of other countries.
The White House announced the implementation of the new reciprocal tariff rates on Thursday.
In April, Trump imposed a 14% tariff on Nigerian imports, citing the need for fairer trade terms.
That move was followed by a 90 – day grace period to allow time for bilateral trade negotiations, pushing the final decision deadline to August 1.
However, the majority of talks failed to result in new trade agreements.
As a result, the new tariff rates are now being implemented, with Nigeria among dozens of countries facing increased duties under the revised plan.
African countries, including Nigeria, were unable to secure individual trade deals with the United States despite urgent efforts from both sides.
During the negotiation window, Trump also reintroduced travel restrictions targeting several African nations. Though Nigeria was initially exempt, it was later added to the list as the policy evolved.
Under the revised tariff schedule:15% tariffs now apply to Nigeria, Angola, Ghana, South Korea, Turkey, Japan, Israel, Norway, and several others.10% tariffs target countries such as the Falkland Islands, the United Kingdom, and others not explicitly listed.
Tariffs climb to 18% for Nicaragua, 19% for countries like Indonesia and Pakistan, and 20% for countries like Indonesia and Pakistan, and 20% for Bangladesh, Vietnam, and others.
10% tariffs target countries such as the Falkland Islands, the United Kingdom, and others not explicitly listed.Tariffs climb to 18% for Nicaragua, 19% for countries like Indonesia and Pakistan, and 20% for Bangladesh, Vietnam, and others.
More severe penalties include 25–41% tariffs for countries like India, South Africa, Iraq, and Syria.
Switzerland faces a steep 39% duty, while Laos and Myanmar are hit with 40%.Syria tops the list at 41%.
Meanwhile, negotiations are still ongoing with China, Washington’s main trade rival.
Canada is facing a 35% tariff, while Mexico was hit with a trio of levies, including a 50% duty on metals. Brazil, previously under a 10% tariff, was slapped with an additional 40% charge on Thursday, bringing its total to 50%.
Business
EU accuses online giant Temu of selling ‘illegal’ products
EU regulators believe Temu is not doing enough to protect European consumers from dangerous products and that it may not be acting sufficiently to mitigate risks to users.

The European Union accused Chinese-founded online shopping giant Temu on Monday of breaking the bloc’s digital rules by not “properly” assessing the risks of illegal products.
AFP reports that TEMU, wildly popular in the European Union despite only having entered the continent’s market in 2023, Temu has 93.7 million average monthly active users in the 27- country bloc.
EU regulators believe Temu is not doing enough to protect European consumers from dangerous products and that it may not be acting sufficiently to mitigate risks to users.
Evidence showed that there is a high risk for consumers in the EU to encounter illegal products on the platform,” the European Commission said in its preliminary finding.
It pointed to a mystery shopping exercise that found consumers were “very likely to find non-compliant products among the offer, such as baby toys and small electronics.”
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