Business
PETROAN Agrees to Buy PMS from Dangote, says it’s Patriotic
” Dangote is one of us. We have no reason not to patronise him,” said Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN).
Billy Gillis-Harry, in an interview on Channels Television’s Morning Brief on Tuesday said that oil marketers are not opposed to Dangote Refinery and are open to purchasing refined Premium Motor Spirit from the facility.
Billy Gillis-Harry, stated that oil marketers would buy products from the refinery if all market conditions were properly negotiated and agreed upon.
He also mentioned that marketers plan to meet with Dangote Refinery this week to solidify discussions and establish the groundwork for a cooperative working relationship.
“There are no gloves off. What it is right now is that PETROAN, among other stakeholders who are patriotic and willing to serve Nigeria in the best way, will not at any time be denigrated. We have never taken off our gloves.
Dangote is one of us. We love the fact that he has made this kind of sacrifice in Nigeria. We are very proud of him.
However, after the pride, we need to get into business. We are surprised that we have been doing business over the airwaves.
And that is not how this business should be done. We have NNPCL, which has been dealing with us, and there are very simple procedures for getting this business to work.
“We are letting the true information out in the public space so that everybody can decide what to do.
We want to patronise Dangote Refinery. Dangote is one of us. We have no reason not to patronise him,” he said.
The clarification follows PETROAN’s recent accusation that Dangote Refinery is attempting to stifle competition in the downstream sector. Marketers raised these concerns after Dangote Refinery said that they were criticising its petrol pricing because they preferred to import lower-quality products at more affordable rates.
BLACK/ PARALLEL MARKET RATES
₦1370 DOLLAR (USD)
₦1800 POUND (GBP)
₦1510 EURO (EUR)
₦970 CANADIAN DOLLAR (CAD)
₦65 SOUTH AFRICAN RAND (ZAR)
₦350 UAE DIRHAM (AED)
₦190 CHINESE YUAN (CNY)
₦100 GHANAIAN CEDI (GHS)
₦2300 WEST AFRICAN CFA F.(XOF)
₦2200 CENTRAL AFRICAN CFA F.(XAF)
₦850 AUSTRALIAN DOLLAR AUSSIE (AUD)
CBN OFFICIAL RATES
DOLLAR (USD)₦1331.61
POUND (GBP)₦1764.26
EURO (EUR)₦1490.48
SWISS FRANC (CHF)₦1608.23
JAPANESE YEN (JPN)₦8.4
CFA FRANC (XOF)₦2.27
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1802.33
CHINESE YUAN (CNY)₦199.01
SAUDI RIYAL (SAR)₦354.83
SOUTH AFRICAN RAND (ZAR)₦80.49
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.
JUST IN: Mob Sets BRT Bus Ablaze After Motorcyclist’s Death in Lagos
BREAKING: DSS Arrests Fugitive Maina Son, Hands Him to EFCC
BREAKING: 5 Arrested Over Imo NYSC Abduction
BREAKING: Lagos Govt Declares Today, Thursday Work-Free to Mark 2026 Ìṣẹ̀ṣe Day
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
-
Business3 days agoNaira Exchange Rates Friday, October 16
-
Crime2 days agoBREAKING: 5 Arrested Over Imo NYSC Abduction
-
News3 days agoMeta removes 3.7 million accounts in West Africa scam crackdown
-
News3 days agoARISE News Wins Seven Honours At Nigerian Broadcasters Merit Awards
-
Crime2 days agoBREAKING: DSS Arrests Fugitive Maina Son, Hands Him to EFCC
-
News2 days agoJUST IN: Mob Sets BRT Bus Ablaze After Motorcyclist’s Death in Lagos