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Tuface Becomes Tinubu’s Brand Ambassador on MSMEs, Jobs Creation

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Job Creation and Micro, Small, and Medium Enterprises (MSMEs) Secretariat (Office of the Vice-President) has entered into a partnership with Mr. Innocent Idibia (Tuface)to galvanise public support for the MSMEs sector.

The partnership agreement was signed by Tuface and Mr Tola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs, on Friday in Abuja.

Adekunle-Johnson said the coming on board of Tuface as a job creation and MSMEs Brand Ambassador would promote ideas and initiatives under the National MSMEs Awards.He added that the partnership would promote the Expanded National MSMEs Clinics, Shared Hubs for MSMEs Initiative as well as other related activities around job creation.

The presidential aide also expressed hope that Tuface’s craft and goodwill would help promote the participation of citizens in all programmes aimed at creating jobs and supporting businesses.

We thought of how best we can sustain the momentum of creating jobs and promoting all the activities of the MSMES, awards, hubs, and the single-digit loan.

“And in trying to consistently promote this, we looked at areas that are of interest to some of our target audience, and you will agree with me it is the entertainment or creative industry.

“Today we are unveiling who I regard as an icon, a legend in the game, he has been consistent with his craft and a very creative man in the person of Mr. Innocent Idibia (Tuface).

This partnership with Tuface will help galvanise private sector support for public sector initiatives aimed at creating jobs and supporting businesses,” he said.

In response,  Tuface, appreciated President Tinubu’s administration for its support to the youth and small businesses.

He promised to create more awareness in the country on MSMEs, especially among the youth.He also expressed gratitude to the government for the confidence reposed on him.

He also expressed gratitude to the government for the confidence reposed on him.“I appreciate the vote of confidence, I appreciate the kind words, for me I’m excited about this. It is a very good move in a good direction.

“Most of our youths today, there are so many things going that they can easily be deviated from following the right positive trajectory of life.

“But with this, people might even under estimates the power and value that this will bring to both the individuals, their communities and the country as a whole. So, for me I really commend this initiative, I commend the show of concern and show of support from the government towards young people, small businesses,” he said.

Also, Mrs Sarah Ajayi, Deputy Director, Office of Trade and International Relations, National Agency for Food and Drug Administration and Control (NAFDAC), said: “entertainment is what attracts the youth. Most of them are given to entertainment, so having Tuface as our brand ambassador is a good one.”

On his part, Mr Chukwuemeka Nwakile, Acting Group, Regional Manager, Access Bank Plc., restated the commitment of the bank to empower the youth in the area of job creation.

“For us in Access Bank it is a very familiar and top terrain for us, and rest assured that we will never apply the break at this point. We will go all out to ensure that the job creation mantra of the government is not just by word of mouth but by action,” he said. 

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BREAKING: Dangote refinery Reduces petrol price from N880 to N840 per litre

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….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.

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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.

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• 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.

Based on the findings, Oduwole, said President Tinubu briefed and recommended the continuation of the pause pending legislative review.

“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.

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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.

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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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