Business
50% PoS Operators Close Shops Over Naira Scarcity
Published
3 years agoon
By
Editor
Over 50 per cent of Point of Sale operators have closed their shops as scarcity of new and old naira notes bites harder, it has been learnt.
The National Chief Aggregating Officer of the Association of Mobile Money and Bank Agents in Nigeria, Hussein Olanrewaju, who made this disclosure on Monday, said the impact of the ongoing shortage of new and old naira notes had worsened the plight of their members.
While noting that agents should be given preferential treatment in access to the new notes, he lamented that some Nigerians had taken advantage of the situation to charge unreasonable fees.
He said, “Operators are licensed bodies that provide platforms which agents leverage on. Currently, agents do not have any preferential treatment to deliver this service, hence, more than 50 per cent of agent shops have been closed down as we speak.
“Some agents, however, go extreme to buy these monies and those who do not, move from one ATM point to another incurring lot of cost in the process which will also reflect on the service charge.
“It’s worthy to note that some Nigerians have taken advantage of this situation to charge people unreasonable charges.”
Hussein further stressed that the ongoing policy meant to swap cash in unbanked areas might not achieve its mandate due to the low number of agents selected for the scheme.
READ ALSO: nairaFuel, Naira Scarcity: Osun CSOs Accuse Buhari, Emefiele Of Insensitivity
He added that including more agents remained the best solution to easing the financial stress Nigerians were currently facing.
“As designed by the CBN, the exercise is going as expected. However, it doesn’t really translate to profit for agents. Out of over 1.4 million agents, only 30,000 agents were picked to participate in the cash swap programme, the number is too small and can barely effect any change.
“Agents are the ones available and accessible to ease the financial stress Nigerians are currently facing,” he concluded.
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Business
Dangote Refinery Reduces Fuel Price Nationwide, Provides Update On Petrol Distribution
Published
17 hours agoon
September 12, 2025By
Editor
Dangote Refinery has reduced its premium motor spirit retail price nationwide.
This is as it announced Monday, September 15, 2025, as the new date to begin the direct petrol distribution initiative.
The initiative, which Dangote Group had earlier announced would kick off on August 15, 2025, would see the $20 billion plant distribute petrol and diesel to consumers with its 4,000 compressed natural gas trucks at zero logistics cost.
The 650,000-barrel-per-day refinery said its new gantry price is N820 per litre, the same price announced last month.
READ ALSO:
The company, which is currently in a face-off with the Nigerian Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), disclosed this in a fresh price template released by Dangote Group on its X account.
With the new price template, in Lagos, Oyo, Ogun, Ondo, and Ekiti, Dangote Refinery’s petrol retail price stands at N841 from N860 per litre.
In Abuja, Edo, Delta, Rivers and Kwara states, the largest African refinery’s retail price is N851, down from N885 per litre.
This means that Dangote Refinery will deliver its petrol directly to willing consumers in Lagos and the South-west states at a reduced retail price of N19, while in Abuja, North Central, and the South-South, it will be a N34 reduction.
READ ALSO:
It stressed that the new price template and direct fuel distribution scheme are expected to take effect on Monday, September 15, 2025.
Meanwhile, the Dangote Refinery price template is not binding on petroleum marketers and retailers except MRS and its other distribution partners, according to DAILY POST.
NUPENG on Thursday announced that it may return to strike against Dangote Group, alleging that the company reneged on its recent resolutions.
However, Dangote Group said it respects the voluntary membership of unions by its workers.
Business
FG Gives Criteria For Opening Bank Accounts
Published
18 hours agoon
September 12, 2025By
Editor
From January 1, 2026, all Nigerians and non-residents will be required to obtain a Tax Identification Number, Tax ID, to open or operate bank accounts.
The development followed the enactment of the Nigeria Tax Administration Act, 2025, recently signed into law by President Bola Tinubu.
Section 8(2) of the Act makes the Tax ID compulsory for banking, insurance, stock broking, and other financial services. It also extends the requirement to contracts with federal and state governments.
READ ALSO:FirstBank’s Digital Banking Channels Suffers Downtime
For non-residents, Section 6(1) mandates registration for tax purposes, requiring them to obtain a Tax ID if they supply taxable goods and services or derive income from Nigeria.
To enforce compliance, Section 7(3) empowers tax authorities to assign a Tax ID to individuals or entities who fail to register. The Act also allows for suspension or deregistration of a Tax ID if a business ceases operations temporarily or permanently, provided tax authorities are notified within 30 days.
The legislation is aimed at expanding Nigeria’s tax net and boosting revenue collection. Analysts say the policy could significantly improve tax compliance rates nationwide.
Financial institutions are expected to adjust their systems and processes ahead of the January 2026 rollout.
Business
NUPENG Accuses Dangote Of Breaching Agreement, Says Nationwide Strike Inevitable
Published
1 day agoon
September 12, 2025By
Editor
The Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has accused the management of Dangote Group of violating a peace pact brokered at the Department of State Services, DSS, headquarters on September 9, warning that a nationwide strike appears inevitable.
A statement by NUPENG President, Prince Williams Akporeha, and General Secretary, Afolabi Olawale, placed members nationwide on red alert, urging them to prepare for a possible resumption of the suspended industrial action.
READ ALSO:JUST IN: FG, NUPENG Begin Meeting Over Strike Threat
The statement reads: “This is to alert the general public and the government of the Federal Republic of Nigeria that, notwithstanding the resolution reached and signed at the office of the Department of State Services (DSS) — with three Ministers of the Federal Republic of Nigeria and the Deputy Director-General of the DSS in attendance — on the right of workers to unionise, Mr. Sayyu Aliu Dantata, on Wednesday, 10th September 2025, instructed all his truck drivers, who have been members of NUPENG-PTD for several years, to remove the union stickers from their trucks.
“Today, Thursday, 11th September 2025, he further instructed them to forcefully drive into the Dangote Refinery to load products. Officials stopped them from entering the refinery because their trucks violated the loading rules and regulations.
“We strongly condemn this attitude towards the official institutions of this great country and blatant lack of respect for the laws of the land.
READ ALSO:NUPENG Tanker Drivers Announce Strike Over CNG Trucks Dispute
“We call on the Federal Government not to allow the security agents — who are being paid with the resources of this country — to be used with impunity against the laws and people of Nigeria.
“Security agents should not allow any individual to breach the law, particularly while disregarding agreements reached in meetings facilitated by them and attended by Ministers of the Federal Republic of Nigeria.
“By this statement, we are placing all our members on red alert for the possible resumption of the suspended nationwide industrial action. We also call on the Nigeria Labour Congress (NLC), Trade Union Congress of Nigeria (TUC), all regional and global working people, and civil society organizations to rise in support and solidarity against this threat from the capitalist elite.
“His wealth cannot place him above the law.
“We assure the people and government of the Federal Republic of Nigeria that NUPENG will continue to remain a patriotic, responsible, and responsive organization committed to the progress of this great country.”
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