Business

Facebook Asks Nigerian Advertisers To Update VAT Records By February 25

Published

4 years ago

February 10, 2022

Meta, the parent company of Facebook, has asked Nigerian advertisers to update their Value-Added Tax identification numbers by February 25.

Failure to do so, the social media giant said Nigeria customers risk not having their adverts displayed on the platform.

This is after the Federal Government announced plans to tax foreign-based social media platforms earning money from Nigerian advertisers.

The social media platform’s parent company, Meta, in an apparent bid to comply with the government regulation also requested its Nigerian customers to carry out basic requirements to help its compliance.

In a statement on Thursday, Facebook said recent updates have been made to allow Nigerian customers to provide 11 or 12 digit VAT identification to pay the 7.5 percent charge.

Facebook had last year announced that all advertisers from Nigeria would pay an additional 7.5 percent VAT on ad placement from January 1, 2022.

The statement read, “It was identified that some Nigerian customers were unable to provide their 11- or 12-digit VAT ID. An update has been made so that our system will now accept both 11- and 12-digit VAT IDs. If you want your VAT ID to show up on your ads receipts, please take the following steps below to update your VAT ID.

“In addition, if you have previously provided a VAT ID that is not 11 or 12 digits, please update it by 25 February 2022. All VAT IDs that do not comply with this format requirement will be removed after this day.

“If you are registered for VAT and provide your VAT ID, your VAT ID will show up on your ads receipts. If you’re entitled to recover the VAT, this may help you recover any VAT you paid to the Nigerian tax authorities.”

The steps Meta said advertisers can use to add their VAT ID to their ad accounts, are: “Go to payment settings, click “edit” business info, scroll down to the field labelled “VAT ID” and add your VAT ID”.

Business

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

15 hours ago

December 30, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has announced the complete restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State, following the recent explosion on the asset.

The chief corporate communications officer (CCCO) of the nation’s oil company, Andy Odeh, in a statement, said that the pipeline is fully operational, reiterating the company’s resilience and commitment to energy security.

“NNPC Limited is pleased to announce the successful restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State.

“Following the unexpected explosion on December 10, 2025, we immediately activated our emergency response, deployed coordinated containment measures, and worked tirelessly with multidisciplinary teams to ensure the damaged section was repaired, pressure-tested, and safely recommissioned.

“Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security. This achievement was made possible through the unwavering support of our host communities, the guidance of regulators, the vigilance of security agencies, and the dedication of our partners and staff.

“Together, we turned a challenging moment into a success story, restoring operations in record time while upholding the highest standards of safety and environmental stewardship.

“As we move forward, NNPC Limited remains steadfast in its pledge to protect our environment, safeguard our communities, and maintain the integrity and reliability of our assets. Thank you for your trust as we continue to power progress for Nigeria and beyond,” the statement read.

Business

Dangote Unveils 10-day Credit Facility For Petrol Station Owners

Published

17 hours ago

December 30, 2025

Editor

The Dangote Group has announced a 10-day credit facility backed by a bank guarantee for petrol station owners and dealers, alongside free direct delivery and other incentives, as part of a new supply arrangement.

The company disclosed this in a statement posted on its official X handle on Tuesday, inviting petrol station operators across the country to register to benefit from the offer.

According to the statement, participating dealers will enjoy “a 10-day credit facility backed by a bank guarantee,” with a minimum order requirement of 5,000 litres.

“Our free direct delivery service will commence soon,” the group said, adding that the offer is open to “all petrol station owners and dealers.”

The Dangote Group further called on operators to register their stations to access the supply arrangement.

“Register your petrol stations today to benefit from our competitive gantry price,” the statement read.

The company also disclosed that petrol supplied under the arrangement will be sold at a gantry price of ₦699 per litre.

For enquiries, the group provided the following contact numbers: 0802-347-0470, 0809-324-7070, 0809-324-7071 and 0203.

The announcement follows a recent petrol price adjustment by the Dangote Petroleum Refinery.

The PUNCH earlier reported that the refinery reduced its ex-depot petrol price from ₦828 to ₦699 per litre, representing a ₦129 cut or a 15.58 per cent reduction.

An official of the refinery, who spoke to PUNCH Online on condition of anonymity, confirmed the adjustment, saying, “The refinery has reduced petrol gantry price to ₦699 per litre.”

The new price reportedly took effect on December 11, 2025, marking the 20th petrol price adjustment announced by the refinery this year.

Business

JUST IN: Otedola Sells Shares In Geregu Power For N1trn

Published

2 days ago

December 29, 2025

Editor

Billionaire businessman, Femi Otedola, has sold his majority stake in Geregu Power Plc for N1.088 trillion in a deal financed by a consortium of banks led by Zenith Bank Plc.

The Nigerian Exchange, NGX, made this announcement on Monday.

Otedola’s Amperion Power Distribution Company Ltd reportedly held nearly 80 percent of the power generating company.

With this new development, Otedola, Chairman of First Holdco Ltd, parent company of First Bank of Nigeria Plc, will reportedly now concentrate on expanding his interest in the Nigerian banking sector, although he still retains some shares in Geregu.

Otedola is said to currently own 17.01 percent of First Bank — its single largest shareholder since the bank was established in 1894.