Business

The rhythm of Nigeria's business world
Africa's richest man, Aliko Dangote, criticizes the Nigerian Midstream and Downstream Petroleum Regulatory Authority for questioning the quality and certification of his refinery's products. Dangote highlights the irony of the government demarketing local businesses instead of supporting them...
Aliko Dangote, chairman of Dangote Industries, announced the company will not proceed with its planned steel investment. The decision aims to avoid accusations of monopoly and encourage broader investment in Nigeria’s steel sector. Dangote emphasized that his company does not engage in...
Aliko Dangote, Africa's richest man, revealed his $20 billion refinery in the Lekki Free Trade Zone received no government incentives and that $100 million was paid for the land. Dangote urges the House of Representatives to investigate fuel quality at filling stations to address substandard...
Aliko Dangote refutes claims of substandard products and monopoly at his refinery. Tests show superior diesel quality compared to competitors. Dangote calls for an investigation into imported fuel quality and denies receiving government incentives. House of Representatives considers further...
Meta is set to appeal the $220 million fine imposed by Nigeria's FCCPC for alleged data privacy breaches. The penalty, announced on July 19, 2024, follows an investigation by FCCPC and NDPC into Meta's data practices. Meta disputes the fine, asserting its compliance with global privacy...
On July 20, 2024, House Speaker Tajudeen Abbas and lawmakers visited the Dangote Petroleum Refinery in Lagos. The visit aimed to support the project and investigate conspiracy allegations against the refinery. The House plans to form a committee to probe these claims and the refinery's crude oil...
Nigeria fines Meta $220 million for violating data privacy laws. The FCCPC's decision, following a 2021 investigation, cites unauthorized data sharing and market dominance abuse. Nigerian social media reactions vary from support for accountability to skepticism about the fine's impact on the...
Nigeria's consumer protection agency, FCPC fines Meta $220 million for alleged discriminatory practices and data privacy violations. The penalty follows a joint investigation into Meta's operations from 2021 to 2023. The decision highlights increasing regulatory scrutiny of tech giants in...
The naira fell to N1,620 against the dollar in the parallel market on July 18, marking its fifth straight day of depreciation. Official rates showed a slight recovery to N1,566.82. The Central Bank of Nigeria's interventions and calls for stabilization highlight ongoing concerns about currency...
A global IT outage, believed to be linked to Microsoft services, is causing significant disruptions worldwide. Major airports, banks, and broadcasters, including Sky News, are affected. The incident highlights the vulnerability of critical systems to tech failures and underscores the need for...
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