Author: Vardiafrica

The Federal Competition and Consumer Protection Commission (FCCPC) has denied plans to regulate prices in the Nigerian market, stating that its directives aim to curb exploitative practices and maintain a competitive marketplace. The agency clarified that prices in a competitive marketplace are determined solely by supply and demand forces and that price control is outside its responsibilities. FCCPC cited a recent example in the cement industry, where dealers inflated prices to as much as N7,000 to N8,000 per bag, despite efforts to sell cement at a fair price of N3,500 per bag. They reassured the business community that its actions are…

President Bola Tinubu on Tuesday met with his Chinese counterpart, Xi Jinping, in Beijing, China. Disclosing this in a statement, the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, said both leaders announced the elevation of Nigeria-China ties to that of a comprehensive strategic partnership. According to the statement, the duo agreed to build a high-level Nigeria-China community with a shared future “This is an important visit for Nigeria and the rest of Africa, as I arrive in my capacity as the Chairman of ECOWAS. I thank you for the high-level of honour accorded to us,” Tinubu…

President Bola Tinubu has officially confirmed that Inspector General of Police (IGP) Kayode Egbetokun will remain in office until 2027. Contrary to recent reports suggesting an extension of his tenure, a senior police source clarified that this decision is a confirmation of the original terms of Egbetokun’s four-year appointment, as outlined in his letter of appointment. “The tenure of the IGP was not extended but rather a clarification on his letter of appointment that stipulated four years in office,” the source stated. Egbetokun was appointed as IGP in June 2023, alongside four new service chiefs, with his appointment slated for…

The chairman of the presidential committee on fiscal policy, Taiwo Oyedele, has revealed that the committee has proposed to the federal government the removal of taxes on food, public transportation, house rents, and other basic necessities critical to the well-being of Nigerians. Oyedele shared this information on Monday during an interview with Channels TV in Abuja. The head of the committee stated that the proposal also includes the exemption of value-added tax (VAT) on these essential necessities. Accordingly, Oyedele said the proposal will soon be signed by President Tinubu before being sent to the National Assembly to become part of…

Billionaire businessman Femi Otedola has congratulated his friend and brother Aliko Dangote on the actualisation of his $20bn refinery in Lagos. Otedola said with petrol now rolled out by the Dangote Refinery, the days of Nigeria bowing to foreign powers for our fuel needs are over. “You have not just built a refinery; you have liberated us from the chains of economic dependence that have held this nation back for far too long. The days of bowing to foreign powers for our fuel needs are over, thanks to your vision and determination,” Otedola wrote in a social media post on…

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦568 to ₦855, ₦897 (depending on the location per litre) amid lingering fuel scarcity and the country’s crisis. Reports on the newly increased price come after NNPCL said it owed its suppliers more than $6bn in debt. Our correspondents who reported from Abuja and Lagos confirmed the price adjustment on Tuesday. While the report from Abuja said price was jerked up to ₦897 per litre, our correspondent in Lagos said NNPC station at Awolowo Road in Lagos increased price to ₦855 per litre. Other marketers…

Owner of Lagos-based refinery Aliko Dangote, on Tuesday, spoke on the pricing of petrol produced at his 650,000 barrels per day facility. The refinery owner said as soon as his company finalises modalities with the Nigerian National Petroleum Company Limited (NNPCL), the product will hit the market. “Our PMS (Premium Motor Spirit) can be in filling stations within the next 48 hours depending on NNPCL,” he said. Asked to speak on the pricing of petrol from his refinery, Dangote said, “It is an arrangement which is designed and approved by the Federal Executive Council led by His Excellency, President Bola…

Billionaire businessman Aliko Dangote has assured Nigerians of the highest quality supply of Premium Motor Spirit for their vehicles, saying that they “are now going to have good petrol while the engines of your vehicles will last longer.” The billionaire gave the assurance at a press conference in Lagos on Tuesday as the refinery rolled out its first petrol from its 650,000 barrels per day facility. “You will not be having an engine issue, which a lot of us were having. It won’t happen at all. “The quality here will match that of anywhere in the world; US, America, we…

Super Eagles striker Victor Osimhen has arrived Turkey to complete a loan move from Napoli to Galatasaray, Afrosport reports. The 25-year-old had been a subject of a transfer tussle between Premier League club Chelsea and Saudi Pro League side Al-Ahli, but the deals failed to materialise as transfer terms were not met before the transfer deadline. After agreeing personal terms with Galatasaray on Monday night, the former Lille man jetted out on a private flight to Istanbul, where he was warmly welcomed by fans of the club. The Turkish Super Lig club also confirmed that discussions are in progress for the reigning African Footballer…

Turkish side, Galatasaray have reached an agreement with Italian side Napoli to sign Nigerian international striker Victor Osimhen on a season-long loan before the Turkish transfer window closes. The Nigerian forward, who has been in scintillating form for Napoli, is now the subject of a potential loan move to the Istanbul-based club, after a fall-out with the club, following a failed transfer to Saudi and Chelsea on transfer deadline day. Renowned football journalist Gianluca Di Marzio reported that negotiations between the parties are underway, with all sides working to finalize the deal. Transfer specialist, Fabrizio Romano, confirmed the report on…