Here are the seven top business stories you need to track this week — September 28 to October 3.
DANGOTE VS PENGASSAN
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has instructed its members to embark on a nationwide strike immediately following Dangote refinery’s dismissal of “over 800 workers”.
In a statement on Saturday by Lumumba Okugbawa, general secretary at PENGASSAN, the association asked its members working across field locations to stop offering services from 6 am on Sunday.
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Also, refinery accused PENGASSAN of attempting to sabotage the country’s energy supply chain following a directive issued by the union to cut off crude oil and gas supplies to the refinery
CBN REDUCES INTEREST RATE TO 27%, INTRODUCES 75% CRR ON NON-TSA PUBLIC SECTOR DEPOSITS
The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has reduced the country’s monetary policy rate (MPR) from 27.5 percent to 27 percent.
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Olayemi Cardoso, CBN’s governor, announced the resolution at a press conference after the 302nd MPC held recently meeting in Abuja.
Cardoso said the committee resolved to cut the MPR by 50 basis points to 27 percent, and adjust the standing facilities corridor around the MPR to +250/-250 basis points.
The CBN also introduced a 75 percent cash reserve ratio (CRR) on non-treasury single account (TSA) public sector deposits for enhanced liquidity management.
NIGERIA’S GDP GREW BY 4.23% IN Q2 2025
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The National Bureau of Statistics (NBS) said Nigeria’s gross domestic product (GDP) grew by 4.23 percent in the second quarter (Q2) of 2025.
NBS released the GDP report for Q2 2025 on September 22.
The growth rate, the bureau said, is higher than the 3.48 percent recorded in the same quarter in 2024 and above the 3.13 percent recorded in the first quarter (Q1) of 2025.
‘BEWARE OF AI-GENERATED CELEBRITY ENDORSEMENTS FOR FRAUDULENT INVESTMENTS’
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The Securities and Exchange Commission has warned Nigerians about artificial intelligence (AI)-driven scams targeting investors with promises of guaranteed profits and fake celebrity endorsements.
In a statement on Sunday, the commission recounted such platforms as CBEX, Silverkuun, and TOFRO as examples operating illegally by advertising AI-powered trading systems that promise unrealistic returns.
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The SEC said the fraudsters are increasingly using deepfake videos and AI-generated content to lure victims, with manipulated videos featuring politicians, celebrities, and TV hosts being shared through Facebook ads, Instagram reels, and Telegram groups to give fraudulent platforms an air of credibility.
PENCOM RAISES CAPITAL BASE FOR PFAs TO N20BN, PFCs TO N20BN
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The National Pension Commission (PenCom) has raised the minimum capital requirement for pension fund administrators (PFAs) and pension fund custodians (PFCs).
A.M. Saleem, the commission’s director of surveillance department, announced the revised rules in a circular on September 26.
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PenCom said the minimum capital requirement for a new PFA licence is now N20 billion, effective immediately.
FAAN LAUNCHES CONTACTLESS PAYMENT SYSTEM IN LAGOS, ABUJA AIRPORTS
The Federal Airports Authority of Nigeria (FAAN) has announced the launch of ‘operation go cashless’, a contactless and cashless payment system.
The initiative was launched in collaboration with Paystack, the FAAN said in a recent statement.
The payment system is expected to be deployed from September 29 at the Murtala Muhammed International Airport, Lagos, and the Nnamdi Azikiwe International Airport, Abuja.
DANGOTE REFINERY RESUMES PETROL SALE IN NAIRA AFTER FG’S INTERVENTION
Dangote Petroleum Refinery has resumed the sale of petrol in naira, days after suspending the initiative.
In an email to clients on Saturday, Dangote refinery said the resumption was as a result of the federal government’s intervention.
The development comes two days after the refinery suspended the sale of petrol in naira, citing the depletion of its crude-for-naira allocation.
