Here are the seven top business stories you need to track this week — August 11 to August 15.
DANGOTE REFINERY TO BEGIN NATIONWIDE FUEL DISTRIBUTION AUGUST 15
The Dangote Petroleum Refinery is expected to begin the nationwide distribution of diesel and premium motor spirit (PMS), also known as petrol, on August 15.
The company had said it acquired 4,000 new compressed natural gas (CNG)-powered tankers to enhance its fuel distribution.
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The refinery said the rollout will be phased and supported by investments in CNG stations and over 100 mobile CNG tankers to guarantee efficient last-mile delivery.
TINUBU SIGNS NIGERIAN INSURANCE INDUSTRY REFORM BILL INTO LAW
President Bola Tinubu has signed the Nigerian insurance industry reform bill 2025 into law.
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Tinubu assented to the bill on August 5, to strengthen Nigeria’s financial sector and accelerate the nation’s march toward a $1 trillion economy.
In a statement on Tuesday, Bayo Onanuga, special adviser on information and strategy to Tinubu, said the Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates several outdated insurance laws into a single, modern legal framework.
Onanuga said the new Act provides for comprehensive regulation and supervision of all insurance and reinsurance businesses operating within Nigeria.
NIGERIA AMONG 12 AFRICAN NATIONS SELECTED FOR $93M US FOOD AID SCHEME
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The United States (US) has announced a $93 million emergency food assistance programme for 13 nations, including 12 in Africa, to address worsening hunger and malnutrition.
The US department of state said the programme will provide ready-to-use therapeutic food (RUTF) for nearly one million children suffering from severe malnutrition.
The agency said the package includes 1,209 metric tons of existing stock and funds to produce an additional 11,285 metric tons.
CBN TO TAKE LEGAL ACTION AGAINST FX FORWARD CONTRACTS DEFAULTERS
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The Central Bank of Nigeria says it uncovered extensive irregularities in the unpaid foreign exchange (FX) forward contracts under probe.
In a document, titled ‘Frequently Asked Questions (FAQ) on the Settlement of Undelivered Forward Contracts’, the regulator said some of the irregularities include mismatches in beneficiary identities.
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The bank said it is reviewing appropriate legal action against parties found to have violated applicable rules and regulations, based on the findings of the forensic audit.
CAPITAL IMPORTATION ROSE TO $5.6BN in Q1 2025
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Capital importation into Nigeria rose to $5.64 billion in the first quarter (Q1) of 2025, according to a report from the National Bureau of Statistics (NBS).
In the report, NBS said the figure represents a 67.12 percent increase from the $3.38 billion recorded in Q1 2024 and a 0.86 percent rise compared to $5.09 billion in the fourth quarter (Q4) of 2024.
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The bureau said the surge was largely driven by portfolio investments, which accounted for $5.2 billion, representing 92.25 percent of total capital inflows during the period.
Other investments followed with $311.17 million (5.52 percent), while foreign direct investment (FDI) contributed the least with $126.29 million, making up just 2.24 percent of the total contribution.
FG LAUNCHES N100BN SOLARISATION INITIATIVE TO POWER PUBLIC INFRASTRUCTURE
The federal government has launched a solarisation programme to power public institutions with clean energy.
This is part of broader efforts to reduce diesel reliance and promote sustainable infrastructure.
The initiative, known as the National Public Sector Solarisation Initiative (NPSSI), was formally launched on Thursday, following the signing of a memorandum of understanding.
The agreement is between the Rural Electrification Agency (REA), the budget office, the Infrastructure Corporation of Nigeria (InfraCorp), and the Ministry of Finance Incorporated (MOFI).
VALUE JET VS KWAM 1
The Nigeria Civil Aviation Authority (NCAA) says the travel ban placed on Wasiu Ayinde, popular Fuji musician known as KWAM 1, will remain in place indefinitely until ongoing investigations into the flight incident are concluded.
On August 5, the NCAA suspended two ValueJet pilots over a safety breach at the Nandi Azikiwe International Airport domestic terminal, Abuja.
According to reports, the security breach was a result of the unruly conduct of the musician who had attempted to block the aircraft from taking off.
The authority had said the singer had attempted to board the aircraft with an unidentified liquid substance despite repeated warnings from aviation security (AVSEC) personnel and the flight captain.
The authorities said the substance was later found to be alcohol after the artist spilt it on a security officer who was trying verify the content of a flask KWAM 1 was drinking from.
Although the musician had argued that the substance was “plain drinking water” given to him at the airport lounge, Festus Keyamo, the minister of aviation and aerospace development, directed the NCAA to place him on a no-fly list for six months, pending the outcome of a full investigation.
