Here are the top seven business stories you need to track this week — September 8 to September 12.
FUEL SCARCITY LOOMS AS NUPENG THREATEN STRIKE OVER ROW WITH DANGOTE REFINERY
The Nigeria Union of Petroleum and Natural Gas (NUPENG) says workers will down their tools and start sourcing for alternative employment from September 8.
The union said the decision is in response to Dangote refinery’s alleged prevention of its CNG tanker drivers from “joining labour unions”.
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On September 6, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) announced plans to also suspend the lifting and dispensing of petroleum products for three days starting September 9.
CBN SETS UP COMPLIANCE DEPARTMENT TO OVERSEE ANTI-MONEY LAUNDERING
The Central Bank of Nigeria (CBN) has announced the establishment of a new compliance department to strengthen oversight of non-prudential risks in the country’s financial sector.
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In a circular to regulated financial institutions on September 4, the apex bank said the department was created in the first quarter (Q1) of 2025 and became operational in the second quarter (Q2).
With its creation, the apex bank said the compliance department has taken over responsibilities in four key areas including financial crime supervision, market conduct, enterprise security supervision and ESG supervision.
PRESIDENTIAL TAX COMMITTEE DEFENDS 5% FUEL SURCHARGE, SAYS KEROSENE, COOKING GAS EXEMPTED
The Presidential Fiscal Policy and Tax Reforms Committee says the 5 percent fuel surcharge in the new tax laws is not a new levy introduced by the administration of President Bola Tinubu.
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In a frequently asked questions on Saturday posted by Taiwo Oyedele, the committee said the surcharge has existed since the Federal Roads Maintenance Agency (Amendment) Act, 2007, and was only restated in the new tax act for harmonisation and transparency.
The tax reforms committee said the surcharge was not part of the original tax reform bills submitted by Tinubu to the national assembly, and will not take effect automatically with the new tax laws.
‘NON-OIL SECTOR ACCOUNTED FOR N15TRN OUT OF N20TRN REVENUE IN EIGHT MONTHS’
The presidency said the federal government generated a revenue of N20.59 trillion between January and August.
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Non-oil sector accounted for N15.69 trillion out of the total revenue, according to a statement on Wednesday by Bayo Onanuga, special adviser to the president on information and strategy.
The presidency said the development was driven by non-oil earnings, noting that the country has made progress in stabilising the economy despite external pressures.
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FCCPC UNVEILS RULES FOR DIGITAL LENDERS TO CURB HARASSMENT
The Federal Competition and Consumer Protection Commission (FCCPC) has introduced new regulations to address harassment, data breaches, and exploitative practices in Nigeria’s digital lending space.
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In a statement on Wednesday, the FCCPC said the digital, electronic, online, or non-traditional consumer lending regulations, 2025 — also known as the DEON consumer lending regulation — were officially gazetted and took effect on July 21.
The commission said the rules, issued under the Federal Competition and Consumer Protection Act (2018), will serve as a comprehensive framework for registration, transparency, and ethical loan recovery.
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BPE TO LIST TWO DISCOS, ONE GENCO ON STOCK MARKET VIA IPO
The Bureau of Public Enterprises (BPE) has announced plans to list two electricity distribution companies (DisCos) and one generation company (GenCo) on the Nigerian Exchange (NGX) Limited through an initial public offering (IPO).
Ayodeji Gbeleyi, BPE director-general (DG), spoke on Tuesday in Abuja during a media briefing
He said shareholder loan agreements had been executed for 10 of the 11 DisCos, with disbursements expected soon.
CNG RETAIL PRICE INCREASES BY N150 PER SCM IN LAGOS, ABUJA
The price of compressed natural gas (CNG) has increased to N380 per standard cubic metre (SCM) for cars and buses at retail outlets in Lagos and Abuja.
The price of the commodity rose by N150 from the previous value of N230 per SCM.
Speaking to ThCable, a NIPCO source, who did not want to be named, said the prevailing price of the commodity is N380 per SCM for cars and buses, while the lorries and heavy-duty vehicles will now pay N450 per SCM.
