Here are the seven top business stories you need to track this week — May 26 to May 30.
PH REFINERY TO SHUT DOWN FOR MAINTENANCE
The Nigerian National Petroleum Company (NNPC) Limited says the Port Harcourt Refining Company (PHRC) will shut down for maintenance.
In a statement on Sunday, Femi Soneye, NNPC’s chief corporate communications officer, said the maintenance and sustainability assessment will begin on May 24.
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“We are working closely with all relevant stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), to ensure the maintenance and assessment activities are carried out efficiently and transparently,” NNPC said.
FG TO PENALISE AIRLINES LIFTING PASSENGERS WITHOUT VISA INTO NIGERIA
Olubunmi Tunji-Ojo, minister of interior, says airlines transporting passengers without valid entry visas, landing, and exit cards into Nigeria will be penalised.
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Tunji-Ojo warned stakeholders during a sensitisation programme on implementing the e-visa, landing, and exit cards initiative in Lagos on Friday.
The minister said no foreigner shall be allowed entry into Nigeria without a valid visa.
NCC WARNS TELCOS TO INFORM SUBSCRIBERS OF SERVICE DISRUPTIONS
The Nigerian Communications Commission (NCC) has directed telecom operators in the country to notify consumers of any major service outage on their networks.
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In a statement signed by Nnenna Ukoha, acting head of public affairs, the commission said the notification must include the cause of the disruption, the affected areas, and the estimated time of service restoration.
Operators are also required to inform consumers at least one week in advance if the outage is planned.
‘FG TO GET TOUGH ON UNDERPERFORMING DISCOS’
Bayo Adelabu, minister of power, says electricity distribution companies (DisCos) have disappointed the country regarding performance expectations and hindered the government’s efforts at improving supply.
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Adelabu spoke during a two-day retreat organised by the senate committee on power, according to a statement by Bolaji Tunji, special adviser, strategic communication and media relations to the minister.
“We need to get tough with the DisCos, as they can easily frustrate all the gains we have made,” the minister said.
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CBN RETAINS INTEREST RATE AT 27.5%
The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has again retained the monetary policy rate (MPR), which benchmarks interest rates in the country, at 27.5 percent.
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Olayemi Cardoso, CBN’s governor, announced the committee’s decision at a press conference on May 20 after the panel’s 300th meeting in Abuja.
Speaking at the media briefing, Cardoso said the committee members unanimously decided to retain the policy to better understand near-term developments.
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‘AFRICAN ENERGY BANK TO COMMENCE OPERATIONS BY Q2 2025’
The Nigerian Content Development and Monitoring Board (NCDMB) says the Africa Energy Bank (AEB) will be open for business before the end of the second quarter (Q2) of 2025.
Speaking at the Nigerian Oil and Gas Opportunity Fair (NOGOF 2025), Felix Ogbe, the NCDMB’s executive secretary, said once fully operational, the bank would make funds available to indigenous companies.
“The Bank will be open for business before the end of the 2nd quarter in 2025. We are hopeful that this will create more funding availability for local companies,” Ogbe said.
‘OIL PRODUCTION TO RESUME IN OGONILAND SOON’
Nuhu Ribadu, the national security adviser (NSA), says oil production will soon resume in Ogoniland after over 30 years of halting oil production.
Ribadu spoke on Thursday during a presentation at the All Progressives Congress (APC) national summit.
“Oil Production will soon resume in Ogoniland after over 30 years,” he said.
Tinubu had announced plans to resume oil production in Ogoniland
