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PETROAN Warns Petrol Prices Could Hit ₦2,000 per Litre Amid Middle East Tensions

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PETROAN Warns Petrol Prices Could Hit ₦2,000 per Litre Amid Middle East Tensions The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned that the pump price of Premium Motor Spirit (PMS) could surge to ₦2,000 per litre due to ongoing geopolitical tensions in the Middle East. In response to the looming price pressure, PETROAN called on the Nigerian National Petroleum Company Limited (NNPCL) to strengthen domestic refining capacity , describing it as a critical strategy to insulate Nigeria from shocks in the global petroleum market. Call for Strategic Domestic Refining The warning and policy recommendation were delivered by PETROAN’s National President, Billy Gillis-Harry , during a keynote address titled “Deconstructing Energy Trilemma” . The event was organized by the Department of Petroleum Economics and Policy Studies at Ignatius Ajuru University of Education in Port Harcourt . Billy Gillis-Harry emphasized that reliance on imported refin...
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Starlink Unveils Next-Generation Mobile Satellites with 5G Smartphone Connectivity

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Starlink Unveils Next-Generation Mobile Satellites with 5G Smartphone Connectivity Elon Musk’s Starlink has announced plans for its next generation of mobile connectivity satellites, designed to deliver full cellular coverage, including 5G capability, directly to smartphones . In a statement on its official website, Starlink detailed that the upcoming Starlink Mobile V2 satellites will power what the company describes as the highest-performing satellite-to-mobile network built to date , enabling users to connect seamlessly to mobile networks from virtually any location. Expanding Coverage Beyond Terrestrial Networks Starlink’s new system is expected to complement existing terrestrial mobile networks , bridging coverage gaps in areas where traditional infrastructure is limited or unreliable. Rural and underserved regions, including parts of Nigeria , could particularly benefit from the technology, as connectivity challenges continue to impede digital access, economic activity, an...
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Ghana to Implement Sliding-Scale Gold Mining Royalties Amid Global Pressure

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Ghana to Implement Sliding-Scale Gold Mining Royalties Amid Global Pressure Ghana has announced that it will proceed with a new sliding-scale royalty regime for gold mining , despite diplomatic pressure from the United States, China, and other Western governments urging the country to reconsider the policy. The development was reported by Reuters , citing Isaac Tandoh , Chief Executive Officer of the Ghana Minerals Commission , who confirmed that the new framework would take effect starting Tuesday. Aiming to Capture More Revenue The Ghanaian government’s move comes amid a surge in global gold prices , which has created opportunities to increase fiscal revenue from the mining sector. By implementing a sliding-scale royalty system , the policy aims to ensure that mining companies contribute a larger share of revenue when commodity prices rise , while providing flexibility when prices decline. Isaac Tandoh explained that the framework is designed to make Ghana’s mining sector more ...
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CPPE Warns Domestic Refining Alone Won’t Lower Petrol Prices Amid Rising Crude Costs

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CPPE Warns Domestic Refining Alone Won’t Lower Petrol Prices Amid Rising Crude Costs The Centre for the Promotion of Private Enterprise (CPPE) has cautioned that expanding domestic refining capacity in Nigeria may not be sufficient to significantly reduce petrol prices for consumers, particularly as global crude oil prices surge above $100 per barrel . The warning was issued in a policy brief on Monday by CPPE’s Chief Executive Officer, Dr. Muda Yusuf , who emphasized the continuing influence of international market dynamics on domestic fuel pricing. Domestic Refining and Supply Stability According to CPPE, increasing the capacity of Nigeria’s local refineries can enhance supply stability by reducing the country’s reliance on imported refined petroleum products. Over the past decade, efforts to revive domestic refineries have aimed to address chronic fuel shortages, pipeline vulnerabilities, and logistical challenges that contribute to price fluctuations at the pump. Howe...
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NNPC Ltd Records Sharp Revenue Decline to ₦2.57 Trillion in January 2026

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NNPC Ltd Records Sharp Revenue Decline to ₦2.57 Trillion in January 2026 The Nigerian National Petroleum Company Limited (NNPC Ltd) reported a significant drop in revenue in January 2026 , with earnings falling to ₦2.57 trillion , down sharply from ₦4.82 trillion recorded in December 2025 . The figures were disclosed in the company’s Monthly Report Summary for January 2026 , highlighting a notable contraction in revenue despite a marginal improvement in profit after tax. Revenue and Profit Overview According to the report, the decline in revenue reflects weaker crude sales and lower oil prices experienced during the month, which impacted overall cash inflows. However, NNPC Ltd’s operational efficiency and cost management contributed to a slight improvement in profit after tax , signaling resilience despite the downturn in top-line earnings. While the report did not provide detailed sectoral breakdowns, analysts suggest that fluctuations in international crude prices, coupled wi...
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Sanwo-Olu Inaugurates Lagos Electricity Regulatory Commission Board to Strengthen Power Sector

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Sanwo-Olu Inaugurates Lagos Electricity Regulatory Commission Board to Strengthen Power Sector Governor Babajide Sanwo-Olu has inaugurated the board of the Lagos State Electricity Regulatory Commission (LASERC) , marking an important milestone in the state’s effort to strengthen electricity sector governance and improve power supply. The inauguration ceremony took place on Monday at Lagos House Ikeja , the official seat of the Lagos State Government , according to a report by the News Agency of Nigeria (NAN) . The establishment of the commission’s governing board represents a key institutional step toward building a more efficient and sustainable electricity market in Lagos State . Advancing Lagos’ Electricity Market Reform The inauguration forms part of broader reforms initiated by the Lagos State Government following the enactment of the Lagos Electricity Law , which was designed to align with Nigeria’s national Electricity Act 2023 . The Electricity Act 2023 introduced si...
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Laju Iren’s Onobiren: A Woman’s Story Earns ₦30.1 Million in Opening Weekend

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Laju Iren’s Onobiren: A Woman’s Story Earns ₦30.1 Million in Opening Weekend Nollywood filmmaker and author Laju Iren has made an impressive theatrical debut with her latest film, Onobiren: A Woman’s Story , which grossed ₦30.1 million within its first three days in cinemas across Nigeria and Ghana . According to figures shared by the film’s producer, the movie dominated the box office during the March 6–8, 2026 weekend , emerging as the highest-grossing title in Nigerian cinemas during that period. A Strong Opening in a Competitive Market The strong opening performance of Onobiren: A Woman’s Story highlights growing audience interest in Nollywood productions and demonstrates the film’s ability to compete with both local and international releases showing in cinemas. By topping the weekend box office, the film outperformed several competing titles, marking a significant achievement for a debut cinema project from an executive producer entering the theatrical market for the f...
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