Hacked NBS website, petrol price cuts… business stories to track this week

Here are the seven top business stories you need to track this week — December 23 to December 28.

HACKERS TAKE OVER NBS WEBSITE 

On December 18, hackers compromised the website of the National Bureau of Statistics (NBS).

Checks by TheCable on Wednesday evening revealed that the landing page website of the agency — www.nigerianstat.gov.ng — displayed “Page hacked” message on a white background.

A day before the incident, on December 17, the NBS published its crime experience and security perception survey.

The bureau, in the report, said Nigerians paid N2.23 trillion as ransom in one year between May 2023 and April 2024.

NIGERIA NEEDS $20BN ANNUALLY TO ACHIEVE ECONOMIC TARGETS BY 2027

Wale Edun, minister of finance and coordinating minister of the economy, says the country needs to invest $20 billion annually to achieve the government’s economic targets by 2027.

Edun spoke on Friday during the citizens and stakeholders engagement on the implementation of presidential priorities and ministerial deliverables for the fourth quarter (Q4) of 2024, in Abuja.

The minister said the additional $20 billion per year was required to grow the economy by an average of 6.3 percent in the medium term.

CBN ALLOWS BDCs TO BUY $25,000 WEEKLY FROM BANKS TO MEET DEMAND

The Central Bank of Nigeria (CBN) says it has granted eligible bureau de change (BDC) operators temporary access to the Nigerian Autonomous Foreign Exchange Market (NAFEM) to purchase $25,000 weekly from December 19 to January 30.

In a statement on Thursday, signed by T.G. Allu, CBN acting director of trade and exchange department, the apex bank said BDCs will purchase foreign exchange (FX) from authorised dealers to meet retail market demand.

CBN also said the personal travel allowance (PTA) and business travel allowance (BTA) remain available and can be accessed from their banks to meet travel requirements.

CBN SETS DAILY WITHDRAWAL LIMIT ON POS TO N100K PER CUSTOMER

The apex bank has set a daily withdrawal limit on point-of-sale (PoS) terminals to N100,000 per customer.

In a circular to all deposit money banks (DMBs), microfinance banks, mobile money operators and super-agents, titled ‘Cash-out limits for agent banking transactions,’ the CBN said the restriction was in line with its ongoing efforts to advance a cashless economy.

According to the circular, the interventions aim to address identified challenges, combat fraud, and establish uniform operational standards across the industry.

CUSTOMS ANNOUNCES  IMPLEMENTATION OF ZERO IMPORT DUTY, VAT ON CNG, LPG EQUIPMENT 

The Nigeria Customs Service (NCS) has announced the implementation of a zero percent duty on compressed natural gas (CNG) and liquefied petroleum gas (LPG) equipment imported into Nigeria.

In a statement on Wednesday, the service said the move aligns with President Bola Tinubu’s commitment to enhancing Nigeria’s investment climate and increasing domestic gas utilisation.

The NCS said the measures are designed to ameliorate the cost of living, bolster energy security, and accelerate Nigeria’s transition to cleaner energy sources.

DANGOTE REFINERY REDUCES PETROL PRICE TO N899 PER LITRE 

Dangote Petroleum Refinery says it has reduced the ex-depot price of its premium motor spirit (PMS), also known as petrol, to N899.50 per litre.

Anthony Chiejina, group chief branding and communications officer, on December 18, said the reduction is designed to alleviate transport costs during the festive period.

He said the company also introduced a special offer to further benefit consumers.

The refinery had also said it extended the export of petrol to Ghana, Angola, and South Africa.

NNPC REDUCES EX-DEPOT PETROL PRICES TO N899/LITRE

The Nigerian National Petroleum Company (NNPC) Limited also reduced its ex-depot price of petrol to N899 per litre in Lagos.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) said the NNPC’s price reduction was a response to the competitive impact of deregulation.

The association said the new “regime” has led to increased competition in the downstream sector.