TikTok/Truecaller probe, Dangote petrol sale… business stories to track this week

Here are the seven top business stories you need to track this week — March 24 to March 28.

DANGOTE HALTS SALE OF PETROLEUM PRODUCTS IN NAIRA

The Dangote Petroleum Refinery says it has temporarily halted the sale of petroleum products in naira.

In a statement on March 19, the refinery said the decision was “necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars”.

TINUBU DECLARES STATE OF EMERGENCY IN RIVERS

President Bola Tinubu has declared a state of emergency in Rivers.

The president made the announcement in a recent nationwide broadcast over the political crisis and instability in the state.

Industry experts fear that the situation in the state could have far-reaching economic consequences as Rivers is a major oil-producing state, with Nigeria’s revenue and external reserves largely dependent on production from the region.

NIGERIA INFLATION RATE DROPS TO 23.18%

The National Bureau of Statistics (NBS) says Nigeria’s inflation rate declined to 23.18 percent in February, from 24.48 percent reported in January.

The NBS announced the decline in its February 2025 consumer price index (CPI) on Monday.

The bureau said the headline inflation rate in the period rose marginally by “1.30% points when compared to the January 2025 headline inflation rate”.

REPS PASS TAX REFORM BILLS 

The tax reform bills have passed the third reading in the house of representatives.

The four bills — the Nigeria tax bill, the tax administration bill, the joint revenue board establishment bill, and the Nigeria revenue service bill — scaled third reading during plenary on March 18.

The development came a few days after the house considered and adopted the committee on finance’s report on the tax reform bills and subsequently approved the recommendations.

IBADAN AIRPORT TEMPORARILY CLOSED FOR UPGRADE 

The Federal Aviation Authority of Nigeria (FAAN) says the Samuel Ladoke Akintola Airport (SLAA) in Ibadan has been temporarily closed for upgrade.

In a statement on Saturday, Obiageli Orah, director of public affairs and consumer protection at FAAN, said the federal government approved the airport‘s temporary closure due to ongoing works.

Orah said following the approval, the Nigeria Airspace Management Agency (NAMA) shut down the runway and the airport in compliance with International Civil Aviation Organisation (ICAO) regulations.

NDPC PROBES ALLEGED DATA BREACHES BY TIKTOK, TRUECALLER

The Nigeria Data Protection Commission (NDPC) says it is investigating TikTok and Truecaller over alleged data privacy violations as part of efforts to enforce compliance with the Nigeria Data Protection Act (NDPA).

Speaking during a press conference in Abuja on March 20, Vincent Olatunji, the national commissioner and chief executive officer (CEO) of NDPC, said the agency is assessing the platforms’ compliance with data protection laws and would determine necessary regulatory actions based on its findings.

The NDPC CEO noted that when the commission began monitoring data protection compliance, only 4 percent of organisations adhered to regulations.

NIGERIA, CANADA SIGN CODE-SHARING AGREEMENT TO ALLOW AIRLINES SELL SEATS TO EACH OTHER 

The federal government and the government of Canada have signed a code-sharing agreement to boost efficiency in the aviation industry.

Gbenga Saka, special adviser on digital media to Festus Keyamo, minister of aviation and aerospace development, announced on his X page on March 21.

Speaking during the signing of the agreement, Keyamo said the agreement would advance the relationship between both countries.