Business
Dangote Sinotrucks, Honeywell, 33 others enjoying three-year tax holiday – NIPC
A total of 35 companies, including Dangote Sinotrucks West Africa (trucks, tippers, and tractors) and Honeywell Flour Mills Nigeria Plc (pasta and macaroni), are currently enjoying a three-year tax-free holiday under the pioneer status incentive.
The Nigerian Investment Promotion Commission (NIPC) stated this while announcing the approved PSI applications of eight companies in the third quarter of 2021.
The commission said this in its PSI report published on Friday.
Industries that qualify for the PSI are exempted from paying company income tax for an initial period of three years with the possibility of an extension for one or two years.
The incentive is listed in the Industrial Development Act (Income Tax Relief), administratively regulated by the NIPC.
The NIPC said it received 28 new PSI applications and six applications for extension in the third quarter.
Approvals-in-principle were granted to 16 companies, three extension applications approved, and eight PSI applications were granted.
According to the report, the eight new beneficiaries include Belanova Apartment and Suites Limited (hotel development); Al-Wabel Rice Mill Limited (rice milling); JMG Nigeria Limited (electric generators, power control, and distribution); Jigawa Rice Limited, (rice milling); and DCP Cement Plc (manufacture of cement).
Others are Locodove Ventures Limited (office building), Resource Improvement and Manufacturing Company Limited (processing of edible oil), and Okpella Cement Plc (manufacture of cement).
According to the report, a total of 168 PSI applications are still pending.
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Auto
Toyota By CFAO Launches 2026 RAV4 in Nigeria, Ends Long Wait for Latest Global Model
Toyota By CFAO Launches 2026 RAV4 in Nigeria, Ends Long Wait for Latest Global Model
Toyota-by-CFAO Nigeria has unveiled the all-new 2026 Toyota RAV4, bringing the latest generation of the globally acclaimed SUV to the Nigerian market in a move that signals a new era for local vehicle buyers.
For the first time, Nigerian customers will have access to the same-generation RAV4 available in leading international markets, eliminating the years-long delay that has traditionally separated local buyers from global launches.
The new SUV is backed by a three-year manufacturer’s warranty, Toyota-certified after-sales support and nationwide access to genuine spare parts, with customer deliveries already underway.
Speaking at the unveiling, Managing Director of Toyota-by-CFAO Nigeria, Boye Ajayi, said the company was raising the benchmark for vehicle ownership in the country.
“The 2026 RAV4 is here. Nigerian customers are no longer waiting years behind global markets or settling for older specifications. They are receiving the same vehicle available internationally, at the same time, with full manufacturer support,” Ajayi said.
Available in three variants — Active (2.0L 2WD), Comfort (2.0L 4WD) and Limited (2.0L 4WD) — the SUV is powered by a 2.0-litre DOHC petrol engine producing 172 horsepower and features Sport, Normal and Eco driving modes.
Designed to balance comfort, performance and practicality, the RAV4 offers a 481-litre cargo space, 201mm ground clearance and a 55-litre fuel tank suited for both city commuting and long-distance travel.
Standard features across the range include Apple CarPlay and Android Auto connectivity, dual-zone climate control, LED headlamps, 18-inch alloy wheels, SmartKey keyless entry, push-button start and a rear-view camera.
Toyota also equipped the SUV with an extensive safety package, including Anti-lock Braking System (ABS), Electronic Brakeforce Distribution (EBD), Vehicle Stability Control (VSC), hill-start assist and multiple airbags.
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While the entry-level Active variant targets urban motorists seeking reliability and efficiency, the Comfort model adds all-wheel-drive capability, heated front seats, roof rails and additional convenience features for customers who frequently travel outside city limits.
The flagship Limited variant comes with a larger 12.8-inch infotainment screen, panoramic sunroof, premium leather upholstery, power-adjustable front seats and seat heating, offering a more luxurious driving experience.
Ajayi described the new RAV4 as more than a routine upgrade, noting that the improvements are both visible and practical.
“This is not a minor refresh. The upgrades are evident in the technology, interior refinement, driving experience and overall convenience offered to customers,” he said.
To strengthen ownership confidence, Toyota-by-CFAO Nigeria said the vehicle is supported by a robust after-sales ecosystem comprising trained technicians, genuine parts inventory and service centres in Lagos, Abuja and Port Harcourt. The company plans to expand its authorised service network to 75 locations nationwide by March 2027.
The launch has already generated strong market interest, with several customers placing confirmed orders ahead of the official unveiling.
According to Ajayi, the early demand reflects a growing shift among Nigerian buyers towards brand-new vehicles backed by manufacturer warranties and structured after-sales support, rather than used imports with uncertain histories.
Managing Director of CFAO Mobility, Denis Martin, said Nigeria’s inclusion in the global launch schedule demonstrates the progress made by Toyota-by-CFAO Nigeria in building world-class sales and service infrastructure.
The 2026 Toyota RAV4 is now available at Toyota-by-CFAO showrooms in Lagos, Abuja and Port Harcourt, with financing options offered through partner institutions. A public launch event featuring test drives and on-site vehicle orders is scheduled for June 11 at the company’s Victoria Island showroom in Lagos.
Toyota By CFAO Launches 2026 RAV4 in Nigeria, Ends Long Wait for Latest Global Model
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Auto
Carloha Rides High, Plans New EV for Nigeria After Winning Global Honours
Carloha Rides High, Plans New EV for Nigeria After Winning Global Honours
Carloha Nigeria, the authorised dealer of Chery vehicles in Nigeria, is strengthening its position in the country’s automotive industry after clinching two prestigious global awards as it unveils plans to introduce another electric vehicle (EV) into the market.
iCAUR (iCAR) is a global youth-oriented electric vehicle brand under the Chery Group, which was developed in partnership with SmartMi Tech. The brand is focused on stylish designs and smart mobility and it is currently expanding across international markets.
Carloha Nigeria received the New Star Award and Brand Leap Contribution Award at the 2026 Chery Global Summit and Beijing International Automotive Exhibition in China. This is in recognition of its rapid market growth, brand development efforts and customer engagement initiatives.
The international recognition comes as Carloha intensifies its push into Nigeria’s growing EV space, buoyed by the positive reception of the iCAUR brand among motorists, technology enthusiasts and environmentally conscious consumers.
Managing Director, Sola Adigun, said the awards validate the company’s commitment to delivering world-class automotive solutions, while the growing acceptance of iCAUR reflects increasing consumer interest in innovative and sustainable mobility options.
“The Nigerian automotive market is evolving, and consumers are becoming increasingly receptive to innovation, sustainability and smart mobility solutions.
“The success of iCAUR has encouraged us to continue investing in the future of electric mobility in Nigeria,” he said.
Adigun disclosed that plans for the launch of a new EV are at an advanced stage, describing the move as part of a broader strategy to expand consumer choice and support Nigeria’s transition to cleaner transportation.
He added, “Winning these awards on the global stage is a strong endorsement of the work our team has done in building the Chery brand in Nigeria.
“It also demonstrates that Nigerian automotive businesses can compete successfully with the best across the world.”
According to him, Nigerian customers are increasingly demanding vehicles that combine intelligent safety technologies, premium comfort, fuel efficiency and modern design, noting that these qualities were prominently showcased by Chery at the Beijing exhibition.
“Beyond selling vehicles, our goal is to provide mobility solutions that meet the evolving needs of Nigerian families and businesses while aligning with global trends in sustainability, innovation and customer experience,” Adigun said.
At Auto China 2026, Chery also showcased its latest safety and intelligent mobility technologies, including the all-new TIGGO V and its AiMOGA robotics innovations, under its new global brand philosophy, “For Family.”
General Manager, Felix Mahan, said the awards underscore Carloha Nigeria’s commitment to excellence and customer satisfaction, adding that the company’s CarlohaCare 6-6-7 package continues to offer customers industry-leading aftersales support through a six-year warranty, six years of free service and a seven-day repair promise.
“This recognition reflects growing international confidence in both the Nigerian market and our ability to deliver world-class customer experience. We remain committed to making vehicle ownership easier, more affordable and more rewarding for our customers,” Mahan said.
With fresh global recognition and an expanded EV strategy, Carloha is positioning itself as one of the key players driving the future of sustainable mobility in Nigeria.

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Business
BREAKING: Dangote Refinery Announces New Petrol, Diesel Prices
BREAKING: Dangote Refinery Announces New Petrol, Diesel Prices
LAGOS, NIGERIA – The Dangote Petroleum Refinery and Petrochemicals has announced fresh reductions in the prices of Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (AGO), also known as diesel, in a move that is expected to reshape pricing dynamics across Nigeria’s downstream petroleum sector . Information made available to the Nigerian Tribune on Saturday by a source familiar with the development showed that the refinery has lowered the gantry price of petrol by N25 per litre, bringing it down from N1,275 to N1,250 per litre . A senior Dangote Group official, who spoke on condition of anonymity, confirmed the development and attributed the price adjustment to the recent decline in global crude oil prices. “We have reduced the petrol price to N1,250 at our gantry. This has to do with the current reduction in global oil prices, though everything is still volatile and requires caution,” the official said .
The reduction comes as depot prices were already responding to shifting supply dynamics. Market checks by Petroleumprice.ng showed that Aiteo and NIPCO were selling petrol at N1,272 per litre, while Integrated Energy, Ascon, and African Terminal were trading around N1,274 per litre, all below Dangote Refinery’s previous gantry price of N1,275 per litre . The latest price reduction comes about three weeks after reports emerged that Dangote Refinery had increased the ex-gantry price of petrol. At the time, a credible inside source disclosed that petrol continued to sell at N1,275 per litre at the refinery, hours after reports claimed that the company had raised its petrol price by N75 amid fluctuations in global crude oil prices .
The refinery has also reduced the price of Automotive Gas Oil (diesel) by N100 per litre, setting the ex-depot price at N1,700 per litre, down from the previous N1,800 per litre, according to a refinery communique sighted by petroleumprice.ng effective May 27, 2026 . However, this followed a brief reduction attempt on May 26 when the refinery had adjusted diesel prices by N200 to N1,600 per litre but retracted the announcement later the same day . Industry operators said the reversal was aimed at preventing losses among marketers and ensuring a fair adjustment across the supply chain.
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Confirming the diesel price development, the National Public Relations Officer of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) , Mr. Joseph Obele, said the reduction followed the arrival of imported petroleum cargoes into the country. “Dangote Refinery recently instituted legal action after the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) approved import licences for some marketers to bring petroleum products into the country,” Obele said . “Over the weekend, some of the vessels carrying imported products reportedly arrived, and shortly after, the refinery reduced the gantry price of diesel from N1,800 to N1,600 per litre” . He described the development as a direct result of market rivalry: “All hail competition and say no to monopoly in the petroleum industry. The more the competition, the better prices consumers will enjoy” .
The development comes amid an ongoing dispute over the issuance and renewal of import licences by the NMDPRA to marketers and the Nigerian National Petroleum Company Limited (NNPCL). Industry observers say the timing of the diesel price cut is significant, as the new selling price from Dangote Refinery competes directly with imported products . Industry analysts said the diesel price cut could ease transportation and logistics costs if sustained, especially for manufacturers and businesses heavily dependent on diesel-powered operations .
Falling crude oil prices have strengthened market expectations of lower refined product prices. Brent crude, the international oil benchmark, has declined amid reports that the United States and Iran were close to reaching a ceasefire agreement . The easing of tensions between the two countries immediately impacted the oil market, with traders reacting positively to expectations of improved crude supply and reduced geopolitical risks in the Middle East . Despite the reductions at the refinery gate, checks indicate that retail prices have remained largely unchanged in many parts of the country, with several filling stations still dispensing petrol at prices above N1,350 per litre . Industry observers say the gap between ex-depot and retail prices may persist for some time as marketers work through existing stock purchased at higher rates before implementing any fresh pricing changes . The latest cuts come as competition continues to grow within Nigeria’s downstream petroleum sector following the removal of fuel subsidies and the full deregulation of the market.
BREAKING: Dangote Refinery Announces New Petrol, Diesel Prices
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