Business
Oyo State seeks to join Rivers in VAT suit
Oyo State government has sought to join the River State Government in a suit instituted by the latter asking the court to grant the state the power to take over the collection of the Value Added Tax (VAT) from the Federal Government.
The suit, filed by the Attorney-General of Oyo State, Prof. Oyelowo Oyewo, is seeking an order of the appellate court to enable Oyo State to join the suit as an interested party.
In the suit, the Oyo State government is seeking two orders, namely: an order of the court joining the Attorney-General of Oyo State as a respondent on the appeal with suit number FHC/PH/CS/149/2020 and appeal number CA/PH/282/2021, and any other order the court may deem fit.
According to the Attorney-General of Oyo State, the government of Oyo State was unaware of the suit between the Attorney-General of Rivers State and the Federal Inland Revenue Service at the Federal High Court until the judgment was delivered.
Other grounds upon which the application was based include that the decision of the appellate court will affect the collection of VAT by the government of Oyo State, being one of the states which the judgment of the lower court recognised as entitled to collect VAT within its territorial jurisdiction.
Oyo State government also indicated that the applicant (Attorney-General of the state) “represents the interest of the Oyo State government, whose interest in the collection of Value Added Tax within Oyo State will be impacted one way or another by any judgment delivered by this Court in this Appeal.”
The Oyo State government also said, “The applicant is a necessary party to this suit being a party who will be bound by the judgment of this court in this appeal.
“The interests of the applicant and that of the respondent, in this case, are similar, being states within the Federal Republic of Nigeria.”
In a 12-paragraph affidavit in support of the motion, which was filed by the Director of Civil Litigation in the chambers of the Attorney-General and Commissioner for Justice, Ministry of Justice, Oyo State, Olatunji Thomas, the Oyo State government said that it would be in the interest of justice that the court should grant the application.
It stated that the state, being one of the 36 states of Nigeria, it would be affected by the decision of the appellate court, adding that joining the state to the suit already instituted by Rivers State would help to avoid multiplicity of suits by the states against the Federal government.
In a motion on notice also attached to the proceedings already filed before the court, Oyo State said it relied on eight grounds.
Business
Dangote Raises Alarm Over Widespread Sabotage Crippling Nigeria’s Oil Sector
Dangote Raises Alarm Over Widespread Sabotage Crippling Nigeria’s Oil Sector
Aliko Dangote, President and CEO of the Dangote Group, has sounded the alarm over what he described as deliberate and widespread sabotage crippling Nigeria’s downstream oil sector, including the Port Harcourt Refinery and the $20 billion Dangote Refinery.
Speaking during a media briefing on Sunday, December 14, 2025, at the Dangote Refinery in Lagos, Dangote revealed that the Port Harcourt Refinery experienced over 100 sabotage incidents during its rehabilitation, citing information shared by former NNPC Limited Group CEO Mele Kyari.
He alleged that critical pipeline infrastructure and petroleum depots across the country have been deliberately destroyed by unpatriotic individuals and organised interests, insisting the damage could not be attributed to natural causes.
“Even this $20 billion Dangote Refinery has not been spared. The oil and gas sector is controlled by powerful cartels whose reach surpasses that of criminal drug networks,” Dangote stated, citing instances of vandalism and theft of critical equipment, including a 400-tonne industrial boiler, described as the largest ever built.
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Dangote further questioned the collapse of Nigeria’s once-functional pipeline network, saying the extensive destruction points to deliberate sabotage rather than neglect. “All the pipelines that were built, right from the military base to date, none of them are functioning… they have destroyed the pipes. If it is not sabotage, is it an earthquake? No, it is sabotage,” he said.
He disclosed that the Dangote Refinery alone has lost about $82 million to theft and sabotage, prompting the company to deploy over 2,000 security personnel, more than the number of operational staff, to safeguard the facility. Dangote noted that thieves have grown increasingly brazen, attempting to remove materials using long cords and other methods.
The industrialist’s revelations underscore the significant challenges facing Nigeria’s refining, pipeline, and petroleum depot infrastructure, highlighting the urgent need for stronger security measures and government intervention to protect the nation’s oil assets.
Dangote Raises Alarm Over Widespread Sabotage Crippling Nigeria’s Oil Sector
Business
Naira Holds Mixed Stability as Official FX Rate Closes at ₦1,452/$, Black Market Trades Higher
Naira Holds Mixed Stability as Official FX Rate Closes at ₦1,452/$, Black Market Trades Higher
The Nigerian foreign exchange market opened the week on a mixed note on Tuesday, December 16, 2025, with the Naira showing relative stability at the official FX window while trading weaker at the parallel (black market).
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the Naira closed early trading at ₦1,452.27 per US Dollar, reflecting the Central Bank of Nigeria’s (CBN) continued efforts to stabilise the official exchange rate. During the opening session, trades were recorded within a narrow band of ₦1,451.19 to ₦1,452.57, signalling controlled volatility compared to previous weeks.
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In contrast, the parallel market exchange rate remained higher. Checks with Bureau De Change (BDC) operators and street traders indicated that the US Dollar exchanged between ₦1,465 and ₦1,475 for cash transactions. The premium over the official rate underscores persistent demand-supply gaps in the unofficial market, largely driven by unmet foreign exchange needs of small businesses and individuals.
Currency analysts attributed the relative calm at the official window to improved FX liquidity injections by the CBN and a seasonal slowdown in corporate foreign exchange demand as the year draws to a close. However, they noted that the continued gap between official and black market rates highlights structural weaknesses, speculative activities, and lingering pressure on the Naira.
Market participants remain cautious, closely watching potential CBN policy decisions, particularly measures aimed at exchange rate unification, boosting investor confidence, and easing inflationary pressures in Africa’s largest economy.
Naira Holds Mixed Stability as Official FX Rate Closes at ₦1,452/$, Black Market Trades Higher
Business
Dangote Refinery: Nigerians to Enjoy Affordable Petrol as Importers Face Losses
Dangote Refinery: Nigerians to Enjoy Affordable Petrol as Importers Face Losses
The president of Dangote Refinery has assured Nigerians that locally refined fuel will provide more affordable petrol prices, even as fuel importers continue to incur losses.
Speaking during a briefing at the 650,000-barrel-per-day Dangote Refinery in Lagos on Sunday, he emphasized that consumers now have the option to buy high-quality locally refined petrol or pay higher prices for blended PMS from importers.
“Nigerians have a choice to buy better quality fuel at a more affordable price or to buy blended PMS at a higher rate. Importers can continue to lose, so long as Nigerians benefit,” he said.
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He added, “Anyone who chooses to continue importing despite the availability of locally refined products should be prepared to face the consequences.”
The refinery executive also noted that the retail fuel price nationwide should not exceed N740 per liter.
This statement follows a recent reduction of the refinery’s gantry fuel price by 15.99 percent to N699 per liter, although pump prices in Abuja remained at N905 to N937 per liter as of Sunday night.
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Dangote Refinery: Nigerians to Enjoy Affordable Petrol as Importers Face Losses
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