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Aliko Dangote Reveals Naira for Crude Initiative Could Slash Foreign Exchange Demand by 40%
Aliko Dangote Reveals Naira for Crude Initiative Could Slash Foreign Exchange Demand by 40%....KINDLY READ THE FULL STORY HERE▶
Billionaire businessman Aliko Dangote has announced that the introduction of the naira for crude oil transactions will significantly reduce the demand for foreign exchange by 40 percent. This statement was made during the launch of petrol production at the Dangote refinery in Lagos.
In an interview with Arise TV, Dangote expressed gratitude to the Nigerian people and President Bola Tinubu’s administration for creating a conducive environment for business growth. “I want to salute the people of Nigeria and the government of President Bola Tinubu for creating the environment for us to thrive and also achieve this monumental task of providing energy for our people’s growth and prosperity,” he stated.
Dangote emphasized the importance of the new policy, saying, “Thank you to President Bola Tinubu for introducing the idea of Naira for crude and Naira for products. This initiative will stabilize the Naira and reduce the demand for dollars by 40 percent. Additionally, it addresses the issue of round-tripping in the currency market.”
The business mogul also highlighted the operational benefits of the refinery, noting that tracking loaded trucks would allow for more accurate computation of national fuel consumption. “With the refinery now operational, we can monitor the true consumption of Nigeria. We can track each loaded truck, and for some of our products, we can identify where they are and estimate consumption levels,” he explained.
In April, the Nigerian Federal Government announced that indigenous refineries could now purchase crude oil in either naira or dollars. This move comes alongside a report that Nigeria’s total crude oil and condensate reserves have increased to 37.5 billion barrels as of January 1, 2024, with a life index of 68.01 years.
The Dangote Refinery, once operating at full capacity, has the capability to process 650,000 barrels of oil daily, converting more than half of that output into petrol. This development is expected to enhance Nigeria’s energy sector and reduce reliance on imported fuels.
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“YOU WILL NEVER SEE YOUR MONEY AGAIN!” Ubi Franklin Drops A Bombshell On The Brutal Financial Reality Of The Music Industry!.
Prominent music executive Ubi Franklin has opened up about the daunting financial realities of the industry during his appearance on the EC podcast, labeling the music business as the single riskiest venture he has ever undertaken. Franklin revealed that pushing a single track to the public can easily demand an investment of up to ₦100 million, noting that dropping the song is merely the starting line.....KINDLY READ THE FULL STORY HERE▶
According to him, maintaining momentum requires heavy spending long after release—even if a track successfully goes viral on TikTok—because modern music consumers have exceptionally short attention spans and can lose interest overnight. Highlighting the volatile nature of the industry, Franklin warned that sinking massive amounts of capital into a song offers zero guarantee of a financial return, making it an intensely unpredictable gamble for executives and investors alike.
Reflecting on the grueling economics of the trade, Franklin stated: “Music is the riskiest business I’ve ever done. You need ₦100m to promote one song. Even if TikTok carries it, you still need money to keep it on the charts because people have short attention spans, and there’s no guarantee you’ll get your money back.”
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POLICE MOVE IN: Reality Star Tacha Arrested At Her Lagos Home Over Cybercrime Unit Summons
Big Brother Naija star Natacha Akide, popularly known as Tacha, has reportedly been arrested by the Nigeria Police Force.....KINDLY READ THE FULL STORY HERE▶
According to Best of Nollywood (BON) CEO and movie producer Seun Oloketuyi, the reality star was picked up at her Ajah residence on Sunday morning after allegedly ignoring three separate police invitations issued by the Nigeria Police National Cyber Crime Centre (NPF-NCCC) between May and August 2026. Sources indicate the arrest stems from a viral online video in which Tacha accused an unnamed man of child molestation, rape, and trafficking young people to Europe under the guise of fake scholarships.
In a separate recent interview with Daily Sun, Tacha reflected on her rise in the entertainment and beauty industry, crediting her late mother’s hard work and prayerful nature as her primary driving force. “If she had the same opportunity I have right now, she would do everything I have done and even more,” Tacha shared, noting that her ongoing success is fueled by a desire to keep making her mother proud.
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“HE HAD NEVER TREATED ME THAT WAY”: Hanga Breaks Silence On The Toxic Fallout With Kwankwaso.
Senator Rufai Sani Hanga (Kano Central) has detailed the breakdown of his political relationship with Rabiu Kwankwaso, the NDC vice-presidential candidate, in an interview with Dan’uwa Rano TV.....KINDLY READ THE FULL STORY HERE▶
The rift largely stemmed from Hanga’s massive constituency empowerment program, where he distributed vehicles, rice, fertilizers, and other items. According to Hanga, Kwankwaso grew unhappy with his rising public profile and the scale of the initiatives. Tensions peaked when Hanga hosted the distribution event at a venue associated with Kwankwaso; though the former governor initially agreed to attend, he arrived looking displeased, left for prayers, and never returned.
Hanga recounted that Kwankwaso later confronted him, complaining that the event was designed to court public praise and dismissing the small portion of items allocated to him. Despite Hanga apologizing, he felt deeply disrespected—especially after previous instances where Kwankwaso pressured him to allocate empowerment resources outside his senatorial district.
Concluding that mutual respect had vanished and that Kwankwaso’s dissatisfaction ultimately cost him his return ticket, Hanga remarked, “He has treated others this way, but he had never done it to me until that moment.”
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