Business
Microsoft to shut down West Africa operation in Nigeria

In a major blow to Nigeria’s tech sector, reports suggest that Microsoft is considering shutting its African Development Centre based in Lagos.
This move, if confirmed, would mean that at least 200 staff would be out of a job.
It would also have profound implications for the country’s technological landscape, potentially impacting job opportunities and innovation in the sector.
According to industry insiders who spoke to The Guardian newspaper on Tuesday, May 7, Microsoft informed staff on Monday, May 6, of the closure plans.
Affected employees are slated to receive salary payments up until June and will continue to be covered by health insurance.
Sources suggest Nigeria’s challenging economic conditions likely played a role.
The closure appears to affect only the ADC’s West Africa operations in Nigeria, not its East Africa facility in Nairobi, Kenya.
Microsoft launched its $100 million African Development Centers initiative in 2019, establishing facilities in both Lagos and Nairobi.
The Nigeria centre employed over 120 engineers upon launch in 2022, growing to more than 200 total staff members.
Business
Ogun filling stations sealed for under-dispensing fuel
The Ogun State office of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has launched a crackdown on fuel stations found guilty of under-dispensing fuel to customers.
Several stations in the Sagamu area were sealed as part of the authority’s efforts to curb sharp practices in the state.
Leading the enforcement team during surveillance operations in Abeokuta and Sagamu, Akinyemi Atilola, the state coordinator of NMDPRA, emphasized that the action was necessary to protect consumers and ensure they receive value for their money. He warned fuel station owners against engaging in unlawful practices, stating that those found culpable would face strict penalties.
Atilola assured the public that the regulatory body remains committed to safeguarding consumer rights through best practices.
“We need to ensure that the quantity of fuel being dispensed is accurate so that customers get what they pay for. We will continue to monitor these stations and take action against anyone compromising quality and quantity,” he said.
He further stressed that fuel stations found guilty of under-dispensing would face severe sanctions, noting that consumers should not have to pay as high as N980 per litre and still experience shortages.
Business
Dangote reduces diesel price to N1,020 per litre

Dangote Petroleum Refinery and Petrochemicals (DPRP) has reduced the cost of its diesel product to N1,020 per litre down from N1,075 per litre a reduction of N55 which it said is an effort to better serve its customers and Nigerians in general.
Since it began diesel production in January 2024, the Refinery has reduced the price of diesel more than three times, from an initial N1,700 per litre to the current rate, thus providing much-needed relief to manufacturers and consumers alike.
The latest reduction for diesel follows the revelation by Development Economist and Public Policy Analyst, Professor Ken Ife, that the Dangote Petroleum Refinery sacrificed over N10 billion to ensure the availability of petrol at a uniform price across the country during the yuletide period.
Professor Ife also praised the Refinery for setting a new benchmark in Nigeria’s energy sector by unlocking vast opportunities for export revenue.
Speaking on the transformative impact of the refinery on Arise TV, the don explained that for years, the equalisation fund had been responsible for managing the price differentials and transportation costs involved in distributing petroleum across the country.
However, it has been reported that the fund owes marketers over N80 billion, according to the development analyst.
“What has actually happened is that the president has shifted the subsidy burden away from the public purse and onto the private sector. The equalisation fund, which was meant to cover the price differential and transportation costs, plays a crucial role.
“If petroleum is to be sold across the country at a set price, then transportation costs must be accounted for to ensure this is possible. That’s the purpose of equalisation. However, the equalisation fund is reported to owe around N80 billion to the marketers, and this issue is still under discussion.
“During the Christmas season, which is traditionally the most challenging period, we often face shortages of petroleum, petrol hoarding, and arbitrary price hikes, all of which impact the cost of food. In response, during this last yuletide, the Dangote Group made the decision to absorb the costs.
“They equalised the price themselves, at a cost of over N10 billion. In doing so, they effectively absorbed the subsidy,” the Professor said.
He also added that the facility is steering Nigeria away from its traditional focus on Premium Motor Spirit (PMS) towards a diversified range of petroleum-based exports.
He added that with major international players such as BP and Saudi Aramco purchasing refined products from Nigeria, the country is swiftly becoming a key player in the global petroleum market while expressing confidence that Nigeria is on the path to self-sufficiency in petroleum products thus simultaneously positioning itself as an energy export powerhouse.
Banking
Africa Energy Bank to launch in first quarter, targets $120 billion asset base

The Africa Energy Bank, which will fund oil and gas projects and support the continent’s energy transition goals, will launch in the first quarter of 2025 and target an asset base of $120 billion, Nigeria’s junior oil minister said on Tuesday.
The fossil fuel-focused bank, a partnership between trade finance institution Afrexim Bank and the African Petroleum Producers Organization, was due to start operations by mid-2024, an Afreximbank official said last year.
“The building is ready, and we are only putting finishing touches to it, by the end of this quarter, this bank will take off,” said Nigerian junior oil minister Heineken Lokpobiri.
The minister joked that Nigeria too will follow U.S. President Donald Trump’s mantra on increasing oil drilling and remove all impediments to grow oil production to 2.5 million barrels per day this year. Currently Nigeria’s crude output averages 1.7 million bpd.
Nigeria, Africa’s top oil producer, beat three rival African countries for the right to host the multilateral lender.
(REUTERS/POLITICALE)
-
News4 days ago
Lagos Signs MoU With Summa Group To Construct Lekki-Epe Int’l Airport
-
International5 days ago
Wreckage of plane missing in Alaska found on sea ice; all aboard dead
-
Entertainment4 days ago
Ogun Govt warns Portable against assault on officials
-
News4 days ago
SARS remains dissolved- Police
-
News5 days ago
Nobody should beg Tinubu’s govt for my release — Nnamdi Kanu
-
Politics4 days ago
Kwankwaso, Aregbesola Meet In Lagos
-
Health5 days ago
Nigeria reports 41,000 diphtheria cases
-
News4 days ago
Police confirm killing of ECWA pastor in Gombe
-
News5 days ago
Abducted Edo traditional ruler regains freedom
-
News4 days ago
SERAP drags Tinubu to court over alleged N167bn projects fraud
-
News5 days ago
FG announces traffic diversion on popular Lagos bridge over structural defects