The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated that the Nigerian National Petroleum Company (NNPC) has not reduced the price of premium motor spirit (PMS).

IPMAN’s spokesperson, Chinedu Ukadike, clarified that the ex-depot price of NNPC petrol remains N940 per litre, despite reports claiming a price drop to N860 in Lagos and Abuja.

When asked about the alleged price reduction, NNPC’s spokesperson neither confirmed nor denied the claims. A check on NNPC’s official X account also showed no announcement regarding a price change.

Ukadike emphasized that any adjustment in NNPC’s petrol price would typically be reflected on its portal for marketers, but as of now, there has been no such update.

“The ex-depot price of PMS is still N940 on NNPC’s portal. We have no information about any price reduction,” he said.

Karl Toriola, the Chief Executive Officer (CEO) of MTN Nigeria Communications Plc, stands as the highest-paid CEO in Nigeria, with an annual compensation of ₦850 million in 2022. This figure translates to approximately ₦2.33 million per day, not ₦8.5 million as previously reported.

Toriola’s tenure at MTN Nigeria began in 2006 when he joined as Chief Technical Officer. Over the years, he has held various senior positions within the MTN Group, including CEO roles at MTN Cameroon and MTN Congo Brazzaville. Before his appointment as CEO of MTN Nigeria in October 2020, he served as Vice President for the West and Central Africa (WECA) region.

Under Toriola’s leadership, MTN Nigeria has experienced significant growth. In the first half of 2024, the company reported a 32.8% increase in revenue, reaching $927.07 million. This growth was driven by increased data consumption, voice traffic expansion, and fintech services.

Toriola’s compensation surpasses that of other top Nigerian CEOs. For instance, Michel Puchercos of Dangote Cement earned ₦736 million, and Baker Magunda of Guinness Nigeria received ₦505 million in 2022.

Tesla is launching its plans to enter the Indian market, signaling a significant shift in the country’s automotive landscape. CEO Elon Musk recently met with Prime Minister Narendra Modi.

The company is actively recruiting for key positions and scouting locations for showrooms in major cities like Mumbai, Delhi, and Bangalore, with plans to commence sales in the third quarter of 2025.

This has caused unease among local automakers, who are concerned about retaining affluent customers despite Tesla’s potential market entry.

The Indian electric vehicle (EV) market faces challenges, including high vehicle prices and insufficient charging infrastructure.

Tesla’s advanced technology could give it an edge, but high import duties may push prices to around 3.5 million rupees ($40,377), compared to an average of 1.2 million rupees for Indian cars.

In response to these challenges, the Indian government has introduced a new EV policy to attract foreign automakers like Tesla.

The policy offers reduced import tariffs for companies investing in local manufacturing, requiring a minimum investment of $500 million.

However, only 5% of this investment can be allocated to charging infrastructure, emphasizing the government’s focus on vehicle production.

Financial markets have reacted to Tesla’s impending entry. Indian auto stocks experienced minor gains, with the Nifty 50 rising by 0.13% and the BSE Sensex increasing by 0.24%.

Financial stocks gained 0.3% after a 2% slide over the previous three sessions. However, market sentiment remains cautious due to global trade uncertainties and concerns over increased competition.