Exclusive Reports

Thu, Apr

FG Unbundle's DisCos Along State Lines

Minister of Power, Adebayo Adelabu, disclosed that the Federal Government (FG) has commenced the unbundling process for 11 electricity distribution companies (DisCos) along state lines. The minister who made this disclosure while hosting the Senate Committee on Power, led by their Chairman, Senator Eyinnaya Abaribe, in Abuja on Monday, stated that the reason for the unbundling is for better efficiency.

Naira Opens Below N1000/$

After ranking as the second worst currency in February 2024, the naira has surged to become one of the top-performing currencies in recent weeks, all thanks to its bullishness despite the dollar's recent aggressive climb. Early in the day, the Naira opened at some areas of the parallel market below N1000 to a dollar. Experts claim that through several FX reforms and interventions, the Central Bank of Nigeria (CBN) has liberated dollar liquidity and is the primary cause of the Naira's bullishness.

Dangote Refinery Commences Diesel, Aviation Fuel Sale

Following the commencement of sales of Automotive Gas Oil (diesel), and aviation fuel by Dangote Petroleum Refinery, the pump price of the diesel has crashed from N1,700/litre to about N1,350, in some locations across the nation. It was gathered that the $20bn worth of Nigeria-based refinery began pumping out diesel to the domestic market days back, and has sold over a million litres to each registered oil marketer that acquired the product from the plant since it started the diesel sale.

FG Extends Eid-El-Fitr Holidays To Thursday, April 10

The Federal Government has extended the Eid-El-Fitr holiday to Thursday April 11, 2024 as addition to the earlier declared 9th and 10th April, to celebrate the end of the holy month of Ramadan. Dr Aishetu Gogo Ndayako, the Permanent Secretary, Ministry of Interior, announced this in a statement on Tuesday.

P/Harcourt Refinery, Others May Suffer Crude Starvation - Minister

The Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, has once again expressed fear that the newly inaugurated Dangote Petrochemical Refinery, Port Harcourt Refinery, Warri Refinery, Kaduna refinery and modular refineries in the country may not get enough crude oil locally for the production of petroleum products without increase in production in the sector.

NERC Directs DisCos to Refund Customers Wrongful Billing, Gives April 11 Deadline

The Nigerian Electricity Regulatory Commission, NERC, has given 11 electricity distribution companies till April 11, 2024, to refund customers wrongly billed at the new rate. This was contained in a document signed by Abba Terab, the DGM, Market Competition, and Rates for the commission and made available on Saturday in Lagos. The refund, NERC said, should be through energy tokens no later than April 11, and file evidence of compliance with the Commission by April 12. It also directed all Electricity Distribution Companies to provide as much clarity as possible to all affected customers.

Federal Government Files Tax Evasion Charges Against Binance

In line with its policy of upholding fiscal responsibility and safeguarding the economic integrity of the country, the Federal Government has initiated criminal proceedings against Binance, a prominent cryptocurrency exchange platform. The charges, filed at the Federal High Court in Abuja, were announced on Monday by the Federal Inland Revenue Service (FIRS).

NIMC to Introduce National ID Card with Payment, Social Service Features

Through the National Identity Management Commission (NIMC), the Federal Government has revealed its plan to introduce a new national identity solution with payment functionality, which will be suitable for all types of social and financial services powered by AfriGO, a national domestic card scheme. This development was confirmed in a statement by NIMC's head of Corporate Communication, Mr. Kayode Adegoke on Friday, stating that the new scheme is in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS). The National ID card, he said, is layered with verifiable National Identity features and backed by the NIMC Act No. 23 of 2007, which mandates NIMC to enroll and issue a General Multipurpose card (GMPC) to Nigerians and legal residents.

President Tinubu Reaffirms His Stance Against Food Importation 

President Bola Ahmed Tinubu has strongly reaffirmed his administration’s position  against importing food commodities into Nigeria even as food prices continue to escalate unabatedly thereby worsening food crises and inflation rates. President Tinubu revealed this in a statement at a meeting with the Forum of State Chairmen of the All Progressives Congress (APC) at the State House in Abuja on Friday. Nigeria’s food inflation rate according to the latest figures from the National Bureau of Statistics, has soared to a concerning 37.92% as of February 2024, prompting speculation that importing food could swiftly alleviate nationwide food price pressures. 

IWD: SMEDAN Unveils New Brand, Pledges Support For Female Entrepreneurs

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in a bid to grow more businesses has unveiled a new brand to reposition the agency towards achieving its mission of job creation, rural industrialization, and livelihood enhancement through sustainable development of the Small and Medium Enterprises (SMEs) sub-sector.

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