Blackout: NNPC To Set Up Gas Power Plant In Maiduguri

The Nigerian National Petroleum Corporation (NNPC), in collaboration with other companies, has concluded a plan to establish a gas power plant to address the power outage in the state capital and its environs.

Buhari Launches $3.2BN PortHarcourt-Maiduguri Railway Project

President Muhammadu Buhari has on Tuesday launched the $3.2 billion rehabilitation and reconstruction of PortHarcourt-Maiduguri eastern narrow gauge railway project, Bonny deep seaport, and railway industrial park in PortHarcourt, Rivers State in efforts to revive the eastern railway corridor and improve the Nation’s economy.

Banks, MTN Reach Agreement, Restore USSD Services

Deposit Banks in Nigeria have lifted the ban placed on MTN subscribers, restricting over 75 million customers from recharging their lines using the Unstructured Supplementary Service Data (USSD) following an intervention by the Minister of Communication and Digital Economy, Dr. Isa Pantami, and the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele. Banks had on Friday blocked MTN subscribers, leaving millions unable to recharge their lines or data plans with Easter celebrations days away.

Forex Reposition: CBN Unveil Reward For Dollar Remittance Into Nigeria

The Central Bank of Nigeria has unveiled a new policy call “Naira for Dollar” to attract more Diaspora remittance into Nigeria's economy. The policy is set to commence by Monday, March 09, 2021, for the next 60 days from the assumed date. It will work such that every $1 US dollar received in Nigeria from Diaspora will earn the sender N5 naira.

Nigerian Customs Raises Alarm Over Smuggling Of Rice With Donkeys and Camels

The Comptroller General of the Nigeria Customs Service (NCS), Strike Force Unit has informed that smugglers now make use of Cattle, camels, vehicles fuel compartment, used tyres, and booths to smuggle rice and other dangerous goods into the country. The service also said it raised debit notes worth N1 billion from importers, Shippers, and clearing agents in the last three months. Speaking on Wednesday, the Officer In charge of the unit, DC Ahmadu Bello Shuaibu, said the amount generated would have been lost to smugglers, fraudulent importers and clearing agents who under-declared their cargoes at the seaports.

FG To Begin Oil Production In Northeast – Sylva

The Minister of State for Petroleum Resources, Timipre Sylva has on Monday disclosed that the Federal Government plans to commence oil production in the Northeast. “I have said it a few times that we have found oil in the northeast and we have started drilling activities in the Lake Chad Basin,” he said. “I don’t know how the discovery of oil in the area will impact all the issues there but on our side, we believe that in a very short time, we will start production.” Speaking in an interview on Channels Television, the minister expressed dismay over the negative impact the COVID-19 pandemic has placed on the world, including the oil and gas industry.

Cryptocurrency: Indian Government Set To Criminalise Trading

A senior government official in India has hinted that the country is proposing a law that will ban crypto trading and will punish anyone found holding such digital asset. The bill, considered as one of the world draconian policy against digital currency is set to criminalise its possession, issuance, and mining, trading and transferring crypto-asset to anyone within the shores of its country. Although the proposed law has raised investors hope as the agenda was to pave way for the government to have a grip on the market. 

CBN Orders Banks To Close Cryptocurrency Accounts

The Central Bank has ordered banks and other financial institutions to identify persons and entities operating cryptocurrency exchanges and close all such accounts. It stated that dealing with cryptocurrencies and facilitating payments through them is illegal in the country. This was disclosed in a circular titled ‘Letter to all Deposit Money Banks, non-bank financial institutions and other financial institutions’ Friday.

FG Returns Fuel Subsidy, PPPRA Sets Price At N212.61 In Released Guide

Following the release of the latest PMS Price guide with fuel price set at N212.61 by the Petroleum Products Pricing Regulatory Agency (PPPRA), the Federal Government has officially confirmed the return of fuel subsidy. According to the PPPRA’s PMS Price guide for the month of March, the set price is expected to run between March 1st and March 31st, 2021. However, petrol is still sold at 170 across filling stations, indicating that the Nigerian National Petroleum Corporation (NNPC) spends about N42 to subsidise PMS for Nigerians.

Oil Price Jump Above $58.17pb As OPEC And Non-OPEC Members Agrees To Production Cut

Oil price in the world market had yesterday appreciated above $58.17 having all Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members accepted to cut their output. Accordingly, the price of Brent crude rose to $58.17 per barrel, making up to $2 above the previous day's price.