FEC Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery

The Federal Executive Council (FEC) presided over by President Muhammadu Buhari has approved the sum of $1.5 billion for the rehabilitation of Port Harcourt Refinery in Rivers state. According to the Minister of State for Petroleum Resources, Timipre Sylva who made this known when he briefed State House correspondents at the 38th virtual FEC meeting, the rehabilitation will be done in three phases of 18, 24 and 44 months.

President Muhammadu Buhari Commissions New NDDC Headquarters

President Muhammadu Buhari on Thursday commissioned the just completed 13 Floor Twin Tower Ultra Modern Headquarters Building of the Niger Delta Development Commission (NDDC) in Port Harcourt, the capital of Rivers State. Mr. President presided over the ceremony virtually from the Council Chamber of the State House in Abuja. Speaking the President applauded the Minister of Niger Delta Affairs, Sen. Godswill Akpabio, for making sure the project is completed. President Buhari recalled that the land where the building is constructed was acquired by the Oil Mineral Producing Areas Development Commission (OMPADEC) in 1996, but was abandoned after series of design amendments.

CBN Introduces New USSD Charges For Customers

The Central Bank of Nigeria (CBN) has introduced new charges for customers using the Unstructured Supplementary Service Data (USSD) services.

Nigerian Stock Exchange Becomes Public Company

The Nigerian Stock Exchange (NSE) has officially become a public company and will henceforth run limited by shares, after consummating a demutualization process that took about 11 years. The development makes the NSE the 57th exchange in the world to embrace transformation since the Stockholm Stock Exchange made the move in 1993. According to PremiumTimes, the NSE will be at liberty to list its own shares and trade them on the bourse with approvals from market watchdogs Securities and Exchange Commission (SEC) and Corporate Affairs Commission (CAC).

Unemployment: Reps Urges FG To Generate Data Bank For Youths

The House of Representatives has urged the Federal Ministry of Youth and Sports Development to collaborate with the Ministry of Labour and Employment to generate a data bank for youths in the country.

NNPC Fails To Remit N4trn Oil Revenue

The Nigerian National Petroleum Corporation (NNPC) and the Office of the Auditor-General of the Federation have today disagreed over the non-remittance of N4.07trillion unremitted revenue into the coffers of the federation Account. The Nigerian oil Giant NNPC was queried by the Senate Public Accounts Committee considering the 2016 report of the Auditor-General office. The Auditor-General office had alleged that a cumulative total of N4.076 trillion operational proceeds the corporation made between 2010 to 2015 were not remitted into the Federation Account by the NNPC as of 31st December 2016.

Petrol Subsidy To Cost NNPC N102.96bn In March Alone

The Nigerian National Petroleum Corporation (NNPC) has disclosed that it will spend N102.96 billion on petroleum subsidy for the month of March considering the new product pricing. Petroleum Product Pricing Regulatory Agency (PPPRA), had on Thursday hinted a new product pricing that the pump price was expected to hit between N209.61 and N212.61/litre for an upper and lower ex-deport price that triggered an uproar by members of the public about the hike in the price of petroleum in the country.

Oil Price Hits $71.28 Per Barrel

Following the 14th meeting of the Organisation of Petroleum Exporting Countries (OPEC), and OPEC+ on Thursday 4th March, the price of crude oil has on Monday risen to $71.28 per barrel in the International market, making it the first time in 2021.

FG Halts Proposed Susupension Of USSD Banking Services

The Federal Government has on Saturday directed Mobile Network Operators (MNO) to halt the impending suspension of the Unstructured Supplementary Service Data (USSD) services. This follows threats issued by telecommunication companies to suspend the services over indebtedness by banks. The directive was given by Dr. Isa Pantami, Minister of Communications and Digital Economy in a statement titled “Impending suspension of USSD banking services put on hold”. The Association of Licensed Telecommunication Operators of Nigeria (ALTON) said it will disconnect the banks from the service by Monday, March 15.

Nigerian Government Signs $1.4bn Deal With Moroccan Investors For Ammonia Production

The Nigerian Sovereign Investment Authority (NSIA) has signed a deal with OCP of Morocco, for the development of a $1.4billion plant for the production of Ammonia and Diammonium Phosphate under its Gas Industrialisation Strategy.