Tue, Jan

Petrol Subsidy: No Remittance For Federation Account In Month Of May - NNPC Groans

As the Nigerian government is planning on revenue diversification to increase its income into the federation account, Nigerian National Petroleum Corporation, NNPC has hinted that its corporation cannot remit anything to the federation account in the incoming month of May.

CBN Cautions DMOs, BDCs Against Rejecting Old, Lower Denomination Of USD Bills

The Central Bank of Nigeria (CBN) has issued a strong warning to Bureau De Change operators who reject old and lower denomination of the United States dollar bills. CBN in a circular signed by its director, currency operations department, Ahmed Umar, threatened to sanction deposit money banks and authorized BDCs who are found guilty. The apex bank directed all DMOs, BDCs, and the general public to accept both old series and lower denominations of USD that are legal tender. “The Central Bank of Nigeria (CBN) has in recent times been inundated with complaints from members of the public on the rejection of old/lower denominations of US dollar bills by Deposit money banks (OMBs) and other authorized forex dealers,” the bank said in a statement Tuesday.

Alleged N60bn Printing: Obaseki Lied Says FG

The Federal Government has slammed the comment of Edo state Governor, Godwin Obaseki that the Federal Government printed N60billioin naira to argue the money given to state governors in March.

Motorists Groan As Queues Return To Filing Stations In Abuja

Just a month after normalcy returned after the scarcity of Premium Motor Spirit (PMS), hit major cities across Nigeria, the long queues have resurfaced in Abuja. A visit to some petrol stations on Monday revealed massive thronging of cars and petrol buyers, while some of the stations were shut down. Motorists at some of the filing stations decried the unfortunate situation lamenting that apart from the fact that it is causing distress, is ill-timed. The NNPC however advised against panic buying, saying petrol will be available in all depots across the country.

SEC Declares Chaka, Bamboo, Others Illegal Trading Platforms

The Security and Exchange Commission (SEC) has declared operations of some Nigerian fintech platforms including Chaka, Trove, Bamboo, and Risevest as illegal, saying the platforms allow Nigerians to trade and invest in stocks listed on the Nigerian foreign stock exchanges without necessary registrations. The commission disclosed this in a statement issued on Thursday, explaining that “The attention of the Securities and Exchange Commission (the Commission) has been drawn to the existence of several providers of online investment and trading platforms which purportedly facilitate direct access of the investing public in the Federal Republic of Nigeria to securities of foreign companies listed on Securities Exchanges registered in other jurisdictions.

Dangote Sugar Invests $700m On BIP In Nasarawa

With a national annual import of over $337 million, the management of Dangote Sugar Refinery Plc has declared its commitment to the Backward Integration Policy (BIP) of the federal government to reverse the trend and make Nigeria self-sufficient in sugar production.

Traders Lose Millions To Midnight Fire At Araromi Market Ibadan

The largest auto parts market in Ibadan, Araromi market at Agodi Gate, has been gutted by fire leaving several shops and properties destroyed. Traders wailed as the fire which started about 11.00 pm on Friday night raged on for many hours. The cause of the fire that destroyed tires, engines, and car materials is yet to be ascertained.

NNPC Plans To Complete Borno Gas Plant In Four Months

The Nigeria National Petroleum Corporation (NNPC), Group Managing Director (GMD), Mele Kyari has said the oil corporation has targeted four months for the completion of the gas-powered electricity facility in Borno State. The GMD made the assertion while on a visit to the Governor of State, Babagana Umara Zulum, saying that the gas plant is to serve as an alternative to the vandalism of on-grid electricity facilities by Boko Haram insurgents. He added that the Federal Government is concerned about the discomfort residents of Borno State have experienced due to lack of electricity, also noting that President Muhammadu Buhari to intensify gas power consumption especially in the domestic market of the country.

Economy Biting Hard, Introduce Stimulus – Tinibu Urges Buhari

The National Leader of All Progressive Congress (APC), Asiwaju Bola Tinibu says Nigerians are tired of fasting, urged President Buhari to introduce a stimulus package into the economy instead of preaching austerity measure.

Minister Sale Mamman Apologizes Over Power Outage

The Minister of Power Engr. Sale Mamman has tendered an apology to all Nigerians affected by the power outage currently being experienced across the country. Engr. Mamman who described the situation as unfortunate said the outage is due to gas constraints, maintenance of Jebba Plant, and water shortage management in Shiroro plant. His Special Adviser on Media, Mr. Aaron Artimas, disclosed this in a statement on Thursday in Abuja. The statement reads; “The Ministry of Power is not unaware of the current power outages/shortages bedeviling many parts of the country.

NNPC Records N24.19BN Trading Surplus In December

The Nigeria National Petroleum Corporation (NNPC) has on Thursday said it recorded an increase of N24.19 billion trading surplus in December 2020, compared to the N13. 43 billion surplus in November of the same year. The National oil corporation made this known in its Monthly Financial and Operation Report (MFOR) on Thursday, saying the amount represented about 80.12 per cent trading surplus. The operating revenue of NNPC in December 2020 as compared to November increased by 33.44 per cent or N137 billion, making it N546,65 billion.

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