SECTOR INSIGHT

NNPCL Pegs ex-Depot Price at N479.50 Per Litre

The Nigerian National Petroleum Company Limited (NNPCL) has released a new ex-depot price of N479.50 per litre of Premium Motor Spirit (PMS) petrol to the marketers. It was also gathered the marketers are not against the removal of subsidy but are worried that the…

15 hours ago 0Comments

Developer Of Demolished Hotel Demands N10bn Compensation From Kano Govt

Lamash Properties Limited, the developers of Daula Hotel, has announced its intention to sue the Kano State Government, demanding a compensation of N10 billion for the demolition of their properties. In a statement to reporters on Sunday, the company’s director of sales, Aliyu…

1 day ago 0Comments

Nigeria Agrees to Cut Oil Production to Stabilise Crude Supply Market

Nigeria has agreed to cut its Organisation of Petroleum Organisation (OPEC) crude production, to ensure global oil market stability, a statement by the country’s delegation to the meeting in Vienna, has said. Alongside other African countries which have struggled in the last few…

2 days ago 0Comments

NNPC To Discontinue Crude Swap, Targets Cash Payments For Petrol Imports

With the removal of subsidy on petrol in the country, the Nigerian National Petroleum Company Limited (NNPC) is set to discontinue crude oil swap in favour of cash payments for petrol imports. To this effect, the company is is winding down crude oil…

2 days ago 0Comments

CBN Fines First Bank for Fraudulent Dealings, Accounts

The Central Bank of Nigeria (CBN) fined FBN Holdings subsidiary, First Bank of Nigeria Limited, N13.5 million for fraudulent dealings and other contraventions in 2022. In a statement obtained on Saturday from FBN Holdings’ financial statements, released on Friday, it was revealed that…

2 days ago 0Comments

We Won’t Fix Petrol Prices Again – NMDPRA

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it will no longer fix prices or release templates for Premium Motor Spirit (PMS). Authority Chief Executive (ACE), Mr Farouk Ahmed, who said this at a news conference in Abuja on Friday, said…

3 days ago 0Comments

Marketers Will be Given Opportunities to Join NNPC in Fuel Importation – Kyari

Group Managing Director of the Nigerian National Petroleum Company Limited, (NNPCL) Mele Kyari has assured that other players in the downstream sector of the oil industry will be given adequate leverage to join the oil giant in the importation of Premium Motor…

5 days ago 0Comments

CBN Refutes Claims Of Naira Devaluation, Says $1/N465 Remains

The Central Bank of Nigeria (CBN) has reacted to reports claiming that it has devalued the naira to about 630 naira to a dollar. The report of the currency devaluation was earlier reported by one of the national dailies. However, in statement on Thursday,…

01/06/2023 0Comments

CBN Devalues Naira To 630/$1

The Central Bank of Nigeria (CBN) has devalued the Naira to N631 to the dollar from N461.6 it sold at the Importers and Exporters (I&E) window the previous day. The devaluation came 48 hours after President Bola Ahmed Tinubu announced the plans of…

01/06/2023 0Comments

NNPC Adjusts Petrol Pump Price As Fuel Queues Surge

The Nigerian National Petrol Company (NNPC) Limited has confirmed the hike in the pump price of Premium Motor Spirit also known as petrol. The price adjustment by the NNPC is coming some 48 hours after President Bola Tinubu announced an end to the…

31/05/2023 0Comments

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