BUSINESS
It’s Illegal For NNPCL To Fix Price Of Dangote Refinery Petrol – Falana
Human rights lawyer, Femi Falana, SAN, says it is illegal for the Nigerian National Petroleum Company Limited, NNPCL, to determine the price of Premium Motor Spirit, also known as petrol, for the Dangote Refinery after deregulation. Falana, who said this in a statement on Tuesday, added that the action of the NNPCL contravenes Section 205 of the Petroleum Industry Act,...
FG Changes Aviation Ministry’s Name, States Reasons
The Federal Government on Wednesday renamed the Ministry of Aviation to the Ministry of Aviation and Aerospace. The Minister of Aviation, Hadi Sirika said that aviation and aerospace were intertwined and Nigeria had the need to proactively set its policies to align with future occurrences. The Minister made the announcement at the sidelines of the Federal Executive Council meeting presided over...
NNPCL Confirms 1.5bn Litres Of Petrol In Stock, Moves To Fight Hoarding
The Nigerian National Petroleum Company (NNPC) Limited has engaged security agencies and other industry stakeholders to dismantle cartels suspected to be hoarding petrol across the country. The company said that as the nationwide supply and distribution of Premium Motor Spirit (PMS), also known as petrol, continue to improve, it has products that can last for 30 days. The Chief Corporate Communications...
Buhari Appoints Madein Substantive Accountant General Of The Federation
President Muhammadu Buhari has approved the appointment of Oluwatoyin Sakirat Madein as the substantive Accountant General of the Federation, AGF. This was contained in a statement, dated 19th May, 2023, and signed by the Director, Communications, Mohammed Abdullahi Ahmed, on Friday, in Abuja. The Head of the Civil Service of the Federation, Dr. Folasade Yemi-Esan, stated that the appointment took effect...
Lagos Releases 20,000 Bags Of Eko Rice, Tags 50kg At N43k, 25kg For N22k
Lagos State Government has concluded plans to release additional 20,000 bags of Eko Rice for distribution to various designated markets for the period of Yuletide in the month of December. The state government, while saying that 20, 000 bags had earlier been released in the month of November, added that the number represent 10 per cent of total requirement of...
Ministry Of Mines Seeks Partnership With SEC On Exploration Of Mineral Resources
As part of efforts to develop and grow the sector and use it as an alternative source of revenue generation for the country, the Ministry of Mines and Steel Development is collaborating with the Security and Exchange Commission (SEC) for funds mobilization to boost exploration in the sector. Minister of State Mines and Steel Development Dr. Uchechukwu Sampson Ogah made...
Over 5,000 Debtors Owe FG N5.2trn, Says Finance Minister
Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed has said the Federal Government will enforce the recovery of N5.2 trillion debt owed by over 5,000 debtors through various Ministr...
Price Of Bread To Rise In Nigeria As Russian-Ukrainian Face Off Continues
The price of bread, one of the most commonly eaten staples in most Nigerian homes is set to rise if the current Russian-Ukrainian war persists. Russia is the world’s largest exporter of wheat, accounting for more than 18 per cent of international exports. The downside to the war is that if supply from Russia is distorted for whatever reason, Nigeria could...
Naira Depreciates 1.4% Amid CBN’s FX Sales Deadline Extension
At the official market on Monday, the value of the naira dropped, trading at N1,495.60 to the US dollar. Data from the FMDQ Security Exchange official forex trading platform revealed that the naira lost N20.82. This represents a 1.4 percent loss when compared to the previous trading day on Friday, Jan. 31, when the local currency closed trading at N1,474.78 to...
CBN Devalues Naira To 630/$1
The Central Bank of Nigeria (CBN) has depreciated the Naira to N631 per dollar, up from N461.6 sold at the Importers and Exporters (I&E) window the day before, according to Daily Trust. The devaluation occurred 48 hours after President Bola Ahmed Tinubu announced federal government plans to unify the country's exchange rate in order to promote the economy. In his inaugural...
