Nigerians using naira to buy dollars will be arrested; it’s illegal: CBN “For those taking money from banks to buy dollars, it is illegal to do so. If the security agencies hold you, you will know the implication of that,” Godwin Emefiele, CBN governor, said Tuesday at the Monetary Policy Committee (MPC) meeting in Lagos. … [Read more…]
NNPC now free from institutional regulations- Buhari President Muhammadu Buhari on Tuesday officially unveiled the Nigerian National Petroleum Company Limited and declared that the new entity was henceforth free from institutional regulations. Buhari, who made this public at the Presidential Villa, Abuja, stated that the oil firm would conduct itself under best international business practices. … [Read more…]
Unofficial deregulation: Fuel marketers dare FG, raise price above N165/litre Strong indications that fuel markets may have settled for an unofficial deregulation with majority of filling stations selling Premium Motor Spirit (PMS), popularly called petrol above the officially approved pump price of N165 per litre. Their decision may not be unconnected with what they termed … [Read more…]
The Major Oil Marketers Association of Nigeria, MOMAN, said the regulated N165 pump price for Premium Motor Spirit, PMS, also known as petrol, was no longer realistic. Chairman, MOMAN, Mr Olumide Adeosun, stated this during a virtual consumer protection workshop for oil marketers by the Federal Competition and Consumer Protection Commission, FCCPC, in Lagos, yesterday. … [Read more…]
Enugu govt hails “We can do it in Nigeria” spirit of Ingrace Motors …Reiterates support for indigenous companies …As automobile firm donates sample vehicle to government Louis Amoke The Enugu State government has expressed delight at the commitment of Ingrace Group in promoting indigenously manufactured vehicles in Nigeria. Speaking when a delegation from Ingrace Motors … [Read more…]
These are challenging times for the federal and state governments as one major source of income to the federation account seems to be totally cut off. On Monday, The National Petroleum Company Limited (NNPC) revealed it failed to remit monies to the federation account in May 2022 despite making N470.61 billion. This is the fifth … [Read more…]
Former President Olusegun Obasanjo, has charged stakeholders in the Liquefied Petroleum Gas (LPG) sub-sector, popularly called cooking gas to ensure that they put Nigeria’s interest first. Obasanjo made the plea at 2nd West Africa LPG Expo and Nigerian Liquefied Petroleum Association (NLPGA) Summit 2022 held in Lagos at the weekend. The ex-president’s plea came on … [Read more…]
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has instructed its members not to sell Premium Motor Spirit (PMS), also known as petrol, for more than the approved pump price of N165 per litre. This comes as a reversal of its earlier directive to its members to sell petrol at N180/litre. Recall that the Lagos … [Read more…]
By Ikenna Igwe For the most part in Nigerian politics, candidates have been known to play the identity politics game, where the focus is largely on ethnic affiliation, political parties and defacement of an opponent’s name and reputation. We hardly see election candidates debate on things in the line of a sustainable economic goal. In … [Read more…]
The cryptocurrency market has hit new lows as Bitcoin fell below $20,000 for the first time since 2020. On Saturday morning, the price of a Bitcoin dipped below $20,000, a threshold regarded as a crucial support level for the cryptocurrency. At the time of filing, Bitcoin is trading at $19,249 according to Coinbase. The second … [Read more…]
African Export Import Bank (Afreximbank) has announced the disbursement of a $150 million finance facility to First Bank of Nigeria Limited under its Pandemic Trade Impact Mitigation Facility (PATIMFA). FirstBank, in a statement, explained that the money will be accessible to its customers that are involved in the manufacturing and importation of products and equipment … [Read more…]
Access Bank Plc has entered into an agreement to acquire the entire 83.4 per cent equity stake held by Centum Investment Plc, a Kenyan-based investment company, in Sidian Bank Ltd, for the sum of about N15 billion ($37 million). Access Bank disclosed the acquisition in a statement sent to the Nigerian Exchange Limited, NGX on … [Read more…]