Nigerian National Petroleum Corporation (NNPC) has said the country lost $1.5 billion worth of crude oil, which represents about 250,000 barrels of crude per day, to oil theft between January and March 2022. NNPC Group Managing Director (GMD), Mele Kyari, stated this, yesterday, in Abuja, at an interactive session with House of Representatives Committee on … [Read more…]
Access Bank, Stanbic IBTC Bank and United Bank for Africa have been slammed with an N800 million fine by the Central Bank of Nigeria over flagrant disregard to existing regulations outlawing consumers from transacting in crypto currencies. According to Bloomberg, the sanctions were part of the CBN’s deterrence to ensure banks’ compliance; just as the … [Read more…]
House of Representatives, Tuesday, resolved to investigate the sharp increase in the price of diesel also known as AGO. It therefore mandated its Committees on Petroleum Resources (Downstream), Petroleum Resources (Upstream), and Gas Resources to handle the assignment with a view to ensuring that a reasonable price is fixed to alleviate the sufferings of Nigerians. … [Read more…]
An indigenous player in the energy sector, Mr. Victor Ekpenyong, has urged the federal government and oil firms to maximise oil production and leverage on the expertise of Nigerian tech firms to check oil theft. Ekpenyong, who made the call in an interview with newsmen on Sunday, noted that there was a need to raise … [Read more…]
The Central Bank of Nigeria (CBN), at the weekend, warned Deposit Money Banks (DMBs) to immediately desist from bringing mutilated banknotes as part of their deposits. Composed banknotes or mutilated Naira notes comprise several parts of different banknotes of the same denomination. The parts of such currency notes are usually put together with the intention … [Read more…]
The Maritime Workers Union of Nigeria, MWUN, has raised the alarm over increasing security threats at the port formations and private jetties across the country, saying they have become very porous for vessels laden with dangerous cargoes such as illicit drugs, arms and ammunition, among others. MWUN blamed the absence of Tally clerks and onboard … [Read more…]
Tomato Jos Farming and Processing Limited, has launched its Tomato Jos paste variant into the Nigerian market. The new tomato paste variant, packaged in a 65-gram sachet, is produced directly from fresh tomatoes grown in the country, thereby guaranteeing superior flavour and colour. It is the company’s first consumer product since the commencement of operations … [Read more…]
Buhari to inaugurate Dangote fertiliser plant, inspect new seaport in Lagos President Muhammadu Buhari will on Tuesday make an official visit to Lagos to inaugurate the Dangote fertilizer plant, event schedule of his Lagos’ itinerary sighted by Peoples Gazette on Sunday reveals. Mr Buhari is expected to take a factory tour of the Dangote TPA … [Read more…]
The Manufacturers Association of Nigeria (MAN), has called for Federal Government’s urgent intervention to support the production of goods, as cost of diesel hits N720 per litre. Mr Lanre Popoola, the Chairman, Manufacturers Association of Nigeria (MAN), Oyo, Osun, Ekiti and Ondo branches, stated this in Ibadan on Sunday, while speaking on the increase … [Read more…]
As the Federal Government makes effort to clear the long queues occasioned by petrol scarcity brought about as a result of supply of adulterated petrol, President Muhammadu Buhari has approved the sanctioning of those responsible . Last month, the government had said methanol, a substance that is usually present in petrol, found in the … [Read more…]
Domestic airlines are currently groaning under acute scarcity of aviation fuel, popularly called Jet A1, with only few operators getting supplies from marketers. This is just as the Chief Executive Officer of Cleanserve Energy, a major marketer of Jet A1, Mr Chris Ndulle, told Vanguard that the current price of crude oil in the … [Read more…]
The Federal Government has approved a 25 percent increase in freight rate for petroleum products, raising it from N9.5 per litre to N11.87/litre, the National President of the Nigerian Association of Road Transport Owners (NARTO), Alhaji Yusuf Othman has disclosed. Alhaji Othman who disclosed this at NARTO’s 22 Annual General Meeting in Abuja, yesterday, … [Read more…]