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Business
Low Crude Supplies Pose Difficulties for Dangote, Port Harcourt Refineries
The Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, has said the newly inaugurated Dangote Petrochemical Refinery, Port Harcourt Refinery, Warri Refinery and modular refineries in the country may not get enough crude…
NNPCL Unveils Long-Term Strategy to Address Fuel Supply Challenges
The Nigerian National Petroleum Company Limited (NNPCL) has assured Nigerians that the country’s energy scarcity will be over in the next 10 years.
The NNPCL Group Chief Executive Officer, Mele Kyari, disclosed this Tuesday at the…
CBN Resumes Dollar Sales to Bureau De Change Operators
The Central Bank of Nigeria (CBN) has announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country.
This is coming more than two years after the suspended former CBN…
Housing Minister Accuses Cement Manufacturers of Exploiting Dollar Rise to Hike Prices
Minister of Housing and Urban Development, Ahmed Dangiwa, has accused cement manufacturers of taking advantage of the Nigerian currency fall against the dollar to hike cement prices.
On Monday, naira plummeted further against the…
CBN Tightens Grip on FX: Oil Companies Must Now Wait 90 Days for Half of Proceeds
The Central Bank of Nigeria (CBN) has stopped international oil companies from repatriating 100% foreign exchange proceeds to their mother companies overseas at once.
The apex bank said international oil companies can repatriate 50%…
CBN Gov Cardoso Raises Red Flags Over $2.4 Billion Discrepancies in Forex Obligations
Central Bank of Nigeria (CBN) Governor Yemi Cardoso, in an interview on AriseTV on Monday, revealed startling findings from a forensic audit of foreign exchange obligations, uncovering discrepancies amounting to $2.4 billion. He stated…
CBN Denies Plans to Convert Domiciliary Deposits to Naira: Calming Fears or Raising Doubts?
The Central Bank of Nigeria (CBN) has moved swiftly to quell rumors circulating online about plans to convert $30 billion in domiciliary deposits to naira. In a concise statement posted across its social media channels on Saturday, the…
Dangote Refinery Gears Up: Oil Marketers Register for Product Distribution
The Dangote Petroleum Refinery and Petrochemicals has registered three oil marketers’ associations for distribution of diesel and aviation fuel.
In a post on X (formerly Twitter) on Tuesday, the company owned by Africa’s richest man,…
Nigeria’s Shifting Electricity Landscape: New Tariffs, Subsidies, and Uncertainty
Nigeria's electricity sector entered a new chapter on Wednesday, January 17, as the Nigerian Electricity Regulatory Commission (NERC) approved revised tariffs for the 11 distribution companies (DisCos) operating across the country.…
Fiscal Discipline First! Budget Minister Puts Brakes on CBN Money Printing
Amidst revenue pressures facing the 2024 national budget, the Federal Government, FG, has indicated that it would no longer allow Central Bank of Nigeria, CBN, to print money by Ways and Means to fund the budget deficit.
Disclosing…
CBN Cracks Down: Forex Defaulters Face Prosecution, Sanctions
The Central Bank of Nigeria (CBN) has said it is set to prosecute forex defaulters in the country.
The CBN Acting Director of Communication, Mrs. Sidi Ali, disclosed in a statement in Abuja on Wednesday.
Nigeria has nearly $7…
Shell Sheds Nigerian Onshore Assets: A Strategic Move or Retreat?
Shell Plc's announcement to sell its Nigerian onshore subsidiary, the Shell Petroleum Development Company of Nigeria Limited (SPDC), for $2.4 billion to a consortium of five companies, marks a significant shift in the energy giant's…
Private Consortium Set to Take Over Port Harcourt Refinery in NNPCL Move
As the Port Harcourt oil Refinery comes to life, the Nigerian National Petroleum Company Limited has concluded plans to hand over the government refinery to private operators.
The NNPCL said it is seeking to engage reputable and…
Dangote Reclaims Top Spot as Africa’s Richest Person after Brief Dethronement
Cement tycoon Aliko Dangote has regained his crown as the wealthiest person in Africa, reclaiming the top spot after a brief dethronement by South African businessman Johann Rupert last week.
On January 4, 2024, Forbes' Real-Time…
Africa’s Wealth Landscape Evolves: Dangote Cedes Top Spot on Forbes Africa Richest List
Johann Rupert and family have emerged as the richest man in Africa, dislodging Aliko Dangote as the continent’s wealthiest man in a list released by Forbes Magazine.
Nigerian billionaires; Rabiu Abdulsamad and Mike Adenuga have lost…