NNPC Records 67% Export Sales Decrease in July
Published 9/23/2020 in Nigeria
Africa Press-Nigeria: Crude oil export sales by the Nigerian National Petroleum Corporation (NNPC) recorded a decrease of 66.95 per cent in July compared to June 2020, the full issue of the corporation's monthly financial and operation report has indicated. However, the national oil company explained that despite the shortfall, the crude oil export sales contributed about 65 per cent of the...read more ❯
NDLEA seizes 1,500kgs illicit drugs in Zamfara
Published 9/23/2020 in Nigeria
Africa Press-Nigeria: The National Drug Law Enforcement Agency (NDLEA), Zamfara Command, has impounded a truck conveying 1,503.044kilogrammes of illicit drugs. The State Commander, Gabriel Adamu, stated this at a press conference in Tsafe town on Wednesday. Adamu said that officers of the command in Tsafe, acting on intelligence reports, intercepted a Mercedes Benz truck with registration...read more ❯
$6m fraud suspect reports self to EFCC
Published 9/23/2020 in Nigeria
A suspect, Felix Osilama Okpoh, who has been on the radar of the Federal Bureau of Investigations (FBI) following his alleged involvement in $6million internet fraud, has reported himself to the Economic and Financial Crimes Commission (EFCC). EFCC Head, Media and Publicity, Wilson Uwujaren, who confirmed the development in a statement in Port Harcourt, said the commission was investigating...read more ❯
Foreign investors losing confidence in Nigeria’s oil industry —Kyari
Published 9/22/2020 in Nigeria
Africa Press-Nigeria: The Group Managing Director of the Nigerian National Petroleum Corporation, Mallam Mele Kyari, has said there is a need for Nigeria to act fast and address the loss of foreign investors’ confidence in the country’s oil and gas industry. Kyari said the absence of a stable fiscal environment was inhibiting the growth of the industry, especially the upstream...read more ❯
Nigeria's central bank cuts benchmark rate to 11.5% in unexpected move
Published 9/22/2020 in Nigeria
Africa Press-Nigeria: * Nigeria has Africa’s largest economy * Tuesday’s rate cut follows 100 bps cut in May * Rate cut surprised analysts * Six committee members backed 100 bps cut (Adds details, quotes, bullets) LAGOS, Sept 22 (Reuters) - Nigeria’s central bank cut its benchmark lending rate on Tuesday by 100 basis points to 11.5% in a surprise move aimed at stimulating...read more ❯
CBN cuts lending rate to 11.5% amid looming recession
Published 9/22/2020 in Nigeria
Africa Press-Nigeria: The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC), on Tuesday, resolved to tweak its controlling lending rate while retaining its liquidity ratio and cash reserve requirement, to make more money available for lending to critical sectors as the economy braces for a looming recession in the third quarter. At the end of its September meeting, the MPC said...read more ❯
CBN reduces lending rate to 11.5%
Published 9/22/2020 in Nigeria
Africa Press-Nigeria: The Monetary Policy Committee of the Central Bank of Nigeria (CBN) rose from its 275th meeting on Tuesday with a decision to reduce the Monetary Policy Rate (lending rate) from 12.5% to 11.5%. The Chairman of MPC and CBN Governor, Mr. Godwin Emefiele made the disclosure at a virtual media briefing after the meeting. According to him, the committee retained all other...read more ❯
Nigeria to leverage on gas to counter pangs of fuel subsidy cuts
Published 9/21/2020 in Nigeria
Africa Press-Nigeria: Nigeria is counting on gas-powered vehicles to help it reduce reliance on gasoline and improve its climate credentials while easing the pangs of ending decades of an expensive fuel-subsidy regime. Energy prices have shot up sharply after the government ended subsidies and the country’s labor unions are threatening a general strike on Sept. 28. After a 60% loss of...read more ❯
CBN Investigates More Companies Over Suspected FX Infractions
Published 9/21/2020 in Nigeria
Africa Press-Nigeria: In order to ensure that the country's forex resources are prudently managed and used for the importation of priority goods, the Central Bank of Nigeria (CBN) has further beamed its searchlight on more bank customers and unauthorised FX dealers. An anonymous source in one of the Deposit Money Banks (DMB) at the weekend told THISDAY that CBN has requested for all...read more ❯
FG monthly oil sales revenue tumbles by 75%
Published 9/21/2020 in Nigeria
Africa Press-Nigeria: The Federal Government saw its crude oil sales revenue plunge by 74.89 per cent in July to a record low of $55.29m, according to the Nigerian National Petroleum Corporation. The NNPC’s latest data on the Federal Government’s export lifting showed that its crude oil sales proceeds stood at $219.58m in June, up from $120.50m in May. Following the collapse in...read more ❯
Inflation, Forex Scarcity Worsens Woes in Manufacturing Sector
Published 9/21/2020 in Nigeria
Africa Press-Nigeria: Growth rate in the manufacturing sector is projected to suffer further decline in September and third quarter of 2020 as operators come under a renewed wave of inflation and foreign exchange scarcity. Last week the National Bureau of Statistics, NBS, announced that Nigeria's inflation soared to a 29-month high of 13.2 per cent. This is the 12th month consecutive rise...read more ❯
Africa’s natural gas projects are crucial for global energy transition – Nigeria LNG GM
Published 9/20/2020 in Nigeria
Africa Press-Nigeria: Africa’s natural gas projects are crucial to the energy transition and economic development in the region and can be used to power industrialisation while reducing the emissions released into the atmosphere, said to Leye Falade, general manager of production at Nigeria LNG (NLNG) at ADIPEC Energy Dialogue. Natural gas is an integral part of the global energy story...read more ❯
Oil price falls to $39, Nigeria’s output rises
Published 9/20/2020 in Nigeria
Africa Press-Nigeria: The international oil benchmark, Brent crude, fell below the $40 per barrel mark on Monday, amid demand worries, as the Organisation of the Petroleum Exporting Countries further cut its outlook for demand growth. Nigeria, Africa’s biggest oil producer, said its crude oil production rose slightly to 1.36 million barrels per day in August from 1.35 million bpd in July,...read more ❯
NNPC shortlists 78 companies for pipelines rehabilitation bidding
Published 9/19/2020 in Nigeria
Africa Press-Nigeria: The Nigerian National Petroleum Corporation (NNPC) has shortlisted 78 companies to bid for the rehabilitation of oil pipelines and depot infrastructure across the country. Over 300 companies applied through the official portal published in the national dailies on August 7 and only 78 companies met the expiration time of noon on September 18. The Group Managing...read more ❯
Minimum Wage - Ogun Workers Call Off Warning Strike
Published 9/19/2020 in Nigeria
Africa Press-Nigeria: Workers in Ogun State on Friday called off the warning strike they recently embarked upon. The warning strike followed the failure of the state government to implement the new minimum wage and other entitlements due for the workers after the signing of a Memorandum of Understanding (MoU) with them The chairperson of the Nigeria Labour Congress (NLC) in Ogun State,...read more ❯
Bayelsa women shut down NDDC office, protest neglect
Published 9/18/2020 in Nigeria
Africa Press-Nigeria: Hundreds of women from oil-producing communities in Bayelsa State on Friday shut down the state office of the Niger Delta Development Commission over alleged neglect and underdevelopment of their oil impacted communities by the commission. The protesting women who came mainly from the hinterland communities stormed the state liaison office of the commission on Melford...read more ❯
NNPC Moves Crude Oil Swap Contracts By 6 Months
Published 9/17/2020 in Nigeria
Africa Press-Nigeria: The Nigerian National Petroleum Corporation, NNPC, may have extended its contracts with private oil firms to swap crude oil for petrol by 6-months. According to Reuters, the affected oil companies renegotiated the price agreement due to changes that were made in the prices of petrol in the country. The initial one year oil swap contract to exchange over 300,000...read more ❯
NNPC Saves $5.4bn through Court Judgments
Published 9/16/2020 in Nigeria
Africa Press-Nigeria: The Nigerian National Petroleum Corporation (NNPC) said Wednesday that its legal team had saved about $5.4 billion in court cases through the victories it recorded in four cases involving the company. A statement by the Corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, said the favourable judgements obtained in the cases also won...read more ❯
Oil climbs as hurricane limits U.S. production
Published 9/16/2020 in Nigeria
Africa Press-Nigeria: Oil extended gains on Wednesday, advancing by over 2%, as a hurricane halted offshore operations in the United States oil and gas sector and an industry report pointed to a fall in the country’s crude stockpiles. Beyond a quarter of U.S. offshore production was closed down on Tuesday because of Hurricane Sally. That same day, the American Petroleum Institute (API)...read more ❯
Produce account statements of Adebutus, Akin Alabi, others – CBN
Published 9/16/2020 in Nigeria
Africa Press-Nigeria: The Central Bank of Nigeria (CBN) has ordered banks to produce account statements of some betting company owners. On the list are Adebutu Kessington and Akin Alabi, the owners of Premier Lotto, aka ‘Baba Ijebu’, and NairaBET, respectively. Also affected are Adebutu’s sons, as wells as some bureau de change and logistics companies. The directive was...read more ❯
Nigeria to Regulate Cryptocurrency Trading;
Published 9/15/2020 in Nigeria
Africa Press-Nigeria: The Securities and Exchange Commission (SEC) of Nigeria will start regulating trade in digital currencies to ensure investor protection and that transactions are transparent. The authorities said on Monday, “The general objective of regulation is not to hinder technology or stifle innovation, but to create standards that encourage ethical practices.” The agency...read more ❯
Food Inflation in Nigeria Hits 16% in August
Published 9/15/2020 in Nigeria
Africa Press-Nigeria: Food inflation in Nigeria rose in August to 16.0 per cent, compared with 15.48 per cent in July, the National Bureau of Statistics said in a report on Tuesday. Headline inflation, which includes the prices of food and other goods and services, grew to 13.22 per cent in the same month from 12.82 per cent in July. It is the highest in more than two years. Increase in...read more ❯
My life is in danger – Mailafia cries out after third DSS invitation
Published 9/15/2020 in Nigeria
Africa Press-Nigeria: A former Deputy Governor of the Central Bank of Nigeria (CBN), Obadiah Mailafia, has claimed his life is in danger. The Department of State Services (DSS) invited Mailafia in August, over his allegations that a Northern Governor is the leader of Boko Haram. DAILY POST recalls that after his second DSS invitation, the Criminal Investigation Unit of the Police in...read more ❯
How CBN can make naira appreciate – World Bank
Published 9/14/2020 in Nigeria
Africa Press-Nigeria: World Bank on Monday said the Nigerian central bank needs to step up efforts to ease pressure on the foreign exchange market to meet the high demand for hard currency in the country. CBN last Monday resumed the gradual sale of foreign exchange to licensed bureau de change operators in the country just to ease the pressure on naira. But World Bank country director,...read more ❯
NNPC group to Support Deployment of CNG Facilities
Published 9/14/2020 in Nigeria
Africa Press-Nigeria: The Nigerian National Petroleum Corporation (NNPC) has pledged to support ongoing initiatives by the Ministry of Petroleum Resources to provide alternate energy source to Nigerians through aggressive activation of Compressed Natural Gas (CNG) refill stations for motorists across the country. Speaking on TVC Business Show, Business Nigeria Live, the Group Managing...read more ❯
Price hikes anger Nigerians as fuel subsidy ends
Published 9/14/2020 in Nigeria
Africa Press-Nigeria: Tempers have risen in Nigeria along with prices after the oil-rich nation dumped a controversial petrol subsidy system in the face of a coronavirus budget crunch. The cost of fuel at the pump has risen by around 15 percent in recent days, hitting a record high of 162 naira per litre ($0.42, 0.36 euros), or $1.55 / 1.36 euros a US gallon, after the government pushed on...read more ❯
NLPGA asks members to ignore PPPRA’s administrative charge on LPG
Published 9/14/2020 in Nigeria
Africa Press-Nigeria: The Nigeria LP Gas Association, NLPGA, has asked its members and operators to ignore the directive of the Petroleum Products Pricing Regulatory Agency (PPPRA) on the levy and administrative fee imposed on Liquefied Petroleum Gas (LPG) or cooking gas despite the product being deregulated. The association had argued that imposing administrative charge would be...read more ❯
Nigerian manufacturers spend N67.38b on power generation
Published 9/13/2020 in Nigeria
The Manufacturers Association of Nigeria (MAN) yesterday said its members spent over N67.38 billion on self-generated electricity to keep their businesses running last year. Its President Ahmed Mansur who spoke yesterday in Lagos during MAN’s post-48th Annual General Meeting (AGM), lamented that the issue of inadequate power supply had become a huge challenge for manufacturers. According...read more ❯
Nigeria leads in legislation compliance
Published 9/13/2020 in Nigeria
Africa Press-Nigeria: WITH conventional revenue streams shrinking, African continent like their counterparts is now shifting focus towards harnessing digital economy as a veritable avenue to grow its revenue base. Giving this insight recently was Mr. Muhammad Mamman Nami, Executive Chairman, Federal Inland Revenue Service (FIRS). “We have seen countries that have introduced new...read more ❯
Nigeria’s economic recovery dependent on stronger forex action –World Bank
Published 9/13/2020 in Nigeria
Africa Press-Nigeria: The Central Bank of Nigeria (CBN) must ramp up actions to reduce pressure on the currency market to meet ballooning demand for hard currency in Nigeria, the World Bank said. Even though the multilateral lender supports the restart of dollar sales following five months of break, “continued and even stronger action and a clear commitment from the central bank will go a...read more ❯
Ending gas flaring
Published 9/12/2020 in Nigeria
Africa Press-Nigeria: The recent report that the Federal Government and oil companies lost an estimated N87.16billion from January to May this year due to gas flaring is disturbing. The loss resulted from a total of 90.9 billion standard cubic feet (scf) of natural gas flared in the country. According to the Nigerian National Petroleum Corporation (NNPC), the amount was arrived at based on the...read more ❯
Nigeria to Implement Youth Employment Action Plan
Published 9/12/2020 in Nigeria
Africa Press-Nigeria: The Federal Ministry of Youth and Sports Development in partnership with the United Nations Department of Economic and Social Affairs (UNDESA) and the International Labour Organisation has begun a nation-wide campaign to understand the aspirations of young Nigerians on decent works. The campaign, which is being managed by the Nigeria Youth SDGs Network, a coalition of...read more ❯
Don’t listen to APC, Tinubu, Oshiomhole – NNPP
Published 9/12/2020 in Nigeria
Africa Press-Nigeria: Olusegun Bamgbose, a chieftain of the New Nigerian Peoples Party, NNPP, has warned the Independent National Electoral Commission, INEC, against being used by the All Progressives Congress, APC, to influence the forthcoming governorship elections in Edo and Ondo States. The governorship election in Edo State comes up on September 19, while Ondo will decide their next...read more ❯
Nigerian govt demands $1.1bn damages in advance from Shell,
Published 9/10/2020 in Nigeria
Africa Press-Nigeria: The Nigerian government has requested a court sitting in Milan, Italy to order oil supermajors, Shell and Eni, to pay the sum of $1.092 billion as an immediate advance payment for damages in the Malabu oil scandal regarded as one of the oil industry’s biggest-ever corruption scandals, Reuters reported on Wednesday. During a hearing on Wednesday into alleged...read more ❯
IMF-induced policies will repress Nigeria’s currency, Labour warns
Published 9/10/2020 in Nigeria
Africa Press-Nigeria: Submitting to the International Monetary Fund, IMF-induced policies would further distort and repress Nigeria’s currency, organised labour has warned. They argued that embracing the policies would lead the nation to a situation where a U.S. Dollar would exchange for more than N600. Labour, under the Association of Senior Civil Servants of Nigeria (ASCSN), at its...read more ❯
Unity Bank ranked high on revenue earning from e-banking
Published 9/10/2020 in Nigeria
Africa Press-Nigeria: Unity Bank Plc’s earnings of N1.3 billion through electronic banking channels in first half of 2020 has placed the lender among the top 10 highest earners in Nigeria. This was according to a research report released recently. The bank’s performance is not unconnected with its aggressive push in digital banking in recent years as it spearheaded the launch of several...read more ❯
New electricity tariff exploitative, consumers tell NERC
Published 9/10/2020 in Nigeria
Africa Press-Nigeria: Some electricity consumers across the country, on Thursday, claimed that the electricity Distribution Companies (DisCos) were not adhering to the terms of the new tariff regime they were implementing. The customers, in an engagement with the Nigerian Electricity Regulatory Commission (NERC) on its official Twitter account, described the new tariff being implemented by...read more ❯
Nigeria in talks to give up majority stakes in refineries – NNPC GMD
Published 9/10/2020 in Nigeria
Africa Press-Nigeria: Nigeria is holding talks to give up majority stakes in all four of its moribund oil refineries, Mele Kyari, head of the state oil firm NNPC, said on Wednesday. He told Channels TV that discussions were taking place on an operating model in which the state oil company NNPC or the government would be a minority shareholder in the assets. “It means there will be more...read more ❯
Surging inflation and ‘One-State-One-Product’ government programme
Published 9/9/2020 in Nigeria
Africa Press-Nigeria: Since the launch of One-State-One-Product (OSOP) in 2016 by the Federal Government through the Nigerian Export Promotion Council (NEPC) as part of its efforts to boost export and diversify the economy, industry watchers have been worried about the success or otherwise of the programme, as over 80 million Nigerians still wallow in abject poverty. The mandate of the...read more ❯
Fidelity Bank Plans $261m Bond Sale For Capital Requirements
Published 9/9/2020 in Nigeria
Africa Press-Nigeria: Fidelity Bank Plc, a mid-tier Nigerian lender, plans to issue a N100 billion ($261-million) bond in the local currency to boost its capital ratios and funding capacity. Blomberg quoted Chief Executive Officer Nnamdi Okonkwo as having said by phone that the Lagos-based bank wants to issue the debt in a series, starting with a N50 billion offer in the last...read more ❯
Fuel price hike: Buhari, APC failed Nigerians, says Secondus
Published 9/9/2020 in Nigeria
Africa Press-Nigeria: The National Chairman of the Peoples Democratic Party, Uche Secondus, has said the President, Major General Muhammadu Buhari (retd.), and the All Progressives Congress have failed Nigerians. He said the PDP under his leadership identifies with the suffering citizens who have been exposed to unprecedented hardships, poverty, hunger, and death on account of the...read more ❯
CBN defends policies, blasts NESG
Published 9/9/2020 in Nigeria
Africa Press-Nigeria: The Central Bank of Nigeria (CBN) has reacted to a statement by the Nigerian Economic Summit Group (NESG) which questioned its measures to stabilize the country’s financial system and reduce the negative impact of the COVID-19 pandemic. CBN accused NESG of malicious intent, noting that the organisation could have raised its allegations directly instead of through the...read more ❯
Malabu Oil Scam: FG Rearraigns Aliyu Abubakar on 67-Count Charge
Published 9/8/2020 in Nigeria
Africa Press-Nigeria: The federal government on Tuesday re-arraigned an oil magnate and business, Mr Aliyu Abubakar and seven others on an amended 67 criminal count charge over their alleged complicity in the disputed Oil Processing License OPL 245 otherwise known as Malabu Oil. Abubakar was last July arraigned on a 48 count criminal charge bordering on money laundering, fraud and failure...read more ❯
Union Bank gets new directors
Published 9/8/2020 in Nigeria
Africa Press-Nigeria: The Board of Directors of Union Bank of Nigeria Plc has announced the appointment of two officials as non-executive directors. A disclosure notice by the bank on Tuesday said the new non-executive directors are Emeka Ogbechie and Paul Kokoricha. Mr Ogbechie’s appointment took effect from 27th May and he is to replace Dick Kramer who retired from the Board of the...read more ❯
NNPC denies inflating Ajaokuta-Kaduna-Kano pipeline contract
Published 9/8/2020 in Nigeria
Africa Press-Nigeria: The Nigerian National Petroleum Corporation on Monday dismissed the allegation that the Ajaokuta-Kaduna-Kano gas pipeline project was inflated to the tune of $1.53bn. NNPC’s Group General Manager, Group Public Affairs, Kennie Obateru, said the corporation brought the accusation that the corporation inflated the project to the attention of the Bureau for Public...read more ❯
Magu writes Buhari’s investigative panel
Published 9/8/2020 in Nigeria
Africa Press-Nigeria: Ibrahim Magu, suspended Acting Chairman of the Economic and Financial Crimes Commission, EFCC, has urged the Judicial Commission of Inquiry investigating him to summon Abubakar Malami, the Attorney General of the Federation, AGF. Magu explained that Malami should appear before the panel so his lawyers can cross-examine him on the credibility of the allegations he...read more ❯
Subsidy Removal - Past Govts Lacked Courage to Take Action - Presidency
Published 9/7/2020 in Nigeria
Africa Press-Nigeria: THE Presidency last night came to the defence of President Muhammadu Buhari over the removal of petroleum subsidy, that led to the increase in the petroleum pump price, saying that though it had long been seen as the right thing to do, previous administrations lacked the courage to take the action. The Presidency said President, Buhari had to take the difficult...read more ❯
‘NIMASA reviewing cost of carrying Nigerian crude’
Published 9/7/2020 in Nigeria
Africa Press-Nigeria: The Nigerian Maritime Administration and Safety Agency has renewed efforts to revisit the terms of trade for the carriage of Nigerian crude oil from Free on Board to Cost Insurance and Freight. Director-General of NIMASA, Dr Bashir Jamoh, disclosed this in Lagos, when he received a delegation from the Nigerian National Petroleum Corporation. The NNPC delegation was...read more ❯
Oil servicing firms may go bankrupt – Report
Published 9/6/2020 in Nigeria
Africa Press-Nigeria: With the crude oil market likely to remain depressed for the rest of 2020, some oil servicing companies in Nigeria may eventually go bankrupt, Agusto & Co. has said. The rating agency and research firm, in its 2020 oil and gas servicing industry report, said the Nigerian oil and gas servicing industry had recorded a substantial increase in the number of indigenous...read more ❯
N31bn Spent To Fight COVID-19 Pandemic In Four Months --Nigerian Government
Published 9/6/2020 in Nigeria
The Nigerian Government has said that it spent N30,540,563,571.09, representing 84 per cent of the N36.3bn public funds and donations received to respond to COVID-19 between April, 2020 and July, 2020, leaving the balance of N5.9bn. The Accountant-General of the Federation, Mr Ahmed Idris, disclosed this in response to the Freedom of Information request dated 10 August, 2020 and sent to him by...read more ❯