As Nigerians battle fuel scarcity, over 9,000 oil marketers are on the verge of losing their operating licences. As a result, the Independent Petroleum Marketers Association of Nigeria is urging the Nigerian National Petroleum Company Limited to extend its final deadline for licensing renewal to July. It also appealed to the Nigerian Midstream and Downstream … Read more
The Federal Government has hinted that the construction of coastal routes in Nigeria has the potential to attract foreign investment and contribute to a stronger naira. The Minister of Works, Sen. Dave Umahi, gave the hint at the unveiling of the new design routes for the Lagos-Calabar Coastal Highway project on Wednesday in Lagos. According … Read more
The Federal Government, FG, says it will stop awarding licences to gas businesses with no ability to develop pipes for gas distribution. The government stated that this was necessary to discourage the transportation of compressed natural gas on roads. The Minister of State for Petroleum (Gas), Ekperikpe Ekpo, made this disclosure when he was in … Read more
Oil dealers under the aegis of the Independent Petroleum Marketers Association of Nigeria, on Tuesday, declared that it would shut down the 30,000 stations operated by IPMAN members across the country if the Federal Government fails to pay the N200bn that is being owed marketers. IPMAN specifically said the Nigerian Midstream and Downstream Petroleum Regulatory … Read more
Senator Ned Nwoko, has advised the Federal Government and the Central Bank of Nigeria (CBN) against any measures that are capable of artificially forcing the Naira to gain value against dollar and other currencies. Nwoko, who represents Delta North, gave the advice in a statement he personally signed and made available to the News Agency … Read more
Vice President Kashim Shettima has expressed optimism that the Naira would continue to appreciate against dollar at the forex market. Mr Stanley Nkwocha, spokesperson of the Vice-President in a statement on Saturday, said Shettima stated this at a meeting with officials of the Lagos Chamber of Commerce and Industry (LCCI), at the President Villa, Abuja. … Read more
The Senate Ad-Hoc Committee to Investigate the Turnaround Maintenance of Nigeria’s Refineries has said the Port Harcourt Refinery will begin operation before the end of December. This is as the Rivers State Governor, Siminalayi Fubara, has stated that his administration is working in tandem with President Bola Tinubu-led Federal Government’s policies designed to make life … Read more
The Minister of Power, Adebayo Adelabu, says the N225 Kilowatt-Hour being paid by electricity consumers on Band A will reduce if the exchange rate falls below N1,000 to a dollar. Adelabu said this Thursday while he appeared on Channel Television’s Politics Today. Recall that the on April 3, the Federal Government, through the Nigerian Electricity … Read more
The Central Bank of Nigeria (CBN) has prohibited the use of foreign denominated collateral for naira loans. However, the CBN exempted Eurobonds issued by the Federal Government of Nigeria or Guarantees of foreign banks, including Standby Letters of Credit. Announcing the ban in a circular titled, “The Use of Foreign-Currency Denominated Collaterals for Naira Loans”, … Read more
The Nigerian Electricity Regulatory Commission, NERC, has approved 481 Band A areas for the purpose of implementing the new tariff. Documents obtained from the regulator indicated that the Abuja Electricity Distribution Company, AEDC, emerged the highest with 107. Yola Electricity Distribution Company, YEDC, has 15, apparently the least. A breakdown indicated that the Ikeja Electricity … Read more