DPR reacts to N1,000 per litre petrol price hike report

The Department of Petroleum Resources (DPR) said its attention has been drawn to the misinterpretation of the comments made by it regarding subsidy removal. Platforms  Africa reports that this follows an online publication stating that the price of PMS could rise up to N1,000/litre upon the subsidy removal without alternative energy. READ ALSO: DPR confirms Platforms Africa Exclusive Story on Shakeup, Deputy Directors NNPC embargoes Petrol Ex-Depot Price Hike for May, fourth time in 2021 Woman, mentally-challenged for 18 years, gives birth to twins in Lagos DPR wishes to state…

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CBN fences others, offers Nigeria’s $1bn Sugar imports to 3 firms ‘only’

  Here are sour details of the sugar trio-poly and what other importers deprived of the business tagged; “an obituary for the sugarcane industry.”   The Central Bank of Nigeria (CBN) has fenced scores of sugar importers from the business as it approved the importation of sugar into the country to only three companies. The companies are BUA Sugar Refinery Ltd, owned by Abdul Samad Rabiu; Dangote Sugar Refinery Plc, owned by Aliko Dangote; and Golden Sugar Company, owned by Oba Otudeko’s Flour Mill. Promoters of some of companies who hitherto participated…

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BREAKING: Nigeria raked in $34.28b Oil, Gas revenues in 2019, NEITI reveals

Here is an executive summary of the latest audit report by NEITI + how NNPC, IOCs, NDDC, NCDMB, and Federal ministry of Finance (FMF) were mentioned in the report     The Nigerian government raked in $34.28 billion from oil and gas sector in 2019. Platforms  Africa reportsi that the Nigeria Extractive Industry Transparency (NEITI), which showed this in its 2019 audit report presented to the media and civil Society organisations (CSO) in Lagos on Tuesday, declared that a whopping $8.487 billion of the total receipt came from the sales…

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House, DPR on Collision Course Over Oil Block’s Revocation, Awards

Experts back DPR, say House lacks power to reverse Dawes Island Marginal oilfield’s Award   The Nigeria’s House of Representatives’ Committee on Public Petitions and the Department of Petroleum Resources (DPR) are on collision course over Dawes Island marginal field lost by Eurafric for holding the national asset without production and making it unviable for seventeen years. Platforms Africa reports that the Minister of Petroleum Resource through the Department of Petroleum Resources (DPR), a regulator empowered by law, awarded the field to Petralon 54 Limited and its partners during the…

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Nigeria, Ghana device mechanism to end worsening trade dispute

  Two two prominent economies in West Africa,  Nigeria and Ghana, have put in place a mechanism to end the trade dispute between Nigerian traders and the Ghanaian authorities, the Speakers of the Parliaments of the two countries have said. The dispute arose from the $1million business participation fee introduced by the Ghanaian authorities, required of foreigners to pay before they can do business in Ghana.   READ ALSO: Twitter Office in Ghana not a loss for South Africa, Kenya. Why Nigeria?   Lagos NURTW Leader Shot Dead At APC…

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MultiChoice guilty of tax evasion in Nigeria, owing N1.8trn, says FIRS

  Nigeria Tax Agency directs banks to freeze MultiChoice Accounts The Nigeria’s tax agency, Federal Inland Revenue Service (FIRS), has appointed some commercial banks as agents to recover the sum of N1.8 trillion from accounts of Messrs MultiChoice Nigeria Limited (MCN) And MultiChoice Africa (MCA). This was contained in a statement signed by the Executive Chairman, Muhammad Nami. The statement confirmed that the decision to appoint the banks as agents and to freeze the accounts was as a result of the group’s continued refusal to grant FIRS access to its…

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NNPC unveils Template for Wealth Multiplicity, Liquidity for Stakeholders

    The Nigerian National Petroleum Corporation (NNPC) has revealed its template for creation of liquidity and wealth multiplication for stakeholders. Platforms Afruca reports that the Group Managing Director of NNPC, Mallam Mele Kyari, who revealed this at the Nigeria Oil and Gas (NOG) Conference in Abuja, reiterated his Corporation’s commitment to ensuring effective stewardship of the nation’s hydrocarbon resources to guarantee energy security and drive wealth creation in Nigeria.   READ ALSO: Redeemed Pastor Arrested For Stealing N34m From Church Newly-Passed PIB Satanic, Unjust, N’Delta Leader Edwin Clark Thunders…

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PIB: Analysts Up Oil Prosperity Forecast for Nigeria, Demand Quick Assent

Full account of stakeholders’ views on ‘why host communities rejection of 3% development fund is needless’   Analysts and other stakeholders in the Nigeria’s multi-billion dollars oil and gas industry have upgraded forecast for country’s oil prosperity over the passage of Petroleum Industry Bill (PIB), calling on President Muhammadu Buhari not to delay the Presidential assent to the bill. They, in separate interviews with Platforms Africa, expressed optimism that reforms needed to grow the sector would happen following the last Thursday’s passage of PIB into law by the National Assembly.…

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Oil prices up 2% as OPEC+ Mulls 2m b/day supply to market in Aug-Dec

  Crude oil Prices rise on OPEC+ output, demand prospects   Cruse oil prices rose about 2% on Thursday on indications that OPEC+ producers could increase output more slowly than expected in coming months, while rising global fuel demand would continue to tighten supply. This came as Nigeria and other members of OPEC planned to add 2 million additional supply to market between August and December.   READ ALSO: Hurdles as Nigeria NASS Passes 20-yr old Oil Bill +Effects on NNPC, N’Delta How Winners of NCDMB, NEXIM Bank’s Women in…

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