Category: Business

How In-Coming Govt Can Tackle Fuel Subsidy Burden – NIPCO

ADEOLA YUSUF

President-elect Bola Tinubu has declared plans to end fuel subsidy. CNG pioneer, NIPCO, has these pieces of advice on how this could be a win-win for both the government and the people   Deepened utilization of indigenous natural gas will certainly help the federal government in reducing subsidy burden and reduced importation of other fossil fuels, there by saving towards exchequer. Mr. Suresh Kumar, Managing Director, NIPCO Plc, the CNG pioneer in Nigeria, said this after a tour of the company’s facilities in Apapa by journalists on Thursday. READ ALSO:…

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Number of Vehicles Running On Gas In Nigeria Hits 7,000

ADEOLA YUSUF

CNG pioneer, NIPCO, deepens gas investment, market leadership   The number of vehicles running on Compressed Natural Gas (CNG) In Nigeria has Hit 7,000. Mr. Suresh Kumar, Managing Director, NIPCO Plc, the CNG pioneer in Nigeria, said this while addressing journalists after a tour of the company’s facilities in Apapa on Thursday. Fielding questions from newsmen, Kumar, who addressed journalists with MD NIPCO Gas, Nagendra Verma, maintained that his company has deepened gas investment and market leadership in the country. READ ALSO: Don’t Assault Our Staff, Expect Quality Services During…

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11 Plc Positions Investments, Assets For Downstream Market Leadership

ADEOLA YUSUF

. Breaks record in ATK storage investment, other facilities less than 6 years of ExxonMobil downstream assets takeover . Nigeria’s biggest Aviation fuel storage tank, 70 trucks per day capacity loading gantries, 26,000 bbls per month, among others. Here is the list of facilities uogrades at 11 Plc   11 Plc has invested massively in the facilities to improve productivity and meet market demands barely six years after acquiring the Downstream assets of ExxonMobil in Nigeria. Platforms Africa reports that the Managing Director, 11Plc, Tunji Oyebanji, who said this during…

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US Recovers $53m In Bribes to Diezani, Expects $16m More

ADEOLA YUSUF

The Justice Department has announced the final resolution of two civil cases seeking the forfeiture of various luxury assets that were the proceeds of foreign corruption offences and were laundered in and through the United States. This was made known by the US Department of Justice in a statement it issued on its website on Wednesday. The statement said in full: With the conclusion of the cases, the department has recovered roughly $53.1 million in cash – constituting the net liquidated value of the defendant’s assets – plus a promissory…

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Is CBN Suspending OPAY, PALMPAY? Here is The Truth

ADEOLA YUSUF

Numbers of Opay and PalmPay users in Nigeria have reached 40 million   The Central Bank of Nigeria (CBN) has made clarification on viral reports that it has suspended accounts of some Fintech companies like OPAY and PALMPAY. Platforms Africa reports that the apex bank refuted the reports, describing it as fake news. READ ALSO: Naira Crisis: Millions of Nigerians Already Dragged Into Mental Illness – Expert How I Rake In N245,000 Weekly From Lagos Motorists – Fake LASTMA Officer BREAKING: NLC Declares Nationwide Strike Over Naira Scarcity Cash Crunch:…

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BREAKING: CBN Jittery, Orders Banks To Open on Saturdays, Sundays

ADEOLA YUSUF

“No going back on picketing of CBN branches nationwide over naira scarcity” – NLC   The Central Bank of Nigeria (CBN) has directed all commercial banks to open for operation on Saturdays and Sundays as part of a coordinated effort to ease circulation of Naira of all denominations. This came as the Nigerian Labour Congress (NLC) declared that there is no going back on its decision to picket the CBN by Wednesday. This is as the bank says it has confirmed the evacuation of banknotes from its vaults to commercial…

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BREAKING: CBN Breaks Silence, Says Old N1000, N500 Legal Tender

ADEOLA YUSUF

The Central Bank of Nigeria (CBN) says the old N200, N500 and N1000 notes remain legal tender until December 31, 2023. Isa Abdulmumin, CBN spokesperson, announced the development in a statement on Monday. READ ALSO I’m Not Challenging Tinubu, But Election Process In Court- Obi Naira Notes: Govs Give Malami, Emefiele Tuesday Ultimatum To Obey S’Court Order Malaria: KASU Lecturer, Others Develop Mosquito-Repellent Fabric Meet Kolade Owolabi, FUTA Lecturer Who Is Nigeria’s Best Maths Scientist “In compliance with the established tradition of obedience to court orders and sustenance of the…

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Nigeria Rakes In N21trn From Crude Oil Sales In One Year – NBS

ADEOLA YUSUF

Nigeria’s crude oil sales rose by 46.41 per cent to push Nigeria’s total export to N26.79tn in 2022. This is as total trade rose by 31.79 per cent from N39.75tn in 2021 to N52.39tn in 2022. In 2022, crude oil sales totalled N21.09tn, a 46.41 per cent increase from N14.41tn in 2021. In 2022, crude oil accounted for 78.74 per cent of total export. According to data from the National Bureau of Statistics, total exports for 2022 rose by 41.72 per cent from N18.91tn in 2021 to N26.79tn as of…

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‘He’s A Racist,’ Nigeria Revokes Seplat CEO’s Work Permit, Visa, Others

ADEOLA YUSUF

We’re Behind Him: Seplat claims allegations against Roger Brown, a British,  were “orchestrated” and “clearly calculated to spread false information.”   The Nigerian Government has revoked the Work Permit, Visa and Residence Permit of the Chief Executive Officer (CEO) of Seplat Energy PLC, Roger Brown, over allegations of racism, favouritism and discrimination against Nigerian workers levelled against him by staff. The Ministry of Interior equally accused Brown of being in possession of a Combined Expatriate Residence Permit and Aliens Card (CERPAC) not based on a valid Expatriate Quota. It was…

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NCDMB, BOI Launch $50m Fund for Oil Industry Manufacturing

ADEOLA YUSUF

  The Nigerian Content Development and Monitoring Board (NCDMB) and Bank of Industry on Wednesday in Lagos launched a $US50 million dollars fund for NOGAPS Manufacturing Product Line. The fund is to incentivize companies that would operate in the Nigerian Oil and Gas Parks and engage in the manufacturing of equipment components used in the oil and gas industry and linkage sectors. Speaking at the signing, the Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote mentioned that the fund would support oil and gas companies that would operate in the…

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