Category: Business

Why NNPCL Sacked Eroton As OML 18 Operator

ADEOLA YUSUF

The management of Nigerian National Petroleum Company (NNPC) Limited has replaced Eroton Exploration and Production Limited as the new operator of oil mining lease (OML) 18. This, according to was done in order to protect the JV investment in OML 18, the non-operating partners, NNPC Limited (55 per cent interest) and OML 18 Energy Limited (“OML 18 Energy” – 16.20 per cent interest), jointly owning 71.20 per cent equity, removed Eroton as operator of the JV. “This is in line with the provisions of the Joint Operating Agreement (JOA).” READ…

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Users Groan As Twitter Crashes Second Time In One Week

ADEOLA YUSUF

“Hope you have a good Sunday. First day of the rest of your life.” – Musk tweeted.   For the second time in the space of a week, Twitter experienced a technical glitch. According to DownDetector, the issues started around 4:30pm on Monday and was affecting more than 4,000 users worldwide. DownDetector collates reports of outages from multiple sources, including social media and mobile apps. READ ALSO: BREAKING: Banks Begin Circulation Of Old N1000, N500 Notes Wike Mocks Atiku As PDP Candidate Leads Protest To INEC HQs Election Tinubu Won…

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Fuel Queues Resurface In Abuja, NMDPRA Blames Election, Panic Buying

ADEOLA YUSUF

Oil industry regulator, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDORA) on Sunday blamed restriction of movements during the recently concluded Presidential and National Assembly elections as queues for Premium Motor spirit (PMS) at the weekend resurfaced in Abuja, Nigeria’s administrative capital NMDPRA, in a statement made available to Platforms Africa, noted that the restrictions of movement necessitated truck drivers to travel to exercise their civic duty. Stating that it would keep striving to strive towards guaranteeing supply and distribution reliability nationwide and strongly advises against panic buying. Here below…

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BREAKING: Old N1000, N500, N200 Legal Tender Till Dec. 31- Supreme Court

ADEOLA YUSUF

  . Apex Court nullifies naira redesign policy, says old notes valid till Dec 31     The supreme court has invalidated the naira redesign policy introduced by the Central Bank of Nigeria (CBN). The court made the declaration on Friday while delivering judgment in a suit instituted by three states of the federation. A seven-member panel of the apex court held that the old N200, N500 and N1000 remain valid legal tender until 31 December 2023. More to follow…

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Nigeria Bonds Rise as Tinubu Leads in Pivotal Election Tally – Bloomberg

ADEOLA YUSUF

As Nigeria Election Results Trickle In, five of the West African nation’s dollar bonds ranked among the 10 best performers on Monday in a Bloomberg index of 71 emerging and frontier nations..     Nigerian bonds are posting some of the best gains in emerging markets as investors bet that ruling-party candidate Bola Tinubu, who’s taken an early lead in the nation’s presidential election tally, will offer reforms to pull Africa’s largest economy out of a fiscal mess. Five of the West African nation’s dollar bonds ranked among the 10…

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Minister, NUPRC Boss Divided Over Nigeria’s Oil Revenue Losses

ADEOLA YUSUF

… Theft, pipeline vandalism responsible for volumes of crude oil losses – Sylva … No, metering error is responsible for Nigeria’s huge oil revenue losses – Komolafe   Nigeria’s minister of state for petroleum Resources, Timipre Sylva, and chief executive of the Nigerian Upstream Regulatory Commission (NUPRC), Gbenga Komolafe, have sharply divided over major factor responsible for crude losses in the country. Komolafe in a document presented at one of major industry events in Nigeria said that measurement inaccuracies is a major factor for huge looses suffered by Nigeria in…

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U-TURN: Collect Old N1000, N500 Notes, CBN Orders Banks As Protests Spread

ADEOLA YUSUF

Nigerians can now heave a sigh of relief as the Central Bank of Nigeria (CBN) has ordered comercial banks to start collecting the old N500 and N1,000 notes from the public with immediate effect. PUNCH reports that it however, pegged the maximum amount the banks can collect at N500,000. The CBN maintained that the old currencies were no more legal tender. A source from the bank said the CBN ordered the banks to collect the monies instead of going to the CBN office following difficulties encountered in getting access to…

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BREAKING: Old N1000, N500 Notes Cease To Be Legal Tender – Buhari

ADEOLA YUSUF

Gives 60 Days Lifeline for N200 old notes, says Nigerians should vote for candidates of their choice President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to allow only the old N200 to remain legal tender until April 10, 2023. This, the president said, is in order to improve currency circulation in the country and ease pains experienced by Nigerians due to the decision to retire some denominations of the old banknotes after a currency redesign project. In a nationwide broadcast this morning, Thursday, the president said that…

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BREAKING: Supreme Court Adjourns Naira Swap Case To Feb. 22

ADEOLA YUSUF

Case now to be heard three days to presidentsial elections + the political economy of the suit, which has now become APC Vs. PdP case The Supreme Court, again, on Wednesday adjourned hearing in a suit filed by Kaduna, Kogi and Zamfara States against the Federal Government seeking a restraining order to stop the full implementation of the naira redesign policy of the Central Bank of Nigeria. The suit was initially adjourned by the apex court till today on February 8, 2023, with all parties involved present. The Governors of…

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Supreme Court Embargoes Nigeria’s Naira Redesign Policy

ADEOLA YUSUF

The court further held that the Government, CBN, commercial banks must not continue with the deadline pending the determination of a notice on notice on in respect of the issue on February 15.   The Supreme Court of Nigeria has restrained the Nigerian Government from continuing with the full implementation of the demonitization policy. Platforms Africa reports that Kaduna, Kogi and Zamfara states had in a motion ex-parte filed on February 3rd, prayed the apex court to halt the Central Bank of Nigeria naira redesign policy. READ ALSO: PHOTOS: Abeokuta,…

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