Category: Business

Thumbs-up: Don’t Reverse Fuel Subsidy, Naira Floating – World Bank Hails Tinubu

ADEOLA YUSUF

. World Bank chief’s remarks insulting to the millions of Nigerians enduring unprecedented economic hardship – ActionAid Nigeria   The World Bank has warned President Bola Tinubu-led Nigerian government not to reverse fuel subsidies and other economic reforms that have exacerbated the cost of living crisis. After Platforms Africa Report, Oil Ministry Director Queried, Minister Disowns Claim The call comes in light of policy changes introduced by the Tinubu’s administration, including the removal of fuel subsidies and the abolition of multiple foreign exchange systems. During the launch of the Nigeria…

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The $20M Fraud Case In US That Landed Air Peace CEO In Fresh Trouble

ADEOLA YUSUF

US authorities charged the owner of Nigeria’s largest airline with obstruction of justice in a $20 million fraud case. The charge updates an indictment from five years ago in which he and an alleged accomplice were charged with bank fraud and money laundering. The US Department of Justice said Allen Onyema, founder and chief executive of Air Peace, faces the new charge of obstruction “for submitting false documents” to the US government. Onyema, 61, allegedly submitted the documents in a bid to end the investigation that led to the bank…

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Henry Akinduro: Five Facts About Oil Mogul EFCC Declared Wanted

ADEOLA YUSUF

‘His age, his state, his case;’ Real Reason we marked Executive Chairman of Total Grace Oil and Gas Investment Limited wanted – EFCC   The Economic and Financial Crimes Commission (EFCC) has declared an oil mogul, Bolaji Henry Akinduro, wanted for fraud. According to a circular signed by the spokesman of the agency, Dele Oyewale, Akinduro allegedly obtained money under false pretence and committed stealing by conversion. “The public is hereby notified that Bolaji Henry Akinduro, whose photograph appears above is wanted by the Economic and Financial Crimes Commission (EFCC)…

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EXCLUSIVE: How Dangote’s N977 Per Litre Price Stirred NNPCL Price Adjustment

ADEOLA YUSUF

City-by-city Template of how much a litre of petrol will now be sold at NNPCL outlets A litre of premium motor spirit (PMS) popularly called petrol has hit N977 at the Dangote Refinery, major supplier of the product to the Nigerian National Petroleum Company Limited (NNPCL), Platforms Africa can report authoritatively. Findings exclusively conducted by this reputable media group showed that this has led to the adjustment in pump price by the NNPCL as full deregulation of the product takes immediate effect. After Platforms Africa Report, Oil Ministry Director Queried,…

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‘N1,030 In Abuja, N998/Litre In Lagos: NNPCL Hikes Petrol Price Again

ADEOLA YUSUF

. ‘N113 more per litre,’ Details of the 12.7 per cent hike, the second price adjustment in the last 24 days, which happened 72 hours after Platforms Africa’s report   About 72 hours after Platforms Africa’s report on looming hike in the price of Premium Motor Spirit (PMS) also known as petrol, the Nigerian National Petroleum Company Limited (NNPCL) has increased the price of the product, from N855 per litre to N998 per litre in Lagos and over N1,000 per litre in Abuja. Platforms Africa reports that this is the…

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After Platforms Africa Report, Oil Ministry Director Queried, Minister Disowns Claim

ADEOLA YUSUF

. ‘Director upstream lied,’ Full statement by Lokpobiri on NNPC refineries and private refineries equity participation + what-led-to-what report by Platforms Africa that got the minister to speak out   The report by Platforms Africa detailing a charge by ministry of petroleum resources for the Nigerian National Petroleum Company Limited (NNPCL) to stop running its own refineries and focus solely on equity participation in other refineries has generated ripples with the director upstream at the ministry, Engineer Kamoru Busari, been queried and the minister disowning the claim. Busari who represented…

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Minister To NNPC: Shelve Running Govt Refineries, Face Equity In Dangote Refinery, Others

ADEOLA YUSUF

. At CORAN Summit, Lokpobiri orders modular refineries committee to give concession to local bidders . As Dangote says, he built 650,000 barrels/day refineries without a single incentive   Minister of state for Petroleum Resources (oil), Heineken Lokpobiri, on Tuesday charged the Nigerian National Petroleum Company Limited (NNPCL) to shelve running of its refineries and take equity in private refineries. Platforms Africa reports that Lokpobiri who said this at the maiden edition of Crude Oil Refiners Association of Nigeria ( COREN) Summit in Lagos, maintained that the government has also…

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‘Better Days Ahead,’ Oil Contracting Cycle, Middlemen Fixed – NCDMB

ADEOLA YUSUF

‘What Presidential Directives on Local Content got to do with it,’ Key points from what Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, said at a breakfast meeting with some media executives in Lagos The Nigerian oil and gas industry is set to enjoy better days ahead, as the Nigerian Content Development and Monitoring Board (NCDMB) announced on Monday that it had eliminated middlemen from the oil and gas industry value chain and contributed to shortening the oil industry contracting cycle to six months, courtesy of the three Presidential Directives…

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Fresh Petrol Price Hike Looms As NNPC Quits Middleman In Dangote Product’s Sale

ADEOLA YUSUF

▪️ How much they will pay per litre is not clear yet, but what is sure is that Nigerians will pay more than the N1,010 per liter currently on the template ▪️ NNPC will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery.   Nigerians are to pay more for petrol as the Nigerian National Petroleum Company Limited (NNPC) is ending its exclusive purchase agreement with Dangote Refinery. A report by an Abuja-based online newspaper, Premium Times, which revealed the new purchase tenplate,…

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Petrol 40% Cheaper in Nigeria Than Saudi? Fact-Checking Dangote’s Fuel Subsidy Claim

ADEOLA YUSUF

How 63 cent per litre in Saudi is 40% cheaper compared to 67 cent per litre in Nigeria will be left for Africa’s richest man to explain.” Read-for-yourself statistical details on how price tracking sites punctured the billionaire’s claim   Founder of Dangote Refinery, Alhaji Aliko Dangote, stirred controversy among oil industry statistics pundits when he declared that Premium Motor Spirit (PMS) popularly known as petrol is cheaper in Nigeria than in Saudi Arabia. The billionaire, who said this in an interview with Bloomberg, claimed that the product is 40%…

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