NNPC, Total Energies JV Achieves Zero Gas Flare

The NNPC Ltd/TotalEnergies Joint Venture has achieved zero routine gas flare in all its assets. This feat was announced on Thursday during an inspection tour of OML 100 in South-eastern Niger Delta, off Port Harcourt, by a joint NNPC Ltd and TotalEnergies Team to ascertain the success of the OML Flare Reduction Project launched in December 2023. Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye, in a statement said the feat was in pursuit of meeting the targets of 20% (unconditional) and 47% (conditional) greenhouse gas emission reduction as contained in…

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10 Africans Who Are Richer Than Many Countries In The Continent

Wealth In their hands: Story, Profile of Top 10 Richest Men In Africa 2024 and list of poorest countries based on GNI per capita in the continent   Forbes, the wealth-tracking platform, provides ongoing updates on the net worth and ranking of each individual confirmed by Forbes to be a billionaire. Platforms Africa reports that these 10 billionaires have a net worth that is more than that of some nations in the world, and particularly, many countries in their continent of Africa. The value of individuals’ public holdings are updated…

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Betta Chimaobim Edu: 12 Things You Don’t Know About Embattled Minister

Medical doctor, Scholar, Public Health from Texila American University, APC ex-National Women Leader: This is the 12-point resume of the 37 year-old first minister ever to be suspended by President Tinubu.   A search by Platforms Africa showed some revealing and interesting sides of the suspended minister Of Humanitarian Affairs and Poverty Alleviation. Here, below, are what may need to know. 1. Born October 27, 1986 37 years old 2. Minister of Humanitarian Affairs and Poverty Alleviation (now Suspended – 08 Jan 2024) READ ALSO: BREAKING: Tinubu Cuts 60% Off…

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1st Gain In New Year; Naira Appreciates 14% To N895.23 Per Dollar

The Nigerian Naira gained against the dollar on Thursday, 4th January 2024 at the official market to record the first gain in the new year 2024. Market watchers expected that a $2.25 billion injection from the African Export-Import Bank (Afreximbank) to ease the country’s forex crunch will have a positive impact on the local currency. The facility was intended to address the acute liquidity shortage in the FX market, since the unification of the FX market by the Central Bank of Nigeria (CBN) on June 14, 2023. READ ALSO: BREAKING:…

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CBN: Why There’s Naira Scarcity

The Central Bank of Nigeria (CBN) has explained the reasons behind scarcity of naira notes in the country. This comes following a series of complaints by some bank customers on the scarcity of naira notes at the counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs). In a statement issued by the Corporate Communications Department of the CBN, the apex bank said the seeming currency scarcity was occasioned by large volume withdrawals of cash from various CBN branches by Deposit Money Banks (DMBs). READ ALSO:…

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Naira Falls By 17% To N951/$

The naira fell by 17.91 per cent to N951.22/$ on the official Investor and Exporter forex window on Wednesday. This was as the dollar supply fell by 4.94 per cent to $135.58m from $142.63m. Data from FMDQ Securities Exchange revealed that the naira lost N144.49 against the dollar after closing trading on Tuesday at N806.73/$. The naira opened trading at N828.33/$ on the day before hitting a high of N1159.10/$ and low of N701.00/$. It eventually closed trading at N951.22/$. Total dollar turnover on Wednesday was $135.58m. READ ALSO: 25…

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CBN Moves To Increase Capital Base Of Banks

The Central Bank of Nigeria (CBN) has said that it will soon be announcing a new capital base for banks in the country as it said Nigerian banks were not well capitalised to meet the needs of the economy. The CBN governor, Dr Olayemi Cardoso, in his first public speech at the 2023 Bankers Dinner on Friday night, said while there has been stability in the banking sector, banks in the country were not adequately capitalised to meet the need of a $1 trillion economy which the present government was…

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Fresh Naira Scarcity Rocks Nigeria + List of Affected states

Despite moves by the Central Bank of Nigeria (CBN) to formally extend the validity of the old naira notes, reports of scarcity have emerged across the country. Recall that the CBN had affirmed that it has enough currency notes in the market and, hence, no need for panic withdrawals by members of the public. The apex bank announced plans to extend the validity of the old N200, N500, and N1,000 notes indefinitely. The bank noted that it was working with relevant authorities to vacate the subsisting court ruling on the same subject.…

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Naira Appreciates To N791/$1 In Official Market

The Nigerian naira appreciated against the United States American dollar, closing at N791.75/$1 at the official market. According to data from the FMDQ Securities Exchange, the naira rose by 5.87 per cent or N49.39 compared to the previous day’s rate of N841.14/$ at the Nigerian Autonomous Foreign Exchange Market. The naira’s gain was, however, expected due to the recent move of the Central Bank of Nigeria to clear some of its FX backlog. Investors’ highest bid for the dollar was N1120/$1, while the intraday low was N701/$1, representing a wide…

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Real Reason There Is Cash Scarcity At Banks, ATMs – CBN

The Central Bank of Nigeria (CBN) has assured Nigerians of an adequate supply of Naira notes in the country. The bank’s Director of Corporate Communications, Isa AbdulMumin, said this in a statement on Thursday in Abuja. The CBN was reacting to reports of naira scarcity at the counters, Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs) in many parts of the country. READ ALSO How Channels TV Anchor’s 80 Yr-Old Dad Died In Kidnapper’s Den We Deployed 830,292 Meters In 10 Years – Ikeja Electric…

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