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Dangote: We Have Enough Petrol In Stock To Meet In-country Supply

President of Dangote Group, Alhaji Aliko Dangote
Over the weekend, Aliko Dangote, the president of Dangote Industries Limited (DIL), disclosed that his firm, the Dangote Petroleum Refinery, had more than N600 billion worth of Premium Motor Spirit (PMS), often known as gasoline, in storage to efficiently and adequately service Nigeria’s domestic demands. The wealthiest person in Africa disputes the Nigerian Midstream and Downstream Petroleum Regulatory Authority’s (NMDPRA) assertion from last week that just 50% of the oil can be obtained locally from nearby refineries. Although Dangote has consistently claimed that this is incorrect, the Authority insisted that it has continued to provide import licenses to oil marketersRead More

With $60 Per Barrel, FG In Dilemma Over Deregulation

Crude oil
Fear of social disturbances stalls new pump price FG now subsidising PMS without budgetary provision As Brent Crude traded at $59.34 per barrel at the international oil market on Friday,Read More

CBN Hammers Cryptocurrency Traders, Directs Banks To Close Their Accounts

Central Bank of Nigeria vs Cryptocurrency
The Central Bank of Nigeria yesterday directed banks and other financial institutions to immediately close any accounts dealing in cryptocurrency or facilitating payment for crypto currency exchange, with immediate effect.Read More

Deconstructing The Access Bank, Seplat’s Loan Tussle

Seplat vs Access Bank
Access Bank and Seplat Petroleum Company Plc. have recently been enmeshed in legal tussle in the former’s efforts to recover an outstanding U$.85.8 million loan to Cardinal Drilling Services Ltd.Read More

Tariffs Reduction Will Kill Auto Industry, Manufacturers Insist

Automotive manufacturers
The Nigerian automotive manufacturers have insisted that the reduction of the tariffs imposed on imported vehicles from 70 per cent to 40 per cent will shrink the automotive industry, leadRead More

Dutch Court Orders Shell To Pay Damages For Oil Spill In N’Delta

Shell
Compensation to be determined soon Spillage caused by sabotage, oil firm insists Judgement came in favour of four Nigerian farmers yesterday when an appeal court in the Netherlands ruled thatRead More

NNPC Records N1.95tn From Sale Of Petrol, Others

Nigerian National Petroleum Corporation (NNPC)
The Nigerian National Petroleum Corporation (NNPC) yesterday announced sales proceeds of N1.95 trillion from white products, mainly petrol, between October 2019 and the same period in 2020. However, Flavision’s checksRead More

FEC Approves Policy To Stop Rejection Of Nigerian Goods

Federal Executive Council (FEC)
Okays N9bn for road, power projects The Federal Executive Council (FEC) yesterday approved the National Quality Policy to stop rejection of Nigerian goods exported out of the country. The approvalRead More

Oil Host Communities Ask FG To Scrap NDDC

Minister of State for Petroleum Resources, Chief Timipre Sylva
Sylva urges agitators to accept 2.5% fund in PIB Host communities in the nine oil-producing states have called for the scrapping of the Niger Delta Development Commission (NDDC). This isRead More

IMF Revises Nigeria’s 2021 GDP Forecasts To 1.5%

International Monetary Fund (IMF)
Calls for vaccine funding for African countries Projects 21% rebound in crude oil prices The International Monetary Fund (IMF) in its World Economic Outlook (WEO) update released yesterday has projectedRead More

Miyetti Allah Agrees With Govs In Ban Of Open Grazing

South-west governors
Underage, night herding, illegal occupation of forest reserves to be outlawed Nyiam, Yusuf urge Buhari to take responsibility for defence of Nigerians Troubleshooting efforts to douse the tension generated byRead More