Business

NNPC CONTINUES IMPORTING PETROL, DIESEL AMID DANGOTE REFINERY SURPLUSES The Nigerian National Petroleum Company Limited (NNPCL) is still importing premium motor spirit (PMS), also known as petrol and Automotive Gas Oil (AGO), also known as diesel, despite Dangote Refinery having sufficient supply. Interestingly, the Crude Oil Refiners Association of Nigeria has opposed petroleum marketers’ plans to import PMS, citing the …

ENUGU FIRM FINGERED AS WORLD BANK DETECTS $32M WATER PROJECT FRAUD World Bank on glass building. Mirrored sky and city modern facade. Global capital, business, finance, economy, banking and money concept 3D rendering animation.The World Bank has identified $32m in unaccounted funds in a Nigerian water sector project, raising concerns over likely embezzlement and mismanagement. According to the newly released …

CONCERNS OVER CASH SQUEEZE IN STATES DESPITE INCREASED CBN SUPPLY There is rising complaints by bank customers and Point of Sale (POS) operators in some states across the country over alleged cash squeeze just as citizens try to meet their increasing demands for notes especially as yuletide shopping begins.The states where these concerns are being raised include Bauchi, Borno, Kaduna, …

ENUGU DISCO VOWS TO END ESTIMATED ELECTRICITY BILLING Mainpower Electricity Distribution Limited (MEDL), a subsidiary of Enugu Electricity Distribution Company, has vowed to eliminate estimated billing with the roll-out of comprehensive metering for all customers in Enugu State. The Managing Director of the company, Ernest Mupwaya, made this known on Wednesday during a stakeholders engagement in Enugu to outline the …

MULTICHOICE NIGERIA LOSES 243,000 DSTV, GOTV SUBSCRIBERS IN SIX MONTHS . The South African pay-TV operator MultiChoice Group disclosed that its Nigerian unit, MultiChoice Nigeria, lost 243,000 subscribers on its Digital Satellite Television (DStv) and General Entertainment on Television (GOtv) services from April to September this year. The company revealed these figures in its Interim Financial Results for the period …

WE’LL SUPPORT NIGERIA’S ECONOMIC REFORMS, SAUDI CROWN PRINCE TELLS TINUBU Crown Prince and Prime Minister of Saudi Arabia, Prince Mohammed bin Salman bin Abdulaziz Al Saud, has assured President Bola Tinubu that his country would support Nigeria’s economic reforms.According to a release by the presidential spokesperson, Bayo Onanuga, the crown prince gave the assurance when he met with Tinubu on …

DANGOTE, IPMAN REACH ACCORD ON LIFTING OF PMS, OTHERS DIRECTLY The Independent Petroleum Marketers Association of Nigeria, IPMAN, has finally secured an agreement with Dangote Refinery to lift products directly. Abubakar Garima, IPMAN National President, announced this on Monday after a meeting of the National Working Committee of the Association in Abuja. “We’re pleased to announce that Dangote Refinery has …

REFINERS OPPOSE PETROL IMPORT LICENSES TO IPMAN, PETROAN The Crude Oil Refinery Owners Association of Nigeria has warned the Federal Government to be cautious in granting import licences to petroleum traders for the importation of refined products.CORAN’s comment came amid the controversy between the Dangote Petroleum Refinery and oil marketers.Members of the Petroleum Products Retail Outlet Owners Association of Nigeria …

COURT DOCUMENTS SHOW DANGOTE’S ATTEMPT TO ‘MONOPOLIZE’ PETROLEUM INDUSTRYGranting Dangote Refinery the monopoly it seeks would be a recipe for disaster, unleashing severe hardship on citizens, a major oil firm’s managing director has warned in a series of filing at the Federal High Court in Abuja.Ali Abiodun, the acting managing director of AYM Shafa Limited, issued this statement in a …

AGAIN, NIGERIAN DISCOS RAISE METER PRICES Electricity Distribution Companies in Nigeria, commonly called DisCos, have announced an increase in prices for electricity meters. The development makes it the second price hike in just four months. The increased prices will start on Tuesday, November 5, 2024. The cost of a single-phase meter, a common type for household use, will now range …