Nigerian Electricity Regulatory Commission (NERC) reveals that Benin and Togo have outstanding electricity debts totaling $5.7 million for the second quarter of 2024 Benin and Togo owe Nigeria $5.7 million in outstanding electricity payments for power consumed in the second quarter of 2024, according to the Nigerian Electricity Regulatory Commission (NERC). The unpaid sum is…
Discussions between Dangote Petroleum Refinery and marketers to finalize petrol pricing and supply agreements The Independent Petroleum Marketers Association of Nigeria (IPMAN) is preparing for key discussions with Dangote Petroleum Refinery, scheduled between Tuesday and Wednesday, to finalize agreements on the pricing and distribution of petrol from the newly operational $20 billion Lekki-based refinery. Reports…
Federal Government initiates clampdown on private jets with unpaid import duties, affecting top business executives The Federal Government is set to ground over 60 private jets due to unpaid import duties, a move that targets high-profile individuals, including business moguls and top bank executives. This decision, driven by the Nigerian Customs Service (NCS), aims to…
The U.S. government has filed new charges against Allen Onyema, Air Peace CEO, accusing him of obstructing justice and participating in fraudulent schemes targeting U.S. banks The U.S. government has initiated legal action against Allen Onyema, the CEO of Nigerian airline Air Peace, filing fraud and obstruction charges against him. The indictment includes claims of…
Understanding the Factors Behind NNPCL’s Recent Fuel Price Hike The NNPCL fuel price increase has sparked widespread discussions across Nigeria. According to petroleum marketers, the complete removal of subsidies on Premium Motor Spirit (PMS) by the Nigerian government is the key reason for the hike in fuel prices. As of October 2024, the Nigerian National…
Access Bank Delays System Upgrade Originally Scheduled for October 12 Access Bank postpones system upgrade initially scheduled for October 12, reassuring customers that banking services will remain fully operational during this period. The bank communicated this decision through an email to its customers, emphasizing its commitment to enhancing service functionality and improving the overall customer…
Fuel prices in Abia State drop significantly as the Nigeria National Petroleum Company (NNPC) launches a portal for direct fuel requests and payments from independent petroleum marketers. Fuel prices in Abia State have experienced a noticeable reduction, dropping from N1,300–N1,350 to between N1,150 and N1,200 per litre. This welcome decline follows the Nigeria National Petroleum…
As part of a new economic directive from President Tinubu, the Nigerian government begins crude oil sales in naira to local refineries, signaling a shift in the country’s oil trade policies In a significant policy shift, the Nigerian government has officially commenced naira-based crude oil sales to local refineries, including Dangote Refinery, following a directive…
The cost of landing petrol in Nigeria has seen a reduction as the naira strengthens against the US dollar, impacting fuel prices nationwide. The petrol landing cost drops from N981/litre on September 25, 2024, to N945.63/litre as of September 27, 2024. This decline is linked to the strengthening of the naira, which appreciated against the…
During a workshop organized for the Finance Correspondents Association of Nigeria (FICAN) and Business Editors in Lagos, NDIC’s Managing Director/CEO, Bello Hassan, emphasized the corporation’s critical role in protecting depositors’ funds. He stated, “The closure of Heritage Bank highlights the vital role the NDIC plays in ensuring that depositors are reimbursed swiftly. In line with…
Subscribe to our monthly newsletter