The Federal Government has started selling crude oil to local refineries and buying petroleum products using Naira. This move will help reduce pressure on the Naira, lower extra costs and make fuel more available. This was disclosed in a statement on X by The Federal Ministry of Information and National Orientation on Saturday, September 14….
The loading of Premium Motor Spirit (petrol) from Dangote Refinery for local consumption will commence on Sunday, September 15. The Presidential Committee on the Sale of Crude Oil and Refined Products announced this at the end of its meeting in Abuja on Friday night. The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji,…
Liberia’s Vice President, Jeremiah Kpan Koung, has praised Nigerian banks for their significant contributions to Liberia’s economic growth. Speaking at the 17th Annual Banking & Finance Conference in Abuja, Koung noted that Nigerian investors own four out of eight commercial banks in Liberia, increasing market competition and efficiency. The four Nigerian-owned banks in Liberia are…
Marketers of petroleum products in Nigeria have reportedly written to President Bola Tinubu to complain that the drop in price of Dangote Refinery’s diesel to N900 per litre, is negatively affecting their businesses. Devakumar Edwin, Vice President, Dangote Industries Limited, disclosed this on a Twitter Spaces session organized by Nairametrics. “Petroleum product marketers in Nigeria…
The Dangote refinery may resort to exporting its Premium Motor Spirit (petrol) following the refusal of the Nigerian National Petroleum Company Limited to be the sole buyer of its product. The NNPC, in a statement by its spokesman, Olufemi Soneye, said on Saturday that it would not buy Dangote fuel unless it was cheaper than…
Financial technology companies have started charging levies on electronic transfers into personal and business accounts in compliance with the Federal Inland Revenue Service regulations. In a notice to its customers on Saturday, OPay, one of the fintechs, stated, “Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will…
The federal government through the Corporate Affairs Commission (CAC) has warned Point of Sale (POS) operators in the Fintech sector and threatened to shut down those who fail to register their businesses. The CAC in a statement on Friday noted that the 60-day deadline for registration, which expired on September 5, 2024, has not been…
With today, September 5, 2024 being the deadline given by the Corporate Affairs Commission (CAC) for banking agents, known as Point of Sale (POS) operators to register their activities or face prosecution, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has challenged the directive in court. Recall that the federal government through…
GISTSMATE MEDIA reports that Aliko Dangote, the Chairman of Dangote group, has officially confirmed rollout Premium Motor Spirit (PMS), also known as petrol from its refinery. Dangote, while addressing the press on Tuesday, described the development as a turnaround for the country after many years of not producing a single litre of petrol. The group…
The Nigerian National Petroleum Company (NNPC) Limited has announced plans to partner with private firms for the management and maintenance of its refineries in Kaduna and Warri. This initiative aims to strengthen the nation’s petrol supply and enhance energy security. The announcement was made through a circular on NNPC’s official X account on Thursday. The…