Recent documents have revealed that Sayyu Dantata, the half-brother of billionaire Aliko Dangote, is among the marketers importing fuel into Nigeria from Malta. Dantata, who owns MRS Oil & Gas Co. Limited, has been implicated in the ongoing controversy surrounding fuel imports from the European country. The revelations come after similar findings about Matrix Energy…
The Nigerian government has announced the issuance of a $500 million five-year domestic dollar bond, opening for subscription on August 19, 2024. The bond offers a competitive interest rate of 9.75%, aimed at attracting both local and international investors. The bond issuance is part of the government’s ongoing efforts to diversify its funding sources and…
The Federal Government has disclosed that sales of crude oil to Dangote Refinery and other local refineries will commence October 1, 2024. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the announcement during a meeting with the Implementation Committee on Monday in Abuja. According to a post on the official…
The NNPC Limited has released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, an increase of over N700 billion (28%) when compared to the 2022 profit of N2.548 trillion. In a world press conference held at the NNPC…
President Bola Tinubu has approved the request of the Nigerian National Petroleum Company Limited (NNPCL) to use the 2023 dividends due to the federation to pay for petrol subsidy, according to TheCable. The president also approved the suspension of the payment of 2024 interim dividends to the federation in order to augment the oil firm’s…
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has breaks silence on fuel supply situation in the country. The NNPC Ltd in a statement released today says the organization regrets the tightness in fuel supply witnessed in some parts of Lagos and the FCT. The statement by Olufemi Soneye Chief Corporate Communications Officer NNPC Ltd…
The Federal Government is targeting a $500m loan from the World Bank to tackle inadequate human resource issues in the country’s education and healthcare systems. The proposed loan, part of the Nigeria Human Capital Opportunities for Prosperity and Equity Governance Programme, is intended to tackle long-standing staffing gaps and enhance the performance management of basic…
Nigeria’s annual inflation rate eased for the first time in five months after a persistent rise. Inflation rate eased to 33.40 per cent in July 2024 compared to 34.19 per cent in June, the National Bureau of Statistics (NBS) announced Thursday. According to the NBS, the July headline inflation rate showed a decrease of 0.8…
The founder and chairman of Heirs Energies, Mr Tony Elumelu has asked the Nigerian government and security agents to disclose those behind oil theft in the country. Elumelu spoke in an interview published by the Financial Times (FT) on Friday. Elumelu said oil theft contributed to the divestment of international oil companies in Nigeria. “Who…
Nigeria pays $600 million each month on fuel imports, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed. According to him, the expenditure is partly because neighbouring countries, extending to Central Africa, are benefiting from these fuel imports. Speaking during an interview on AIT’s ‘Moneyline with Nancy’, which was shared on…