Author: Aminu Ridwan

The naira weakened further on Friday, trading at an average of N1,665 per dollar in the parallel market, commonly known as the black market. This marks a N5 depreciation compared to the N1,660 rate seen earlier in the week. In Abuja and Onitsha, the dollar reached as high as N1,670. The fall in value is largely attributed to strong demand from end-users seeking Basic Travel Allowances (BTA), Personal Travel Allowances (PTA), and funds for school fees and medical expenses. “We are buying dollars at N1,650 and selling at N1,670,” a trader in the black market revealed on Friday. On the…

Dangote Refinery is set to begin distributing refined petrol to marketers across Nigeria starting this Sunday, as revealed by BusinessDay. Despite the introduction of this new supply, the pump price of petrol will remain unchanged. The refinery is initially expected to distribute 25 million litres of petrol daily through the NNPC Trading Limited. Marketers have been directed to start sending their trucks to the refinery today to facilitate the lifting process, which is expected to improve fuel supply across the country and ease challenges faced by consumers. Located in the Lekki Free Trade Zone, Lagos, the Dangote Refinery represents a…

Despite Nigeria’s ongoing economic challenges, several companies remain committed to expanding their operations within the country, signaling confidence in its long-term potential. This comes even as numerous multinationals have exited the market due to rising inflation, interest rate hikes, and foreign exchange volatility. One of the most significant expansions is led by the Dangote Group, which has recently launched a $20 billion crude oil refinery in Lekki, Lagos. This state-of-the-art facility, designed to process 650,000 barrels of oil per day, is poised to meet Nigeria’s domestic fuel needs while also serving the broader West African market. Aliko Dangote, president of…

The Federal Government, under the Presidential Compressed Natural Gas Initiative (PCNGi), has announced free vehicle conversions to Compressed Natural Gas (CNG) for Lagos residents. The offer, set for Friday, September 13, from 3 PM to 6 PM, is available at six designated locations on a first-come, first-served basis. Lagos vehicle owners are invited to bring their cars for inspection, and the first 50 vehicles at each location will be fitted with free CNG conversion kits. Once converted, vehicles can refuel at a lower cost of N230 per SCM of CNG at NIPCO stations, providing significant savings compared to petrol prices.…

The House of Representatives has announced plans to inaugurate the Joint Senate/House Ad Hoc Committees on the Petroleum Industry Investigation on September 25, 2024. The announcement was made in a statement by Akin Rotimi Jr., the Spokesperson for the House, on September 11. It was shared via the lawmakers’ official WhatsApp platform. This development comes after the dissolution of the previous ad-hoc Joint Committee on Downstream and Midstream on August 27, 2024. That committee had been investigating the Nigerian National Petroleum Company Ltd. (NNPCL) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) regarding the importation of adulterated petrol…

The Economic and Financial Crimes Commission (EFCC) has obtained a court order to freeze N548.6 million in bank accounts linked to suspected Nigerian cryptocurrency users on platforms such as ByBit and KuCoin. The funds were frozen due to allegations that these platforms contributed to the devaluation of the naira. The Federal High Court order, granted on September 3, 2024, targets the role of these foreign crypto exchanges in enabling price manipulation, which reportedly caused significant fluctuations in the value of the Nigerian currency. This move is part of a broader crackdown by federal agencies on cryptocurrency platforms accused of violating…

In a blow to Ghanaian football fans, the Confederation of African Football (CAF) has rescinded its approval for Kumasi’s Baba Yara Stadium due to multiple technical infractions. Among the most significant issues is an unsuitable playing field, which, according to CAF, does not meet international standards. This shocking development leaves Ghana without a single stadium that meets the CAF or FIFA requirements for hosting matches. As a result, the highly-anticipated match between Ghana and Sudan on October 11th has been thrown into chaos, with the possibility of the game being relocated to a neutral African country if the pitch cannot…

The Federal Government’s revenue for the first quarter of 2024 rose to N9.1 trillion, more than doubling the figure recorded in the same period in 2023, according to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun. Speaking at the 17th Annual Banking and Finance Conference in Abuja, Edun, represented by Dr. Armstrong Takang, attributed the revenue growth to effective government policies and technological advancements in revenue collection. He emphasized that this increase occurred without any tax hikes and reaffirmed the administration’s commitment to meeting or exceeding its revenue targets. “This revenue progress allows us to…

Four days ahead of the scheduled September 15, 2024, date for the Nigerian National Petroleum Company Limited (NNPC) to start lifting Premium Motor Spirit (PMS) from the Dangote Refinery, investigations reveal that no commercial agreement has been finalized between both parties. Sources from NNPC and Dangote confirmed that there is no agreement yet on the quantity and pricing of the PMS to be lifted by the national oil company. On September 5, 2024, NNPC’s Executive Vice President of Downstream, Adedapo Segun, announced during a live broadcast that the company would begin lifting Dangote petrol on September 15, outlining that pricing…

The Naira has depreciated to N1,660 per dollar in the parallel market, following increasing foreign exchange (forex) scarcity that has tightened supply. The currency, which stood at N1,625 per dollar the previous week, experienced a significant drop due to mounting demand pressures that have persisted since August. Dealers in the parallel market attribute the continued depreciation to a slowdown in the volume of forex flowing into this segment since last month. This decline has left traders struggling to meet demand, causing prices to spike. In the official market, there has also been a notable reduction in forex supply. Recent figures…