33 h. ago Oil price slump as tariff tension pushes Nigeria’s FX market into turbulence

By Chinwendu Obienyi Nigeria’s foreign exchange (FX) market is once again facing renewed volatility as global economic uncertainties, driven by slumping oil prices and protectionist trade measures from the United States, continue to exert pressure on the naira and the nation’s external reserves. Daily Sun gathered that despite demand pressures and intervention by the Central […] The post Oil price slump as tariff tension pushes Nigeria’s FX market into turbulence appeared first on The Sun Nigeria.

Politics

4 d. ago Nwoko hails FG’s decision to peg Nigeria’s crude oil sale to naira

By Christopher Oji Senator Ned Nwoko has described the decision by the Federal Executive Council (FEC) to peg the sale of Nigeria’s crude oil on naira as a bold and commendable move. According to the Director of Communications, Office of Senator Ned Munir Nwoko, Chairman Senate Adhoc Committee on Crude Oil Theft, Gloria Okolugbo, “the […] The post Nwoko hails FG’s decision to peg Nigeria’s crude oil sale to naira appeared first on The Sun Nigeria.

Politics

5 d. ago Petrol price, oil imports to drop as FG announces continuation of naira

By Adewale Sanyaolu Hopes of a further drop in fuel price brightened yesterday as the Federal Government announced the continuation of the Naira-for-Crude policy. In a statement, the ministry of finance announced that the decision to sustain the initiative was taken after a meeting of the technical sub-committee on the crude and refined product sales […] The post Petrol price, oil imports to drop as FG announces continuation of naira-for-crude deal appeared first on The Sun Nigeria.

Politics

5 d. ago JUST IN: Sales of crude, refined products in Naira continues – FG

The federal government has announced that the sales of crude and refined product sales in Naira will continue as the initiative remains a national policy. Per the announcement, the policy will stay in place as long as it serves the public interest and supports the country’s broader economic goals. The update was shared on the […] The post JUST IN: Sales of crude, refined products in Naira continues – FG appeared first on The Sun Nigeria.

Politics

6 d. ago Nassarawa court awards man N2m damages for unlawful detention

A High Court sitting in Uke, Nassarawa State, has ordered the Commissioner of Police, Nassarawa State, to pay 2 million Naira in damages for the unlawful and continuous detention of Mr. Stephen Jonah. The judgment follows a fundamental rights enforcement case filed by the Rights Enforcement and Justice Agency (REJA) on behalf of Mr. Jonah, Read More

Events

7 d. ago Afreximbank sets up $3bn fund to finance refined oil products in Africa

The African Export-Import Bank (Afreximbank), an investor in oil and gas projects, has earmarked $3bn to finance the purchase of read more Afreximbank sets up $3bn fund to finance refined oil products in Africa

Politics

1 week ago Local refineries importing substandard crude, PETROAN alleges

The Petroleum Products Retail Outlet Owners Association of Nigeria says some local refineries are importing substandard crude into Nigeria to cut costs. Speaking with our correspondent on Thursday, PETROAN National Publicity Secretary Joseph Obele said the refineries have been importing crude oil with high sulphur content into Nigeria. Asked to mention some of the refineries, Read More

Politics

1 week ago Dangote’s contribution to Nigeria’s economy huge — Mimiko’s ex

Tribune Online Dangote’s contribution to Nigeria’s economy huge — Mimiko’s ex-aide A former Special Adviser on Political and Mobilisation Matters to ex-Governor Olusegun Mimiko of Ondo, Akin Akinbobola, has hailed the Dangote Refinery for sustaining production and distribution of quality petroleum products in Nigeria. Akinbobola who stated this on Tuesday in Akure, Ondo state capital, noted that Dangote’s contributions to Nigeria’s economy had been monumental and […] Dangote’s contribution to Nigeria’s economy huge — Mimiko’s ex-aide Tribune Online

Politics

2 w. ago MRS, others raise petrol prices to N930 in Lagos, N960 in North

As a direct fallout of the recent suspension of sales of petroleum products in naira by the Dangote refinery, MRS filling station has effected a new price regime, raising its pump price to N930 per litre in Lagos and N960 for residents living in the northern part of the country. The new price regime, effective Read More

Politics

2 w. ago Polypropylene Production To Revitalise Textile Industry, Save Nigeria $267m – MAN

The Manufacturers Association of Nigeria (MAN) has stated that the production of polypropylene by the Dangote Petroleum Refinery and Petrochemicals will revitalise Nigeria’s struggling textile industry and save the country $267 million in import costs. The director-general of MAN, Segun Kadir-Ajayi stated this in an interview on the Channels Business Incorporated Programme. Kadir-Ajayi highlighted the […]

Politics

2 w. ago US imports 2 million barrels of jet fuel from Dangote refinery

The United States imported over two million barrels of aviation fuel from the Dangote refinery in March. The refinery confirmed this in a statement on Tuesday, saying this attests to the “unparalleled quality” of the refinery’s products and the trust that the international community places in the Dangote refinery. Quoting data from ship-tracking service Kpler, Read More

Politics

3 w. ago 12 Suspects Arrested As Army Destroys 19 Illegal Refineries In Niger Delta

The 6 Division of the Nigerian Army has destroyed 19 illegal refineries, arrested 12 suspects, and recovered 138,000 litres of stolen products in the Niger Delta region. The Army stated that the achievement was made during an operation carried out in collaboration with other security agencies in several communities. Lt. Col. Jonah Danjuma, Acting Deputy […] The post 12 Suspects Arrested As Army Destroys 19 Illegal Refineries In Niger Delta appeared first on Information Nigeria.

Events

3 w. ago Troops arrest 12 suspects, destroy 19 refineries, recover 138,000 litres products

From Tony John, Port Harcourt   Troops of 6 Division Nigerian Army, have destroyed 19 artisanal refineries, with 12 suspected oil thieves arrested, as well as over 138,000 litres of stolen products confiscated across the Joint Operations Area (JOA). Acting Deputy Director, 6 Division Army Public Relations, Lieutenant Colonel Danjuma Jonah Danjuma, confirmed this in […] The post Troops arrest 12 suspects, destroy 19 refineries, recover 138,000 litres products appeared first on The Sun Nigeria.

Politics

3 w. ago Army destroys 19 illegal refineries, arrests 12 in Niger Delta operation

The 6 Division of the Nigerian Army has said its operatives have destroyed 18 illegal refineries, arrested 12 suspects and recovered 138,000 litres of stolen products in the Niger Delta region. The Army said the feat was achieved during an operation it conducted in some communities in collaboration with other security agencies. The Acting Deputy Read More

Events

3 w. ago 2,125 illegal refineries destroyed, 700 vandals arrested in 2024 – Minister

The Minister of Interior, Dr. Olubunmi Tunji-Ojo, has revealed that in 2024, the Commandant General’s Special Intelligence Squad destroyed over 2,125 illegal refineries and oil dumps across the country. Speaking at the 5th Ministerial Press Briefing in Abuja on Thursday, Tunji-Ojo highlighted that nearly 205 trucks carrying illegally refined petroleum products were seized, and more Read More

Politics

3 w. ago Price Hike Likely As Dangote Resumes Sale Of Petrol In Dollars

The price of Premium Motor Spirit (PMS) , also called petrol, has been projected to rise as Dangote reviews its sales policy. Dangote Refinery said it would now sell refined petrol in dollars until the government resumes crude-for-naira-sale arrangement. Consequently, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has threatened to sell petrol in dollars […]

Economics

3 w. ago IPMAN Threatens To Sell Petrol In Dollars Over Dangote Refinery’s Stance

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has threatened to sell petrol in US dollars if Dangote Refinery begins selling its products in foreign currency. The move was in response to concerns that using dollars for transactions could lead to increased pressure on the local currency, potentially causing inflation and affecting energy security. LEADERSHIP […]

Politics

3 w. ago Dangote refinery pauses Naira petrol sales over currency mismatch

From Adanna Nnamani, Abuja Dangote Petroleum Refinery has announced a temporary suspension of petroleum product sales in Naira, citing the need to align its sales currency with crude oil purchase obligations, which are currently denominated in U.S. dollars. In a statement released on Wednesday, the refinery explained that its sales of petroleum products in Naira […] The post Dangote refinery pauses Naira petrol sales over currency mismatch appeared first on The Sun Nigeria.

Politics

3 w. ago ‘Keep your dollar close to your chest’: Nigerians react to Dangote Refinery stopping petrol sales in Naira

Tribune Online ‘Keep your dollar close to your chest’: Nigerians react to Dangote Refinery stopping petrol sales in Naira In a recent development, Dangote Refinery has announced a temporary halt in the sale of petroleum products in Naira, citing the need to align its sales proceeds with its crude oil purchase obligations, which are denominated in US dollars.  Tribune Online reports that In a statement, the refinery clarified that its Naira-based sales had exceeded […] ‘Keep your dollar close to your chest’: Nigerians react to Dangote Refinery stopping petrol sales in Naira Tribune Online

Politics