President Bola Tinubu’s decision to sack Mele Kyari and other board members of the Nigerian National Petroleum Company Limited (NNPCL) was due to concerns over performance and failure to meet key production targets. According to Presidency officials, the former management was “going in circles” and had become part of the problem rather than the solution…
There is anxiety in the downstream arm of the oil and gas sector as operators await the decision of the Federal Government on the naira-for-crude deal between the Nigerian National Petroleum Company Limited and the Dangote Petroleum Refinery. The six-month deal, which started in October 2024, officially ends today, Monday, March 31, 2024. The deal’s…
P’Harcourt refinery: Controversy surrounds NNPCL claim on operation Port Harcourt Refinery The operational capacity of the newly rehabilitated Port Harcourt Refining Company came under intense scrutiny on Thursday. This was following claims that petroleum products loaded from the facility on Tuesday were not newly refined but products stored in the storage tank of the facility…
A group of concerned Nigerian citizens has petitioned the US government to investigate and sanction the Nigerian National Petroleum Company Limited (NNPCL) and its CEO, Mele Kyari, for allegedly violating sanctions on Russian crude oil. In a letter to the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), the group claims that…
A network of community-based organizations (CBOs) in Nigeria, the Coalition of Ethnic Nationalities’ Rights Agenda, the South East Revival Coalition, and Progressive Yoruba Youth for Change have applauded the Minister of Agriculture and Food Security, Sen. Abubakar Kyari, for his efforts and transparency in the distribution of food, fertilisers and other farming inputs across the…
The Central Bank of Nigeria (CBN) Monetary Policy Committee has raised the interest rate by 50 basis points from 26.25% to 26.75%. The Governor of the CBN, Mr. Olayemi Cardoso, announced this at the end of the apex bank’s 296th MPC meeting held in Abuja. The MPC also pegged the Cash Reserve Ratio (CRR) for…
Fuel pump •NNPC mum as dealers insist government still paying subsidy, Reps probe crude shortage •Dangote eyes foreign markets for refinery products, FG meets Kyari, Dangote over dispute With a landing cost of N1,117 per litre for Premium Motor Spirit, popularly called petrol, the monthly subsidy on the commodity has increased to about N707bn, oil…
Nigeria foreign exchange reserve has increased to $35.93bn as of July 18 despite predictions of a slump. This represents a gain of $160 from the previous day’s figure of $35.77bn. The country’s foreign exchange reserves had been steadily increasing over the past two weeks, with a cumulative gain of over $1.2bn. As of July 18,…
The Central Bank of Nigeria (CBN) has announced the approval of the sales of FX to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions. In a circular signed by A. A Mahdi, the Acting Director of Trade and Exchange at the CBN, it was disclosed that the sum of $20,000 is to…
The Federal Government has announced the suspension of duties, tariffs, and taxes on some essential food items imported through land and sea borders. The Minister of Agriculture and Food Security, Abubakar Kyari, made this known during a press briefing at the National Press Centre, Abuja on Monday. Kyari disclosed that the listed food items, which…
