CBN pegs microfinance banks loan per transaction at N1m – Newstrends
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CBN pegs microfinance banks loan per transaction at N1m

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The Central Bank of Nigeria (CBN) has pegged maximum loan limit for Microfinance Banks (MfBs) at N1 million per transaction.

The apex bank gave this directive in a circular to all MfBs titled: Cessation of non-permissible activities by MfBs”.

The MfB operators were also strictly prohibited from engaging in foreign exchange transactions.

The CBN further directed the MfBs to primarily focus on providing financial services to retail and/or micro clients, microcredit and retail transactions not exceeding N500,000 per transaction for tier 2 unit MFBs and N1 million for other categories.

Also, micro credit facilities shall constitute a minimum of 80 per cent of total loans portfolio for MFBs.

The apex bank also warned MfBs to desist from offering non-permissible activities, especially foreign exchange and wholesale banking transactions.

The regulator noted that it observed that some MFBs are engaging in non-permissible activities which pose risk to the financial system.

The circular, which was signed by the Director of Financial Policy and Regulation Department, Ibrahim Tukur, stated: “The Central Bank of Nigeria (CBN) has observed the activities of some MFBs that have gone beyond the remit of their operating licenses by engaging in non-permissible activities, especially wholesale banking, foreign exchange transactions and others.

“Given the comparatively low capitalization of MFBs, dealing in wholesale and/or foreign exchange transactions are a significant risk with dire consequences for financial system stability thus, therefore, become imperative to remind all MFBs to strictly comply with the extant Revised Regulatory and Supervisory Guidelines for MFBs in Nigeria 2012 (the guidelines).

The CBN promised it will continue to monitor developments in the MfB sector and apply severe regulatory sanctions for breaches of extant regulations, including revoking the licence of non-compliant MfBs.

 

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FCT traffic service confirms sale of number plates by touts

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FCT traffic service confirms sale of number plates by touts

The Directorate of Road Traffic Services (DRTS), Federal Capital Territory (FCT), yesterday advised  residents not to patronise touts in registering  their vehicles.

A statement by the Director, DRTS, Abdulateef Bello said: “ The Directorate of Road Traffic Services (DRTS), Federal Capital Territory (FCT), wishes to inform the general public that the current scarcity of vehicle number plates in the FCT is due to irregular and insufficient supply from the National Vehicle Identification Scheme (NVIS) Plant and efforts are ongoing to remedy the situation.

“We also wish to draw the attention of the motoring public to the activities of fraudsters impersonating DRTS officials in the attempt to take advantage of the situation to exploit vehicle owners.

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“The DRTS firmly disassociates itself from these illegal activities and strongly caution members of the public against dealing with any individual either staff or agent who claim to be in position of number plates outside what is uploaded in the DRTS self-service portal (https://selfservice.fctevreg.com).

“Moreover, in order to ensure transparency, the approved costs of number plates and related services are readily available on our official communication platforms, and particularly our website.

“The Directorate therefore encourages the public to stick and insist on the stipulated prices.

‘‘In collaboration with the Security Agencies, the Directorate has intensified efforts to bring these impostors to justice.’’

“We urge the public to report suspicious individuals or illegal activities to the Management of the DRTS. The DRTS remains steadfast in its commitment to delivering transparent, efficient, and accountable services to the motoring public”.

 

FCT traffic service confirms sale of number plates by touts

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Filling stations yet to reduce petrol price after Dangote slashes rate

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Filling stations yet to reduce petrol price after Dangote slashes rate

For the second time in one week, Dangote Petroleum Refinery has announced a reduction in the price of premium motor spirit (PMS) otherwise known as petrol.

With effect from yesterday (April 16th, 2025), the gantry price (ex-depot price) of petrol would now go from N865 to N835.

This would be the second price reduction within a week as Dangote Refinery earlier slashed the price from N880 to N865 per litre.

However, as of yesterday, prices are yet to change at most filling stations including the retail outlets belonging to the Nigerian National Petroleum Company Limited (NNPCL).

While marketers welcomed the decision by Dangote, they however expressed mixed reactions over what they called, “arbitrary” reduction which portends losses to the market.

Group Chief Branding and Communications Officer of Dangote Industries, Anthony Chiejina, in a statement said, “High-quality Dangote petrol will now be available at the following prices across all our partner retail outlets….”

He said key partners, including MRS, AP (Ardova), Heyden, Optima Energy, Hyde and Techno Oil, will offer petrol at N890 per litre, down from N920 in Lagos.

In the South West, the price will be N900 per litre, reduced from N930 while in the North West and North Central, the price will be N910 per litre, lowered from N940.

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In the South East, South South, and North East, the price will be N920 per litre, down from N950.

The statement said, “These price reductions reaffirm our commitment to providing high-quality petrol at affordable rates, benefiting consumers across the nation. In addition, we are working collaboratively with our partners to ensure equitable reflection of this price reduction.

“Dangote Petroleum Refinery has consistently worked to reduce the prices of petrol and other refined petroleum products, ensuring the continued benefit of Nigerian consumers. For example, in February, the refinery reduced prices twice by N125.  In addition, products such as diesel and Liquefied Petroleum Gas (LPG) have also experienced significant price reductions due to the refinery’s sustained efforts.

“We anticipate that this latest reduction in PMS prices will generate a positive ripple effect throughout various sectors of the economy, providing much-needed relief to consumers and contributing to broader economic growth, particularly during the Easter season.

“Dangote Petroleum Refinery remains steadfast in its commitment to ensuring a steady supply of premium-quality petroleum products, with sufficient reserves to meet domestic demand, along with a surplus for export. This strategy is designed to support the stability of the domestic market while also contributing to the growth of Nigeria’s foreign exchange reserves.”

The refinery however called on industry stakeholders, including marketers and distributors, to continue sourcing their products from the refinery, ensuring that the benefits of these price reductions are fully realised across the country.

It was learnt that the reduction in price of crude oil was one of the reasons behind the price change.

Global crude oil price has been experiencing volatility in recent times as the US tariff war rages.

Crude oil edged more than 2% higher on Wednesday following expectations of tensions easing in the US-China trade war.

At 1:28 p.m. ET, Brent crude was trading up 2.09% at $66.02, while the US benchmark, West Texas Intermediate (WTI), was trading up 2.12% at $62.63.

But as of 8 p.m. yesterday, Brent Crude further dipped to 65.77.

As of the time of filing this report, most filling stations across the country are yet to adjust their pump prices with a litre of PMS still sold as much as N990 in some parts of Nigeria.

In Kano, some independent stations were selling at N990 while the NNPC and MRS were selling at N945. In Maiduguri, Bornu State, a litre was sold at between N950 and N980.

In Abuja, NNPCL sells at N950 per litre while other major stations sell between N955 and N960.

There are indications that NNPCL would also adjust its pump price as it is always the case when Dangote slashes its price but as of the time of filing this report, the price adjustment has not been done.

Filling stations yet to reduce petrol price after Dangote slashes rate

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Easter travels: ABC Transport injects 2025 Toyota Hiace buses into operations

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Easter travels: ABC Transport injects 2025 Toyota Hiace buses into operations

Ahead of Easter, ABC Transport Plc has added a fleet of brand new, 2025 model Toyota Hiace buses to its operations.

This, it said in a statement, was a strategic move to enhance customer satisfaction and operational reliability.
It aligns with the company’s mission of providing safer, more reliable, and comfortable travel experiences, particularly during the busy Easter season.
The new vehicles, which are equipped with state-of-the-art GPS trackers and speed limiter devices, are part of ABC Transport’s historic culture of prioritising passenger safety.

These features, which are standard across the company’s entire fleet, allow for real-time monitoring and ensure adherence to safe driving practices.
Apart from the fleet upgrade, ABC Transport recently concluded its quarterly Pre-Peak Season Crew Seminar, aimed at reinforcing the company’s commitment to safety, maintenance, and customer service ethics.

It said the seminar provided a platform to engage all crew members, focusing on best practices in vehicle handling, passenger care, and emergency preparedness.
Speaking on the importance of these initiatives, Managing Director of ABC Transport Plc, Mr. Jude Nneji, said, “Safety and service excellence are at the heart of everything we do at ABC Transport.

“The addition of these modern vehicles, coupled with our crew’s enhanced training, ensures that passengers can travel with peace of mind and enjoy an exceptional travel experience, even during the high-demand Easter season.”

The 2025 Toyota Hiace buses, known for their durability and fuel efficiency, also feature air-conditioned interiors and spacious seating, making them ideal for long-distance travel.

Designed to handle Nigeria’s road conditions, these vehicles further solidify ABC Transport’s reputation as a leader in the intercity transport sector.
Industry analysts view this dual approach—upgrading fleet technology and investing in human capital—as a testament to ABC Transport’s commitment to staying ahead of the curve.
This is also in line with the trend of new fleet injections and investments that have been noticed at ABC Transport since late last year following the acquisition of over 50 heavy duty trucks in their Haulage and Logistics subsidiaries as well as wide adoption of CNG in its Haulage division.
ABC Transport Plc is Nigeria’s foremost provider of intercity and regional transport services, known for its focus on innovation, safety, and customer satisfaction.

It is also the most diversified and only publicly quoted transport company in Nigeria listed on the Nigerian Stock exchange.

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