Business
Reps uncover fresh alleged N132bn fraud at NPA
House of Representatives Committee on Public Accounts has uncovered another N44.2bn allegedly not remitted, N88.2bn frivolous spending and other infractions by the management of the Nigerian Ports Authority.
These are fresh findings from a report by the Auditor-General of the Federation, submitted to the House committee.
The audit queries demanded full explanations from the management of the NPA on its audited accounts for the 2017 financial year.
The committee, chaired by Oluwole Oke, invited the management of the NPA and the Minister of Transportation, Rotimi Amaechi, to appear before it on July 8, 2021 and provide explanations.
The report indicted the NPA management of other alleged financial breaches in its 2018 financial year audited accounts.
The infractions, according to the report, include alleged failure by the NPA to remit about N44.2bn in taxes to the Federal Inland Revenue Services and a N88.229bn administrative expenses during the year.
According to the document, the NPA management allegedly spent N409.172bn on property, plant and equipment in 2018 without sufficient and appropriate audit evidence to confirm the completeness, existence and valuation of the assets.
The report said out of the amount, the NPA allegedly provided for “depreciation charged in the accounts that would appear to be understated by N12.486bn.
“It was observed during vetting that the provisions made against four (4) classes of Property, Plant and Equipment (PPE), namely: Roads & Sidings, Wharves, Vessels and Buoys did not correspond to the rates of depreciation reported in the financial statements.
“The depreciation rates that were charged on the assets were smaller than the rates arrived at during vetting.
“The understatement of depreciation by N12,486,991,000.00 resulted to the apparent overstatement of the net book value of the fixed assets and understatement of the surplus for the year by the same amount. An explanation would be appreciated.”
It alleged that the NPA management disposed of wharves for 254.827bn without evidence of remittance to the Consolidated Revenue Fund.
Business
Petrol: Dangote refinery resumes loading trucks after payment
Petrol: Dangote refinery resumes loading trucks after payment
Dangote Petroleum Refinery has resumed loading of the Premium Motor Spirit, PMS, also known as petrol on trucks for oil marketers.
With the suspension of Naira for crude programme, rising price of crude oil and foreign exchange issues, the 650,000 barrels per day, bpd refinery stopped loading of trucks, based on Naira.
While loading by ships on dollar basis continued, the $20 billion refinery requested oil marketers, having an arrangements with it to “top up” payment so they can be supplied petrol.
However, checks by Vanguard indicated that many companies, including MRS Oil & Gas, which complied, were being loaded at N880 per litre, yesterday.
A reliable industry source, who confirmed the development, said: “Loading by trucks has commenced for oil marketing companies, which have added more monies.”
Meanwhile, petrol prices have risen across the country, with new pump and depot prices reaching up to N960 per litre and N900 per litre, according to the latest price list, obtained from MRS Oil and Gas.
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The adjustments, which became effective from March 28, 2025, indicated higher prices across major cities, with Lagos having the lowest rates and northern states recording the highest.
In Lagos, petrol will sell for N930 per litre, while states in the South West, including Ogun, Oyo, Osun, Ekiti, Kwara, and Ondo, will pay N940 per litre.
Also, in the South South and South East regions, including Edo, Abia, Akwa Ibom, Bayelsa, Rivers, Cross River, and Enugu, the product would be sold at N960 per litre.
In Abuja, Kaduna, Benue, Kogi, Niger, Sokoto, Kebbi, and Nasarawa will pay N950 per litre, while Zamfara, Kano, Jos, Bauchi, Taraba, Adamawa, Borno, Katsina, Jigawa, Gombe, and Yobe will pay N960 per litre.
The naira-for-crude arrangement was originally designed to enhance domestic fuel supply, curb import costs, and stabilise pump prices.
Under the scheme, Dangote Refinery has received 48 million barrels of crude oil in naira since October 2024, with an overall supply of 84 million barrels since it began operations in 2023.
Meanwhile, in a report obtained from its website, the Dangote Petroleum Refinery stated that “The Refinery will meet 100% of the Nigerian requirement of all refined products and also have a surplus of each of these products for export.
“Dangote Petroleum Refinery is a multi-billion-dollar project that will create a market for $21 Billion per annum of Nigerian Crude. It is designed to process Nigerian crude with the ability to also process other crudes.”
Petrol: Dangote refinery resumes loading trucks after payment
Auto
CFAO subsidiary LOXEA unveils BYD electric vehicles in Nigeria
CFAO subsidiary LOXEA unveils BYD electric vehicles in Nigeria
A subsidiary of CFAO Mobility, LOXEA Nigeria, has introduced the BYD brand of electric vehicles to the Nigerian market.
LOXEA has thus become the pioneer in bringing the renowned electric vehicles (EVs) manufactured by BYD (Build Your Dreams) into the country.
BYD is a high-tech multinational company and the world leader in electric and plug-in hybrid vehicles.
“As a Fortune Global 500 enterprise, BYD relentlessly innovates to create a sustainable future,” said the automaker.
“In November 2024, BYD becomes the first company in the world to achieve the milestone with the roll-off of its 10-millionth NEV.
“BYD achieves 4.27 million new energy vehicle sales in 2024, claiming the global sales champion in the third consecutive year.”
Managing Director of LOXEA Nigeria, Mr. Mehdi Slimani, stated, “We are proud to distribute this type of electric vehicle and all its associated services.
“Our upcoming showroom in Victoria Island, Lagos will be a place dedicated to the discovery of BYD vehicles, combining modernity, comfort, and economy of use. “It is very important for CFAO Mobility in Nigeria to participate in this way in the country’s energy transition and support our customers who wish to make the switch to electric.”
Chief Executive Officer of CFAO Mobility, Marc Hirschfeld, spoke on the importance of this launch for both the company and the country, saying, “BYD is one of the world’s leading manufacturers of electric vehicles, with a level of innovation know-how that now matches the expectations of our markets in Africa.
“A whole new ecosystem has to be designed around mobility in African cities.
“This applies not only to individual and corporate customers, but also to stakeholders including urban public transport networks and government agencies.
LOXEA specialises in providing innovative mobility solutions across Africa.
With a commitment to sustainability and excellence, it delivers high-quality mobility services, from electric vehicle leasing to fleet management and infrastructure support.
LOXEA is a leading player in innovative mobility solutions in Africa, offering clients a range of 100% electric vehicles from BYD.
As a pioneer in the deployment of electric vehicle solutions across the continent, LOXEA is bringing to Nigeria a comprehensive suite of services associated with electric vehicles.
This includes the installation of electric charging stations, vehicle maintenance, repair services, and the provision of spare parts.
In addition to providing an inaugural charging station at the upcoming LOXEA Victoria Island showroom, the company is also offering an adaptable solution that allows customers to charge their EVs conveniently at home.
The company says more information on this can be obtained from its website: https://www.byd-nigeria.com/ .
Business
Petrol price rises to N935 in Lagos
Petrol price rises to N935 in Lagos
Petrol marketers across the Lagos metropolis at the weekend raised the pump price of the commodity to between N925 per litre and N935 per litre.
This is in response to the increase in the landing cost of petrol, the stoppage by Dangote Refinery of the sales of the commodity in naira about two weeks ago and the delay in conclusion of negotiation on the naira for crude policy.
Last Monday, the landing cost of the commodity rose to N843.28 per litre from a previous N797 per litre a forthnight ago.
This increase represents an addition of N46 per litre to the landing cost of petrol.
Some filling stations like TotalEnergies sold at N935 per litre; MRS, N925.
ARA is a crucial global oil and biofuel hub known for its physical infrastructure, pricing benchmarks, and significant oil consumption.
It added that seasonal refinery maintenance across Europe and a recent fire at the Falconara refinery in Italy have further restricted supply, adding to market tightness and price volatility.
The Association said the foreign exchange rate remained fairly stable, with minimal fluctuations observed over recent periods.
Therefore, the landing cost of petrol, being fundamentally influenced by these elements, is likely to change several times intra-day.
It advised that savings can be achieved through negotiations, access to foreign exchange, and logistics efficiencies, for example, by eliminating Ship to ship (STS) transfer where possible or receiving larger cargos.
MEMAN explained that the landing cost into Apapa/ASPM Jetty is calculated based on the following assumptions: exchange rate, finance charges at 32 per cent per annum for 30 days; STS and related charges; NIMASA charges at two per cent of local STS; NMDPRA at 0.5 per cent MDGIF; NPA and VAT charges covering towage, berthage/mooring, ship dues, cargo dues, contingency, fire coverage, agency fee; other costs at N2 per litre.
Petrol price rises to N935 in Lagos
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Dangote Refinery: MRS, other filling stations increase petrol price