Consequently, the margin between the parallel market and NFEM rate narrowed to N105 per dollar from N120.5 per dollar last Friday.
Business
AMCON takes over Jimoh Ibrahim’s assets over N69.4bn debt
The Asset Management Corporation of Nigeria has taken over some prime assets of the Chairman of Global Fleet Group, Jimoh Ibrahim.
It has also frozen all his accounts over his debts totalling N69.4bn.
AMCON’s action on Wednesday was based on order of a Federal High Court in Lagos granted by Justice R.M. Aikawa.
The commission through its debt recovery agent, Pinheiro Lagal Partners seized 12 properties belonging to Ibrahim.
The court also granted AMCON the right to seize all shares belonging to him and his two companies domiciled in Nigerian Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited and NICON Trustees Limited.
spokesman for AMCON, Jude Nwauzor, said all the listed assets in Abuja and Lagos had been successfully taken over as mandated by the court.
The listed assets are the building of NICON Investment Limited at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Limited building at Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja and the building of NICON Lekki Limited also at No. 5, Customs Street, Lagos.
Others are the building of Abuja International Hotels Limited located at No. 3, Hospital Road, Lagos; a property at Plot 242, Muhammadu Buhari Way, Abuja; the former Allied Bank Building on Mile 2, Oshodi Express Way, Apapa Road, Lagos; Energy House at 94, Awolowo Road, Ikoyi, Lagos; NICON Building at 40, Madeira Street, Maitama, Abuja; a residential apartment at Road 2, House A14, Victoria Garden City, Lagos; NICON Hotels Building at Plot 3, Road 3, Victoria Garden City, Lagos and the NICON Luxury Hotel’s Building, Garki I, FCT, Abuja.
Business
Naira appreciates to N1,655/$ in parallel market
Naira appreciates to N1,655/$ in parallel market
THE Naira yesterday appreciated to N1,655 per dollar in the parallel market from N1,665 per dollar last weekend. But, the Naira depreciated to N1,550 per dollar in the official foreign exchange market.
Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) rose to N1,550 per dollar from N1,544.5 per dollar last week Friday, indicating N5.5 depreciation for the naira.
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Business
Another fuel price hike coming as depot cost now N950/litre
Another fuel price hike coming as depot cost now N950/litre
The loading cost of Premium Motor Spirit (petrol) and other refined petroleum products at the depots increased on Monday.
The PUNCH gathered that marketers raised petrol and diesel prices at depots by N43 or 4.74 per cent due to the rising crude oil prices.
Recall that the cost of Brent, the global benchmark for crude, reached $79.76 per barrel on Sunday.
This current situation indicates that filling stations nationwide may adjust their pump prices to reflect the higher costs of refined products.
Data obtained by our correspondent while analysing petrol price movements at loading depots on Monday showed that Swift depot increased its loading price to N950 per litre from N907 last Friday.
Wosbab Depot increased its price to N950 from N909, while Sahara Depot made a similar change to N950 from the N910 it sold a litre of petrol last Friday.
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Also, a private depot, Shellplux, increased its loading costs to N960 from N908. Chipet Depot asked retailers to pay N960 per litre to receive products. It sold at N908 per litre last week Friday.
Nipco Depot increased its price by N38 from N912 to N950 while the Matrix Warri Depot increased its cost from N925 per litre to N945.
Our correspondent also gathered that marketers who picked products from the Dangote refinery and resell to other retailers increased their costs to N923 per litre despite picking products from the refinery at N899 per litre.
For diesel, some loading depot prices including Stockgap depot increased its price from N1,080 to N1,150. Ibeto Depot approved an increase from N1,050 to N1,150 per litre. Sahara Depot sold its product at N1,150 from N1,045 last week.
Nipco Depot increased its price to N1,150 from N1,120 while Optima Depot approved a N72 increase to N1,120 per litre from N1,048.
The average increase in depot prices for PMS stands at approximately 7-10 per cent while AGO prices have surged by 5-10 per cent, depending on the depot and location.
Reacting in an earlier interview, an oil and gas expert, Olatide Jeremiah, said depots are poised to increase the loading price of refined petroleum products.
Jeremiah, who is the Chief Executive Officer of petroleumprice.ng, said, “It implies that there is a possibility of increased fuel prices, particularly diesel prices.
“As of Friday, when Brent crude neared $80, prices selectively increased in some depots in Lagos, and on Monday, prices might be jacked up by importers because a large chunk of oil marketers import petroleum products and Brent crude is a major determining factor in the refining process.”
Another marketer, Bayo Adelaja said, “Depot rates have escalated sharply, and this is directly affecting pump prices. Consumers should expect further fluctuations in the coming weeks,” he noted.
With depot rates showing no signs of stabilising, the coming weeks may bring further adjustments, emphasising the need for long-term strategies to mitigate the impact on consumers and the economy.
Another fuel price hike coming as depot cost now N950/litre
PUNCH
Business
UBA gifts customers N41m in final edition of Legacy promo
UBA gifts customers N41m in final edition of Legacy promo
United Bank for Africa (UBA) Plc has distributed over N41.8m in prizes to over 100 lucky customers in its just concluded UBA Legacy promo series.
The promo which began last year was specially designed by the bank to celebrate UBA’s rich legacy spanning over 75 years, as well as its long-standing commitment towards rewarding its loyal customers in a grand style.
The campaign, which was opened to several categories of account holders including Bumper Account holders, Savings account, Kiddies & Teens Account holders as well as Nextgen account holders, also saw lucky customers winning other consolidation prizes including educational grants.
The winners were announced during the Grand Finale draw of the promo which held at the UBA Head-office, Marina, Lagos last Thursday and was witnessed by journalists and representatives of relevant regulatory bodies including the National Lottery Regulatory Commission (NLRC), among other stakeholders.
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In the Savings Account category, ten loyal customers walked away with N1,000,000 each. The lucky winners are: Olonade Funmilayo, Abdullahi Yunusa, Anibueze Augustine Chidozie, Ibironke Adedayo, Gilbert Godswill Pepple, Ekonmene Daniel Leghemo, Oligbo Francis Azuka, Liafeez Adebowale, Abiodun Bolanle Felicia, and Adamu Bappayo.
UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola, who spoke at the event, emphasized the significance of the promotion in strengthening the relationship between the bank and its community.
He said, “UBA Legacy Promo is our way of saying thank you to our loyal customers who have trusted us over the years. As we celebrate 75 years of impact, we remain committed to deepening financial inclusion and providing innovative and customer-focused products and services. Our goal is to make banking more rewarding and life-changing, improving lives and building stronger communities.”
UBA gifts customers N41m in final edition of Legacy promo
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