Business
Breaking: Dangote brings diesel price down to N1000/litre
Breaking: Dangote brings diesel price down to N1000/litre
Dangote Petroleum Refinery has announced a further reduction in the price of diesel.
When it commenced operation a few weeks ago, Dangote Petroleum Refinery pegged the price of diesel as N1,200.
While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 percent reduction from the previous market price of about N1,600 per litre.
READ ALSO:
- Kano anti-corruption agency slams fresh charges against Ganduje
- Troops kill ISWAP Commanders, 30 other terrorists
- Ooni of Ife dismisses agitators of Yoruba nation
However, on Tuesday, a further reduction of N200 was noticed in the price, with the product now pegged at N1,000.
This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.
The President of Dangote Group, Aliko Dangote, had during the Eid-el-Fitr celebration said if the cost price of diesel comes down, the inflation rate will be substantially reduced.
Dangote spoke when he visited President Bola Tinubu in his residence in Lagos State to celebrate the end of the Ramadan fast with him.
Breaking: Dangote brings diesel price down to N1000/litre
Business
Fuel scarcity: Marketers accuse NNPC of denying them products
Fuel scarcity: Marketers accuse NNPC of denying them products
Oil marketers have accused the Nigerian National Petroleum Company (NNPC) Limited of failing to supply them fuel.
This, they said, was the major cause of the latest fuel scarcity being experienced in Abuja, Lagos and many other parts of the country.
National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, disclosed this on Monday while featuring as a guest on a Channels Television breakfast programme, The Morning Brief.
Gillis-Harry said, “We do not have any reason not to serve the public and we are willing to serve the public. All that is required is for us to have petroleum products delivered to us from NNPC and we will make sure that our retail outlets are open, some of them are even open for 24 hours.
“The challenge of logistics is only relevant to the NNPC retail outlets.”
He added, “NNPC has its outlets that they also serve. So, if they have some logistics issues, that will possibly be what is internal to NNPC.”
The latest fuel scarcity is spreading fast and has grounded many economic activities across the country.
Nigerians queue up at filling stations nationwide. While some motorists were lucky to get fuel at some retail outlets for between N700 and N,1200 per litre, others have to resort to the black market.
Business
Forex: EFCC can freeze 1,146 individual, company bank accounts, court rules
Forex: EFCC can freeze 1,146 individual, company bank accounts, court rules
A Federal High Court, Abuja has granted an interim order sought by the Economic and Financial Crimes Commission, EFCC, to freeze at least 1, 146 bank accounts belonging to individuals and companies over allegations bordering on unauthorised dealing in foreign exchange, among others.
Other offences being investigated by the EFCC bordered on money laundering and terrorism financing.
Justice Emeka Nwite, in a ruling on the ex-parte motion moved by counsel for the anti-graft agency, Ekele Iheanacho, also granted the commission’s application to conclude the investigation within 90 days.
Justice Nwite said: “It is hereby ordered as follows:
“That the applicant’s application is hereby granted as prayed.
“That an order of this honourable court is hereby made freezing the bank accounts stated in the schedule below which accounts are owned by various individuals who are currently being investigated in a case involving the offences of unauthorised dealing in foreign exchange, money laundering and terrorism financing to the extant that the investigation will be for a period of 90 (Ninety) days.”
Although the ruling was delivered on April 24, its certified true copy was sighted on Monday.
The EFCC, in the motion ex-parte marked: FHC/ABJ/CS/543/2024 dated and filed April 24 by Iheanacho, was heard by the judge same day in the interest of national interest.
The motion was brought pursuant to Section 44(2) and (K) of the 1999 Constitution; Section 34 of the EFCC Establishment Act 2004; Section 7(8) of the Money Laundering Prevention and Prohibition Act, 2022 and under the inherent jurisdiction of the court.
The agency had sought the order freezing the bank accounts stated in the schedule attached to the motion pending the conclusion of the investigation.
READ ALSO:
- Thiago Silva to leave Chelsea at end of season
- FG to deploy weather-smart prediction system to mitigate climate change disasters
- Apologise or face legal action, Enoh warns Bash Alli
Giving three grounds upon which the reliefs were sought, it said: “the bank accounts in respect of which the reliefs are sought are subject matters of investigation by the EFCC in relation to money laundering and terrorism financing.
“That preliminary investigation conducted thus far reveals that the bank accounts are linked to persons who take advantage of the virtual crypto currency exchange platforms to illegal manipulate the value of Naira and laundering proceeds of unlawful activities.
“That there is need to preserve the funds in the identified bank accounts pending the conclusion of investigation and possible prosecution.”
Justice Nwite consequently adjourned the matter until July 23 for mention.
Some of the account names mentioned in the attached schedule are Akitoye Adeyemi Ayomide with GTBank account number; 0165110025; Clyp Trading Ltd, Titan Trust Bank account number: 0000331101; Clyp Consulting Ltd, Providous account number: 9401374554; and Toyetech Platforms Ltd, Titan Trust Bank account number: 0000134962.
They also include Winx International Platforms Ltd, Titan Trust Bank account number: 0000135055; Shutterscore Trading Platforms Ltd, Access Bank account number: 1532363954; Tradecillion Trading Ltd, Stanbic IBTC account number: 0045672922; and Nsofor Nmamdi, GTBank account number: 0449088666
They equally include Kora Payments Network Ltd-Operations, UBA account number: 1022242089; Renderstack Technologies Ltd, Zenith Bank account number: 1210355120; Korex Payments Ltd, Globus account number: 5000007837; and Awe Microfinance Bank Ltd, Providous account number: 5400760781; and Victor Asuquo, Opay Digital Services Ltd account number: 9020132068.
Others are Akingbade Sabit Juwon, ECONANK account number: 3442053006; Nsofor Nmamdi, Union Bank account number: 0140460572; Asuquo Samuel, First Bank account number: 3153199542; Oty Ugochukwu Stanley, FCMB account number: 4039304011; Oty & Sons Global Concepts, Fidelity Bank account number: 6060410145; and Pelumi Ayandoye, Wema Bank account number: 0234852277; and David Ajala, Fidelity Bank account number: 5090680780, among others.
NAN had, on March 18, reported that Justice Nwite equally ordered Binance Holdings Limited to provide EFCC with the comprehensive data or information of all persons from Nigeria trading on its platform.
The judge granted the interim order on Feb. 29 to enable the anti-graft agency unravel the alleged money laundering and terrorism financing on Binance, a crypto currency exchange platform.
The commission had told the judge that its investigation team uncovered users who had been using the platform for price discovery, confirmation and market manipulation which had caused tremendous distortions in the market, resulting in the Naira losing its values against other currencies.
It said that from the information afforded to the team by Binance showed that the total trading volume from Nigeria in 2023 alone stood at $21.6 billion.
While EFCC is currently prosecuting Binance and two of its executives on alleged money laundering charge, the Federal Inland Revenue Service, FIRS, is prosecuting the company on alleged tax evasion offences.
Forex: EFCC can freeze 1,146 individual, company bank accounts, court rules
NAN
Business
Why fuel scarcity will persist for another two weeks — Oil marketers
Why fuel scarcity will persist for another two weeks — Oil marketers
The fuel scarcity crisis plaguing some parts of the country may continue for another two weeks, the Independent Petroleum Marketers Association of Nigeria, IPMAN, has disclosed.
The Public Relations Officer of IPMAN, Chinedu Ukadike, gave the unsettling update while addressing newsmen on Sunday.
Ukadike disclosed that the product is not available in the country, adding that sourcing the product has been a massive challenge for the marketers.
He attributed the perennial scarcity to maintenance work being carried out on refineries in Europe and the the red tape that characterises the renewal of oil marketers licence.
He disclosed that only 1,050 marketers out of 15,000 have had their licences renewed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA..
He said: “The situation is that there is no product. Once there is a lack of supply or inadequate supply, what you will see is scarcity and queues will emerge at filling stations.
“On the part of NNPCL, which is the sole supplier of petroleum products in Nigeria, they have attributed the challenge to logistics and vessel problems.
READ ALSO:
- Nido infant milk neither registered nor sold in Nigeria – NAFDAC
- I will not govern Rivers on my knees – Gov Fubara sends warning to political detractors
- Oyo local govt poll: PDP wins all chairmanship seats
“Once there is a breach in the international supply chain, it will have an impact on domestic supply because we depend on imports. I also have it on good authority that most of the refineries in Europe are undergoing turnaround maintenance, so sourcing petroleum products has become a bit difficult.
“NNPC Group CEO has assured us that there will be improvement in the supply chain because their vessels are arriving. Once that is done, normalcy will return. This is because once the 30-day supply sufficiency is disrupted, it takes two to three months to restore it.
“We expect that by next week or so, NNPC should be able to restore supply and with another week, normalcy should return.” he said.
On challenges faced by marketers in renewing their licences, he said: “NNPC has said the marketers who have not been able to renew their licences will not be allowed to remain on their portal which has been shut for some time now. Because of this, we have not been able to request new products.
“At this nascent period of deregulation, you will discover that this leads to scarcity, even when the product arrives. As it is now, even by their data, out of 15,000 marketers that are on the portal with licences, only 1,050 renewed their licences.
“The requirement for renewal by NMDPRA is so much. Marketers are facing a hostile environment. NNPC placed a deadline of April 15, 2024, for marketers to renew their licences.
“We are, therefore, appealing to NNPC to extend this deadline and also to NMDPRA to hasten the release of licences of marketers who have completed their processes, and also reduce bottlenecks around licence renewals”.
Why fuel scarcity will persist for another two weeks — Oil marketers
Multichoice: Court stops planned increase in DStv, GOtv packages
BREAKING: JAMB releases 2024 UTME results
Emefiele challenges Lagos court jurisdiction to try him
-
Entertainment2 days agoBREAKING: Popular Gospel singer Morenikeji ‘Egbin Orun’ is dead
-
Opinion3 days agoWhy Yahaya Bello does not represent the youth – Farooq Kperogi
-
Education3 days agoNovena University/Asaba Specialist Hospital gets accreditation for Medicine
-
News3 days agoYahaya Bello: Prosecute US school over advance tuition fee payments, Sowore tells EFCC
-
Business2 days agoNaira rebounds, sells for 1,280/$ at parallel market
-
metro3 days agoBandit leader who forced community to give him chieftaincy title, 2 other kingpins killed in Zamfara
-
International2 days agoGaza: Hamas studies new Israeli truce proposal, 32 more killed
-
Business3 days ago
Naira gains marginally at parallel market as FG plans for diaspora fund