Business
NNPC says no petrol price increase in May, subsidy continues
The Federal Government will continue to pay fuel subsidy as the Nigerian National Petroleum Corporation has said it will not increase the ex-depot price of petrol in May.
Group Managing Director of the NNPC, Mele Kyari, disclosed this on Monday on the company’s social media post during a meeting he held with the National Association of Road Transport Owners/Petroleum Tanker Drivers.
Kyari had last month disclosed that the current market price of petrol had risen to N234 per litre, far above the average pump price of N163 per litre across petrol stations in the country.
Tanker drivers had on March 29 issued notice of industrial action, citing poor remuneration and other hardship as reasons for their action.
Kayri said, “We want to inform oil marketing companies that the NNPC will not increase the pump price of PMS in May. I am giving the assurance and I ask Nigerians to go about their normal businesses; we have over 20 billion litres of petrol in our custody.
“Many of you are aware of this and with the assurance with tanker drivers and NUPENG, there is no need for panic buying of the product. Petrol will be available in all the depots in the country including NNPC dispatched depot across the country, so nobody should panic in buying the product.”
Speaking on the on the strike by the PTD, the NNPC boss said the strike was associated with NARTO’s inability to increase their compensation which was not resolved last week.
He said, “We have given commitment to both NARTO and PTD that we will resolve the issue within a week and come back to the table to have a total closure on the issue.
“We also have a robust engagement with our oil marketing partners in respect of increase in the volume product that is check in the Nigerian market. “We have agreed to work jointly with all the security agencies to contain any possible infractions seen in our borders. We will work as a team to curtail this fraudulent practice with the help of the security agencies.”
He explained that the meeting also discussed issues on payment by Petroleum Equalisation Fund (PEF) to oil marketing companies.
He said that all stakeholders agreed in making the PMS available to marketers.
Speaking at the end of the meeting, NARTO President, Alhaji Yusuf Othman, commended the NNPC for the intervention and assured that within the next seven days, things will normalise in the adjustment of allowances of PTD.
He said, “NARTO requested that they bring three persons so that we discuss the issues but that would not have been possible without this intervention. “We hope that within the next seven days things will normalize and I want to assure Nigerians that we are committed to it.”
Business
SEC announces stricter measures to protect investors
SEC announces stricter measures to protect investors
The Securities and Exchange Commission (SEC) has reaffirmed its commitment to protecting investors in Nigeria’s capital market by cracking down on fraudulent activities.
According to the Director-General of SEC, Dr. Emomotimi Agama, operators engaging in unscrupulous practices will face strict penalties as the Commission prioritizes safeguarding investor interests.
“So, clearly for us, it is getting people to understand that there is no hiding place anymore for anybody that has the intention to defraud Nigerians and to defraud anybody that is investing in this market,” Dr. Agama stated, emphasizing the Commission’s zero-tolerance policy.
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Dr. Agama highlighted that the Investments and Securities Act (ISA) 2007 serves as the framework for securities regulation in Nigeria, ensuring that market operators adhere to high ethical standards.
He emphasized the importance of the “fit and proper person’s test,” which requires operators to meet specific regulatory criteria to maintain their licenses.
“This is because the very ethics of regulating or registering a securities market operator is in the principle of the fit and proper person’s test,” he explained.
“What you have been seeing most recently by the revocation of licenses, the suspension of operators and our follow-up to operators that are not registered with the SEC is only a tip of the iceberg as to what we intend to do this year.”
Dr. Agama assured stakeholders that the SEC will leverage its regulatory powers under Nigerian law to deter fraudulent activities, noting, “We believe strongly that a protected investor is a powerful investor.”
SEC announces stricter measures to protect investors
Business
Bitcoin rises above $86,000 as crypto market gains momentum
Bitcoin rises above $86,000 as crypto market gains momentum
Bitcoin and other leading cryptocurrencies extended their gains on Monday, buoyed by positive investor sentiment despite concerns over upcoming U.S. tariffs and key economic data releases later this week.
As of 7am WAT, Bitcoin rose 3.2% to $86,590, while Ethereum gained 2.3%, trading at $2,047.
The global cryptocurrency market capitalization increased by 2.94% in the past 24 hours, reaching $2.84 trillion.
Other notable performers included XRP, Cardano, and Dogecoin, which posted gains of 3%, 2%, and 3.8%, respectively. Chainlink, Avalanche, Hedera, and Stellar recorded growth ranging from 3% to 10%.
“Bitcoin is holding above $86,000, registering a 3% gain today. The key resistance level to watch is $86,700; a breakout could pave the way for $90,000,” said Vikram Subburaj, CEO of Giottus.
Bitcoin’s market capitalization surged to $1.727 trillion, with dominance rising to 60.73%. Its 24-hour trading volume soared by 93% to $18.2 billion, while stablecoin transactions accounted for 94.74% of total crypto trading, reaching $57.58 billion, according to CoinMarketCap.
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Solana Outperforms Peers Amid Positive Market Sentiment
Solana (SOL) emerged as a standout performer, surging over 7% in the past 24 hours to trade above $139.
The rally was fueled by reports suggesting that President Trump’s April 2 tariffs may be more targeted than initially feared, easing market concerns.
Weekend rumors indicated that the tariffs might include country exemptions and non-cumulative charges on metals, contributing to improved sentiment across global markets.
The Federal Reserve’s projections for two rate cuts this year further supported risk assets, with the central bank describing potential tariff-induced inflation as “transitory.”
BitMEX co-founder Arthur Hayes expressed optimism about Bitcoin’s trajectory, stating, “The Fed’s policy orientation could help Bitcoin achieve $110k before it retests $76.5k.”
Solana’s momentum aligns with unprecedented acceptance rates. DeFiLlama reported that Solana’s total value locked (TVL) reached 54.87 million SOL, its highest level since June 2022. Ali Charts revealed that a record 11.09 million addresses now hold SOL, underscoring growing adoption.
Bitcoin rises above $86,000 as crypto market gains momentum
Railway
Lagos Govt to redesign Oshodi motor park for rail integration
Lagos Govt to redesign Oshodi motor park for rail integration
The Lagos State Government has announced plans to redesign the Oshodi Transport Interchange (OTI) to integrate the facility with the Red Line and Blue Line rail systems, advancing its Rail Mass Transit project.
This initiative aims to deliver seamless connectivity between the two key rail networks and enhance commuters’ experience in Lagos.
The disclosure was conveyed via a statement shared on the official X (formerly Twitter) account of the Lagos State Ministry of Transportation on Saturday, highlighting the need to optimize the design and operations of the OTI to boost efficiency and align with global standards.
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To kickstart the process, the Honourable Commissioner for Transportation, Seun Osiyemi, held a meeting with stakeholders to assess the current state of the interchange and outline strategies for its improvement.
“The Ministry of Transportation sought to address the ongoing developments and challenges affecting the Oshodi Transport Interchange (OTI) in preparedness for the integration of the Rail Mass transit system; Red Line rail project connecting the Blue Line.
“The Ministry recognized that a review of the OTI’s design and operations is essential for its optimization which led to the Honourable Commissioner for Transportation, Oluwaseun Osiyemi meeting with relevant Stakeholders to discuss the current state of the OTI and identify viable solutions that would enhance its operational efficiency in alignment with global standards and Standard Operating Procedures,” the statement read in part.
Lagos Govt to redesign Oshodi motor park for rail integration
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