“As an advocacy group for fair and just treatment, MURIC should have verified the facts before making statements that are entirely flawed and has the potential to incite ordinary Nigerians against the NNPC Ltd.”
Business
Rail project: NPA intervenes in CCECC, port operators’ row over demolition
![](https://newstrends.ng/wp-content/uploads/2020/12/port-facility-Lagos.jpg)
Nigerian Ports Authority has intervened in the feud between APM Terminals and the China Civil Engineering Construction Corporation (CCECC) over the demolition of some sections of the Lagos Ports Complex (LPC).
The move, it was learnt, was to ensure that the dispute does not in any way impede on port operations.
The CCECC, a firm handling the Federal Government new rail project, had last week commenced demolition of some sections at the Apapa ports to create room for the construction of the rail lines into the ports complex.
But APM Terminal viewed this as impeding on its operations.
The demolition which took place last week saw some freight forwarders protesting against the action of the CCECC, arguing that their goods which had been cleared got trapped inside the ports as a result of the action.
Head, Corporate Communication at the NPA, Adams Jatto, confirmed that efforts were on going to ensure a peaceful settlement of the feud.
He said the management of NPA under the leadership of the Managing Director, Hadiza Bala Usman, swung into action to ensure that port operations did not suffer as a result of the ongoing standard gauge rail construction.
He said the matter was under control and that there was not cause for alarm.
“We are already talking with the rail project manager of the contractor and the terminal operators to see how we can mitigate the effects of the rail construction on port operations.
“Don’t forget that the rail project is a necessity that the nation has to implement to ensure that the ports are well connected to efficient rail services. However, we are discussing with them so that they can look at their programme and see how we can have an unhindered port operation while the rail project construction is ongoing” he said.
Operations at the Apapa container terminal, operated by APM Terminals were last week paralysed when the CCECC mobilised to site, blocking the truck exit gate and began demolition of structures inside the port terminal, thereby hampering Customs inspection, and affecting the release and exit of containers.
Importers and clearing agents complained that they been unable to conclude their transactions as at when due while loaded trucks had been unable to exit the port terminal.
The situation has reportedly compounded the Apapa gridlock as trucks piled up on the port access road.
President of the Nigerian Importers Integrity Association (NIIA), Godwin Onyekazi, said although the government should be commended for linking the seaports to the rail network, the project should be implemented in a way that would not hamper port operation.
He said, “What we observed at the Apapa port today shows poor coordination of the rail project. The Chinese contractors handling the rail project should have coordinated with the Nigerian Ports Authority and all the terminal operators at the port to ensure that while the construction is ongoing, port operations are not hampered.
“There is a huge backlog of containers in the port as we speak. To now block the port at this time and make it impossible for containers to exit the port is counterproductive.
“This is also the peak season for importation. More goods are coming into the country and this disruption will mean that these goods will be stranded at the port.
“Consequently, importers will be made to bear the brunt of this action because their goods will be trapped inside the port and they will not be able to take them to the market in good time. Also, they will end up paying more as demurrage and storage charges. This is not good at all.”
Business
Dangote Refinery can sell petrol to any marketer – NNPC
![](https://newstrends.ng/wp-content/uploads/2023/12/Dangote-Refinery-Welcomes-First-Crude-Oil-Shipment-scaled.jpg)
Dangote Refinery can sell petrol to any marketer – NNPC
The Nigerian National Petroleum Company Limited (NNPC Ltd) has said it has no desire or intention to be the sole offtaker of petrol produced by the Dangote Refinery Limited, DRL.
NNPC Ltd said this while reacting to claim by the Muslim Rights Concern, MURIC, which claims that the Dangote Refinery Limited (DRL) is being undermined by actions of the NNPC Ltd.
MURIC had in a statement issued on Friday claimed that recent changes to the pump price of petrol will prevent the Dangote Refinery from selling the product at lower prices to Nigerians.
The group also claimed NNPC Ltd. has become the sole offtaker of all products from the refinery.
However, Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd in a statement on Saturday dismissed the claims of MURIC.
While puncturing the claims of MURIC, NNPC LTD in the statement noted that the pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces.
READ ALSO:
- Fuel crisis: Edo govt suspends school resumption
- Tinubu’s aide Ajuri Ngelale proceeds on indefinite leave over family health
- Kaduna LP rejects Nenadi Usman as Party’s national chair
The company thefore noted that recent changes in PMS prices have no impact on the DRL or any other domestic refinery’s access to the Nigerian market.
Business
Forex: CBN sells $20,000 to each BDC at N1,580/$
![](https://newstrends.ng/wp-content/uploads/2021/07/dollars.jpg)
Forex: CBN sells $20,000 to each BDC at N1,580/$
The Central Bank of Nigeria (CBN) has announced plans to inject more liquidity into the foreign exchange market by approving the sale of US$20,000 to each eligible Bureau De Change (BDC) operator.
This move is aimed at meeting the growing demand for foreign exchange in the retail market, particularly for invisible transactions.
In a circular issued on September 6, 2024, and signed by Dr. W.J. Kanya, Acting Director of the CBN’s Trade and Exchange Department, the bank stated that eligible BDC operators would purchase the foreign currency at the rate of N1,580 per US dollar.
READ ALSO:
- My husband drugged me for others to rape me – Woman
- WHO dismisses report of link between smartphone use and brain cancer
- Trucks stranded at depots as petrol scarcity worsens
The BDCs are permitted to sell the forex to end-users at a margin not exceeding 1% above the purchase rate.
To facilitate the process, the bank said eligible BDCs must make Naira payments into designated CBN deposit accounts and submit the required documentation at the appropriate CBN branches in Abuja, Awka, Kano, and Lagos for the collection of the approved $20,000.
This measure is part of CBN’s ongoing efforts to stabilize the forex market and meet demand for invisible transactions such as payment for personal travel, medical bills, and school fees.
Forex: CBN sells $20,000 to each BDC at N1,580/$
Business
Naira falls by N34 to dollar in 24hrs
![](https://newstrends.ng/wp-content/uploads/2023/06/Naira-back-market-dollar-to-naira-scaled.jpg)
Naira falls by N34 to dollar in 24hrs
The Nigerian currency, Naira, has plummeted to an unprecedented low, trading at a staggering N1,639.41 per dollar at the official market on Thursday.
This marks a sharp decline from the previous day’s rate of N1,606, reflecting a dramatic loss of N34.
In a parallel trend, the black market also saw the naira fall, with the exchange rate reaching N1,645 per dollar, down from N1,640.
READ ALSO:
- WAEC, NECO not restricted to 18 years — FG
- Court issues contempt ruling against EFCC chairman
- APC rally turns chaotic in Edo, residents stone Oshiomhole, other party leaders
The worsening exchange rates signal deepening economic challenges and growing concerns over the stability of the national currency.
As the naira continues its downward spiral, analysts and market watchers are closely monitoring the situation, with implications for both the economy and daily lives of Nigerians.
Naira falls by N34 to dollar in 24hrs
-
metro2 days ago
FUNAAB student Christiana Idowu murdered after abduction by colleague in Lagos
-
Business2 days ago
NNPC supplies 30m barrels of crude to Dangote
-
metro2 days ago
Killer of Ogun agric varsity student arrested in Lagos
-
metro3 days ago
Three domestic workers murder Ondo popular CEO
-
Politics2 days ago
Those trying to lure Peter Obi away from LP wasting their time – Senator Umeh
-
metro3 days ago
I shot my friend for sleeping with my girlfriend — Suspect
-
Education1 day ago
WAEC, NECO not restricted to 18 years — FG
-
Education1 day ago
40 additional institutions get student loans (+FULL LIST)
You must be logged in to post a comment Login