Business
Senate backs Tinubu on NNPC selling crude to Dangote refinery in naira
Senate backs Tinubu on NNPC selling crude to Dangote refinery in naira
..says it’s a lifeline to Dangote
The Senate has said the lifeline given to the Dangote Refinery for the Nigerian National Petroleum Company Limited (NNPCL) to sell crude oil to the 650,000 barrels per day Dangote refinery in local cwill strengthen the naira.
It said this through its Committee on Finance in a statement by the Chairman, Senator Sani Musa.
The Federal Executive Council (FEC) on Monday at its meeting presided over by President Bola Tinubu approved the sale of crude oil to indigenous refineries including the Dangote Refinery in naira.
The Senate committee commended Tinubu for his forward-thinking and impactful decision to approve the sale of crude oil to local refineries in Nigeria using naira.
“This strategic move is a significant milestone in our nation’s journey towards economic self-sufficiency and stability.
“By allowing transactions in our local currency, this policy not only strengthens the naira but also reduces our dependency on foreign exchange.
“This will likely lead to increased efficiency within our local refineries, boosting domestic production and ensuring a more consistent and affordable supply of refined petroleum products for all Nigerians,” the committee said.
The Finance panel stressed that the gesture would enable the NNPC, Dangote Refinery and all domestic producers to take advantage of the opportunity to make their business decisions towards making production more affordable, sustainable and qualitative for the good of the country.
The committee said, “This decision reflects a deep commitment to fostering national growth, supporting local industries, and ensuring that the wealth generated from our natural resources benefits our economy directly.
“It is a testament to Mr. President’s visionary leadership and dedication to the prosperity of our country.”
Business
Top 5 crypto apps that work with Nigerian Bank accounts
Top 5 crypto apps that work with Nigerian Bank accounts
Nigeria is the number one country by crypto adoption in Africa and the second largest in the world.
Cryptocurrency is a revolutionary idea in the country and resonates well with the country’s large demographic of young people.
Despite mixed signals from the Nigerian authorities as regards crypto regulation, the sector is still thriving in the country and cryptocurrency is fast becoming an everyday means of transaction.
Earlier this year, Nigerian authorities led a crackdown on crypto entities accusing them of currency manipulation and other unregulated activities.
The highlight of the era was the prolonged dispute between Nigerian authorities and Binance Limited which led to the detention of a Binance executive for 7 months.
The crackdown led to an investor flight in the crypto space with Binance closing down its Peer to Peer feature and Kucoin and OKX pulling out of the Nigerian market.
The investor flight led to a shortage of crypto apps that the Nigerian crypto community can use for their day-to-day transactions.
Despite the vacuum, some crypto apps and resources are filling in the gap in the market while ensuring a smooth experience for Nigerian traders and crypto enthusiasts.
Some of these apps work with Nigerian banks making their services more tailored and relative to the Nigerian end user.
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In this Nairametrics article, we are going to look at the Top 5 crypto apps that directly work with Nigerian bank accounts
Yellow Card
Yellow Card is a pan-African crypto exchange that allows users to buy, sell, and Trade cryptocurrencies. The crypto exchange supports Nigerian Banks in its services and users can sell their crypto assets and withdraw them in Naira into the Nigerian banks.
The exchange has an instant transfer feature where sold cryptocurrencies can be sent to your Nigerian bank account directly. This makes for convenient use amongst Nigerian and African users.
Quidax
Quidax is another cryptocurrency exchange that supports Nigerian bank accounts. The exchange allows users to buy cryptocurrencies with Nigerian bank accounts.
This process occurs via Bank transfers or a Quidax Bank Account number which is usually the User’s bank account number.
Quidax is one of the two crypto exchanges to receive a full license from the Nigerian Securities and Exchange Commission under Emomotimi Agama.
Busha
Busha is a cryptocurrency exchange platform that allows users to buy and sell cryptocurrencies with the naira. The Indigenous crypto exchange supports Nigerian bank accounts for payouts.
Busha Users can make deposits to Merchant’s Nigerian Bank accounts through their Naira wallet on the platform.
Busha is the second of the two crypto exchanges to receive a full license from the Nigerian SEC.
Local Traders
Local Traders is a P2P crypto exchange platform gaining some popularity in the Nigerian crypto space. The platform offers over 750 payment options including traditional Nigerian bank accounts.
Nigerians using the platform for P2P transactions can send money directly to their Nigerian Bank accounts through Bank transfer and Paystack.
The P2P sector in Nigeria took a hit following the discontinuation of Binance Naira P2P. platforms like local traders are filling the void.
Koyn
Koyn is a crypto app that facilitates the sale of major cryptocurrencies like Bitcoin, Litecoin, Ethereum, and Tether. The app is gaining ground in the Nigerian crypto market due to its ease of use.
The crypto app supports Nigerian bank accounts and readily converts crypto naira which can be easily withdrawn to Nigerian bank accounts.
The app has a dedicated rate calculator which varies according to the given market price for the day.
Koyn is patronized mostly by Nigerians who don’t want to go through the hassle of direct P2P.
The crypto industry in Nigeria is still lagging in much-needed infrastructure to meet up with the demand in the Nigerian market. This is partly due to an unclear regulatory framework from relevant Nigerian authorities for investors and crypto end users in the country.
The issuing of Full licenses to Busha and Quidax marks a significant step forward in the Nigerian crypto space as regards regulation and its role in creating an enabling environment for growth.
Top 5 crypto apps that work with Nigerian Bank accounts
Railway
Nigerian railway adds extra train to Friday, Saturday trips on Lagos-Ibadan route
Nigerian railway adds extra train to Friday, Saturday trips on Lagos-Ibadan route
The Nigerian Railway Corporation (NRC) has announced the introduction of additional train trips on its Lagos-Ibadan Train Service (LITS) route, exclusively for Fridays and Saturdays.
This initiative increases weekend trips from two to three, offering commuters greater travel flexibility.
The announcement, made via the NRC’s official X (formerly Twitter) handle on Tuesday, revealed that the new Lagos-to-Ibadan trip will depart at 1:40 pm, complementing the existing schedules of 7:45 am and 4:00 pm.
For the Ibadan-to-Lagos route, the additional trip is set for 10:50 am, joining the regular departures at 8:00 am and 4:30 pm.
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“Catch our extra Friday & Saturday train trips on LAGOS – IBADAN TRAIN SERVICE (LITS).
“LAGOS to IBADAN:
“•Times: 7:45am, 1:40pm, 4:00pm
“IBADAN to LAGOS:
“•Times: 8:00am, 10:50am, 4:30pm,” NRC’s tweet read in part.
This tweet by the Nigerian Railway Corporation further noted that the new schedule complements the existing Sunday-to-Thursday trips, which remain unchanged with departure times at 8:00 am and 4:00 pm from both Lagos and Ibadan.
This move by the NRC to expand the schedule is aimed at accommodating increased demand, particularly during weekends, and providing greater flexibility for commuters traveling between Lagos and Ibadan.
The move is expected to ease travel pressures and improve convenience for passengers on one of Nigeria’s busiest rail routes.
Travelers are encouraged to take advantage of the additional services and book tickets early via the e-ticketing website. to secure their spots, especially as the Lagos-Ibadan rail route continues to grow in popularity.
Nigerian railway adds extra train to Friday, Saturday trips on Lagos-Ibadan route
Business
NNPCL to deliver 12 CNG stations, LNG mini plants
NNPCL to deliver 12 CNG stations, LNG mini plants
Mele Kyari, Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Corporation (NNPC Ltd), has stated that the company has finalised plans to deliver 12 Compressed Natural Gas (CNG) Mother Stations and Mini LNG Plants as part of efforts to increase the existing 1.6 billion cubic feet of gas supply for the domestic market.
In a statement issued on Monday, the NNPCL’s Chief Corporate Communications Officer (CCCO), Olufemi Soneye, quoted Kyari as saying this at the opening ceremony of the 42nd Nigeria Association of Petroleum Explorationists (NAPE) Annual International Conference and Exhibition, themed “Resolving the Nigeria Energy Trilemma: Energy Security, Sustainable Growth, and Affordability,” held in Lagos.
He said, “The energy trilemma is a profound responsibility we shoulder as stewards of Nigeria’s energy future. NNPC Ltd is working tirelessly to improve our supply chain, develop new refining capacities and expand our retail network.”
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He added that the NNPC Ltd is set to collaborate with private refineries to ensure affordable and sustainable petroleum products supply, naira-for-crude transactions as parts of efforts to stabilise the naira as well as regulate forex markets which he said will bring about expansion of gas infrastructure such as the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline and the Obiafu-Obrikom-Oben (OB3) Gas Pipelines projects and the development of cleaner energy alternatives, such as Liquiefied Natural Gas (LNG) and Compressed Natural Gas (CNG).
He continued, “Currently, NNPC Ltd supplies over 1.6 billion standard cubic feet (bscf) of gas per day to the domestic market through infrastructure we either own outright or operate with partners. This distribution network is entirely managed on NNPC Ltd.’s balance sheet.”
While reacting to the claims that national oil company is sabotaging the efforts of domestic refineries, the NNPCL boss said the NNPC Ltd is part-owners of the Dangote Refinery describing it as an investment and strategic move aimed at strengthening domestic fuel supply across the country.
NNPCL to deliver 12 CNG stations, LNG mini plants
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