Business

Senate hails Buhari for signing BOFIA Bill

Published

4 years ago

November 15, 2020

…says Act will transform financial sector

The Senate has commended President Muhammadu Buhari for signing the Banking and Other Financial Institutions Act (amendment) Bill 2020 into law, following its passage by the National Assembly.

Chairman, Senate Committee on Media and Public Affairs, Senator Ajibola Basiru, in a statement issued on Saturday said that the President’s assent to the critical piece of legislation would rejuvenate Nigeria’s financial system and enhance development of the economy.

The statement reads, “The Senate has noted with satisfaction the assent of President Mohammadu Buhari to the Banks and Other Financial Institutions Act 2020 (BOFI ACT) following the passage of the bill by the Senate for the President’s assent.

“The enactment of the BOFI Act follows many other bills passed by the Senate on critical areas for the economy which are relevant to the Nation’s development.”

According to Senator Basiru, Buhari’s assent effectively repeals the 1991 edition of the law and is expected to rejuvenate the financial system and enhance the development of the economy.

“The work which has gone into the passage of this bill, like some previously assented to by Mr President, underscores the determination of the 9th Assembly to focus on the path of economic growth and development of our country.

“By this law, banks and financial institutions will be able to offer productive sectors of the economy, quality banking and financial services as well as ensure recovery of non-performing loans,” the lawmaker said.

Some of the bills which have been passed by Senate which are of direct relevance to the resuscitation of the national economy are the Petroleum Profit Tax Act; CAMA Act: Finance Act; Police Act; Deep Offshore and Profit Sharing Contract Act, to mention but a few.

Senator Basiru however added that the Senate under the leadership of Senate President, Dr Ahmed Lawan would work tirelessly to ensure that obsolete laws are repealed and re-enacted to address the nation’s economic challenges in view of present realities.

Business

Petrol price: Dangote counters NNPC, says crude sale in naira starts Oct 1

Published

2 hours ago

September 15, 2024

Trends Admin

Petrol price: Dangote counters NNPC, says crude sale in naira starts Oct 1

Dangote refinery has carpeted the Nigerian National Petroleum Company Limited (NNPCL) for reportedly misleading members of the public on the cost of petrol brought from the refinery.

Anthony Chiejina, Group Chief Branding and Communications Office of Dangote, stated this in reaction to an earlier statement by the NNPC that it bought a litre of petrol from the new refinery at N898/litre.

Chief Spokesperson for the NNPCL, Olufemi Soneye, was quoted as saying, “We successfully loaded PMS at the Dangote Refinery today. The claim that we purchased it at N760 per liter is incorrect. For this initial loading, the price from the refinery was N898 per litre.”

The oil firm moved about 300 trucks to the 650,000 capacity refinery in Lagos, on Saturday, and loading commenced on Sunday.

But in its statement, Dangote Refinery said, “Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr. Olufemi Soneye, that we sell our PMS at N898 per litre to the NNPCL.

“This statement is both misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedeviled the economy in the past 50 years.L

“We urge Nigerians to disregard this malicious statement and await a formal announcement on the pricing, by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by His Excellency, President Bola Ahmed Tinubu GCFR, which will commence on October 1, 2024, bearing in mind that our current stock of crude was procured in dollars.

“It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing.

“With this action, there will be petrol in every local government area of the country regardless of their remote nature.

“We assure Nigerians of availability of quality petroleum product and putting an end to the endemic fuel scarcity in the country.”

Business

Dangote sells petrol N898/litre to NNPC, motorists buy N855 at filling stations

Published

3 hours ago

September 15, 2024

Trends Admin

Dangote sells petrol N898/litre to NNPC, motorists buy N855 at filling stations

Hours after commencing loading of petrol from Dangote Refinery in Lagos, the Nigerian National Petroleum Company Limited (NNPCL) on Sunday began dispensing fuel to motorists at its filling stations without too long queues.

This came as the NNPCL disclosed that that it bought fuel from Dangote at N898 per litre.

Spokesperson for the NNPCL, Olufemi Soneye, said, “We successfully loaded PMS (petrol) at the Dangote Refinery today.

“The claim that we purchased it at N760 per litre is incorrect. For this initial loading, the price from the refinery was N898 per litre.”

This is contained in a statement issued to Daily Trust on Sunday, clarifying that the price of petrol was higher than previously reported figures.

A correspondent of newstrends.ng however observed that the product was sold on Sunday at N855/litre at all filling stations controlled by the national oil firm in Lagos.

In Idimu, Egbeda and Akowonjo among other areas, the NNPC dispensing outlets were seen selling petrol in an orderly manner.

Some stations had short queues; some had none as the vehicles waiting to buy were within the walled compound.

The NNPCL on Saturday confirmed mobilising 300 trucks for loading at the Dangote Refinery’s 650,000 barrels per day capacity in Lagos.

Loading operations commenced on Sunday, with over 70 trucks loaded by afternoon.

Business

Petrol: Dangote pump price emerges as NNPC trucks begin loading

Published

15 hours ago

September 15, 2024

Trends Admin

Petrol: Dangote pump price emerges as NNPC trucks begin loading

There are indications that petrol may be sold between N857 and N865 per litre at filling stations after the Nigerian National Petroleum Corporation Limited (NNPCL) starts lifting the product from Dangote Refinery today (Sunday).

The NNPCL, as the sole off-taker of petrol from the refinery, is projected to lift the product at N960/N980 per litre and sell to marketers at N840/N850 to enable Nigerians to get it at between N857 and N865 at the pump at filling stations.

Petrol as of Saturday was sold at N855 per litre at NNPCL retail stations in Lagos and it was the cheapest anyone could buy the product while major marketers sold around N920.

At independent marketers’ outlets, the price was over N1,000.
Elsewhere across the country, petrol sold for more than N1,200 per litre.

Negotiations

Vanguard reports the new arrangement from the NNPCL and Dangote Refinery negotiations, spanning more than one week, would allow Nigerians to get petrol at between N857 and N865 per litre and represents an average under-recovery of about N130 to NNPCL.

President Bola Tinubu, according to a Presidency source, made it clear to the negotiating parties that “the price at which petrol would be sold to Nigerians should not place heavy financial burden on them while dealing with the new reality of the prevailing price”.

Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has expressed optimism that the deal would reduce the pressure on foreign exchange (FX) demands and shore up the value of the Naira – presently, between 30% and 40% of FX demands go into the importation of petrol.

Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye, who confirmed the readiness of the company to start lifting petrol today, told Sunday Vanguard, yesterday: “NNPC Ltd has started deploying our trucks and vessels in the Dangote Refinery to lift PMS in preparation for the scheduled lifting date of September 15th, as set by the refinery.

“Our trucks and personnel are already on-site, ready to begin lifting. We expect more trucks, and the deployment will continue throughout the weekend so we can start loading as soon as the refinery begins operations on September 15, 2024.”