Business

Some crypto applicants may be disqualified – Nigeria’s SEC

Published

16 hours ago

December 24, 2024

Some crypto applicants may be disqualified – Nigeria’s SEC

The Director-General of the Securities and Exchange Commission (SEC), Dr. Emotimi Agama, has hinted that some crypto companies, that have applied to be registered by the Commission may not meet the requirements to get its approval.

Agama stated this at a meeting with applicants under its Regulatory Incubation (RI) and Accelerated Regulatory Incubation Programme (ARIP) its two regulatory windows for crypto players in Nigeria.

Nairametrics recalls that two crypto exchanges, Quidax and Busha were recently granted an approval-in-principle by the SEC to operate as legally recognised exchanges in Nigeria under its ARIP program.

At the time, the Commission also noted that there were several other applications under consideration.

While admitting that it would be difficult to assure that all the applicants would be registered, Agama at the meeting said:

“Certainly, not all of them will meet the requirements. The commission will keep providing clarity to some knotty areas to assist in the process.”

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SEC committed to transparency

Agama at the meeting assured stakeholders in the crypto space of the SEC’s commitment to ensure transparency and integrity in crypto regulation, adding that the commission had provided a level playing field to all applicants.

Agama noted that SEC understood the anxiety and the need to be regulated, but being careful, even in its desire to be inclusive.
He said that the process of registration was very technical because registration was the hallmark of regulation.

“Registration goes beyond onboarding and registering, it requires monitoring, education, and surveillance, and all of these are continuous,” he said.

Agama stressed the importance of stakeholders’ input, adding that rules would be amended to include all valid points to make it an all-inclusive document.

Nigeria’s role in the crypto space

Emphasizing that the country is ready to lead crypto regulation, the SEC DG said:

“We are trying to ensure that at the end of the day, as a country we will stand out in the regulation of this space.

“Beyond any doubt, this space is the future and for us as Nigerians, we have embraced it.”

The SEC DG noted that the commission was not slow in its processes, but must be sure everything was in order to enable fairness in any pronouncements made.

“In the coming year, we will move faster in delivery and announcements, having learnt from this process. A new law has been passed and it is in the process of obtaining Presidential assent,” he said.

According to him, the law is replete with all of the ingredients legally required to properly regulate this space and give guidance to operators.

“All of these are efforts by the SEC to be as friendly as possible, protect the interest of the ecosystem and the interest of investors,” he said.

Some crypto applicants may be disqualified – Nigeria’s SEC

Business

Petrol: MRS enforces N935 per litre nationwide

Published

18 hours ago

December 24, 2024

Trends Admin

MRS Filling station

Petrol: MRS enforces N935 per litre nationwide

MRS Oil Nigeria Plc, a prominent player in the Nigerian downstream oil industry, has implemented a new petrol price of N935 per litre across all its retail service stations nationwide.

This follows an announcement by the President of Dangote Industries Limited, Aliko Dangote, that the Dangote Petroleum Refinery has partnered with MRS Oil and Gas to offer petrol at N935 per litre at retail outlets, following a reduction in the ex-depot price from N970 to N899.50 per litre.

In response, MRS Oil Nigeria Plc has instructed all its outlets to implement the new price immediately, setting up a digital platform and monitoring team to ensure full compliance. The company has also called on Nigerians to report any outlets that fail to adhere to the new price structure.

“Petrol is now being sold at N935 at MRS Filling Stations nationwide. If you find any station not following this price, please report it. Call 08009447853 or email: NG [email protected],” the company stated in a release.

Emphasising the eco-friendly nature of its products, MRS Oil added, “We call on all petrol station owners to join MRS Oil Nigeria Plc in improving the supply chain of our beloved country, ensuring product quality and availability in every corner of Nigeria for the benefit of all Nigerians.”

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Checks by our correspondents yesterday confirmed that the new price had been implemented at all MRS Oil and Gas retail outlets nationwide.

In Lagos, commuters were seen queuing at MRS filling stations to purchase petrol. Many expressed their gratitude to Dangote Petroleum Refinery and MRS Oil and Gas, urging other marketers to support the indigenous refinery rather than import off-spec products into the country.

Mrs. Ibukun Phillips, a commuter at the MRS station at Alapere on the Lagos Ibadan Express way, could not hide her joy as her husband filled up their car.

“I am very happy today. This is a victory for Nigeria,” she said. “The price reduction is the best gift of the season. But beyond just the reduction, we are buying standard, eco-friendly petrol at a lower rate. My husband and I have decided we will only be using MRS from now on because we are confident in the quality of the product and supporting the economy.”

Commercial bus driver Adio Ajibade described the price reduction as a great relief, especially during the festive season.

“The reduction is a great relief. It will reduce transportation costs and benefit Nigerians. God will continue to bless Alhaji Aliko Dangote,” he said.

A public affairs analyst and university lecturer, Dr. Tunde Akanni, said the collaboration between Dangote Petroleum Refinery and MRS Oil represents a significant step towards improving the affordability, quality, and sustainability of petroleum products in Nigeria.

According to Dr. Akanni, “this move will not only help ease the financial burden on Nigerians but also promote a more environmentally conscious approach to fuel consumption, benefitting both the economy and public health in the long term.”

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NNPCL cuts petrol price to N965/ per litre in Abuja

Meanwhile, NNPC Limited has reduced pump price of petrol at its retail outlets in Abuja to N965 per litre from N1,030.

Checks at NNPC retail outlets in the Central Area of the nation’s capital and in Nyanya suburb showed that pump prices have been adjusted to reflect the new rates.

The national oil company had two weeks ago reduced the retail price of petrol from N1,060 to N1,030 per litre as competition with Dangote Refinery’s product kicked in.

Two motorists who spoke to Vanguard at the Nyanya retail outlet expressed happiness at the development, urging the Federal Government to do more to lower the price further.

A commercial driver, Mr. Adamu Shuaibu, who plies the Nyanya – Zuba route, said: “I branched here yesterday to discover the new price. The government is trying and we want them to do more. The price should go back to N530 per litre so that the price of other things can come down too”.

On his part, Mr. Taofeek Adetunji, a private car owner, expressed delight at the latest price reduction, stating: “When President Bola Tinubu said the result of his reforms will soon begin to show, many people did not believe it but you can see it now. “We are hopeful that this will continue and prices will continue to go down. Petrol is the lifeblood of the economy and the price of other goods and services will also drop very soon. You will see it”, he said confidently.

Petrol: MRS enforces N935 per litre nationwide

Business

NNPC reduces petrol price to N965/litre in Abuja

Published

1 day ago

December 23, 2024

Trends Admin

NNPC reduces petrol price to N965/litre in Abuja

NNPC Limited has reduced the pump price of petrol at its retail outlets in Abuja to N965 per litre, down from N1,030 per litre.

Visits to NNPC retail outlets in the Central Area and Nyanya suburb of the nation’s capital confirmed that the new rates are now in effect.

This marks the second price cut by the national oil company within two weeks, following a reduction from N1,060 to N1,030 per litre, as competition with Dangote Refinery’s products intensified.

Motorists have welcomed the price adjustment, expressing hope for further reductions.

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Mr. Adamu Shuaibu, a commercial driver operating on the Nyanya-Zuba route, said: “I noticed the new price yesterday. The government is trying, but they should do more. The price should return to N530 per litre so that the cost of other goods can decrease too.”

Similarly, Mr. Taofeek Adetunji, a private car owner, commended the development, linking it to ongoing economic reforms by President Bola Tinubu.

“When the President promised his reforms would yield results, many doubted him. But now you can see it. We are optimistic that prices will keep dropping. Petrol is vital to the economy, and this reduction will soon reflect in the cost of goods and services.”

Both drivers urged the Federal Government to sustain efforts to make petrol more affordable.

NNPC reduces petrol price to N965/litre in Abuja

Business

Lagos to get new rolling stock for blue, red rail lines in 2025

Published

1 day ago

December 23, 2024

Trends Admin

Lagos to get new rolling stock for blue, red rail lines in 2025

The Lagos State government is set to receive new rolling stock to bolster train operations on the Red and Blue Line corridors in 2025.

Engr. Mrs. Abimbola Akinajo, Managing Director of the Lagos Metropolitan Area Transport Authority (LAMATA), outlined these plans, along with the agency’s season’s greetings to Lagosians, in a video clip.

The video, posted on the Authority’s X (formerly Twitter) page, also highlighted her plans for new buses to join the regulated fleet operated under LAMATA to better serve the transport needs of Lagos residents.

“In 2025, we promise to serve you better. New buses will join our regulated fleet. New railing stock are expected to join our train operations,” Akinajo stated.

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The Managing Director of LAMATA also revealed that the Lagos State government, under Governor Babajide Sanwo-Olu, is working towards the realization of the Lagos Rail Mass Transit (LRMT) Green and Purple Lines.

The LRMT Green Line is a proposed 68km metro rail project that will span from the Lekki Free Zone to Marina, while the Purple Line is planned to connect Redemption Camp to Ojo, near Lagos State University (LASU).

Other plans she outlined for next year include exploring ways to reduce emissions through the use of eco-friendly fuels and improving the payment system for Lagos State’s regulated transport services.