The statement further emphasized that the refinery sold the product to NNPCL in dollars, offering significant savings compared to current import prices, and reassured that the refinery would help alleviate fuel scarcity across Nigeria by ensuring availability in every local government area.
Business
Two cryptocurrency platforms get approval to operate in Nigeria
Two cryptocurrency platforms get approval to operate in Nigeria
The Securities and Exchange Commission, SEC, has granted two digital assets Exchanges “Approval-in-Principle” to commence operation under the Accelerated Regulatory Incubation Program, ARIP.
Efe Ebelo, the spokesperson of the commission announced this in a statement on Thursday in Lagos.
According to Ebelo, the companies that were granted the approval are Busha Digital Ltd., and Quidax Technologies Ltd.
She said that the approval-in-principle was in furtherance of SEC’s commitment to enabling innovation that would deepen the capital market while guaranteeing the protection of investors.
She said that the cohort comprises of two digital asset exchanges, four digital asset offering platforms and one digital asset custodian.
“Busha operates a digital exchange that facilitates the buying and selling of crypto assets with fiat currency.
“It enables individuals and businesses in Nigeria and other developing economies to access basic digital asset investment services.
“Busha’s customers use the mobile and web applications to buy, sell, store, send, receive, trade, invest and make payments in cryptocurrencies,” she said.
The spokesperson said that Quidax Technologies operated a cryptocurrency trading platform in Nigeria.
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“The platform leverages blockchain technology to list and trade already issued crypto tokens (assets).
“The services are provided via a proprietary blockchain owned and controlled by Quidax,” she said.
According to her, the exchange platform is both web and mobile enabled for ease of access and use.
She said Quidax also utilised digital wallet to enable its users store, receive and transact in variety of cryptocurrencies.
Similarly, Ms Ebelo onfirmed that five firms had been admitted to test their models and technology under the commission’s Regulatory Incubation(RI) Programme.
She listed the companies as Trovotech Ltd., Wrapped CBDC Ltd., HousingExhange.NG Ltd., Dream City Capital and Blockvault Custodian Ltd.
She said that the commission recently introduced ARIP to “strategically on-board firms” which had commenced operations prior to the release of the Rules on Virtual Asset Service Providers in May 2022.
According to her, the current cohort of the ARIP and the RI programmes is characterised by the increased use of distributed ledger technology (“DLT”) in creating and trading crypto assets
She added that the outcome of the process would inform further policy development in the space.
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She said that tests would be conducted on a short-term and small-scale basis, and the commission would continue to work with the participating firms to agree on testing parameters and robust consumer safeguards.
“The referenced approvals-in-principle are a precursor to the granting of full registration by SEC and are meant to ensure that appropriate protection and transparency is in place in respect of each product or service.
“It is noteworthy that the above firms are not the only entities that have applied to ARIP and the RI programmes.
“Other applications received are being assessed and would be granted approval-in-principle on a case-by-case basis as they meet all SEC requirements,” she said.
Ms Ebelo, however, reiterated that only approved digital exchanges and platforms are legally authorised to carry out the business of crypto trading in any form in Nigeria.
She said that in this regard, ARIP and RI remained the only avenues for well-intentioned entities to legitimately introduce their digital products and services to the Nigerian capital market.
She advised the public to refrain from dealing with illegal operators who had not applied to and received SEC’s approval under the ARIP or the RI programme.
“Intending investors are also reminded to always confirm from various SEC information portals whether entities purporting to provide investment services are legally empowered to so do,” she said.
Two cryptocurrency platforms get approval to operate in Nigeria
NAN
Business
NNPC hints petrol may rise above N1,000/litre, releases fresh price list
NNPC hints petrol may rise above N1,000/litre, releases fresh price list
The Nigerian National Petroleum Company Limited (NNPCL) has hinted that the price of premium motor spirit (PMS), also known as petrol, may rise above N1,000 per litre in its retail stations.
In a notice on Monday, NNPC Ltd released estimated prices of petrol (obtained from the Dangote Refinery based on September 2024 pricing) in its retail stations across the country.
According to the notice, the estimated pump prices include Lagos, N950 per litre; Sokoto, N992 per litre; Oyo, N960 per litre; Kano, N999 per litre; Kaduna, N999 per litre; FCT, N992 per litre; Rivers, N980 per litre; and Borno, N1019 per litre.
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The company said in line with the provisions of the Petroleum Industry Act (PIA), petrol prices are not set by the government, but negotiated directly between parties.
“The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024.
“The NNPC Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100% to the general public.” the notice said.
NNPC hints petrol may rise above N1,000/litre, releases fresh price list
Business
Dangote Refinery: Tinubu committee to announce petrol price on October 1
Dangote Refinery: Tinubu committee to announce petrol price on October 1
Dangote Group has responded to reports claiming that it sold premium motor spirit (PMS) to the Nigerian National Petroleum Company Limited (NNPCL) at N898 per litre, calling the reports “misleading and malicious.”
In a statement issued by Chief Branding and Communication Officer Anthony Chiejina, Dangote Group did not confirm the specific price at which the product was sold, only stating that it was sold in dollars.
Olufemi Soneye, the NNPCL’s chief spokesperson, had previously stated that the company purchased the PMS at N898 per litre, correcting an earlier report that suggested the price was N760 per litre.
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Dangote’s statement criticized Soneye’s report as intentionally misleading, aimed at undermining the achievement of the Dangote Refinery’s recent milestone in addressing Nigeria’s energy challenges. The statement urged Nigerians to disregard the misleading claims and wait for the official price announcement from the Technical Sub-Committee on Naira-based crude sales to local refineries, which will be made on October 1, 2024.
Business
JUST IN: Northern regions to pay more for petrol after NNPC announces Dangote price
JUST IN: Northern regions to pay more for petrol after NNPC announces Dangote price
The Nigerian National Petroleum Company Limited (NNPCL) has announced that petrol sourced from the Dangote Refinery will be sold at prices exceeding N1,000 per litre in northern Nigeria.
According to a statement by NNPC spokesperson Olufemi Soneye, the cost of petrol could reach N1,019 per litre in Borno State and N999.22 in cities such as Abuja, Sokoto, and Kano.
In contrast, the price for petrol in southern regions, including Oyo and Rivers states, will be approximately N960 per litre. Lagos and its surrounding areas will see the lowest price, set at N950 per litre.
The announcement, made in a statement titled ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing’, provides an overview of the anticipated retail prices across the country.
“The NNPC Ltd has released estimated prices of Premium Motor Spirit, also known as petrol (obtained from the Dangote Refinery) in its retail stations across the country.
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“The NNPC Ltd also wishes to state that, in line with the provisions of the Petroleum Industry Act, PMS prices are not set by the government, but negotiated directly between parties at an arm’s length,” he stated.
The company explained that the product it loaded on Sunday was paid for in dollars.
“The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as naira transactions will only commence on October 1, 2024.
“The NNPC Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100 per cent to the general public,” the statement added.
He stated that the estimated pump prices of PMS were obtained from the Dangote Refinery and will be across NNPC retail stations in the country, based on September 2024 pricing.
Recall that the Dangote Group had disagreed with the NNPC on Sunday that it was selling PMS at N898, but it failed to release its price list.
JUST IN: Northern regions to pay more for petrol after NNPC announces Dangote price
(Punch)
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