The Nigerian National Petroleum Company (NNPC) Limited says it has repaid 60 percent of the $1.03 billion loan secured to finance its stake acquisition in the Dangote Petroleum Refinery and Petrochemicals (DPRP). According to its audited financial statements for the fiscal year ending December 31, 2023, NNPC said the company has paid $625 million so […]
The National Data Protection Commission has fined Fidelity Bank a total sum of N555.8m for infractions relating to breaches of its customers’ data. The commission’s National Commissioner, Vincent Olatunji, announced this at the Validation Workshop on the Nigeria Data Protection Act General Application and Implementation Directive on Wednesday in Abuja. He stated that the tier […]
Oil producers, under the aegis of the Independent Petroleum Producers Group, have warned against being forced to sell crude oil to the Dangote Petroleum Refinery and other local ones in Nigeria. The IPPG produces about 30 per cent of Nigeria’s crude oil, according to the Nigerian Upstream Petroleum Regulatory Commission. The latest crude oil production […]
Sayyu Dantata, founder and chief executive officer (CEO) of MRS Oil and Gas, has been identified as one of the individuals behind the importation of petroleum products from Malta. Dantata is the half-brother of Aliko Dangote, founder of Dangote Petroleum Refinery, According to Daily Nigerian on Tuesday, based on documents obtained, MRS imported fuel into […]
The Central Bank of Nigeria (CBN) says it recorded remittance inflows of $553 million in July. This is a 130 percent increase from the corresponding period in 2023, the CBN said in a statement on Tuesday, signed by Hakama Sidi Ali, its acting director of corporate communications. The surge in diaspora remittance comes a month […]
The Independent Petroleum Marketers Association of Nigeria has raised concerns over the shortage of Premium Motor Spirit also known as petrol, affecting its members across the country amidst widespread scarcity. The umbrella body, which boasts over 3,000 members and controls a significant share of Nigeria’s filling stations, also accused the Nigerian National Petroleum Company Limited […]
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a meeting with the Implementation Committee on Monday, August 19, 2024, in Abuja. The sales of crude oil to Dangote Refinery and other local refineries in local currency will commence on October 1, 2024, according to the Minister of Finance and Coordinating Minister […]
A former relationship manager at First Bank of Nigeria (FBN) says loans worth billions of naira were transferred to companies related to Oba Otudeko, then chairman of the bank, even though they were granted in the name of other firms. Adesuwa Ezenwa is currently at the National Industrial Court (NIC), Lagos, division, claiming unfair dismissal […]
The Federal Inland Revenue Service (FIRS) says an executive bill which seeks to restructure revenue administration in Nigeria, including regulation of the cryptocurrency industry, is being drafted for transmission to the national assembly. Zacch Adedeji, FIRS chairman, spoke on Saturday at a stakeholders’ engagement with a joint committee of the national assembly in Lagos. According […]
The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) has called on members of the public, especially jobseekers, to discountenance rumours of employment slots for sale. In a statement obtained by Vanguard, Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd, stated that there is no iota of truth in the insinuations that it has employment slots […]
