The 650,000 barrels per day Dangote Petroleum Refinery is taking advantage of cheaper oil imports from the United States for as much as a third of its feedstock as it starts up production. A report by Bloomberg on Thursday stated that the plant has been shipping products in recent weeks while readying two units […]
Google fired 28 employees following a disruptive sit-down protest over the tech giant’s contract with the Israeli government, a Google spokesperson said Thursday. The Tuesday demonstration was organised by the group “No Tech for Apartheid,” which has long opposed “Project Nimbus,” Google’s joint $1.2 billion contract with Amazon to provide cloud services to the […]
Relaxed quality controls for diesel at the Dangote refinery resulted in reduced domestic prices, S&P Global is reporting. According to a report on Thursday by S&P Global, high-sulphur diesel from the Dangote refinery led to the decision by the refiner to lessen domestic prices by 37 percent. Low-sulphur diesel is below 500 ppm, and […]
The Central Bank of Nigeria (CBN) has denied selling foreign exchange (FX) to bureau de change (BDC) operators at the rate of N1,001/$1. CBN, in a post on X on Thursday, said a circular claiming the apex bank announced the sale of $10,000 to BDCs at the rate of N1,001/$1 was “fake”. According to […]
The Central Bank of Nigeria has released a new regulatory directive to enhance lending to the real sector of the Nigerian economy. The directive, issued on April 17, 2024, with reference number BSD/DIR/PUB/LAB/017/005 and signed by the Acting Director of Banking Supervision, Adetona Adedeji, signifies a notable shift in the bank’s policy towards a […]
The Federal Government has vowed to take stringent regulatory measures against traders “unfairly inflating prices” of goods and commodities. The government, through its agency, the Federal Competition and Consumer Protection Commission (FCCPC), expressed worry that despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding […]
The Nigerian Civil Aviation Authority has suspended the permit of three private jet operators for engaging in commercial flights. This was according to a Riot Act on the NCAA’s website on Tuesday, signed by the Acting Director General, Captain Chris Najomo. The Minister of Aviation and Aerospace Development, Festus Keyamo, had on Monday warned […]
Nigeria’s crude oil reserves rose from the 36.96 billion barrels (bb) to 37.50bb within a year, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said yesterday. The natural gas reserves also increased from 208.83 Trillion Cubic Feet (TCF) to 209.26TCF within the same period. The records are contained in the January 2023 to January […]
The naira rose further on Monday in the parallel section of the foreign exchange (FX) market. At the Lagos street market, currency traders, also known as bureau de change (BDC) operators, quoted the naira at N1,100 to the greenback. The traders put the buying price of the dollar at N1,070 and the selling price […]
Following restriction of Liquefied Natural Gas LNG supply to its customers, Shell PLC has made claims against Venture Global LNG(VGL) a United States based LNG exporter, for its breach of contract to supply LNG cargoes. Also, Nigeria LNG may risk sanctions from a UK High Court for a similar breach of an LNG supply […]
