Category: Business
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Lolota Zalue: The Betrayal That Shook Shiktrax Media
In 2020, Shiktrax Media took a bold chance on a young, ambitious man named Lolota Zalue. Coming from humble beginnings, Lolota joined the company with neither a phone nor a place to stay. Out of compassion, the management provided him not just a job but a home and a brand-new smartphone to help him settle…
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$360M CVFF Fund Still Intact – DG NIMASA
The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, has reaffirmed that the Cabotage Vessel Financing Fund (CVFF), which is held in the agency’s account at the Central Bank of Nigeria (CBN), remains intact. This statement was issued to dispel rumors regarding the alleged sudden disappearance of the funds. Mobereola…
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Coalition tasks NNPCL on 2 million bpd target, lauds 1.808 million bpd production feet
The Nigerian National Petroleum Company Limited (NNPCL) has been applauded for attaining over 1.808 million barrel per day production level as of this month. The Coalition of Civil Society Groups for National Prosperity and Efficiency in Governance in a solidarity rally held at Abuja Unity Fountain on Tuesday noted that the feat by the Engr…
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Petrol Prices Drop as Competition Intensifies – IPMAN
The deregulation of Nigeria’s downstream oil sector has initiated a gradual reduction in petrol prices, driven by heightened competition among oil marketers. The Independent Petroleum Marketers Association of Nigeria (IPMAN) attributes the drop in pump prices to increased market competition and direct transactions with producers like the Dangote Petroleum Refinery. Chinedu Ukadike, IPMAN’s National Publicity…
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Group Raises Alarm Over Alleged N3 Trillion Fuel Importation Fraud by NNPCL, Business Partners
***calls on CBN to investigate payment claims The Coalition for Economic Liberation and Transformation (CELT) has raised alarm over alleged N3 Trillion fuel importation fraud traced to the Nigerian National Petroleum Company Limited’s (NNPCL) and some of its business partners in the last 42 days. This revelation came to light during a press conference held…
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NCS Operation Whirlwind seizes 67,000 litres of PMS worth N84.8m
Stephen Olufemi Oni, Ilorin The Nigeria Customs Service’s Operation Whirlwind in Kwara/ Niger States axis has within month seized 67,000 litres of petroleum worth N84.8m. It would be recalled that the ‘Operation Whirlwind’, commenced operation in May 2024 in collaboration with the Nigeria Customs Service (NCS), while the exercise is being coordinated by the Office…
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Minister Engages Stakeholders Nationwide for E-Governance Bill
Nigeria’s Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, is pushing forward with a nationwide awareness and consultation campaign for the Digital Economy and e-Governance Bill. In a statement from Abuja on Friday, his Media Aide, Isime Esene, shared that Tijani has already held consultations in Niger, Ondo, Katsina, Lagos, Zamfara, Delta, and Nasarawa…
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House of Representatives Urges Federal Government to Involve Local Refiners in Petroleum Production
October 31, 2024 — The House of Representatives has urged the Federal Government to create a comprehensive plan to incorporate indigenous refiners into Nigeria’s petroleum production value chain. This resolution came after a motion was adopted to reform and regulate the country’s petroleum industry, emphasizing the need to integrate artisanal refiners. Deputy Minority Whip Mr.…
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IMF Stands Firm on Advice for Nigeria’s Subsidy Removal
The International Monetary Fund (IMF) has reaffirmed its recommendation for Nigeria to remove fuel subsidies and adjust foreign exchange (FX) rates as crucial steps for achieving macroeconomic stability. In an email to Premium Times on Wednesday, the IMF reiterated the importance of these policy changes. Abebe Selassie, director of the African department at the IMF,…
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Fuel Marketers Challenge Dangote to Review PMS Prices Amidst Non-Patronage Concerns
The Petroleum Marketers Association of Nigeria (IPMAN) has urged Aliko Dangote to reevaluate the price of Premium Motor Spirit (PMS) from his refinery, suggesting it might be a key factor in low patronage from marketers. IPMAN’s call for a price review follows Dangote’s statement that despite having over 500 million liters of petrol stored at…