Nigeria has ascended to become the third-largest debtor to the World Bank’s International Development Association (IDA) as of June 30, 2024, reflecting a significant increase in the country’s borrowing from the institution. According to the World Bank’s financial statements, Nigeria’s exposure to the IDA rose by 14.4% from $14.3 billion in the fiscal year (FY)…
In a swift response to the widespread news of a fuel price hike, the Managing Director of NNPC Retail, Huub Stokman, has denied authorizing the message announcing the increase. The message, which circulated widely on social media and among fuel station owners, claimed that the pump price of Premium Motor Spirit (PMS) had been increased…
Oando, a prominent oil and gas company, has reached a market capitalization of N1 trillion, placing it among an exclusive group of companies. This milestone follows a significant increase in its share price, which rose by 207.6% in August. In early August, Oando announced its intention to complete a $783 million acquisition of Nigeria Agip…
The Nigerian National Petroleum Company Limited, NNPCL, has reached an agreement to sell crude oil to Dangote Petroleum Refinery in Naira.The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, made this confirmation on Tuesday via its X handle, @NMDPRA_Official. According to NMDPRA, the NNPCL reached an agreement to commence crude oil sale and supply to…
Amid a lingering fuel scarcity and crisis, the Nigerian National Petroleum Company (NNPC) has adjusted the fuel price from N650 to between N855 and N890 per litre, Platforms Africa reports. Without waiting for their stock to finish as they claimed during price reduction, other marketers too and outlets have also adjusted the pump prices with…
Billionaire businessman, Aliko Dangote, has said that the introduction of naira for crude will reduce the demand for foreign exchange by 40 per cent. He said this on Tuesday as he announced the commencement of the production of petrol at the Dangote refinery located in Lagos. Speaking on Arise TV, Dangote said, “I will like…
The Federal government has rubbished reports on social media suggesting that the Ministry of Petroleum has ordered NNPCL to sell fuel at N1000, above the approved pump price.A report, intending to mislead the public and cause panic, which is devoid of truth, circulating in the media had maliciously claimed that the minister of Petroleum, Hon….
Owner of Lagos-based refinery Aliko Dangote, on Tuesday, spoke on the pricing of petrol produced at his 650,000 barrels per day facility.The refinery owner said as soon as his company finalises modalities with the Nigerian National Petroleum Company Limited (NNPCL), the product will hit the market. “Our PMS (Premium Motor Spirit) can be in filling…
Oando Plc has warned individuals and entities against spreading false information about the Nigerian Agip Oil Company (NAOC) transaction. In a statement on Monday signed by Ayotola Jagun, the company’s secretary, Oando said it will sue those that do not desist from spreading inaccurate information. On August 22, Oando said it completed the acquisition of Eni’s 100 percent shareholding in the…
