JP Morgan removes Nigeria from its list of emerging market recommendations

JPMorgan has removed Nigeria from its list of emerging market sovereign recommendations that investors should be ‘overweight’ in, saying the country had not taken advantage of high oil prices. Analysts use overweight and underweight to broadcast recommendations on buying or avoiding stocks of certain sectors. Analysts attach an overweight recommendation to a stock that they believe will outperform its sector in the near future. According to Reuters, the bank analysts said Nigeria’s national oil company (NNPC) did not transfer any revenue to the government from January to March this year due to petrol…

Read More

#Fuel scarcity: NNPC begins loading at depots to clear queues

The Nigeria National Petroleum Corporation Limited said it had commenced loading of trucks at all its depots to clear the current scarcity experienced across the country. It added that there was 1.7 billion litres of petrol currently in stock. The NNPC, Group Managing Director, Malam Mele Kyari, made this known to journalists in Abuja on Wednesday shortly after a meeting with the National Union of Petroleum and Natural Gas Workers and Petrol Tanker Drivers. Others present at the meeting were the Depot and Petroleum Marketers Association of Nigeria and the…

Read More

What You need to know about New Petroleum Industry Act

SOME THINGS YOU NEED TO KNOW ABOUT THE NEW PETROLEUM INDUSTRY ACT 1. Repeals 10 existing industry laws. 2. FG to fully commercialize NNPC by February 2022. 3. 3% of Oil Revenue from each host community is retained for the host community and 30% is retained for frontier basins. 4. Only two regulatory agencies will be created for the Oil industry. 5. One of regulatory Agencies for Upstream will collect now the following revenues from upstream operators; rents, royalties, production share (this gives Nigeria a much higher percentage of revenue…

Read More

Top 20 all Muslim NNPC executives in Nigeria

The Latest rumoured appointment of Ahmed Bashir  as DPR boss has stirred a lot of controversy. This rumor Bashir Ahmad had debunked is still getting many people worked up as many still believe something is still brewing. Meanwhile, NNPC and all the top oil jobs are seemingly an exclusive jobs for the Fulani Muslims. Read below to understand better…. The NNPC is now the Northern Nigeria Petroleum Company. The all-Muslim top 20 executives in NNPC makes Nigeria look like an annex of Arab Emirates. 1. Mele Kyari (GMD) 2. Umar…

Read More

EXCLUSIVE: Buhari quietly appoints Bashir Ahmad manager of lucrative petroleum ministry department

President Muhammadu Buhari has appointed his junior media aide Bashir Ahmad to supervise a powerful and lucrative division at the Department of Petroleum Resources (DPR) — a role that supersedes his work experience and area of expertise, officials familiar with the development told Peoples Gazette over the weekend. Mr. Ahmad, 29, has served as personal assistant to Mr. Buhari on new media since 2016. Despite still retaining his presidency appointment, he recently hustled his way in as the head of the newly-established National Production Monitoring System (NPMS) of DPR – Nigeria’s preeminent oil…

Read More

NNPC Raises Petrol Depot Price, Marketers To Sell At ₦168 – ₦170 Per Litre

The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N155.17 per litre from N147.67 per litre. The PPMC disclosed this in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali. The memo, a copy of which was seen by our correspondent, said the new ex-depot price would take effect from Friday. The ex-depot price is the price at which the product is sold by the…

Read More

CBN and NNPC to Pay 300k to Cater for Nigeria Returnees

Geoffrey Onyeama   Nigerians returning to country are no longer going to pay for the cost of their mandatory quarantine, according to the Foreign Affairs Minister @GeoffreyOnyeama. You’d recall that the government earlier stated that the returnees would have to take care of the bills for their compulsory quarantine upon return to the country. The foreign affairs minister, Geoffrey Onyeama said that NNPC and CBN have agreed to fund the accommodation and feeding of all evacuees, which is 300k per person. 300,000 naira per individual? 😳 Meanwhile, the residents in…

Read More

Why We Can’t Sell Petrol At 125/litre – Marketers

Private fuel marketers have yet to reduce the pump price of Premium Motor Spirit ( petrol ) , while retail stations belonging to the Nigerian National Petroleum Corporation have started selling at N 125 per litre . The PUNCH correspondent, who visited several filling stations including Oando, Mobil and Capital Oil and Gas on the Lagos – Ibadan Expressway as well as Total at Ikosi -Ketu , on Thursday morning , observed that the private marketers were selling at N 145 per litre of petrol. “ What we are asking…

Read More

Cause of the gas pipeline explosion in lagos revealed (video)

The major cause of the gas pipeline explosion yesterday at Abule-Ado axis of lagos state  has been a major cause of concern to the public as both the government and individuals present different and contradictory information. You’d recall that Rev.Sr Henrietta Alokha,Principal of Bethlehem Secondary school died from the bizarre incidence as many of the students of  Bethlehem Secondary school were trapped in the building as it collapses after the explosion (video).  Meanwhile,  Mele Kyari of NNPC has come open to state the possible cause of the explosion as against the implosion…

Read More

NNPC Shocked: 2,201 Petrol Stations In Nigeria’s Border Towns

  There are 2,201 petrol stations in Nigeria’s porous border towns and coastal frontiers, with a combined fuel tank capacity of 144.9 million litres. The shock discovery has made the Nigerian National Petroleum Corporation (NNPC) to  sound the alarm bells that an unprecedented cross-border smuggling of petrol to neighbouring countries is ongoing,  making it difficult to sanitise the fuel supply and distribution matrix in the country. And the NNPC  that spent over $5.8 billion to import petrol since December 2017, is losing N744 million per day. Leading a top Management…

Read More