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The continuous upward climb of the foreign exchange in the country is heavily impacting on the downstream oil sector with many major marketers shutting down their fuel filling stations because of their inability to import the product. The Nigerian Midstream Downstream Regulatory Authority (NMDPRA) Chief Executive, Mr Farouk Ahmed, last week at the Oil Trading
So, according to the report, NNPC has secured a $3 billion loan from Afreximbank to stabilize the naira and support the foreign exchange market. The loan is said to be repaid with crude oil at an interest rate of 8-11%. They claimed that it will help Nigeria avoid seeking loans from the IMF and improve
The sworn in President of Nigeria Bola Ahmed Tinubu ended Fuel Subsidy without first doing the needful which caused so much panic buying and price hike few hours into his regime. Many were of the opinion that he would have consulted with the Petroleum marketers and Labour unions to be able to know the best way
Responding in an emergency press conference at the NNPC Towers, Abuja, NNPCL told Nigerians that the move was in the best interest of the company. The President, in his inaugural address on Monday, had declared an end to the era of subsidy payment, saying the 2023 budget made no provision for fuel subsidy, so further payment
The Federal Executive Council (FEC) has approved the recommendation for the Nigerian National Petroleum Corporation Limited (NNPC LTD.) to invest 1.9 trillion in the reconstruction… The Federal Executive Council (FEC) has approved the recommendation for the Nigerian National Petroleum Corporation Limited (NNPC LTD.) to invest 1.9 trillion in the reconstruction of 44 federal roads under the
The Independent Petroleum Marketers Association of Nigeria has called on Nigerians to exercise patience as effort is being made to address the current fuel scarcity occasioned by the flooding which led to the destruction of some major roads in some parts of northern states. The IPMAN Chairman, Northern Nigeria branch, Alhaji Bashir Danmalam, made the
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
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
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
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