Nigerian-American businessman, Dr. Osayande Aghaze, has revolutionised the electric vehicle (EV) charging industry with his groundbreaking invention—the detachable EV solar charger.
This innovative device, set to be available to the public from Wednesday, January 1, 2025, according to him, was not only designed to alleviate the crippling fuel crisis in Nigeria and other parts of Africa, but to promote a greener ecosystem.
“The fuel crisis in Nigeria has reached a breaking point,” Dr. Aghaze stated. “It is time for a sustainable and affordable solution. The detached EV solar charger offers a viable alternative to fossil fuels, providing Nigerians with a cleaner, greener, and more cost-effective way to power their vehicles.”
Beyond providing financial relief to Nigerian motorists burdened by soaring fuel prices, Dr. Aghaze explained that the detachable EV solar charger also contributes to a healthier planet.
According to him, by reducing reliance on fossil fuels, the device helps to mitigate climate change and improve air quality.
“Our goal is to empower Nigerians and others to take control of their energy consumption while also making a positive impact on the environment,” he added. “By harnessing the power of the sun, the detached EV solar charger provides a reliable and independent source of electricity that reduces greenhouse gas emissions.”
Explaining the functionality of the detachable EV solar charger to journalists at his California factory, Dr. Aghaze said it is a portable device that can be used to charge EVs anywhere, from homes to remote locations.
He added that the device’s solar panels efficiently capture sunlight and convert it into clean energy, reducing reliance on the traditional power grid.
“We believe that this invention has the potential to transform transportation systems,” Dr. Aghaze said.”By making EVs more accessible and affordable, we can contribute to a cleaner and more sustainable future.”
While noting that vehicles powered by the detached EV solar charger will have extended mileage and range, Dr. Aghaze maintained that the device will promote a greener and healthier planet.
In today’s dynamic business world, elite players know that the need for more ease, speed, and security drives innovation. Having efficient and reliable online banking tools is not just a convenience – it is a necessity.
At Stanbic IBTC Bank, we understand the evolving challenges faced by our business customers, and this is one of the reasons that we are excited to announce a significant innovative upgrade to our Enterprise Online platform.
Why the Upgrade?
We have been listening. Several of our valued business customers expressed their desire for more unique features to expand the sphere of online banking after doing business on Enterprise 2.0. We took this feedback seriously and set out to not only address the stated, needs but to create a truly superior online banking experience for businesses.
Introducing Enterprise Online 3.0: Your new business banking ally
Here’s what you can look forward to:
1. Faster, smoother transactions: We have optimised our systems to improve processing times for both single and bulk transfers.
2. Enhanced security, greater control: You can take charge of your account security by setting and modifying your secret word for password self-resets.
3. Flexible authentication: Choose between One-Time-Password (OTP) or hardware token authentication based on your preference and security needs.
4. Stay informed: Receive notifications upon login and email alerts for pending transactions requiring approval.
5. Streamlined bulk operations: Our updated bulk upload feature makes managing large-scale transactions more effortless than ever.
6. User-Friendly interface: Navigate your banking tasks easily, thanks to our improved, intuitive design.
The impact on your business
These enhancements are more than just technical upgrades—they are designed to have a real, positive impact on your day-to-day operations. Now you can:
– Save time: With faster processing and self-service options. Spend less time on banking and more time growing your business.
– Enjoy enhanced security: Including new features help protect your accounts and give you greater control over access.
– Experience improved efficiency: From bulk uploads to streamlined approvals, every feature is optimised to make your banking tasks more efficient.
Join the evolution
The business banking landscape is constantly evolving, and at Stanbic IBTC Bank, we are committed to staying at the forefront of innovation. Enterprise Online 3.0 is our latest step in ensuring our business customers can access the best tools and technology.
We invite all our business customers to experience the power of Enterprise Online 3.0. Whether you have used our online platforms for a long time or are considering making the switch, now is the perfect time to discover how Enterprise Online 3.0 can transform your business banking experience.
Interswitch, one of Africa’s leading integrated payments and digital commerce companies, has been awarded the prestigious Fintech of the Year award at the African Fintech Summit (AFTS) Excellence Awards which took place recently as part of the African Fintech Summit in Nairobi, Kenya.
The Fintech of the Year award recognizes outstanding achievements in fintech, including product innovation, market impact, and overall contribution to the growth of the industry.
Interswitch emerged as the as the winner in this category out of a pool of African fintechs, startups, and ecosystem enablers all nominated for the position, highlighting its unwavering commitment to innovation and excellence and its focus on creating technology solutions that empower individuals, businesses, and communities across the continent. The award recognizes the company’s significant contributions to the fintech industry, including its cutting-edge payment solutions, robust digital infrastructure, and relentless pursuit of customer-centric innovations.
Since its inception in 2018, AFTS has evolved into a premier gathering of industry leaders, players, innovators, and investors, showcasing the latest advancements in financial technology from across the continent.
“We are honoured to receive this prestigious award,” said Mitchell Elegbe, Founder and Group Managing Director of Interswitch.
“It is a testament to the hard work, dedication, and innovation of the entire Interswitch team and the trust and support of our customers and partners. We remain firm in our commitment to empowering individuals and businesses across Africa through cutting-edge financial technology solutions. This award serves as a validation of our efforts to push the boundaries of innovation and create a more inclusive financial ecosystem as we inspire Africa to greatness.”
In 2022, Interswitch was also named Fintech of the Year at the African Banker Awards, which were held in Accra, Ghana, during the African Development Bank (AfDB) Annual Meetings.
For over two decades, Interswitch has pioneered fintech solutions in Africa, including the launch of Verve Card, a leading domestic payment card in Africa, and Quickteller, a popular consumer digital payments platform. The company continues to evolve and invest in research and development to deliver innovative products and services that meet the evolving needs of African consumers and businesses.
As the Fintech of the Year, Interswitch reiterates its commitment to play a leading role in shaping the future of the African continent. The company is committed to fostering partnerships, investing in talent, and driving digital transformation across the continent.
The House of Representatives Committee on Basic Education has expressed support for the Federal Government’s recent decision to set a minimum age of 18 for candidates taking the Senior Secondary School Certificate Examination (SSCE).
Education Minister Professor Tahir Mamman announced in July that starting from 2025, any candidate younger than 18 would not be eligible to sit for the SSCE, a prerequisite for admission to higher education institutions. While this decision has sparked discussions among parents and education stakeholders, the House committee’s backing suggests that the policy may become permanent.
The Chairman of the House of Representatives Committee on Basic Education, Mark Useni, in an exclusive interview on Thursday gave reasons the Federal Government might not likely reverse the decision.
He said, “The Committees on Basic Education and Examination Boards took this matter to the leadership of the House of Representatives. The Speaker, Tajudeen Abbas, promptly appointed the House Leader, Prof Julius Ihonvere, to moderate a meeting between the two committees and the Minister of Education, Prof Tahir Mamman.
“The meeting was held on Wednesday, September 4, and the minister attended together with the Minister of State for Education, Dr Tanko Sununu, as well as the heads of basic education examination bodies.
“The minister explained that the policy that relates to the 18 years age requirement for entry into the university is a policy that was developed before the adoption of the 6-3-3-4 system. He explained that the policy also has a root in the Universal Basic Education Act.
“Prof Tahir said the policy is not peculiar to Nigeria, while also making reference to military and paramilitary institutions which place the entry age at 18 years. He also said that the voting age in Nigeria is pegged at 18 years.”
Useni, a member of the All Progressives Congress representing Takum/Donga/Ussa Federal Constituency, Taraba State, expressed displeasure on the issue of children ,not older than 12 “are being made to seek admission into universities.”
“While the policy is meant to ensure that children pursue their education alongside their cognitive and physical development and maturity, the Ministry of Education should develop a framework for proper transition into a full policy implementation.
“The Ministry of Education must ensure that students who are already progressing in the senior classes in secondary schools are not left stranded after completion of that level of education.
“We mandated the minister and his team to work out ways of handling the policy based on data available to the ministry and ensure that the policy does not jeopardize public interest,” he included.
This article was written by Tamaraebiju Jide, a student at Elizade University
The Nigerian National Petroleum Company Limited (NNPCL) has announced that it will begin lifting Premium Motor Spirit (PMS) from Dangote Petroleum Refinery on September 15. However, the company emphasized that the price of the product would be influenced by foreign exchange rates and market forces.
Despite recent claims of increased PMS supply due to vessel offloading, oil marketers reported a backlog of over 2,000 tankers awaiting loading at various NNPCL depots. The government, while acknowledging the supply boost, has ruled out price fixing for PMS.
Industry experts speculate that the government may have phased out the petrol subsidy given its recent stance on pricing. The NNPCL attributed the fluctuating prices to foreign exchange liquidity, emphasizing the free market forces governing the pricing of PMS as outlined in the Petroleum Industry Act.
The Executive Vice President of Downstream, NNPC, Adedapo Segun, said on Thursday during a live television programme that the current fuel scarcity was expected to “subside in a few days as more stations recalibrate and begin selling PMS.”
He said Section 205 of the PIA, which established NNPC, stipulated that petroleum prices were determined by unrestricted free market forces.
“The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd. Additionally, the exchange rate plays a significant role in influencing these prices,” Segun added.
The Dangote petroleum
According to NNPCL’s Executive Vice President of Downstream, Adedapo Segun, the national oil company is anticipating the start of PMS lifting from Dangote Refinery on September 15. Segun mentioned that NNPCL has a vast network of nearly a thousand filling stations nationwide and is collaborating with marketers to “ensure that stations open early, close late, in order to maintain adequate fuel supply to meet the needs of Nigerians.”
“We are also engaging relevant authorities to ensure product diversions are prevented and timely deliveries to all stations are ensured. The scarcity should ease in the next few days as more stations recalibrate and begin operations,” he said.
IPMAN Reports Tanker Backlog
Mustapha Zarma, the National Operations Controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), has indicated that many IPMAN members have their trucks stranded at depots due to the ongoing delay in receiving PMS from NNPCL. This backlog of over 2,000 tankers has contributed to the persistent fuel scarcity in the country.
“The queues in Abuja are heavy. Nobody is loading. Right now, most of the tickets of independent marketers, which had been paid for since the last three months, have not been cleared to load,” Zarma said.
“And with the recent increase in the price of petrol, there has not been any official statement to say that this is the additional money you are supposed to pay before you lift your order. It is only the retail arm of NNPC that is lifting products to their stations.
“We have over 2,000 trucks that are at the various depots and they will not give you the product now until you pay up the difference. And up till now, they have not communicated to us what the difference is.”
This came as Dangote refinery announced on Thursday that NNPC had not started lifting its petrol.
In a statement, the Dangote Group Chief Branding and Communications Officer, Anthony Chiejina, debunked a report that NNPC was selling its petrol at N897/litre.
Chiejina said the attention of the group was drawn to a headline, ‘NNPC lifts Dangote petrol, sells at N897 per litre’, published by a national daily.
Dangote Refinery Denies NNPCL Petrol Lifting
Dangote Refinery has refuted claims that NNPCL has begun lifting its petrol. In a statement, the refinery’s Chief Branding and Communications Officer, Anthony Chiejina, dismissed a report circulating in a national daily that NNPCL was selling Dangote petrol at N897 per liter.
“We would like to state that NNPC has not commenced lifting of refined Premium Motor Spirit (PMS), commonly known as petrol, from our Dangote Petroleum Refinery.
“Therefore, the issue of fixing the price of petrol lifted from our refinery does not arise, as we are yet to finalise our contract with NNPC,” Chiejina stated.
“The PMS market is strictly regulated, which is known to all oil marketers and stakeholders in the sector, hence we cannot determine, fix, or influence the product price, which falls under the purview of relevant government authorities.
“We urge the public to disregard the headline as it is misleading and does not represent the true position in this matter. We are guaranteeing Nigerians of exceptionally high-quality petroleum products that will be readily available all over the country.”
NNPCL Supplies 30 Million Barrels of Crude to Dangote Refinery
The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that it has supplied a total of 30 million barrels of crude oil to Dangote Refinery. The company plans to further supply 17 million barrels of crude in the coming period.
Adedapo Segun, the Executive Vice President of Downstream at NNPCL, revealed this information during an interview on Arise Television. He stated that the crude oil supply is in line with the Federal Government’s strategy to support local refineries. Segun added that NNPCL will supply 6.3 million barrels of crude in September and 11.3 million barrels in October.
“We have supplied about 30 million barrels to Dangote so far, 6.3 million this month, and we will supply 11.3 million in October,” he stated.
Segun noted that the 6.3 million barrels would be delivered in seven cargoes but expressed concern that the current pump price of petrol did not reflect market realities.
“The pump price today is not market reflective. NNPCL is the sole importer of PMS in the country, which is abnormal. We should be coming to a situation where the free market determines prices,” he said, stressing that market forces should drive fuel prices, rather than any single entity.
He clarified that NNPC’s role as the sole importer of petrol was not a deliberate decision by the company but a response to market conditions.
“Let me put it in proper perspective, NNPC is not a regulator. We didn’t put ourselves in the position of sole importer. We don’t determine who plays in the market. We decided to come in when others reduced their participation. It is not about us wanting to be monopolists,” Segun stated.
He explained that achieving a stable fuel supply and price would require perfect market conditions, including a more liquid foreign exchange market.
“Market conditions need to be perfect, and there needs to be FX liquidity,” he added, hinting that broader economic reforms might be needed to resolve the fuel pricing dilemma.
It was learnt that NNPC had been working closely with private refineries, such as Dangote, to ensure a steady supply of crude oil for processing.
“Once Dangote refinery begins the rollout of PMS and we at NNPC commence lifting, we will communicate the details,” NNPC spokesman, Olufemi Soneye, stated.
However, a Presidency source, who spoke on condition of anonymity because he was not authorized to speak on the matter said that Dangote and not the NNPC would determine the price of the product, insisting that the refinery would not sell below the cost price.
“It’s a private business, Dangote will determine the price of the product based on market realities,” our source said.
“The Federal Government has already intervened by asking NNPC to sell crude to Dangote in naira. So far, 30 million barrels of crude oil have been supplied to Dangote. Between now and October, Dangote’s refinery will receive 17.8 million barrels of crude from the Federal Government, in addition to the 30 million barrels already supplied.
“The Federal Government stated that going forward crude should be sold to Dangote in naira to alleviate the pressure of seeking foreign exchange. This also allows him to sell to marketers in naira. How else can the Federal Government intervene?
“Dangote claims that the Federal Government will determine his price, he is being economical with the truth. He certainly will not sell below his cost price.
“The only role of the government as a regulator is to ensure that businessmen like Dangote do not take undue advantage of Nigerians. The government will also ensure product quality and prevent Dangote from setting arbitrary prices. By implication, the government will not allow him to set arbitrary prices.”
Shettima Intervenes in Fuel Scarcity Crisis
The Minister of Petroleum Resources, Heineken Lokpobiri, has expressed optimism about a resolution to the ongoing fuel scarcity in Nigeria. Following a meeting with Vice President Kashim Shettima, NNPC CEO Mele Kyari, and NMDPRA Executive Director Ogbogu Ukoha, Lokpobiri stated that the government is working to ensure adequate petrol supply by the weekend.
The meeting was convened at the request of President Bola Tinubu, who is deeply concerned about the hardships faced by Nigerians due to the fuel shortage. Lokpobiri urged citizens to avoid panic buying, assuring them that prices will stabilize once the product becomes readily available
Lokpobiri stated, “What is important is for us to convey to Nigerians that the President is empathetic about what is going on in the country. He is concerned about the hardship of Nigerians, and that was why he directed the Vice President to call this meeting, for us to reflect on what is going on in the country.
“What is important is that products are available in the country, and we believe that between now and the weekend, there will be availability of products across the length and breadth of the country.
“The price could be high in some other areas, much higher in some other locations, and in some locations, much more than you know in other areas. But we believe that by the time there is availability of products across the country, the price itself is stabilised.”
He added, “What is important is that the government is not fixing prices. This sector is deregulated. And we believe that with the availability of products, the price will find its level. And this is important for Nigeria to know.
“There are enough products in the country to be able to meet the demands of Nigerians; there should be no panic buying. And we also believe that Nigerians need to know that the government is not fixing prices. That is what I want to convey to Nigerians,” he said.
Executive Director, NMDPRA, Ukoha, while speaking with State House correspondents, said, “All regulatory efforts are now geared towards stabilising supply, with a resultant impact that it will be positive also on the stability of price”.
“To that objective, the regulator is ensuring that there are increased operating hours from all loading depots, vessels are being cleared promptly, and extended hours where safety can permit, for truck outs as well.
“More important also is the reinforcement of the support being given to local refinance, because with increased production from them, indeed, like the minister has said, there will be higher supply, which will stabilize the price. That’s the effort that the regulator is making.”
This article was written by Tamaraebiju Jide, a student at Elizade University
In a plenary session on Thursday, the Lagos State House of Assembly approved the reordering of the state’s Appropriation Law of 2024, which has a budget of N2.27 trillion.
The House gave its assent after Mr Lukman Olumoh, Chairman of the House Committee on Economic Planning and Budget, delivered the committee’s report and recommendations, which were approved as the House’s resolution.
The Speaker, Mr Mudashiru Obasa, indicated that the reordering was in response to a letter written to the House on August 9, 2024 by the state’s Governor, Babajide Sanwo-Olu.
Obasa stated that while the entire budget size remained the same, recurrent expenditure was decreased from N952.43 billion in the original budget to N935.38 billion.
The speaker added that while the capital expenditure was increased from N1.31 trillion to N1.33 trillion following the reordering.
“That a bill for a law to authorise the issuance and appropriation of N935.38 billion from the Consolidated Revenue Fund for Recurrent Expenditure and N1,33 trillion from the Development Fund for Capital Expenditure.
“Thereby totalling a revised budget size of N2.27 trillion for the year ending Dec. 31, 2024 be passed into law,” Obasa announced to his colleagues who unanimously voted in favour.
The speaker, thereafter, directed the Clerk of the House, Mr Olalekan Onafeko, to forward a clean copy of the bill to the governor for his assent.
Earlier, Olumoh had reminded the House that in the letter sent by Sanwo-Olu, the latter explained the rationale for the request to redistribute the budget included the need to boost the appropriation to some Ministries, Agencies and Parastatals.
Olumoh said the letter requesting the reordering had also emphasised the need to meet the state’s commitments to the residents through the budget.
Brig. Gen. Yushau Ahmed, Director General of the National Youth Service Corps (NYSC), has guaranteed corps members that their allowances will improve after the new minimum salary is introduced.
He offered the promise while speaking to NYSC participants at the Kebbi State orientation camp in Dakingari and the Sokoto State orientation camp in Wamakko.
In a statement, the acting NYSC Director, Information and Public Relations (ADIPR), Caroline Embu, quoted the Director General as saying: “Corps Members have been assured that as soon as civil servants start receiving the new minimum wage that was approved by the federal government, their monthly allowance would also increase.”
He used the opportunity to advise them on the importance of skill acquisition during the three-week orientation camp and post-orientation camp training.
“At least learn a skill while in camp and after the orientation course, you continue with the post-camp training.
“Try to acquire a skill that would enable you to create jobs and employ others instead of searching for jobs. We have many ex-corps members across the country who are doing well in their different vocations today.
“NYSC management has partnered with many reliable organisations like the Central Bank of Nigeria, Bank of Industry, Unity Bank Access Bank, and NNPC Foundation among others, that have been assisting in giving loans and grants to corps members,” he said.
Ahmed assured the corps members that the scheme would not post any member to a place where their safety would not be guaranteed, and advised them to be security conscious at all times.
He also stated that their selfless and immense contributions to the socio-economic development of the country cannot be underestimated.
The NYSC DG implored them to use the opportunity of the service year to develop themselves and plan for greater heights in the future.
Presenting her camp situation report to the Director General, the Kebbi State Coordinator, Mrs. Aghata Banki Okolo, said a total of 1,195 corps members had been registered, comprising 1,077 for Kebbi and 118 that were dislodged from Zamfara State.
“They are responding positively to all camp activities and instructions. We also have a total number of 240 camp officials that have been applying emotional intelligence in the discharge of their duties,” she added.
Also, the NYSC Sokoto State Coordinator, Alhaji Yakubu Yaro Usman informed the Director General that the corps members had exhibited a high sense of discipline and acclimatised to the camp environment with adherence to camp regulations.
He disclosed that the corps population comprised 1,488 members made up of 682 males and 606 females for Sokoto State, with 134 males and 66 females who were dislodged from Zamfara State.
The House of Representatives Committee on Petroleum Resources (Upstream) has asked that fuel prices be restored to their previous levels, urging the Federal Government and Nigerian National Petroleum Company Ltd. (NNPCL) to comply.
In a statement issued in Abuja, Rep. Alhassan Ado-Doguwa, the committee’s chairman, described the petrol price increase as unacceptable. He stated that a situation in which private corporations exploited weaknesses in the system to generate arbitrary profits at the expense of Nigerians was detrimental to the country’s prosperity.
“We urge the Federal Government and, of course, the NNPCL to consider the plight of Nigerians and suspend this recent increase in pump price.”
According to him, Nigerians are currently going through a lot of challenges, and adding to the burden is not in our collective best interest.
“Let us revert to the old pump price as soon as possible and probably intensify engagements with major stakeholders to address the problem,” he said.
Doguwa, who is also the Chairman, Special Committee on Crude Oil Theft and Vandalization of Pipelines, also pledged to tackle the challenge caused by the loss of revenue to the government owing to the loss of crude. “As a special committee, we will aggressively seek modalities to interface with the youths and community leaders in the oil-producing areas.”
This, according to him, is to address the frequent cases of crude oil theft, which is capable of affecting petrol supply across the country.
“We are working in collaboration with security agencies in their quest to secure oil pipelines and other critical facilities in the country.
“We believe that a return to the old pump price will calm frayed nerves, thus enabling Nigerians to go about their daily activities with ease,” he noted.
The lawmaker also advised Nigerians to give the President Bola Tinubu-led administration a chance to reposition the oil and gas sector.
He stated that with the Petroleum Industry Act, coupled with the effort to revive the nation’s refineries, Nigeria would in no distant time reap the benefits of her oil and gas endowments.
“We believe that with interventions the government is making to commence operations at Port Harcourt and Warri refineries, these challenges will come to an end,” he said.
The NNPC Ltd. had on Tuesday directed its fuel sales outlets to increase their pump prices from the average of N617 to N897, a development that has almost immediately spiked prices, including market commodities and transportation.
The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the Naira closed at 1650.00 per $1 on Friday, September 6, 2024. Naira traded as high as 1621.12 to the dollar at the investors and exporters (I&E) window on Tuesday.
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1650 and sell at N1660 on Thursday, 5th September 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
N1650
Selling Rate
N1660
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Buying Rate
N1620
Selling Rate
N1621
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
The borrowing by various banks from the Central Bank of Nigeria (CBN) through the Standing Lending Facility (SLF) experienced a significant decline of 76.4 per cent month-on-month, decreasing to ₦4.04 trillion in August from ₦17.12 trillion in July.
According to the CBN Financial Data, there was a notable increase in banks’ deposits within the CBN Standing Deposit Facility (SDF), which surged by 270.7 per cent month-on-month, rising to ₦8.12 trillion from ₦2.19 trillion in July.
These trends suggest that banks are currently holding excess funds, which are not being utilized by businesses, likely due to the elevated borrowing rates following the recent hike in the Monetary Policy Rate (MPR).
This situation arises in the context of the CBN’s recent adjustments to the SDF rates, aimed at reducing the tendency of banks to maintain surplus liquidity at the CBN and encouraging more lending activities.
The adjustments were outlined in a circular issued after the 296th Monetary Policy Committee (MPC) meeting, during which the apex bank modified the asymmetric corridor surrounding the MPR from +100/-300 basis points (bps) to +500/-100 bps to discourage banks from retaining excess liquidity.
The Nigerian National Petroleum Company Limited (NNPCL) has announced that it will begin lifting Premium Motor Spirit (PMS) from Dangote Refinery on September 15, 2024.
This was disclosed by the Executive Vice President of Downstream of the Company, Adedapo Segun, during an interview on TVC News.
Segun said that NNPCL is awaiting the September 15 timeline provided by the 650,000 barrels per day Lagos-based refinery. His comments come as fuel scarcity continues to affect the country despite the recent price increase.
Segun said that NNPCL is collaborating with marketers to “ensure that stations open early, close late, to maintain adequate fuel supply to meet the needs of Nigerians.”
“We are also engaging relevant authorities to ensure product diversions are prevented and timely deliveries to all stations are ensured.
“The scarcity should ease in the next few days as more stations recalibrate and begin operations”, he announced to Nigerians.
Remember that Dangote Refinery refuted calims that NNPCL has started lifting petrol from the refinery, on Wednesday.
This happened days after Aliko Dangote, the President of the Dangote Group officially announced that his refinery has commenced sale of PMS.
This article was written by Tamaraebiju Jide, a student at Elizade University
The Federal Government has launched the sale of 30,000 metric tonnes of milled rice to public servants with registered National Identification Numbers (NINs) to combat fraudulent activities and reduce food prices in Nigerian markets.
President Bola Tinubu, represented by the Minister of Agriculture and Food Security, Abubakar Kyari, at the launch event, emphasized that the rice will be sold strictly on a “one person, one bag” basis.
The rice, priced at a flat rate of N40,000 for 50kg, is part of the Federal Government’s intervention to alleviate the ongoing food crisis in Nigeria.
“This food intervention can be said to be timely considering the times and challenges we are in as citizens of this great nation,” he said.
“As one of the numerous efforts of the present administration to cushion the effect of high cost of food commodities, kindly join me to applaud the immense efforts of the present administration such as the release of 42,000MT of Assorted Food Commodities (AFC) to vulnerable and the 30,000MT of milled rice which is being flagged-off for sales to Nigerians today 5th September, 2024.”
The minister blamed COVID-19, the Russia-Ukraine war, climate change amidst other localized factors/challenges for the high cost of food prices.
“This has led to increase concern and risk of food insecurity and general decline in the standard of living globally. I therefore urge us to understand that the present challenges are not peculiar to our great country,” he said.
The Federal Government, recognizing the possible challenges associated with selling an essential staple like rice during this critical time, has implemented a multidisciplinary government machinery and established specific processes and conditions to ensure the transparency, widespread reach, and success of this initiative
“This includes one man one 50kg of rice, others are the verification of intending beneficiaries using relevant identification mediums such as the National Identification Number (NIN) and phone numbers to forestall multiple access to this food commodity by fraudulent individuals at the detriment of other citizens,” he said.
He implored citizens to cooperate with the relevant citizens to achieve the initiative.
“Let us work together to ensure that the dream of the present administration to upheld the fundamental right to food for all Nigerians is achieved. It is expected that with the injection 30,000MT (1000 trucks of 30MT each of this important staple into Nigeria food balance sheet, it will not only crash the price of rice but also other closer food substitutes and alternatives.”
The Federal Government has urged Nigerians to remain patient and supportive of President Bola Tinubu as his efforts to improve food security begin to yield positive results.
Haruna Sule Abutu, the Director of Food and Strategic Reserve at the Ministry of Agriculture and Food Security, listed out the process for purchasing the subsidized rice.
“To qualify for the one person one bag, you must have National Identification Number, of course you have phone numbers and those in public service are all registered under the Integrated Payroll and Personal Information System (IPPIS) platform,” he stated.
“Once you have any of these three, at the point of sale, with the NIN logged into the system, a code number and a Treasury receipt will be generated, and with that the buyer can get to the collection center and pick up his bag. The receipt will indicate, time and point of collection to eliminate stampede.”
This article was written by Tamaraebiju Jide, a student at Elizade University
The Nigerian naira exchange rate has surpassed a fresh red line in the currency market. The official window quoted the exchange rate as $1640 versus the US dollar.
Despite massive FX sales to approved dealer banks last month in an effort to bolster liquidity, the local currency has remained under pressure.
The naira’s main difficulty is the amount of foreign currency in the supply side. For an import-dependent country, demand trends appear to have remained solid.
The market anticipates that the Central Bank of Nigeria would sell foreign exchange to approved dealer banks this month, following the reinstatement of the retail Dutch auction system.
Last auction details of $1.1 billion FX bids signifies expectations for the month at retail Dutch auction.
The Central Bank of Nigeria, according to some experts who discussed with MarketForces Africa, made fundamental mistakes with willing buyer and willing seller.
In the foreign exchange market, the Naira faltered, slipping by 083% against the US dollar at the official market, closing at ₦1,639.41 per dollar.
The pressure extended to the parallel market, where the Naira also weakened, dropping by 0.62% to settle at N1,625 per dollar.
In the goba commodity market, oil prices showed a positive trend, with Brent crude trading at $73.63 per barrel and WTI at $70.15 per barrel.
Abdullahi Maiwada, spokesperson for the Nigeria Customs Service (NCS), stated that Nigeria’s crude oil production has hit 1.66 million barrels per day.
Maiwada made the announcement on Thursday at the monthly news conference sponsored by the NCS’s Strategic Communication Interagency Policy Committee (SCIPC) in Abuja.
He attributed the success to the Nigerian Navy’s robust campaign against crude oil theft, known as ‘Operation Delta Sanity,’ which destroyed 15 illicit refinery installations, 17 wooden boats, and 10 refining ovens in Bayelsa, Rivers, Delta, and Ondo states.
“These efforts have contributed to Nigeria’s crude oil production reaching 1.658 million barrels per day, reinforcing the Navy’s role in safeguarding the nation’s economic interests,“ he said.
He said that a massive refinery site with a capacity of two million litres per day was dismantled along the Ogoloma-Bakana waterways in Rivers.
“Additionally, 72 bags of cannabis sativa were seized, and four suspects, including three Ghanaians and one Beninois, were arrested,“ he said.
He said that the Nigeria Military troops have neutralised 1,166 terrorists, arrested 1,096 suspected terrorists and criminal elements, and rescued 721 kidnapped hostages in August. He said the troops arrested key terrorist leaders in an effort to cripple their groups` activities, with the aim of addressing the menace of kidnappings across the nation.
“Among those taken off the battlefield were key terrorist leaders and commanders, including Munir Arika, Sani Dilla, and Ameer Modu in the Northeast, and Kachalla Dan Ali Garin Fadama, Sani Baka Tsine, and Ibrahim in the Northwest.
“ The strategy of dismantling these terror groups by targeting their leadership, commanders, and collaborators is significantly diminishing their capacity to carry out major offensives,“ he said.
He said that the military during the period under review recovered 391 weapons, more than 15,000 rounds of ammunition, and disrupted oil theft activities worth more than N5 billion.
The spokesperson stated that the NCS, as part of its efforts to suppress smuggling to the barest minimum, recorded 83 seizures across various commands.
He said that the seizures include 170,000 litres of Premium Motor Spirit (PMS), 3,083 bags of foreign rice, 1,014 parcels of Cannabis Sativa, 23 vehicles, and other contraband, with a total Duty Paid Value (DPV) of more than ₦975 million. He said that the NCS also intensified its Operation Whirlwind to combat the smuggling of petroleum products, especially in border states.
According to him, the move over the months has led to the interception of seven PMS trucks, the sealing of 12 retail outlets, and the seizure of 466,000 litres of PMS and 23 vehicles.
“Investigations have led to the prosecution of seven suspects, and three marketers have been fined by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), with sealed filling stations transferred for further action,“ he said.
He added that the service in August collected ₦277.5 billion in import duties and ₦15.8 billion in excise duties, demonstrating its commitment to maximising revenue.
He said that the Nigeria Immigration Service (NIS) anti-smuggling efforts led to the interception of 97 trafficked victims, with 87 cases handed over to the National Agency for the Prohibition of trafficking in Persons (NAPTIP) and 10 reunifications.
“The NIS also launched an anti-corruption campaign, conducted workshops at five international airports, and upgraded its Country Signing Certificate Authority (CSCA) and Public Key Infrastructure (PKI) to meet the International Civil Aviation Organisation (ICAO) standards.
“Additionally, NIS collaborated with the Netherlands on hostmanship training and eased out 61 foreign nationals to address irregular migration,“ he said.
The Nigerian National Petroleum Company (NNPC) Limited’s net debt has risen rapidly from N22.7 trillion in 2022 to N156.4 trillion in 2023, representing a nearly seven-fold increase.
An analysis reveals that in value terms, the fully-owned government company recorded a staggering N133.7 trillion more in net debt in 2023 compared to the past year.
Further analysis shows that NNPC Limited’s lease liabilities soared from N6.47 billion to N400.9 billion, and trade and other payables surged from N25.03 billion to N163.7 billion.
Despite these increases, the company’s after-tax profit rose from N2.52 trillion to N3.29 trillion, and revenue from contracts with customers jumped from N8.82 trillion to N23.99 trillion.
Umar Ajiya, chief financial officer of NNPC Limited said in a statement that NNPC Ltd will announce Initial Public offer (IPO ) once the shareholders and board make a decision.
He also debunked claims on subsidy payment, saying the company was only taking care of PMS importation shortfall between it and the Federation.
The firm’s selling and distribution expenses surged to N132.6 billion from N22.89 billion. General and administrative expenses grew to N2.99 trillion from N1.7 trillion.
NNPC Limited’s net impairment reversal on financial assets grew to N426.8 trillion from N311.1 trillion.
Other income grew to N1.96 trillion from N1.17 trillion during the period reviewed. Cash and cash equivalents surged to N7.72 trillion from N2.32 trillion during the period.
Findings suggest that petrol prices are expected to reach N1,300 per liter, primarily due to the cash crunch affecting the Nigerian National Petroleum Company (NNPC) Limited.
The NNPC, the sole importer of petrol into Nigeria, has consistently denied subsidizing the cost of PMS but has refused to disclose the product’s landing cost. However, on Sunday, due to the supply cost of PMS, the company admitted facing financial difficulties.
Bayo Onanuga, the special adviser to President Bola Tinubu on Information and Strategy, stated in a social media post on Tuesday that despite the presidency’s repeated denials of a return to the gasoline subsidy regime, the state-owned oil company can no longer maintain its “generous disposition.”
“That generous disposition by NNPC Limited, backed by a compassionate president unwilling to let the people suffer, has been under threat for months, because of the rising cost of crude and the devalued Naira,” Onanuga stated.
He mentioned the NNPC has recently expressed concerns about its inability to sustain the price differential on its balance sheet without facing insolvency. This situation has broader implications for the functioning of the three tiers of government, as the NNPC’s failure to contribute to the Federation Account has impacted the funds allocated to the government.
The Nigerian National Petroleum Company Limited (NNPC) is a state-owned oil company in Nigeria. It was transformed into a limited liability company in July 2022, remaining a fully-owned government entity. NNPC Limited holds the exclusive license to operate in Nigeria’s petroleum manufacturing.
This article was written by Tamaraebiju Jide, a student at Elizade University
The Federal Government is planning to construct a “super grid” to address the recurrent collapses of the national grid. Bolaji Tunji, the media aide to the Minister of Power, disclosed this in a statement released on Tuesday.
Adebayo Adelabu, the Minister of Power, made the announcement while attending the China-Africa Cooperation Summit in China.
He criticized the current state of the national grid, stating that it is inadequate to support the vision for the power sector.
“If we look at the strength, the capacity and the age of our existing network on the national grid, it cannot really support our vision for the power sector hence the need for the construction of the Western and Eastern super grid.
“Though we have been on this since my resumption, I can also tell you that the President is in full support of this because this will improve our transmission network, stabilise the grid and also expand the capacity and the flexibility of the national grid,” he stated.
Adebayo Adelabu announced that 90 percent of the necessary approvals for the construction of a super grid are in place and will be finalized shortly.
Reports from May indicate that former Minister of Power, Barth Nnaji, also advocated for a super grid to address the recurring collapses of the national power grid. Nnaji emphasized that the current grid’s frequent failures are due to its poor structure.
Nnaji revealed that during his tenure as Minister of Power, he had sought the approval of the Federal Executive Council to build a super grid, a 765KV network that would surpass the existing 330 KV grid.
According to him, the 765KV is large enough to take power from high-capacity plants like the Manbilla Power Plant.
He revealed that the country has yet to have a transmission network that could wheel power from Manbilla when completed.
“Another critical area in Nigeria’s power sector is the transmission network. I believe that having the national grid the way we have it still going to be a problem. First, it is not robust, and it is not well structured. My advocacy is for multiple grids, autonomous but connected to the national grid. So that the national grid still operates, and it will be more robust. It will begin to cure the regular incident of the failure of the national grid.
“When I was in government, we asked the Federal Executive Council to approve what we called a super grid, a 765KV network that will kind of rise above the existing 330KV network. Right now, Nigeria has 330KV and 132KV, but none of them is really robust. But the 765KV network will be very important to take power from power plants such as the Manbilla that has been on for a while. Over 10,000 megawatts of power will come from Manbilla. So, the question is, which transmission infrastructure will take that power suppose that we finish it now? We need a super grid to take that power so that Nigeria has the ability to take power from various plants and transmit it to wherever we want it,” he disclosed.
The Chairman of Geometric Power praised Adebayo Adelabu, the incumbent power minister, for restoring the super grid project.
The national grid has pushed Nigerians into darkness after collapsing more than five times in 2024.
This article was written by Tamaraebiju Jide, a student at Elizade University
The Federal Government has announced that gas production in Nigeria is steadily increasing, reaching 7.5 billion cubic feet per day and approaching 12 billion cubic feet per day.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, made this disclosure to journalists at a recent event in Lagos.
Ekpo stated that his primary goal for his second year in office, in alignment with the Decade of Gas initiative is to accelerate gas production and transform Nigeria into a gas-based economy.
“In the Decade of Gas, we are looking at turning Nigeria into a gas economy by 2030, in which case, we are looking at growing from 7.5 billion cubic feet to about 12 bcf. So, we are progressing in that direction to make sure we have gas sufficiency in the country,” he stated.
Since the Federal Government adopted gas as the country’s transition fuel, there have been concerns about how sustainable gas production in Nigeria is.
However, the gas minister expressed optimism that more gas would be produced, especially as some international oil companies divested to deep water.
“The sustainability plan is all about producing more gas from the gas resources,” Ekpo assured Nigerians.
He added, “You know that some of the IOCs are moving now from the shallow water to the deep water where you have a huge gas deposit. So, with the commitment of President Bola Tinubu, there is that assurance that we will have sufficient gas to sustain what we are looking at,” he assured.
Nigeria boasts substantial reserves of associated and non-associated gas, totaling 209.26 trillion cubic feet, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
However, Nigerians are dealing with soaring cooking gas prices, which have risen from less than N1,000 per kilogramme in June to around N1,300 per kilogramme currently.
This article was written by Tamaraebiju Jide, a student at Elizade University
Bill Gates, an American billionaire and philanthropist, expressed concern about Nigeria’s stagnating economy on Wednesday. He observed that the country’s revenue-to-GDP ratio was higher 15 years ago compared to its current state.
He attended the National Economic Council meeting at the State House in Abuja, and highlighted the importance of investing in Nigeria’s most valuable asset—its people—while tackling the country’s economic issues.
Gates advised the Federal Government to prioritize spending on healthcare as a means to revitalize the economy. Although he acknowledged Nigeria’s financial constraints, Gates insisted that the health of the population must remain a top priority.
Gates said, “Nigeria’s economy has stagnated. Earlier this year, your debt exceeded 50 per cent of your GDP for the first time since 2001. And while your revenue-to-GDP ratio has grown, it’s still lower than what it was 15 years ago. The result is that Nigeria spends less per-capita on its people than other African countries with a fraction of your wealth.
“I understand this is a politically sensitive area. Nigerians are struggling. Incomes have fallen. Prices have soared. And like in many other countries, people are protesting.
“Taxes are never popular. That’s true in America too. But they’re part of a social compact. People are more likely to pay them when they see the government spending that money to give Nigerians a better life.”
He stressed the need for the government to invest in human capital, beginning with increased healthcare spending.
He said, “After all, priorities without funding are only words. And I know that right now, it’s impossible to give every priority the funding it needs. That’s why it’s more important than ever to focus on the areas you know will make the greatest difference.
“I’ll start with health, because without health, there can be no opportunity.
“Primary care is the first—and sometimes, the only—point of contact most patients have with the health system. Yet Nigeria spends just 3,000 naira on primary health care per person, per year. 70% of your spending goes to secondary and tertiary care, compared to just 30% for primary care. That ratio should be reversed.
“Last year, the Federal Government launched an ambitious HPV vaccination campaign. In one month, Nigeria immunised more girls than 40 other Gavi countries combined did the entire previous year. In total, Nigeria reached more than 12 million girls with this life-saving vaccine.
“That’s genuinely incredible. And I hope you carry the lessons from that campaign to future efforts.”
He said that he had been visiting Nigeria for over two decades, noting that over the years,
the Bill & Melinda Gates Foundation had invested over $2.8bn in Nigeria, the largest such investment in Africa.
Gates stated, “ I have been coming to Nigeria for over two decades now. In that time, I have seen performances by Afrobeats legends. I have formed friendships with leaders across sectors. And I’ve met with innovators who are changing the world.
“I am also proud to support their work. To date, our foundation has invested over $2.8bn in Nigeria. It’s our largest commitment in all of Africa.”
He stated that while President Bola Tinubu’s Renewed Hope Agenda was ambitious, it faces resource constraints.
Bill Gates said despite common knowledge that that nutrition is crucial for public health and that agriculture plays a vital role in ensuring proper nutrition, “Nigeria has the second-highest rate of food insecurity on earth.”
“You’ve seen how the problem has grown worse as climate change has accelerated. Arable land has disappeared. Pests have wiped out harvests. And prices for staple foods have soared.
“But there are some ways to address this crisis I hope you’ll consider.
“First, Nigeria needs more funding for extension workers, to advise and support farmers; fertilizers, to make sure the soil is healthy enough to grow more crops; and infrastructure, so that farmers have roads to bring their goods to market.
“One key solution is to embrace the new generation of innovative crop varieties that have shorter growing periods, higher yields, and greater resistance to pests,” the American stated.
This article was written by Tamaraebiju Jide, a student at Elizade University
The Nigerian National Petroleum Company Limited (NNPCL) has revealed that it has made provision of 30 million barrels of crude oil to the Dangote Oil Refinery, with intentions of delivering additional 17 million barrels in the near future.
Adedapo Segun, the Executive Vice President of NNPCL Downstream, shared this information on Thursday during an appearance on Arise Television.
He stated that the company will provide 6.3 million barrels in September and another 11.3 million barrels in October.
“We have supplied about 30 million barrels to Dangote so far—6.3 million this month, and we will supply 11.3 million in October,” Segun stated.
He included that selling crude to local refineries is part of the Federal Government’s decision.
Segun highlighted that the 6.3 million barrels will be delivered in seven cargoes. He further mentioned concern that the current pump price does not reflect market realities.
“The pump price today is not reflective of the market. NNPCL is the sole importer of Premium Motor Spirit (PMS) in the country, which is abnormal. We should be moving towards a situation where the free market determines prices,” he said, stressing that market forces should drive fuel prices rather than any single entity.
He clarified that NNPC’s role as the sole importer of petrol was not a deliberate decision but rather a response to market conditions.
“Let me put it into proper perspective. NNPC is not a regulator. We didn’t choose to be the sole importer. We don’t determine who participates in the market. We stepped in when others reduced their participation. It is not about us wanting to be monopolists,” Segun stated.
He further explained that achieving a stable fuel supply and price would require ideal market conditions, including a more liquid foreign exchange market.
“Market conditions need to be ideal, and there needs to be FX liquidity,” he added, suggesting that broader economic reforms may be needed to address the fuel pricing issue.
The Nigerian National Petroleum Company Limited (NNPCL) has been collaborating closely with private refineries, such as Dangote, to guarantee a consistent supply of crude oil for processing.
This article was written by Tamaraebiju Jide, a student at Elizade University
The average yield on the Federal Government of Nigeria (FGN) bond fell two basis points again in the secondary market. The yield contrasted as investors continued to accumulate naira assets in the secondary market.
The buying trend in the local bond market occurred as investors expected the authority to tighten supply in the primary market. A drop in headline inflation fueled greater demand for bonds in the market.
The most recent disinflationary experience has significantly lowered the negative interest yield or real return earned by fixed interest securities investors in the debt market. Due to the high yield, asset managers and other investors have maintained their bond positions.
Traders said it was a relatively quiet day at the secondary bond market, with some bullish activity noted at the long end of the curve, particularly in the JUN-38 (-60 bps) instrument.
As a result, average yields contracted by 2 bps to settle at 18.75%. In the secondary market, the average yield on FGN bond declined by 0.02%, closing the day at 18.75%, primarily influenced by a significant 60 basis points drop in the yield of the JUN-38 FGN bond.
Across the benchmark curve, the average yield expanded slightly at the short (+1bp) end due to profit taking activities on the JAN-2026 (+1bp) bond, traders said in a note. The yield declined at the long (-7bps) end following demand for the JUN-2038 (-60bps) bond. Meanwhile, the average yield closed flat at the midpoint.
The Debt Management Office (DMO) is expected to conduct a primary market auction, offering N190 billion in FGN bonds across standard maturities this month.
Stanbic IBTC Bank, a leading financial institution in Nigeria, has announced the launch of its updated Internet Banking platform for business customers, Enterprise Online 3.0. This upgrade includes new features to enhance the customer experience based on customer feedback from version 2.0.
The Enterprise Online 3.0 platform offers improvements including enhanced transaction processing for single and bulk transfers, self-service password reset functionality, and flexible authentication options using One-Time-Password (OTP) or hardware tokens. The platform also introduces login notifications for improved security, an upgraded bulk upload feature, and an intuitive user interface. That is not all; an additional enhancement allows users to now receive email notifications for pending transaction approvals, thus streamlining the approval process.
Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, commented on the launch, saying: “At Stanbic IBTC Bank, we are dedicated to providing efficient and user-friendly digital banking solutions for our business customers. The launch of Enterprise Online 3.0 demonstrates our commitment to continually improving the experience and surpassing customer expectations. This is why we paid heed to our customers’ feedback and made significant changes to enhance their banking experience on Enterprise Online.”
The Bank expects this upgrade to drive increased adoption of the Enterprise Online platform, while also improving payment processing efficiency, and reducing turnaround time for password resets. These enhancements aim to provide a superior experience tailored specifically for business users.
Stanbic IBTC Bank remains committed to enhancing customer experience and invites all business owners to explore the upgraded Enterprise Online 3.0 platform.
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