Business

Petrol marketers to gain N8.3bn on depot price reduction

Petrol marketers to gain N8.3bn on depot price reduction

Retail marketers of petrol are currently raking in billions of naira as findings on Wednesday showed that they would make over N8.3bn profit in May (this month) due to the recent reduction in the ex-depot price of the product. On May 6, the Nigerian National Petroleum Corporation announced a reduction in the ex-depot price of…

Firm I engaged to recover $62.5bn debt not mine –Malami

Firm I engaged to recover $62.5bn debt not mine –Malami

The Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami (SAN), on Friday, denied owning a firm his office engaged to recover about $62bn debt from some international oil firms. Malami, in a statement by his Special Assistant on Media and Public Relations, Dr Umar Gwandu, on Friday, said the firm had been…

Banks’ total assets rise 11.2% to N42tn

Banks’ total assets rise 11.2% to N42tn

The total assets of banks rose to N42.2tn as of the end of February 2020. A member of the Monetary Policy Committee, Dr Rafindadi Sanusi, disclosed this in his presentation during the last MPC meeting of the Central Bank of Nigeria. He said, “Total assets of the industry have grown from N38.57tn in November 2019…

Lagos bakers threaten 60% price hike

Lagos bakers threaten 60% price hike

Bakers in Lagos State have called on the Federal Government to intervene in the prices of baking materials, saying the current situation may lead to an increase in the prices of bread. In a statement jointly issued by the chairmen of the Association of Master Bakers and Caterers of Nigeria, Kosofe and Surulere, Lagos, Taiwo…

COVID-19: Sanwo-Olu mulls full re-opening of Lagos economy

COVID-19: Sanwo-Olu mulls full re-opening of Lagos economy

By Olasunkanmi Akoni GOVERNOR Babajide Sanwo-Olu of Lagos State, yesterday, expressed satisfaction with the level of compliance to safety guidelines against the spread of COVID-19 pandemic in the state, saying the state was considering full re-opening of critical sectors of its economy but was not in a hurry to do so. The governor said in…

CBN naira defence depletes foreign reserves by $3.17bn

CBN naira defence depletes foreign reserves by $3.17bn

Forex scarcity due to falling crude oil price forced the Central Bank of Nigeria to access the country’s foreign reserves to make forex available in the economy; NIKE POPOOLA reports that this gulped $3.17bn in the first quarter. The country’s foreign reserves which stood at $38.07bn at the end of 2019 fell to $34.9bn at the…

FG’ll offer small oil fields for licensing –NNPC

FG’ll offer small oil fields for licensing –NNPC

The Federal Government will offer marginal oil fields for auction this year despite the crash in crude oil prices, the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, has said. The country has not conducted any licensing round since 2007, while a marginal fields round was last held in 2003. Kyari said…

Oil prices rise as countries ease lockdown

Oil prices rise as countries ease lockdown

Oil extended gains in Asia Tuesday on signs of improving demand as coronavirus-hit major economies begin to ease strict curbs and as top producers slash output. US benchmark West Texas Intermediate for June delivery was up 7.26 per cent at $21.87 a barrel in morning trade. The contract ended about three per cent higher in…

FG retains N125/litre petrol price despite crude oil crash

FG retains N125/litre petrol price despite crude oil crash

Okechukwu Nnodim, Abuja The Federal Government has failed to review the N123.5 to N125/litre pump price of petrol for the month of May 2020 despite continued crash of crude oil price. The Petroleum Products Pricing Regulatory Agency had stated that the cost of petrol would be reviewed monthly in accordance with the fluctuation of crude…

Naira under pressure, banks withholding Dollar supply

Naira under pressure, banks withholding Dollar supply

The decision of the Foreign Portfolio Investors, FPIs, to exit the country in the wake of the Coronavirus (COVID-19) pandemic as well as the huge decline in the price of crude oil in the international market have put severe pressure on both external reserves and the exchange rate. As at last weekend, oil price lost…