The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, has announced the approval of a licence for the construction of a new refinery… The approval was given to MRO Energy Limited, an energy company for the construction of a 10,000 Barrels Per Stream Day Refinery at Imode In Ughelli, Delta State, This…
The Nigeria Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has told a Federal High Court in Abuja why it issued oil import licences to oil marketing companies in the country… NMDPRA told Justice Inyang Ekwo in a counter affidavit its filed and deposed to by Idris Musa, a Senior Regulatory Officer in the office, against…
The pump price of petrol has increased, ranging from N1,050 to N1,150 per litre, depending on the location, due to the recent price hike by the Dangote Petroleum Refinery and other depot owners… Dealers confirmed that PMS prices would continue to rise since the major component in fuel production, crude oil, has been on the…
The Dangote Petroleum Refinery is set to ramp up its crude oil imports due to inadequate supply from the Nigerian National Petroleum Company Limited (NNPC) which is struggling to meet the refinery’s fuel production needs at its $20 billion Lekki-based plant… Officials at the plant said the facility has ramped up production to about 500,000…
The Federal Airports Authority of Nigeria has revealed that it requires a sum of N580bn for the rehabilitation of airports’ runways across the country. The Managing Director of FAAN, Olubunmi Kuku, lamented the state of the runway in the country on Wednesday while receiving the Permanent Secretary of the Ministry of Aviation and Aerospace Development,…
The Central Bank of Nigeria (CBN) has imposed a fine of N1.35 billion on nine Deposit Money Banks (DMBs) for failing to make naira notes available through automated teller machines (ATMs) during the Yuletide season. Each bank was fined ₦150 million for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on…
The National Agency for Food and Drug Administration and Control (NAFDAC) has announced plans to introduce incentives for manufacturers to develop paediatric medicines. Speaking during a press conference in Lagos on Thursday, the agency’s Director-General, prof. Mojisola Adeyeye, outlined NAFDAC’s strategic focus for 2025, which includes bolstering the production of essential medicines for children. “Great…
Barbara Bako, Abuja. In a significant move towards economic recovery, the Federal Government has today reaffirmed its commitment to fiscal sustainability. Briefing the Senate Committee on the 2025 Appropriation Bill, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun outlined the government’s strategy for stabilizing the nation’s economy and achieving long-term…
The Conference of Nigerian Political Parties (CNPP) has endorsed the Socio-Economic Rights and Accountability Project (SERAP)’s call for a probe into the Nigerian National Petroleum Company Limited (NNPCL) over alleged mismanagement of N825 billion and $2.5 billion in oil revenue. The CNPP said it has, on many occasions, called for the probe of the (NNPCL)…
A legal showdown ignites as former employees accuse the Central Bank of Nigeria (CBN) of wrongful dismissals, calling the 2024 mass layoffs a betrayal of trust. The retrenched staff alleged that the apex bank violated internal policies, Nigerian labour laws, and their contractual rights. Represented by Stephen Gana and 32 others, the claimants filed a…
