Emefiele bags Forbes ‘Best Of Africa Lifetime Achievement’ award

Forbes New York has honoured the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, with the Forbes ‘Best of Africa Lifetime Achievement Award‘.  In its letter of award to Emefiele and signed by the president, Customs Solutions Media for Forbes Media, Mark Furlong, Forbes disclosed that it decided to honour the CBN governor on the grounds of his remarkable performance and pacesetting achievements at the apex bank. Forbes in partnership with Foreign Investment Network (FIN) also issued Emefiele with its Certificate of Distinction.  It added that Emefiele has…

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Nigerians to pay more for bread as wheat prices hit record high

The global price of wheat, yesterday, reached a record high at €435 ($453) per tonne in the European market. The price of the commodity continued to soar following supply disruptions linked to Russia’s invasion of Ukraine. The Food and Agriculture Organisation (FAO) of the United Nations, (UN), had said both countries accounted for around 30 percent and 20 percent of global wheat and maize exports, respectively. The surge in prices, worsened by fertiliser shortages and poor harvests, has also caused inflation globally and raised fears of famine and social unrest…

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Oil & Gas: NNPC to be fully privatised within two months
– Mele Kyari

The Nigerian National Petroleum Company Ltd, (NNPC), will become a fully private company in a month or two, Mele Kyari, GMD/CEO of the company has said. This was revealed yesterday, at the Africa Finance Corporation (AFC)’s Infrastructure Solution Summit, which was held in Abuja. According to Kyari, NNPC is the largest oil & gas company on the continent, saying, “We will become a fully private company in a month or two”. This means that the company has an opportunity to use this huge company to provide energy and close the…

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NNPC spent $1.56bn to repair moribund P’Harcourt refinery – NNPC GMD

The House of Representatives Ad-Hoc Committee on the state of Nigerian refineries was told yesterday that a total of $1.555 billion, (roughly N646.34 trillion), was budgeted for the overhauling of just the Port-Harcourt refinery. The Group Managing Director, (GMD) of the Nigerian National Petroleum Company, (NNPC) limited, Mele Kyari, made the disclosure while being grilled by the panel over the total contract sum for rehabilitating the nation’s refineries. At the resumed hearing of the committee, chaired by Hon. Abdulganiyu Johnson to determine the actual cost of monies spent so far…

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Aviation Fuel: ‘One hour flight could hit N120,000’ – Stakeholders

Stakeholders in the nation’s aviation sector have asked the Airlines Operators of Nigeria, (AON), to raise their ticket sales to meet the current reality instead of shutting down their operations over the recent hike in the price of aviation fuel, also known as, Jet-A1. This is coming against the backdrop of AON’s insistence on going ahead with the planned shutdown of their operation. However, AON has said with aviation fuel costing 95% operating cost of airlines, a unit cost per seat for a one-hour flight in Nigeria today will hit…

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Crude oil theft: FG commences advanced cargo declaration regime

With unprecedented crude oil theft becoming the greatest challenge to oil production and revenue generation, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) said it has obtained the necessary approvals to immediately implement the Advance Cargo Declaration regime in upstream petroleum operations to enhance transparency. The effort blocks the export of stolen crude oil by ensuring that crude oil and gas cargoes exported from Nigeria will have a unique identifier that confirms all documentation as regards the exported consignment. This implies that any cargo that does not have the unique identifier…

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Data, SMS cost hike not possible without approval, NCC assures Nigerians

The Nigerian Communications Commission (NCC) says it will allow any tariff increase by telecommunication companies (MNOs) without adequate approval. The NCC stated this in a statement issued by its Public Affairs Lead, Ikechukwu Adinde, yesterday. The Commission said contrary to MNOs’ agitation to increase tariffs for voice and Short Messaging Services (SMS) by a certain percentage, the NCC wishes to categorically inform telecoms subscribers and allay the fears of Nigerians that no tariff increase will be effected by the operators without due regulatory approval by the Commission. The statement partly…

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Aviation fuel price hike: Domestic airlines to shut operations from Monday

Domestic airlines operating in Nigeria have said they will discontinue operations nationwide with effect from Monday, May 9, 2022, until further notice as a result of the fuel increase nationwide. In a statement by the Airline Operators of Nigeria (AON), it stated that member airlines have carried on deploying and subsidizing their services to the Nigerian flying public in the last four months despite the steady and astronomical hike in the price of JetA1 and other operating costs. In the statement, which was signed by Managing Directors of Max Air,…

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Nigeria spends 96% of its revenue on debt servicing in 2021, worst on record – Report

The Federal Government incurred a sum of N4.22 trillion on debt servicing in 2021, increasing by 29.3% compared to N3.27 trillion spent in the previous year. On the other hand, revenue for the period only increased marginally by 9.3%, to N4.39 trillion. This is according to a research analysis carried out on data from the Central Bank of Nigeria, (CBN). This means that Nigeria spent about 96% of its revenue on servicing debt obligations in the year under review. Compared to the previous year, Nigeria’s debt service-to-revenue ratio increased from…

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Call tariffs may increase, as Customs impose 5% duty on recharge cards

President Muhammadu Buhari has reputedly approved the collection of five percent excise duty on telephone recharge cards and vouchers. According to an issued circular signed by the Minister of Finance, Budget and National Planning, Zainab Ahmed, directed the Nigerian Customs Service to create a tariff line for the collection of the excise on mobile telephones, electricity meters (components) and set up boxes at 5%. The circular conforms with another list of excisable items by customs to include telephone recharge cards and vouchers at five percent. The increase comes even as…

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