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Saturday, 27 July 2024 04:54

Reported at 1.25m barrels per day 2 weeks earlier, FG says oil production now 1.61mbpd

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, has disclosed that the country’s average daily production was 1.61 million barrels per day as of July 23. Komolafe revealed that at the House of Representatives Special Committee’s two-day public/investigative hearing on oil theft/losses. “As of July 23, 2024, Nigeria’s average daily production stands at 1.61mbpd,” he disclosed. This is coming barely two weeks after the commission announced that the average daily oil production for June was 1.25mbpd. According to Komolafe, Nigeria had continued to dominate as Africa’s largest producer of crude oil, boasting proven reserves of 37.50…

Friday, 26 July 2024 04:28

Dangote accused NNPC officials of owning petroleum blending plants in Malta. The following data seem to be saying something

Nigeria’s petroleum products import from Malta increased by 342 percent in 2023 to $2.08 billion amid an allegation by the Chairman of Dangote Group, Aliko Dangote that officials of the Nigerian National Petroleum Company Limited own blending plants in Malta. Statisense disclosed this in data released through its X account outlining Nigeria’s petroleum imports in the last 10 years from 2013- 2023. The data synchronized with that of Trade Map, a global database on International trade. Further analysis of the data showed that from 2013-2016, Nigeria’s imports from the South European island of Malta were $237.81 million. However, from 2017-2022,…

Friday, 26 July 2024 04:23

Ohanaeze Ndigbo President Iwuanyanwu is dead

The President General of Ohanaeze Ndigbo, Emmanuel Iwuanyanwu, is dead. This was confirmed in a statement on Thursday by Jide Iwuanyanwu, the son of the late Emmanuel. According to the statement, the 82-year-old Iwuanyanwu died on Thursday after a brief illness. “The Iwuanyanwu family of Umuohii Atta, in Ikeduru Local Government Area of Imo State announces the demise of our patriarch, Emmanuel Chukwuemeka Iwuanyanwu-Ahaejiagamba Ndigbo,” the statement read. “Iwuanyanwu died on Thursday July 25, 2024 after a brief illness. He was aged 82. Iwuanyanwu before his death was President General of Ohanaeze Ndigbo worldwide and President of Owerri Peoples Assembly.”…

Thursday, 25 July 2024 04:57

NewsScroll’s analysis of Foreign Portfolio Investment in H1 2024

The report from the Nigerian Exchange Limited (NGX) reveals significant insights into the behaviour of foreign portfolio investors in the Nigerian capital market during the first half (H1) of 2024. Here are the key points and their implications: Foreign Liquidations Outpace Purchases The report underscores that foreign investors liquidated N311.41 billion worth of portfolio investments in H1 2024. This liquidation figure is markedly higher than the N73.06 billion recorded in the same period in 2023. This significant increase in liquidations suggests a few potential factors: 1. Market Sentiment: Increased liquidations indicate growing apprehension or negative sentiment among foreign investors towards…

Thursday, 25 July 2024 04:56

The Cable fact check: Akpabio’s misleading statement on N70k minimum wage

On Tuesday, the senate and house of representatives passed the new minimum wage bill. The bill scaled first, second and third readings — all within an hour — in the upper and lower legislative chambers. The legislation amended two key issues in the National Minimum Wage Act 2019, increasing the minimum wage from N30,000 to N70,000 and shortening the review period from five to three years. Speaking at plenary after the bill was passed, Godswill Akpabio, the senate president, claimed that Nigerians can no longer pay any domestic worker below N70,000. “The bill says that if you are a tailor…

Wednesday, 24 July 2024 05:13

CBN hikes rate further as inflation bites

Nigeria's central bank on Tuesday raised its benchmark interest rate for the fourth time this year, as inflation surged to a 28-year high and the naira came under renewed pressure on both the official and parallel markets. Central Bank of Nigeria Governor Olayemi Cardoso said the rise in the bank's main lending rate to 26.75% from 26.25% was needed to tackle inflation. "While monetary policy has been moderating aggregate demand, rising food and energy costs continue to exert upward pressure on price development," Cardoso told a press conference. Tuesday's decision by the bank's Monetary Policy Committee to hike the rate…

Tuesday, 23 July 2024 04:32

Debt servicing consumed 74 percent of FG’s revenue in Q1 2024

In Q1 2024, debt servicing consumed about 74% of Nigeria’s federal revenue, amounting to N1.31 trillion out of the N1.76 trillion retained revenue. This financial strain highlights the government’s ongoing challenges in managing debt, despite a reduction in fiscal deficit and overall expenditures. Alarmingly, the high debt service costs overshadow spending on essential sectors like personnel and capital expenditures, signalling a need for urgent economic reforms to sustain growth and development. Debt service costs have consumed about 74% of the federal government’s retained revenue in the first quarter of 2024. This is according to the latest quarterly statistical bulletin from…

Tuesday, 23 July 2024 04:29

Renowned journalist Azu Ishiekwene to host book reading in Abuja

Celebrated journalist and author Azu Ishiekwene is set to host a reading of his latest book, Writing for Media and Monetising It, on Wednesday, July 24. The event will take place at Rovingheights Bookstore in Area 11, Garki, Abuja, starting at 5 pm. Moderated by Maupe Ogun-Yusuf, a top anchor at Channels TV, the reading promises to be an engaging session. Ishiekwene's book, which explores how content creators and journalists can better monetize their work, has garnered extensive praise since its public launch on June 26. It is currently available for purchase in several locations in Abuja and Lagos. The…

Monday, 22 July 2024 04:42

FG orders fresh test of Dangote Refinery’s diesel

The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, is expecting fresh reports to confirm the real sulphur content of the diesel produced by the Dangote refinery as the company debunked claims of inferior fuel production. The NMDPRA spokesman, George Ene-Ita, in an interview with our correspondent, said the agency had done its job and would not engage in a media fight with anybody over the claims made by the NMDPRA Chief Executive, Farouk Ahmed, that Dangote’s diesel has more sulphur content than imported one. According to Ene-Ita, the authority has about 15 engineers and scientists embedded…

Sunday, 21 July 2024 04:50

Dangote counters FG, says refinery’s products better than imported ones

Aliko Dangote, Africa’s richest man, has refuted claims that petroleum products from his refinery are substandard. Dangote rejected the allegations on Saturday when members of the house of representatives visited the refinery in Lagos. Tajudeen Abbas, speaker of the house of representative and Benjamin Kalu, the deputy, led the delegation. On July 18, Farouk Ahmed, chief executive officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said local refineries, including the Dangote refinery, were producing inferior products compared to imports. In his defense during the visit on Saturday, Dangote said diesel bought from two filling stations and that…

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Saturday, 20 July 2024 04:42

FG imposes $220m fine on Meta - owner of Facebook and WhatsApp - for data privacy violations

The Federal Competition and Consumer Protection Commission (FCCPC) has concluded an investigation into Meta Platforms, Inc. and WhatsApp LLC, collectively referred to as Meta Parties, finding them guilty of multiple and repeated violations of the Federal Competition and Consumer Protection Act (FCCPA) 2018 and Nigeria Data Protection Regulation (NDPR) 2019. As a result, the Commission has issued a Final Order imposing a $220 million penalty on the Meta Parties. The investigation, which began in May 2021, was conducted jointly by the FCCPC and the Nigeria Data Protection Commission (NDPC). Over a span of 38 months, the investigation scrutinized Meta Parties'…

Saturday, 20 July 2024 04:40

Unclaimed bank balances, funds in dormant accounts to be deposited with CBN henceforth

The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to deposit unclaimed balances and funds in dormant accounts to the apex bank accounts. CBN also issued regulatory guidelines for account owners and beneficial owners to recover their funds dormant for up to 10 years. The apex bank outlined the regulations in a document on Friday titled ‘Guidelines on Management of Dormant Account, Accounts, Unclaimed Balances and Other Financial Assets In Banks And Other Financial Institutions in Nigeria’. A dormant account is a bank account that has remained inactive for at least one year. The apex bank…

Friday, 19 July 2024 05:01

Tinubu, Labour agree on N70,000 minimum wage

President Bola Tinubu has approved N70,000 as the new minimum wage for workers in the country. Tinubu announced the minimum wage during a meeting with leaders of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) at the presidential villa on Thursday. Joe Ajaero, NLC president and Festus Osifo, president of the TUC, were at the meeting. Speaking with State House correspondents at the end of the meeting, Nkiru Onyejeocha, minister of state for labour, said Tinubu and the labour leaders agreed that the time limit for the review of the minimum wage should be reduced to three years.…

Friday, 19 July 2024 05:00

Hardship: Reps to slash basic salary by 50 percent for 6 months

On Thursday, the House of Representatives pledged support for the federal government with N648 million for six months by cutting down their salaries by 50 percent. The move, according to them, is aimed at supporting food sufficiency in the country and also addressing the soaring prices of foodstuffs. The lawmakers also appealed to citizens to be patient with President Bola Tinubu in his efforts to tackle to current economic crisis bedevilling Nigeria. The Committee on Appropriation, Humanitarian Affairs, Finance and Budget was mandated by the House to ensure compliance. The decision came after the adoption of a motion moved on…

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