Surge in Oil Theft: 218 Incidents Reported, 31 Arrests Made in One Week
Nigeria’s oil industry has once again been hit by a surge in oil theft. Between September 7 and 13, 2024, security agencies recorded 218 cases of oil theft across the Niger Delta region, leading to the arrest of 31 suspects. This was revealed in a recent report by the Nigerian National Petroleum Company Limited (NNPC). […]
CBN Implements 0.005% Cybersecurity Levy on Electronic Transactions to Strengthen National Security
The Central Bank of Nigeria (CBN) has confirmed the implementation of a 0.005% cybersecurity levy on all electronic transactions. This move comes as part of the bank’s updated Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the fiscal years 2024-2025. The levy is designed to support Nigeria’s efforts to strengthen its cybersecurity infrastructure in […]
Major Oil Marketers to Import 141 Million Litres of Petrol Despite Local Production
In a notable development in Nigeria’s oil sector, three major oil marketers are set to import a total of 141 million litres of petrol this week. This importation comes despite the ongoing local production of petrol at the Dangote refinery. The primary reason for this large-scale importation is the recent deregulation of the downstream oil […]
Lukman Accuses Dangote Refinery and NNPC of Manipulating Petroleum Prices
Dr. Salihu Lukman, a former Vice Chairman of the All Progressives Congress (APC) in the North-West, has criticized the pricing of petroleum products since the Dangote Refinery started production. He claims that both the Dangote Refinery and the Nigeria National Petroleum Company Limited (NNPCL) are manipulating fuel prices to create a monopoly that harms Nigerian […]
NNPCL Has No Right to Set Dangote Petrol Prices – Falana
Femi Falana, a respected human rights lawyer, has raised concerns over the Nigerian National Petroleum Company Limited (NNPCL) fixing the price of petrol produced at the Dangote Refinery. He claims that this action is illegal and goes against the regulations of the Petroleum Industry Act (PIA). Falana pointed out that Section 205 of the PIA […]
Can Nigeria Depend on Dangote Refinery for Petrol Supply? Marketers Say No
Nigerian petroleum marketers are raising concerns about the nation’s reliance on Dangote Refinery to meet its daily petrol needs. According to Billy Gillis-Harry, the President of the Petroleum Products Retail Outlets Owners Association (PETROAN), the refinery’s current production levels are insufficient to supply the entire country’s fuel demands. Speaking about recent developments, Gillis-Harry highlighted that […]
Sean “Diddy” Combs Puts His Beverly Hills Mansion Up for Sale for $61 Million
Music mogul Sean “Diddy” Combs has put his Beverly Hills mansion on the market for an impressive $61 million. The sale comes amid ongoing controversy, although sources close to Diddy insist that the sale was planned before recent events. In March, Homeland Security raided the property as part of an investigation, but Diddy has not […]
Dangote Has Raised Concerns About The Quality of Petrol Being Imported into Nigeria.
Aliko Dangote, Africa’s richest man, has raised concerns about the quality of petrol being imported into Nigeria. Speaking at a recent event, Dangote asserted that substandard fuel products are to blame for the damage suffered by many vehicles across the country. He remains firm on his stance despite ongoing disagreements with regulatory bodies over his […]
“Aliko Dangote Faces Challenges After Friend’s Investment Warning”
Aliko Dangote, the President of Dangote Group, recently shared a personal story about his investment challenges in Nigeria. In an interview with PREMIUM TIMES, Dangote revealed that a friend who had advised him against investing in Nigeria is now taunting him for ignoring that advice. This revelation comes at a time when the Nigerian Midstream […]
FG Stops Export Of Cooking Gas To Reduce Price
The Minister of State Petroleum Resources (gas), Hon Ekperikpe Ekpo has disclosed there will be no export of Liquefied Petroleum gas (cookinggas) until local demand has been met. The Minister who disclosed this at a workshop in Abuja on Thursday said the government was working to improve supply to the domestic market. Government’s intervention came as the price of cookinggas rose […]