Economy
CNPP Backs Transfer of Crude Oil Proceeds to CBN
By Modupe Gbadeyanka
The Conference of Nigeria Political Parties (CNPP) applauded President Bola Tinubu for directing the Nigerian National Petroleum Company (Limited) to henceforth transfer proceeds from crude oil sales to the Central Bank of Nigeria (CBN).
There had been a hue and cry over how the NNPC has managed earnings from the sale of crude oil, especially after the organisation stopped remitting funds to the federation account over claims that it was paying to ensure consumers get petroleum products at a subsidized rate
On Monday, there were speculations that Mr Tinubu has asked the state-owned oil firm to remit revenue from crude oil sales to the apex bank for accountability.
In a statement signed by its Deputy National Publicity Secretary, Mr James Ezema, the CNPP said “if indeed the directive was issued by President Bola Ahmed Tinubu, it is the way to go.”
“We have always criticized the NNPC Limited for not meeting its OPEC quota as well as non-remittances or under-remittances of proceeds from crude oil sales due to corruption.
“Therefore, we welcome the speculated directive to the NNPC Limited to submit receipts for crude oil sales to the CBN for vetting and documentation,” the group added.
“While we urge the Federal Government to confirm the directive without fear or favour, we call on President Bola Tinubu to make it a policy of the government that all payments for oil sales and all other revenues accruable to the federation account be forwarded to the apex bank without any delay.
“This will reduce revenue losses as every kobo should be accounted for in the current revenue realities where the country’s debt servicing takes a large chunk of the country’s earnings.
“The NNPC’s monopoly over crude oil sales has been a ground for the unbridled corruption bedevilling the federal government-owned oil company.
“The initiative should also be extended to all other revenue-generating agencies of the federal government, including the Nigeria Customs Service, the Nigeria Ports Authority, the Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Immigration Service, among others,” the CNPP said.
By Modupe Gbadeyanka
A significant step has been taken to ensure Micro, Small and Medium Enterprises (MSMEs) in Plateau State have access to cheap loans.
The state government has partnered with the Bank of Industry (BoI) to create a N4 billion matching fund for small business operators across the state.
Each of the parties will provide N2 billion to provide affordable financing for equipment acquisition and working capital, enabling businesses to expand operations, create jobs, and strengthen local value chains.
Business Post gathered that the loans would be given at a single-digit interest rate to eligible businesses, with a maximum offer of N100 million per beneficiary over a tenor of up to five years, including a moratorium period of up to 12 months after disbursement.
The Director of Press and Public Affairs to Governor Caleb Mutfwang, Mr Gyang Bere, in a statement on Wednesday, said the state government collaborated with the lender to lift citizens out of poverty and stimulate economic growth across the 17 Local Government Areas of Plateau State.
“This is a significant milestone in our efforts to build a resilient and inclusive economy that aligns with the vision of Mr President (Bola Tinubu) to grow Nigeria into a one-trillion-dollar economy,” the governor was quoted to have said in the statement.
“Plateau State has significant potential and will continue to contribute meaningfully to the growth and development of the national economy,” Mr Mutfwang added.
He noted that the initiative would serve as seed capital capable of generating sustainable economic returns and driving entrepreneurship across the state.
“We want to increase Plateau State’s contribution to the national GDP, and the most effective way to achieve this is by stimulating business growth,” he stated.
“We will identify innovative and enterprising businesses across the state, with particular focus on women and young people, ensuring that no part of Plateau is left behind.”
On his part, the Managing Director of BoI, Mr Olasupo Olusi, commended the governor for what he described as a visionary initiative aimed at empowering entrepreneurs and fostering sustainable economic development.
Mr Olusi explained that the partnership would not only provide funding but also offer training and capacity-building programmes for beneficiaries through accredited Entrepreneurship Development Centres, ensuring that MSMEs are equipped with the necessary skills to grow and remain competitive.
According to him, the BOI–PLSG Matching Fund is designed to expand access to affordable, long-term financing for MSMEs operating across Plateau State.
By Aduragbemi Omiyale
Shareholders of Linkage Assurance Plc who intend to increase their stake in the company can now begin to do so through a rights issue window.
The organisation on Wednesday, March 6, 2026, commenced its N16.3 billion rights issue days after securing approval from the Securities and Exchange Commission (SEC).
Through the exercise, Linkage Assurance is selling to investors a total of 12,320,000,000 ordinary shares of 50 Kobo each at N1.32 per share.
It would be issued to shareholders on the basis of two new ordinary shares for every three ordinary shares held as of Thursday, January 22, 2026.
According to a notice issued by the Nigerian Exchange (NGX) Limited today, the rights issue will close on Thursday, April 23, 2026.
“Trading licence holders are hereby notified that trading in Linkage Assurance Plc’s rights issue of 12,320,000,000 ordinary shares of 50 Kobo each at N1.32 per share on the basis of two new ordinary shares for every existing three ordinary shares held as at the close of business on Thursday, January 22, 2026, opened today, Wednesday, March 11, 2026,” the statement signed by the Head of Issuer Regulation Department of the NGX, Mr Godstime Iwenekhai, said.
Proceeds from the rights issue would be used by Linkage Assurance to meet the required minimum capital introduced by the Nigeria Insurance Industry Reform Act, 2025, and to expand into key areas of insurance business.
By Adedapo Adesanya
Nigeria has suspended the issuance of Premium Motor Spirit (PMS) or petrol import licenses for a second straight month in a move that signals a win for Dangote Refinery.
This development comes as regulators begin enforcing provisions of the Petroleum Industry Act (PIA) that allow imports only when domestic supply falls short.
Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) indicated that no import licenses were issued in February, while the Crude Oil Refineries Association of Nigeria (CORAN) confirmed to Reuters that none have been issued so far in March, signalling a shift towards prioritising local output.
According to Bloomberg, oil marketing firms, including a unit of TotalEnergies SE, Conoil Plc and MRS Nigeria Plc, which imported around one-quarter of the nation’s petroleum in January, had their licenses suspended.
The shift highlights a stronger intent by the federal government to protect domestic refining and marks a win for the Dangote Refinery and other local refineries, which last year sued the NMDPRA and the state oil company, the Nigerian National Petroleum Company (NNPC) Limited, to force a halt to imports.
Under the PIA, the regulator may grant import permits only when domestic production is not enough to meet national demand.
There have been previous arguments that issuing licenses was necessary to maintain competition and prevent market dominance.
Fuel pump prices have surged by more than 50 per cent since the United States and Israel began strikes on Iran last week, pushing global oil markets higher.
NMDPRA Spokesperson, Mr George Ene‑Ita, blamed the sharp rise in prices on escalating conflict in the Middle East.
Nigeria’s average daily petrol consumption fell to 56.9 million litres per day in February 2026, down from 60.2 million litres in January.
In February, the Dangote Refinery supplied 36.5 million litres of petrol and 8 million litres of diesel to the local market, leaving a daily deficit of 20 million litres that was covered by previously imported stock.
According to NMDPRA, these volumes were sufficient, leading to its decision to withhold import licenses.
Mr Eche Idoko, spokesperson for the Crude Oil Refiners Association of Nigeria (CORAN), which has long urged the government to stop issuing import licenses that undermine local refiners’ margins, welcomed the regulator’s stance.
“For us, anything that protects local production is a good move. The challenge now is to sustain the momentum,” Mr Idoko said.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn