NNPC Depots Resume Lifting of Petroleum Products

Image

By Modupe Gbadeyanka

Loading activities have resumed in depots of the Nigerian National Petroleum Corporation (NNPC) across the country.

The resumption of activities at the depots nationwide followed the suspension of a strike action by the National Union of Petroleum and Natural Gas Workers (NUPENG).

The corporation’s current petroleum products stock holding is robust at over 37 days PMS (petrol) sufficiency.

NNPC explained that with the resumption in production of diesel and kerosene by the nation’s three refineries located in Port Harcourt, Kaduna and Warri, Nigerians can be rest assured that the seamless flow of petroleum products during the yuletide season would be sustained.

While pledging its commitment to sustain the prevailing harmonious relations with industry unions, the NNPC urged Nigerians not to engage in panic buying as there is adequate supply of white products to meet their needs nationwide.

It also called on members of the public and other stakeholders to refrain from any act that could impede the supply and distribution of petroleum products in the country.

Share
Related Stories
Image
28-February-2024

Nigeria’s Over-the-Counter Securities Market Down by 1.62%

By Dipo Olowookere Selling pressure on a bellwether stock, Aradel Holdings Plc, further sank the NASD over-the-counter (OTC) Securities Exchange by 1.62 per cent on Tuesday. The energy stock, which had maintained an upward posture for some trading session, witnessed profit-taking yesterday like it did a day earlier. During the trading day, its value went down by N129.50 or 5.14 per cent to N2,520.50 per share compared with Monday’s closing price of N2,650.00 per share. Its loss overpowered the gains recorded by the duo of FrieslandCampina Wamco Nigeria Plc and UBN Property Plc. According to data from the bourse, the

Image
28-February-2024

Naira Loses N33 to Trade at N1,615/$1 at Official Market

By Dipo Olowookere It was a bad day for the Naira in the official market, the Nigerian Autonomous Foreign Exchange Market (NAFEM), on Tuesday as its value weakened by N33.00 or 2.09 per cent against the United States Dollar to sell at N1,615.94/$1 compared with the previous day’s N1,582.94/$1. This came on a day the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, reemphasised that the Nigerian currency was grossly undervalued. While briefing newsmen yesterday on the outcome of the Monetary Policy Committee (MPC) meeting, Mr Cardoso stressed that the current rate was not the true value

Image
29-February-2024

Aradel Holdings, CSCS, FrieslandCampina Sink NASD Exchange by 0.79%

By Adedapo Adesanya Profit taking in the trio of Aradel Holdings Plc, Central Securities Clearing System (CSCS) Plc, and FrieslandCampina Wamco Nigeria Plc made the NASD Over-the-Counter (OTC) Securities Exchange close the midweek session further in the red territory on February 28 by 0.79 per cent. Aradel Holdings Plc lost N20.50 to close at N2,500.00 per share compared with the previous day’s N2,520.50 per share, CSCS Plc depreciated by N1.35 to end the day at N18.65 per unit versus the N20.00 per unit it was traded on Tuesday, and FrieslandCampina Wamco Plc declined by 63 Kobo to N70.25 per share

More Stories
Image
17-January-2020

Kenya Gives Access Bank Nod to Buy Transnational Bank

By Dipo Olowookere Nigerian lender, Access Bank Plc, has announced receiving approvals from regulatory authorities in Kenya for the acquisition of Transnational Bank (TNB) Plc. TNB is a medium-sized commercial bank based in Kenya with great focus on the agricultural sector and significant retail footprints. In October 2019, the board of Access Bank, via a notice to the Nigerian Stock Exchange (NSE), had said it has obtained a ‘no objection’ of the Central Bank of Nigeria (CBN) to majority equity stake in TNB. On Friday, January 17, 2020, the tier-one financial institution, in a disclosure, said it has “now secured

Image
11-August-2021

Stakeholders Call FG’s Attention to Illegal Seafaring Activities

By Adedapo Adesanya A joint alliance of the Nigeria Merchant Navy Officers (NMNO) and Water Transport Senior Staff Association (WTSSA), under the umbrella Merchant Navy Union, has called on the federal government, the Nigerian Navy, and Nigerian Maritime Administration and Safety Agency (NIMASA) to investigate the activities of illegal groups and associations, parading as maritime security experts with plans to bear arms. This was disclosed by the President of the union, Mr Bob Yousuo, in a statement in Lagos. He alleged that some seafarers’ associations and illegal bodies have been masquerading as security and training outfits, thereby extorting unsuspecting cadets.

Image
13-December-2019

Keystone Bank Unveils Promo for Dormant Account Holders

By Dipo Olowookere Fast growing financial services provider, Keystone Bank Limited, has unveiled series of exciting rewards for its customers to celebrate the yuletide season. According to the lender, in the spirit of the season and as a gesture to loyal customers, the bank is giving out free debit cards to customers who reactivate their dormant or inactive accounts, make a deposit of N2500 into the account and carry out at least one transaction on any of the electronic channels. Keystone Bank electronic channels include the USSD *7111#, Keystone Mobile, Online Banking or OXYGEN. Commenting, Keystone Bank executive director, Olaniran

Image
07-November-2019

Oil Sheds Over 1% Wednesday as US Crude Supplies Rise

By Adedapo Adesanya  Oil futures shed the new week gains on Wednesday after data released by the United States government showed that domestic crude supplies rose by nearly 8 million barrels, indicating a growth for a second consecutive week. Brent crude which was promising to hit the $63 mark fell by 1.73 percent or $1.09 to trade lower at $61.87 per barrel as at the time of this report on Wednesday night, while the US West Texas Intermediate crude lost 1.29 percent or 74 cents to settle at $56.49 per barrel. The Energy Information Administration (EIA) on Wednesday reported that

Image
15-February-2019

Report Suspicious Transactions to us—EFCC Tells Banks

By Modupe Gbadeyanka Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu, has asked financial institutions in the country to report any suspicious transactions to the agency. Mr Magu made this appeal on Friday, February 15, 2019 at a meeting with Compliance Officers of banks in Benin City, Edo State. The EFCC boss, who was represented by Mailafia Yakubu, Benin Zonal Head of the commission, said based on information at the disposal of the anti-money laundering organisation, politicians may want to use banks for illicit transactions before, during and after the elections. “Once the transaction is

Image
05-December-2023

Nigeria Puts Presidential Aircraft Falcon 900B For Sale

By Adedapo Adesanya Nigeria has put the presidential aircraft, Falcon 900B, up for sale with the Nigerian Air Force (NAF) asking interested persons to submit their bids for the purchase of the aircraft. It was not disclosed how much the craft would be sold, according to a tweet on the official Nigerian Air Force page on X, formerly known as Twitter, where it said the aircraft was put up for sale following the federal government’s approval. “The Federal Government of Nigeria has approved the sale of Falcon 900B aircraft owned by the Nigerian Air Force (NAF),” NAF said in a

Image
24-March-2022

Senate and Local Government Autonomy

By Jerome-Mario Chijioke Utomi Among so many bills recently passed or still working on by the nation’s Senate in the ongoing constitution amendment. This piece is particularly struck by the passage of the local government financial, administrative autonomy bill which among other provisions seeks that each local government council to creates and maintain its own special account to be called Local Government Allocation Account into which all the allocations will be paid. Aside from seeking to grant full financial and administrative autonomy to local governments, the bills seek to amend the Constitution to repeal the state joint local government account

Image
20-May-2018

Mission Securities Limited Appoints Owopetu as Director

By Dipo Olowookere The management of Mission Securities Limited has announced the appointment of Mrs Olufemi Owopetu as a non-executive director of the company. The stockbroking firm, in a statement last week, disclosed that it was also seeking the approval of the appointee for the position. Mrs Owopetu holds a Master’s degree in Banking and Finance from University of Lagos, Akoka and is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN). She is also an Associate member of the Chartered Institute of Stockbrokers of Nigeria (CIS) and Financial Market Dealers Association of Nigeria (FMDA). Prior to her

Ad
Ad
Recent Stories
Image
29-February-2024

Senate Confirms Appointment of Four Nominees to CBN Board

By Aduragbemi Omiyale The appointment of four nominees to the board of the Central Bank of Nigeria (CBN) has been confirmed by the Senate. The nominees were confirmed for the position at the plenary on Thursday after the presentation of the report of the Senate Committee on Banking, Insurance and Other Financial Institutions. Chairman of the committee, Mr Tokunbo Abiru, informed his colleagues that only four of the five persons nominated by President Bola Tinubu appeared for screening. The nominees screened and confirmed to join the board of directors of the central bank are Robert Agbede, Ado Yakubu Wanga, Murtala

Image
29-February-2024

Africa Beyond Russia’s Grains Partnerships

By Kestér Kenn Klomegâh Until sustainable food security is established through modernizing agriculture and ensuring adequate support for local farmers, Russia’s grain supply would be a soft geostrategic bait (i) to reinforce the existing time-tested relationships with Africa and (ii) to solicit an endorsement for the unprovoked war in Ukraine. In a speech delivered on March 20, 2023, during the interparliamentary conference ‘Russia-Africa’ held in Moscow, President Vladimir Putin described six African countries as the least developed and poorest in the world that are urgently in need grains, alternatively referred to as humanitarian aid, to feed its population. The beneficiary

Image
29-February-2024

MasterCard, MTN Partner to Boost Digital Commerce, Payments

By Aduragbemi Omiyale A partnership aimed at driving acceleration of the mobile money ecosystem in Africa across 13 markets has been entered into between Mastercard and MTN Group Fintech. This is coming shortly after the payments giant completed the purchase of a minority stake in the telecommunications company. The deal will see Mastercard giving a prepaid virtual card tailored for MTN’s MoMo customers, granting them access to over 100 million acceptance points worldwide. Additionally, it will empower MoMo merchants to seamlessly accept card payments, enhancing the platform’s instant cross-border money remittance services and capabilities. Further, Mastercard will use its cutting-edge

Image
29-February-2024

Adesina to Receive Prestigious Obafemi Awolowo Prize for Leadership

By Ichie Enyi Ejike Umunnabuike Jr Come March 6, 2024, the Lagos Continental Hotel will host an unforgettable occasion when the President of the African Development Bank (AfDB), Mr Akinwumi Ayodeji Adesina, will be formally honoured and presented with the distinguished Obafemi Awolowo Prize for Leadership 2023. The Obafemi Awolowo Prize for Leadership was first announced in December 2012, with the official award ceremony held on March 6, 2013. Before Mr Adesina was announced as its fourth recipient, three other distinguished personalities had been conferred with the prestigious award – Noble Laureate, Prof. Wole Soyinka; former South African President, Thabo

Image
29-February-2024

Exploring Diverse and Evolving Sounds of Africa

Africa’s music scene is a sonic melting pot, where rhythms collide and cultures connect. It’s a universal language, a force that breaks boundaries and fuels the soul. This sonic tapestry isn’t just diverse – it’s explosive. Afrobeats and Amapiano own the spotlight right now. Those irresistible Afrobeats hooks? They’ve got the whole world dancing. And Amapiano’s hypnotic blend of South African house and street sounds? It’s straight-up addictive. Mainstream African artists are pushing the boundaries like no one else, taking Amapiano and running with it. They’re injecting their fire, creating a whole new flavour. This is proof that African music

Image
29-February-2024

Nigeria Needs Policies that Prioritize Economic Recovery—Peter Obi

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has raised concerns over the recent decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate (MPR) to 22.5 per cent and the Cash Reserve Ratio (CRR) to 45 per cent. Mr Obi warned that this move is likely to worsen the ongoing economic challenges faced by many Nigerian households, and emphasized the need for policies that prioritize economic recovery. In a statement issued via X (formerly Twitter), the businessman and former

Image
29-February-2024

Silence Laboratories Raises $4.1m for Privacy-Preserving Computing

By Adedapo Adesanya Silence Laboratories has announced securing $4.1 million in funding to enable privacy-preserving collaborative computing led by Pi Ventures and Anurag Arjun, along with several prominent angel investors. In a statement shared with Business Post, the company said with the market for privacy-enhancing technologies (PETs) growing globally at a compound annual growth rate of 26.6 per cent, there is growing demand. In recognition of this, Silence Laboratories is offering to provide mathematical guarantees for techno-legal expectations as part of a mission to create infrastructure to enable complex data collaborations between enterprises and entities, without any sensitive information being

Image
29-February-2024

MainOne Stretches Submarine Cable to Akwa Ibom

By Modupe Gbadeyanka A submarine cable spanning 45,000km in length known as 2Africa has been landed in Akwa Ibom State by MainOne, an Equinix company. It is one of the world’s largest subsea cable projects and will interconnect Europe, Asia, and Africa, with a design capacity of up to 180Tbps. The cable is the first and only submarine cable system in Nigeria outside of Lagos, and it marks a significant milestone in enhancing broadband connectivity and driving economic development in the South-South, South-East and North-Central regions of Nigeria. The significance of 2Africa lies in its capacity to address critical internet

Image
29-February-2024

Russia, Mali Review Military Partnership

By Kestér Kenn Klomegâh  Russian Foreign Minister Sergey Lavrov has offered an increased military partnership during the latest bilateral talks held on February 28, 2024, with his Malian counterpart Abdoulaye Diop in Moscow. The significance of Russian support is directed at fighting terrorism and enhancing the combat effectiveness of the Malian army and law enforcement agencies, including the training of soldiers and police officers The interim military government has maintained a well-developed multifaceted nature of bilateral relations with Russia since the military ascended into political power. Russian leader Vladimir Putin and Mali’s Interim President Assimi Goita on the sidelines of

Image
29-February-2024

Anthropics Unveils Zyler Virtual Try-On for Menswear

By Modupe Gbadeyanka One of the global leaders in virtual fashion try-on technology, Anthropics, has moved to transform the future of online shopping with the introduction of the Zyler Virtual Try-On for menswear. The new initiative will improve the way consumers shop for clothes, providing a realistic virtual try-on experience. With it, customers can upload a headshot, enter some measurements, and then see themselves on the screen wearing the outfit. Powered by the latest research in Artificial Intelligence, Zyler creates a lifelike virtual representation of the user, allowing them to see how different garments fit and look on their unique