Author: bukoye

In a significant development, the Dangote Petroleum Refinery has commenced exports of refined petroleum products to neighboring West African countries, potentially disrupting regional fuel markets. According to Bloomberg, a tanker, CL Jane Austen, has shipped over 300,000 barrels of gasoline from the refinery to Togo’s coastal waters. This move follows Ghana’s consideration to import petroleum products from Dangote to reduce expensive European exports, which cost the country $400m monthly. Ghana National Petroleum Authority Chairman, Mustapha Abdul-Hamid, emphasized the benefits of importing from Nigeria: “If the refinery reaches 650,000bpd capacity, importing from Nigeria will reduce prices by removing freight costs.” Newsmen…

In a significant development, Minister of the Federal Capital Territory, Nyesom Wike, has approved the immediate payment of N70,000 as the new minimum wage for all administration staff. This move follows President Bola Tinubu’s signing of the Minimum Wage Bill into law in May 2024. The approval comes after months of negotiation with organized labour and the threat of a nationwide strike by the Nigerian Labour Congress and the Trade Union Congress. The unions had alleged the Wike-led administration’s failure to meet with them since his inauguration in August 2023. According to the Press Secretary to the Head of the…

In a significant development, Dangote Refinery and the Independent Petroleum Marketers Association of Nigeria (IPMAN) have signed a groundbreaking agreement for the supply of 60 million litres of Premium Motor Spirit (PMS) per week. The deal has already started yielding positive results, with IPMAN confirming a marginal reduction in fuel prices across its member filling stations nationwide. According to IPMAN Spokesperson, Chinedu Ukadike, the prices have dropped by between N10 and N50. Ukadike revealed that Dangote Refinery has committed to supplying IPMAN members with 60 million litres of fuel weekly. “While the discussion is still ongoing, Dangote has offered to…

The Peoples Democratic Party (PDP) has strongly condemned the Ondo State governorship election held on Saturday, describing it as the worst conducted by the Independent National Electoral Commission (INEC). In a statement released on Sunday in Abuja, the party’s National Publicity Secretary, Debo Ologunagba, announced that the PDP would conduct a thorough review of the election and its outcome. According to Ologunagba, the election fell short of expectations and requirements for a free, fair, and credible election. He alleged that the ruling All Progressives Congress (APC) engaged in widespread election merchandising, monetization, and vote buying to suppress the genuine aspirations…

A looming debt crisis is on the horizon as Nigeria’s external debt stock may skyrocket to $45.1 billion by the end of 2024. This alarming projection comes on the heels of the Federal Executive Council’s (FEC) approval of a $2.2 billion external borrowing plan, aimed at financing the Federal Government’s 2024 Appropriation Act. The Debt Management Office (DMO) recently reported a $780 million increase in Nigeria’s external debt stock during the second quarter of 2024, pushing the total from $42.12 billion in March to $42.9 billion by June 2024. Minister of Finance Wale Edun shed light on the fresh borrowing…

The Nigerian currency ended the week on a sour note, plummeting to N1,652.25 per dollar at the foreign exchange market on Friday. According to data from the FMDQ, this represents a N6.5 depreciation from Thursday’s rate of N1,645.45. At the black market, the naira traded at N1,740 per dollar on Friday, a slight decline from the N1,738-N1,745 range recorded the previous day. This development underscores the currency’s persistent struggles despite efforts by the Central Bank of Nigeria (CBN) to stabilize the exchange rate. A review of the week’s performance shows that the naira experienced more depreciation than appreciation. The CBN’s…

The rising cost of healthcare in Nigeria is pushing millions of diabetes patients to the brink of disaster. According to the Diabetes Association of Nigeria (DAN), about 6-8 million Nigerians are living with diabetes, with 30,000 to 40,000 dying annually due to lack of access to affordable healthcare services. Dr. Ejiofor Ugwu, National President of DAN, warns that this figure represents only the “tip of the iceberg” as two-thirds of diabetes cases in Nigeria remain undiagnosed due to inadequate routine screening. Managing diabetes in Nigeria is fraught with challenges, including poverty, low awareness, shortage of specialists, and inadequate care facilities.…

The Court of Appeal in Abuja has taken a dramatic turn in the upcoming Ondo State governorship election, disqualifying Olusola Ebiseni as the Labour Party candidate. This decision was unanimously made by the three-member panel, led by Justice Adebukola Banjoko, on Wednesday. Justice Banjoko declared, “the appeal marked CA/ABJ/CV/1172/2024 brought by the Labour Party against Chief Olusola Ebiseni and two others is allowed.” This ruling overturns the previous decision made by Justice Emeka Nwite of the Federal High Court in Abuja, which had validated Ebiseni and Ezekiel Awude as the Labour Party’s candidates. The Appeal Court’s decision has significant implications…

In a significant development, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed that Premium Motor Spirit (Petrol) prices will decrease by N50 upon direct lifting from Dangote Refinery. IPMAN National President, Abubakar Maigandi, disclosed on Channels Television that Dangote Refinery has agreed to sell petrol to IPMAN members at N940 and N990 per litre for depots and trucks, respectively. Maigandi explained that IPMAN members, currently selling petrol between N1,150 and N1,200 per litre, will reduce prices by N50 depending on location. “For instance, in Maiduguri, where petrol currently sells for N1,200 per litre, the price may drop to…

In a groundbreaking development, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that its members will begin purchasing Premium Motor Spirit (PMS) directly from Dangote Refinery, paving the way for reduced fuel prices nationwide. IPMAN National Secretary, James Tor, revealed that the partnership would lead to a drastic reduction in fuel prices, making petrol available at IPMAN retail outlets for below N1,150 per litre. “If the business agreement kicks off, you will see a drastic reduction in the price of gasoline… The price of petrol in our filling stations will go much below N1,150,” Tor stated. The agreement…