Thursday, March 18, 2021
DPR Moves against Petrol Overpricing, Seals 11 Stations in Abuja
The Department of Petroleum Resources (DPR) yesterday ramped up efforts to stop overpricing of petrol, manipulation of metering devices as well as the diversion of the product in Abuja, following the upsurge of various malpractices after last week’s hoax that prices had been increased. Read more
MTN Acquires Additional 800MHz Spectrum
MTN Nigeria has acquired an additional 10MHz spectrum from the 800MHz band from Intercellular Nigeria Limited. The Nigerian Communications Commission (NCC) has approved the transaction and assigned the frequency to MTN Nigeria. The acquisition is expected to improve customer experience, “in line with our commitment to deliver excellent service quality to our subscribers,” the telco stated. Read more
Driving Digital Financial Inclusion
Since the inception of digital financial inclusion drive which was initiated by the Central Bank of Nigeria, the Nigeria Communications Commission has put several measures in place to further deepen it, writes Emma Okonji. In line with global initiative to promote digital transformation across nations, the Central Bank of Nigeria (CBN) in 2012, adopted the National Financial Inclusion Strategy (NFIS), designed to onboard the unbanked and make them financially inclusive, using the digital platform of telecoms operators. Read more
Nigeria’s daily oil production rises to 1.42 million barrels
Nigeria increased its crude oil production to 1.42 million barrels per day in February, the latest monthly report of the Organisation of the Petroleum Exporting Countries has shown. The country recorded the biggest increase in crude oil production last month among its peers in OPEC. OPEC, in its monthly oil market report for March, said the country’s oil production rose by 63,000 barrels to 1.42 million bpd in February, based on direct communication. Read more
FG to auction N150bn bonds in March
The Debt Management Office on Wednesday disclosed that the Federal Government will offer N150bn bonds for subscription in March. A circular by the DMO on its website showed that the breakdown of bonds comprised of three bonds worth N50bn each. Read more
Experts carpet FG over N568.5bn vote to repair loss-making PH refinery
The Federal Executive Council on Wednesday approved the plan by the Ministry of Petroleum Resources to rehabilitate the Port Harcourt Refinery with $1.5bn. The decision was taken at the weekly meeting of the council presided over by the President, Major General Muhammadu Buhari (retd.). Read more
Dealers blame customs, extortion for rising cost of Tokunbo cars
Tokunbo car dealers have alleged extortion against customs officials at the ports, blaming this for a spike in the cost of imported cars. The dealers said besides the official duties, Customs officials also charge extra fees without which cars are delayed and accrue demurrage in millions of naira. Read more
Experts seek policies to mainstream informal sector
Capital market stakeholders have called for a well-coordinated policy that would integrate both the informal sector into the economy and unlock the country’s economic potential. Speaking at the 5th Budget Seminar of the Securities and Exchange Commission (SEC), the experts also sought partnership between the government and the private sector to generate a pool of funds for infrastructure development and other capital projects. Read more
