Tag: NNPC

Fuel Price Hike: A Joke Taken Too Far?
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Fuel Price Hike: A Joke Taken Too Far?

The rumour that that the federal government of Nigeria is planning another fuel price hike is indeed a ‘joke taken too far’. The fact the the government has finally allayed the fears of the public also speaks volume. The Petroleum Products Pricing Regulatory Agency, PPPRA has dismissed the opinion expressed by […]

First Bank Clarifies Forex Market Ban
Big Business

First Bank Clarifies Forex Market Ban

Few days after the bank was barred from participating in the Forex market, First Bank has issued a statement clarifying its position on the CBN ban. Further to the media reports of the suspension of FirstBank — a subsidiary of FBN Holdings Plc, among other banks, from foreign exchange transactions […]

CBN Re-Admits UBA Into Forex Market
Policy

CBN Re-Admits UBA Into Forex Market

After the fallout of the ban on specific banks from the forex market, the Central Bank of Nigeria said it has lifted the ban on the United Bank of Africa PLC. In a statement released by Tokunbo Martins, Director of Banking Supervision, CBN, said: “United Bank for Africa (UBA) re-admitted […]

CBN Bans Nine Banks From Forex Market
Big Business

CBN Bans Nine Banks From Forex Market

The CBN has barred nine banks from all Forex transactions over their failures to remit NNPC funds in the TSA account. According to media reports, the Dollar funds were not remitted even after the presidency ordered all funds belonging to the government to be paid back into the TSA account. The […]

ExxonMobil Schemes Pipeline Alternation
Global

ExxonMobil Schemes Pipeline Alternation

In order to remain in business, while militant attacks still persist in Nigeria, ExxonMobil said is working on a plan to export Qua Iboe crude oil via an alternate pipelines. It aims to do this in the interim while it repairs damage to the main export line sustained in July. […]

NNPC Explains Its NGN26.51 Billion Net Loss
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NNPC Explains Its NGN26.51 Billion Net Loss

The Nigerian National Petroleum Corporation, NNPC made a net loss of NGN26.51 billion for the month of June. However, the corporation has given out its position on the result. The corporation said its operations witnessed the major impact of incessant vandalism; during the month more than 261 vandalized points were recorded […]