Gas Licence: FG Announces New Guidelines

The Federal Government (FG) has announced new guidelines regarding the issuance of licence to gas companies, following the aftermath of the recent gas explosion in Abeokuta, Ogun State which reportedly claimed a life and burnt some vehicles. This development was made known on Thursday by the Minister of Resources (Gas), Ekperikpe Ekpo where he was received by Ogun state governor, Dapo Abiodun during the minister’s condolence visit to the state.

Tinubu Approves Consumer Credit Scheme Take-off

President Bola Tinubu has approved the first phase of the Consumer Credit Scheme to begin, with the aim of empowering Nigerians and improving quality of life. Presidential spokesman Ajuri Ngelale's statement indicated that working Nigerians interested in receiving consumer credit can visit CREDICORP's website and express their interest before the May 15, 2024 deadline.

FERMA Identifies Lack Of Maintenance Funding For failure Of Roads Across The Country

The Federal Roads Maintenance Agency (FERMA) said both major and minor road networks in Nigeria suffer from deterioration due to the absence of adequate maintenance funding allocated during budgeting for such roads. The Managing Director of FERMA, Dr Chukwuma Agbasi, said this yesterday in Abuja at the Bureau of Public Service Reforms (BPSR) seminar titled ‘Road Infrastructure: Plans and Priorities of FERMA viz-a-viz the President’s Renewed Hope Agenda’.

CBN Sells Additional $10,000 To BDCs At $1,021 Per Dollar

The Central Bank of Nigeria, CBN, has approved the sale of an additional 10,000 dollars to 1,583 eligible Bureaux De Change, BDC, operators in the country to meet market demands. The CBN’s Director, Trade and Exchange Department, Dr Hassan Mahmud, made this known in a letter addressed to the President, Association of Bureau De Change Operators of Nigeria, ABCON, on Tuesday in Abuja.

Naira Rebounds As Dollar Nears 6 Month High

On the last day of April, the Naira closed on a positive note, gaining N28.15 at the official market, and trading at N1,390.96/$. On the first trading day of May 2024, it maintained its stability at 1,340/$ in the black parallel market. Despite losing its value over the past two weeks due to increased speculative activity and inadequate liquidity, the Naira, which was named one of the world's best-performing currencies in March, has made a 1.98% gain.

Naira Falls To N1,250/$ In Parallel Market

The Naira, yesterday, depreciated in its value agasint the US dollar to N1,250 in the parallel market, from N1,140 per dollar on Thursday. Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,234.49 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,234.49 per dollar from N1,169.99 per dollar last week Friday, indicating N64.5 depreciation for the naira. Consequently, the margin between the parallel market and NAFEM rates narrowed to N15.51 per dollar from N29.99 per dollar last weekend.

CBN Bars Opay, Moniepoint, Other Fintech Companies From Onboarding New Customers

The Central Bank of Nigeria (CBN) has stopped mobile money operators including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint from onboarding new customers. A source at the apex bank, who confirmed the development however, said no circular was served by the apex bank in that respect.

NERC Cedes Regulatory Oversight To State Gov.

In an official memo released Monday, April 22, 2024, the Nigerian Electricity Regulatory Commission (NERC) has handed over the regulatory oversight of the Enugu electricity market to the Enugu Electricity Regulatory Commission (EERC), a state-owned regulatory body. This transfer of authority will be effective from May 1, 2024, and marks the first time NERC has delegated such power to a state-owned regulatory body. As per the memo, the Enugu Electricity Regulatory Commission (EERC) will now have exclusive control to set and adopt end-user electricity tariffs within Enugu State, customizing these charges to suit local conditions and needs.

SERAP Sues NNPCL Over Failure To Account For $2.04 billion, N164 billion Oil Revenues

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company (NNPC) Limited over the “failure to account for and explain the whereabouts of the alleged missing USD$2.04 billion and N164 billion oil revenues.” According to SERAP, the suit followed the allegations recorded in the recently published 2020 audited report by the Auditor General of the Federation that the NNPC failed to remit the money into the Federation Account, saying that the money may have been diverted. This was disclosed in a statement signed by the Deputy Director of SERAP, Kolawole Oluwadare, who made it available to the press on Sunday. In the suit number FHC/ABJ/CS/549/2024 filed last Friday at the Federal High Court in Abuja, SERAP is seeking “an order of mandamus to direct and compel the NNPC to account for and explain the whereabouts of the missing USD$2.04 billion and N164 billion oil revenues, as documented in a report by the Auditor-General.”

FG Announces Launch Of CNG Buses, Tricycles

The Federal Government (FG) has announced it was set to launch about 2,700 Compressed Natural Gas (CNG) and tricycles before May 29, 2024, when President Bola Tinubu turns one year in office, which was made known on Sunday in a statement by Mr Bayo Onanuga, the Special Adviser to the President on Information and Strategy. He said, “From the end of May, Nigeria will take some baby steps to join such nations that already have large fleets of CNG vehicles.