By Ayomide Otitoju The Nigerian National Petroleum Company Limited (NNPC) and Chevron Nigeria Ltd. have successfully completed the conversion of five joint venture assets in alignment with the Petroleum Industry Act (PIA) of 2021. The milestone is expected to significantly boost crude oil production, with a target of 165,000 barrels per day by the end…
Guaranty Trust Bank Ltd, a subsidiary of Guaranty Trust Holding Company Plc (GTCO), has been named the Best Bank for Corporate Social Responsibility (CSR) in Nigeria at the prestigious Euromoney Awards for Excellence 2024. In a statement released to The PUNCH on Sunday, GTCO highlighted its commitment to CSR, showcasing how the bank’s initiatives go…
Nigeria’s agricultural sector spearheaded the remarkable growth in Company Income Tax (CIT) during the second quarter of 2024, recording an impressive 474.50% quarter-on-quarter increase, according to a report released on Monday by the National Bureau of Statistics (NBS). The report shows that CIT for Q2 2024 reached N2.47 trillion, reflecting a substantial 150.83% rise from…
The Dangote Refinery may soon begin exporting its Premium Motor Spirit (PMS) after the Nigerian National Petroleum Company Limited (NNPC) refused to be the refinery’s sole buyer. The NNPC stated it would only purchase petrol from the refinery if its prices were lower than international rates. In a statement released on Saturday, NNPC spokesman Olufemi…
Mr. Abiodun Adebimpe, President of the Association of Asset Custodians of Nigeria (AACN), provides an in-depth analysis of Nigeria’s economic landscape, highlighting the challenges and opportunities ahead, while also offering insights into AACN’s forthcoming annual conference. Challenges in Nigeria’s Economic Environment In a candid reflection, Adebimpe acknowledges the tough realities faced by the Nigerian economy….
by Ayomide Otitoju The Nigerian National Petroleum Company Ltd (NNPCL) announced on Saturday that there is no assurance of lower petrol prices as it prepares to begin lifting products from the Dangote Refinery. According to reports, NNPCL is set to commence lifting petrol from the refinery starting September 15. In a statement, NNPCL’s Chief Corporate…
By Ayomide Otitoju The Bank of Industry (BOI) has announced the successful conclusion of the senior phase of its global loan syndication, raising €1.425 billiona 42.5% oversubscription from international financial markets. In a statement, BOI emphasized that this represents another major milestone for the bank as it continues to tap into the syndicated loan market….
By Ayomide Otitoju The Nigerian National Petroleum Corporation Limited (NNPCL) on Tuesday increased the pump price of petrol to between ₦855 and ₦897 per litre, depending on location, up from ₦568. The move has triggered widespread reactions, with many calling for a swift reversal of the new prices. In a statement on Thursday, the Lagos…
Oil and gas expert Henry Adigun has projected that the Dangote Refinery in Lagos may not sell Premium Motor Spirit (PMS) below ₦850 per litre, citing the dollar-denominated costs of production. Adigun, speaking on Channels Television’s Inside Sources with Laolu Akande, explained that despite the refinery’s state-of-the-art production, market forces and operational costs would dictate…
