U.S. crude oil prices for May deliveries go negative, first time ever

U.S. crude prices plunged to their lowest level in history on Monday as traders continue to fret over a slump in demand due to the coronavirus pandemic. Starting at an already record low of below $5 late on Monday, the future contract prices started trading in the negative within the hour. U.S. benchmark WTI oil price closed at -$37.63/barrel. On Monday, a technical oddity exacerbated the price plunge as traders fled the May futures contract ahead of its expiration tomorrow (Tuesday). The following month’s contract (June) fell 11 per cent to under $22.22 a barrecord. At 1.44 EDT (9.44pm Dubai time, April 20, 2020), the West Texas Intermediate crude stood at $2.12. Then WTI crude for May delivery tanked 94%, to $0.97, its lowest level on record. It

FG further slashes fuel price to N123.50 per litre

Collapse of Oil Price: FG crashes price of PMS to N125 per litre

The Federal Government, yesterday, further slashed the price of Premium Motor Spirit, PMS, also known as petrol, to N123.50 per litre, with effect from April 1, 2020, from N125 per litre. The new price, which would last throughout the month of April, was coming on the back of a continuous decline in the price of crude oil in the international market. In a statement in Abuja, Tuesday night, Executive Secretary of the Petroleum Products Pricing Regulatory Agency, PPPRA, Mr. Abdulkadir Saidu, stated that the new price was in line with the approval of the Federal Government for a monthly review of of the price of petrol. He said, "PPPRA, in line with the Government approval for a monthly review of Premium Motor Spirit

FG plans to ban importation of milk by 2023

The Federal Government says it is planning to ban the importation of milk in the next two to three years in the country. Alhaji Sabo Nanono, the Minister of Agriculture and Rural Development said this at the News Agency of Nigeria (NAN) forum, in Abuja. Nanono said that the government had the mechanism with effective plans and strategies to ensure that it worked out positively. “I am telling you that it will work out well because there are many processes and plans already on ground. “In case you don’t know, the producers of this milk already have integrity in getting population, in Oyo, Osun and Ogun there are integrity. “We are moving now to Niger and Abuja to do the same, already there are about two

CBN slashes electronic transfer charges to N10, ATM Withdrawal charges to N35

The Central Bank of Nigeria (CBN) has reviewed downward electronic transfer and ATM fees as well as card maintenance fees. The new charges were contained in the latest Guide to Charges by Banks and Other Financial Institutions just released by the CBN According to the CBN, bank customers will now pay N10 for electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000. Only electronic transfer above N50,000 will attract N50 charge. Previously, bank customers pay N50 charge for electronic transfers below N500,000. Further, the CBN in the new Guide to Bank Charges slashed charges for cash withdrawal via Other bank’s ATM to “maximum of N35 after the third withdrawal within the same month” from “N65 after the third withdrawal within

Lottery operators fight dirty over game rights, revenue, tax payment

Following the exclusive rights obtained by Western Lotto Nigeria Limited to sell and promote Ghana Games in Nigeria and its seeking a Federal High Court order to stop the sale of the games by others, lottery operators in the country are at daggers drawn with some of them claiming that the agreement between Western Lotto and LMC VAS Ghana, owners of the Ghana Games intellectual property is an attempt by Western Lotto Limited to appropriate the regulatory functions of the NLRC as the sole regulator of the lottery industry in Nigeria. Lottery operators opposed to Western Lotto also claim that the agreement debars them from offering 5/90 Ghana games comprising Monday Special Lotto, Lucky Tuesday Lotto, Midweek Lotto, Fortune Lotto, Friday

Dangote Refinery, a pride to Africa — Nigerian Governors’ Forum

The Nigerian Governors Forum (NGF) has described the Dangote Refinery and Petrochemicals sited in Lagos as a pride to Nigeria and Africa. The NGF said the project would contribute immensely to Africa’s economy and help the continent attain food security when fully operational. Mr Kayode Fayemi, NGF Chairman and Governor of Ekiti, made the assertion on Friday when he led some state governors on a visit to the sites of the Dangote Refinery, Petrochemicals and Fertiliser projects at Ibeju Lekki, Lagos. READ > Dangote refinery takes delivery of largest single-train crude refining equipment The News Agency of Nigeria (NAN) reports that the NGF members who visited the sites included Governors Babajide Sanwo-Olu of Lagos; Godwin Obaseki, Edo; Dapo Abiodun, Ogun and Simon Lalong, Plateau. Others were

Senate probes closure of Nigerians’ shops in Ghana

Senate investigates alleged court invasion by DSS operatives

The Senate on Tuesday sought for inquiry on the alleged closure of more than 600 shops and businesses belonging to Nigerians by Ghana Union of Traders Association (GUTA) on Dec. 2. The resolution of the Senate to wade into the matter followed a motion sponsored by Sen. Ifeanyi Ubah (YPP Anambra) on “The need to investigate alleged ill-treatment and injustices suffered by Nigerian Traders and Business owners in Ghana”. Presenting the motion at plenary, Ubah decried the alleged injustice and ill-treatment of Nigerian traders and Nigerian business owners in Ghana. He said it was a concern because Ghana and Nigeria as members of ECOWAS have reciprocal obligations under the ECOWAS Protocol to their respective citizens to reside and do business within their territories

Nigeria’s investment funds rise to N993b

Nigeria’s investment funds rise to N993b

TOTAL net asset of collective investment schemes and funds in Nigeria has risen by N348 billion to N993 billion, an increase of about 54 per cent in a year. Official reports coordinated by Nigeria’s apex capital market authority, Securities and Exchange Commission (SEC), indicated increasing recourse to formal fund management by Nigerians but most Nigerians appeared to favour less risky, interest-yielding fixed-income financial assets. Latest reports obtained yesterday by The Nation showed that total net asset value of ordinary mutual funds, exchange traded funds (ETFs) and Specialist Fund (SF), altogether known as mutual funds or collective investment schemes (CIS) stands at N992.92 billion as against N644.86 billion a year ago. This represents an increase of 54 per cent or N348.06 billion over

Border closure is one of Buhari’s best decisions – AFAN

Buhari endorses 5G trial, directs Pantami to address challenges in telecoms sector

All Farmers Association of Nigeria (AFAN) and AgroNigeria/AgroAfrica on Tuesday said the current closure of Nigeria’s land borders is among the best decisions of President Muhammadu Buhari’s administration. They said this in Ilorin, the Kwara State capital, at the opening ceremony of a-two day agricultural workshop, tagged: Farm2fork Dialogue, organised by AgroAfrica, Africa Development Bank (AfDB), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) in collaboration with the Kwara State government. The theme of the two-day workshop is “eliminating the economic impediments to a prosperous commodity agribusiness.” Chief Executive Officer (CEO) AgroNigeria/AgroAfrica Richard-Mark Mbaram said Nigeria has a mild state of emergency on its economy in the area of agribusiness. READ > Border closure opportunity to invest in agric value chain

Dangote refinery takes delivery of largest single-train crude refining equipment

Dangote refinery takes delivery of largest single-train crude refining equipment

The Dangote Oil Refinery Company on Sunday took delivery of what it described as the world’s largest crude distillation equipment. Capt. Rajen Sachar, Head, Maritime and Ports Infrastructure of Dangote, told newsmen at the arrival of the equipment in Lagos that it was the biggest single-train facility used for refining crude oil. The News Agency of Nigeria (NAN) reports that the atmospheric equipment which was manufactured by Sinopec company in China, is the primary unit processor of crude oil into fuels. Sachar noted that crude oil consisted of various chemical components that had different molecular sizes, molecular weights and boiling temperatures. According to him,  the crude distillation column works on the principle of fractional distillation, leading to separation of various components in the mixture