Economy

Nigeria orders oil marketers to open CNG pumps in filling stations

Published

8 months ago

May 16, 2024

The Nigerian government has concluded plans to ensure marketers open Compressed Natural Gas pumps in filling stations across the country.

For that, the government said intending retail licensees would be now required to establish a CNG point in their filling stations before getting final government approval.

The government asked oil marketers to commence the process of establishing Compressed Natural Gas points at their filling stations to increase consumer accessibility.

The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, disclosed this during a meeting with key oil marketing companies on Tuesday in Abuja.

The discussion was to address the issues of incessant scarcity of petroleum products in the country and propose alternative solutions.

Ahmed also disclosed that a major conversation they had was in the area of the Compressed Natural Gas initiative of the Federal Government.

He implored the major marketers to explore the availability of CNG in their gas stations as President Bola Tinubu has directed that government vehicles to be purchased henceforth must be CNG-powered.

He said new applications for retail licences would no longer be approved without CNG points.

Ahmed, who described the push by the federal government to encourage the use of CNG as an alternative to petrol as a revolution, said the government was determined to reduce the burden of petrol on the economy.

He added, “We also discussed the CNG revolution and our collective effort to ensure that we reduce the burden on the economy by having an alternative by having an alternative to PMS which is very costly especially due to exchange rate fluctuations and instability. we are looking at gas because we have it in abundance, we have over 200 trillion cubic feet of gas. All we need is to harness the industry to produce, invest and be good for the consumer and CNG is the way to go.

“We discussed our plans and collective responsibility to add CNG in our petrol stations very soon just like we have PMS, diesel and kerosene, we also want to have CNG so that it would provide easy access to the consumers but of course, we have to address the supply side and we are working with the producing companies, our sister agency, NUPRC and NNPC Limited as well as Gas Aggregation Company of Nigeria to ensure that the product is also available at a competitive cost to the consumers.

“Secondly, we want to reduce the burden of the importation and consumption of PMS. we explored the possibility of converting the energy requirement of retail outlets and depot by the stakeholders here going into solar but of course there is a high entry cost and we have discussed that and it is going to be in phases.

By doing so, we will reduce the demand for diesel in terms of powering our generators by utilising solar options. Once we are done with consultations, we will require that CNG add-ons be put in petrol stations and for new applications, one of the requirements will be that you must have CNG add-on in the petrol station”, he said.

Speaking to journalists after the meeting, the chief executive stated that authority will not dictate the price band of the products but assured that stopgaps like the Dangote Refinery would bring succour to the local industry.

He said the government would not set the price of petroleum products from the Dangote refinery upon its full operation.

He stressed that though the government was encouraging local refining of petroleum products to reduce imports, it would not compel oil marketers to buy from Dangote Refinery as the decision was commercial.

The authority had recently stated that it would soon issue a fully valid operating licence to the 650,000 barrels per day capacity petroleum refinery. The facility started releasing Automotive Gas Oil, popularly called diesel to the domestic market in April this year. It has yet to release Premium Motor Spirit, popularly called petrol.

He said, “There are concerns about the ability to import petroleum products especially diesel and aviation fuel and the advent of the Dangote refinery. We allayed the fears of the marketers and told them that the Dangote refinery is a major achievement in our country because the past we were importing every litre of petroleum products we required except those supplied by modular refineries. And as an oil-producing country, we believe at NMDPRA that we should support our local industry. And that is why we encourage our marketers to patronise our local refineries.

“But, at the same time, it is a commercial decision that they have to make between the suppliers and the clients. NMDPRA will not determine how much it is sold or how much you are buying. It is their own decision to go to Dangote refinery and purchase, and for Dangote refinery to determine the price they sell. As a regulator, we will not determine the price, we are only interested that the nation is well supplied.”

On the recent shortage of petrol across the country, Farouk blamed it on the logistics problem faced by NNPC Limited in moving products from offshore to onshore depots.

He also hinted at plans to equip retail outlets and trucks with trackers to oversee product movement, dispensing, and volume accounting to obtain a precise estimate of our national consumption.

“We also talked about our national consumption, the requirement for our national consumption for petrol stations, retail outlets and trucking industries to put some trackers that monitor the movement of the product as well as the dispensing and accounting for the volume sold or transported so that we can have a very good estimate of our national consumption. Because currently what we do is rely on trucking information rather than the actual delivery into retail outlets or other consumption areas.”

Speaking on behalf of the companies, the CEO, Matrix Energy, Mr Abdukabir Adisa Aliu said the companies were ready to support the government in its effort to increase energy sources for Nigerians.

“It is the country first and it is when you have a good country that the marketers will be able to operate and the consumers would be able to buy. I think the decision of the Federal Government supersedes all other decisions that we have. We are all in alignment with the decisions of the government and plead with Nigerians to be patient”, he stated.

Economy

SEE Exchange Rates Black Market Dollar To Naira Exchange Rate In Lagos, FCT, 20 January 2025

Published

6 hours ago

January 20, 2025

Naijablitznews

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1685 and sell it for N1700 on Monday, January 20, 2024.

Black Market Dollar To Naira Exchange Rate in Lagos and FCT today, 20 January 2025.

The official naira black market exchange rate in Lagos and FCT, Abuja today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

According to Bureau De Change (BDC) sources in the Ogba and Ikeja axis of Lagos state, the exchange rate for a dollar to naira at the Parallel Market (Black Market) is N1700 on Monday, January 20, 2024, players bought a dollar for N1685 and sold it for N1700.

Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1685 and sell it for N1700 on Monday, January 20, 2024.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Lagos
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1685
Selling Rate N1700
Dollar to Naira Black Market Rate FCT, Abuja
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1685
Selling Rate N1700
Please note that the rates you buy or sell forex may differ from what is captured in this article because prices vary from state to state across Nigeria.

Economy

SEC insists on January 31 deadline for CMO registration renewal

Published

10 hours ago

January 20, 2025

Kayode Sanni-Arewa

The Securities and Exchange Commission (SEC) has issued a reminder to Capital Market Operators (CMOs) to renew their registration for the 2025 operational year no later than January 31, 2025.

This directive was communicated through a circular urging CMOs to commence the annual renewal process from January 1, 2025.

In a statement, the SEC noted that the annual renewal of registration is designed to ensure that only fit and proper individuals or entities operate within Nigeria’s capital market.

The statement added that the exercise would be conducted electronically, with CMOs required to submit proof of their 2025 annual subscription payments to their respective trade groups as part of their renewal application.

The SEC stated: “This is to inform all Capital Market Operators (CMOs) and the general public that the annual renewal of Registration of CMOs for the year 2025 will commence from January 01, 2025. All CMOs applying for renewal are required to include their 2025 annual subscription receipt from their respective trade groups as part of their application.”

It further explained that all CMOs are required to complete their registration renewal through the SEC’s designated portal at www.eportal.sec.gov.ng on or before January 31, 2025.

The SEC warned that CMOs who fail to meet the deadline or secure valid registration would face penalties and could be barred from conducting capital market activities.

The Commission first reintroduced the requirement for annual registration renewal in 2021, citing the need for a reliable database of active and registered CMOs in the Nigerian capital market.

This measure aims to ensure that local and foreign investors, regulatory agencies, and the public can access accurate and up-to-date information on market operators.

The initiative also seeks to curb unethical practices that could undermine investor confidence and harm the capital market’s reputation.

Additionally, it enhances the SEC’s ability to supervise and monitor CMOs effectively.

To facilitate the renewal process and improve efficiency, the Commission amended its rules, mandating that the registration renewal process be conducted electronically.

Economy

TikTok restores service in US after Trump pledge

Published

10 hours ago

January 20, 2025

Kayode Sanni-Arewa

TikTok is resuming services to its 170 million users in US after President-elect Donald Trump said he would issue an executive order to give the app a reprieve when he takes office on Monday.

On Saturday evening, the Chinese-owned app stopped working for American users, after a law banning it on national security grounds came into effect.

Trump, who had previously backed a ban of the platform, promised on Sunday to delay implementation of the law and allow more time for a deal to be made. TikTok then said that it was in the process of “restoring service”.

Soon after, the app started working again and a popup message to its millions of users thanked Trump by name. In a statement, the company thanked the incoming president for “providing the necessary clarity and assurance” and said it would work with Trump “on a long-term solution that keeps TikTok in the United States”.

TikTok CEO Shou Chew is expected to attend Trump’s inauguration Monday.

Posting on Truth Social, a social media platform he owns, Trump said on Sunday: “I’m asking companies not to let TikTok stay dark! I will issue an executive order on Monday to extend the period of time before the law’s prohibitions take effect, so that we can make a deal to protect our national security.”

TikTok’s parent company, Bytedance, previously ignored a law requiring it to sell its US operations to avoid a ban. The law was upheld by Supreme Court on Friday and went into effect on Sunday.

It is unclear what legal authority Trump will have to delay the implementation of a law that is already in effect. But it expected that his government will not enforce the ban if he issues an executive order.

It’s an about-face from his previous position. Trump had backed a TikTok ban, but has more recently professed a “warm spot” for the app, touting the billions of views he says his videos attracted on the platform during last year’s presidential campaign.

For its part, President Joe Biden’s administration had already said that it would not enforce the law in its last hours in office and instead allow the process to play out under the incoming Trump administration.

But TikTok had pulled its services anyway on Saturday evening, before the swift restoration of access on Sunday.

The short-form video platform is wildly popular among its many millions of US users. It has also proved a valuable tool for American political campaigns to reach younger voters.

Under the law passed last April, the US version of the app had to be removed from app stores and web-hosting services if its Chinese owner ByteDance did not sell its US operations.

TikTok had argued before the Supreme Court that the law violated free speech protections for its users in the country.

The law was passed with support from both Republicans and Democrats in Congress and was upheld unanimously by Supreme Court justices earlier this week.

The issue exposes a rift on a key national security issues between the president-elect and members of his own party. His pick for Secretary of State, Marco Rubio, had vocally supported the ban.

“TikTok extended the Chinese Communist Party’s power and influence into our own nation, right under our noses,” he said last April. But he seemed to defer to the president-elect when a journalist asked if he supported Trump’s efforts to restore the ban.

“If I’m confirmed as secretary of State, I’ll work for the president,” he told Punchbowl media last week.

After Trump intervened on Sunday morning, Senate Intelligence Committee Chair Tom Cotton, a Republican senator from Arkansas, broke with Trump by saying that any company that helps TikTok stay online would be breaking the law.

“Any company that hosts, distributes, services, or otherwise facilitates communist-controlled TikTok could face hundreds of billions of dollars of ruinous liability under the law, not just from DOJ, but also under securities law, shareholder lawsuits, and state AGs,” he wrote on social media.

An executive order that goes against the law could be fought in court.

Several states have also sued the platform, opening up the possibility to TikTok being banned by local jurisdictions, even if it is available nationally.

Although the platform went live again on Sunday for existing users, the question of whether third-parties – hosting platforms or app stores like Google or Apple – could support TikTok in the US remains murky, says University of Richmond law professor Carl Tobias. The app had been removed from those stores in anticipation of the ban.

“It is murky,” he told the BBC.

In a post on Truth media, Trump promised to shield companies from liability, opening the door to TikTok being available on Apple and Google again.

“The order will also confirm that there will be no liability for any company that helped keep TikTok from going dark before my order,” the president-elect said on Truth Social Sunday.

But during the Supreme Court hearings, Solicitor General Elizabeth Prelogar was adamant that an executive order cannot change the law retroactively.

“Whatever the new president does, doesn’t change that reality for these companies,” Justice Sonia Sotomayor said during the hearings.

“That’s right,” Prelogar said.

Professor Tobias said that the law does include a provision that would allow the president to postpone the ban for up to 90 days, if he can show that the company is making substantial progress on alleviating national security issues. But, he said, it’s not clear whether those conditions have been met.

“The best thing Trump could do is work with Congress, and not potentially be in violation of the law or have any questions left hanging,” he said.

“I don’t know that we’re going to know a whole lot more until we see that executive order.”