Economy
Nigerian Petroleum Company NNPCL Says It Has Begun Shipment Of LNG Cargoes To Japan, China
Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd in a statement on Monday asserted that NNPC Ltd. achieved the milestone through the collaboration of two of its downstream subsidiaries – NNPC LNG Ltd. and NNPC Shipping Ltd. – which delivered its first DES LNG cargo from the 174,000m³ LNG vessel, Grazyna Gesicka at Futtsu, Japan, on 27th June 2024.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) said it has commenced shipment of Liquefied Natural Gas (LNG) cargoes to Japan and China on Delivered Ex-Ship (DES) basis.
Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd in a statement on Monday asserted that NNPC Ltd. achieved the milestone through the collaboration of two of its downstream subsidiaries – NNPC LNG Ltd. and NNPC Shipping Ltd. – which delivered its first DES LNG cargo from the 174,000m³ LNG vessel, Grazyna Gesicka at Futtsu, Japan, on 27th June 2024.
He explained that NNPC LNG Ltd., in collaboration with NNPC Shipping Ltd, is scheduled to deliver at least two more LNG cargoes to the Asian market on DES basis by November.
The company added that more orders were expected before the end of year.
The statement read in part; “In line with its strategic vision to be a dynamic and reliable global energy supplier of choice, the Nigerian National Petroleum Company Limited (NNPC Ltd.) has commenced shipment of Liquefied Natural Gas (LNG) cargoes to Japan and China on Delivered Ex-Ship (DES) basis.
“NNPC Ltd. achieved the milestone through the collaboration of two of its Downstream subsidiaries – NNPC LNG Ltd. and NNPC Shipping Ltd. – which delivered its first DES LNG cargo from the 174,000m³ LNG vessel, Grazyna Gesicka at Futtsu, Japan, on 27th June 2024.
“Since then, it has expanded its footprint to China with the delivery of one LNG cargo on DES basis.
“Delivered Ex-Ship (DES) is an international commercial term that requires the seller to deliver the products/goods at a specific port. The seller takes responsibility for the shipping and insurance for the products/goods until they get to the specified port of delivery. It requires expertise and a higher level of efficiency to execute than the Free on Board (FOB) system.
“NNPC Ltd. has been involved in LNG trading since 2021 with its first LNG cargo sale in November of that year. It has since traded over 20 cargoes into the European and Asian markets on FOB basis.”
Also speaking on the development, the Executive Vice President, Downstream, Mr. Dapo Segun, said NNPC Shipping intends to build a shipping portfolio, so that we can provide our sister company and other clients all the shipping flexibilities they need.
“The DES system, apart from being more financially rewarding, allows NNPC Ltd. inroads into the downstream segment of the LNG sector and positions it to capture more market shares while building in-house capacity and ensuring that global customers are familiar with the NNPC Ltd. brand”.
“The collaboration between NNPC LNG Ltd. and NNPC Shipping Ltd. in executing the LNG supplies on DES basis has strengthened the latter’s position as a world class shipping provider in the LNG sector.
“NNPC Shipping intends to build a shipping portfolio (including owned vessels) so that we can provide our sister company and other clients all the shipping flexibilities they need,” Managing Director of NNPC Shipping, Panos Gliatis, enthused.”
Economy
SEE Black Market Dollar To Naira Exchange Rate In Lagos, FCT, 4th January 2025
Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1760 and sell it for N1770 on Saturday, January 4th, 2024.
Black Market Dollar To Naira Exchange Rate in Lagos and FCT today, 4th 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) was N1750 on Saturday, January 4th, 2024, players bought a dollar for N1750 and sold it for N1760.
Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1760 and sell it for N1770 on Saturday, January 4th, 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 N1750
Selling Rate N1760
Dollar to Naira Black Market Rate FCT, Abuja
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1760
Selling Rate N1770
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
Why 1,000 workers left CBN – Cardoso
The Central Bank of Nigeria has again clarified that the 1,000 staff members who opted out of service in December 2024 were not forced to quit their jobs.
The CBN Governor, Olayemi Cardoso, stated this on Friday in Abuja at an investigative hearing of the House of Representatives’ ad-hoc committee probing the circumstances leading to the exit of the staff members and how the sum of N50bn severance package for the affected persons was arrived at.
Cardoso added that the affected persons opted to disengage through the voluntary Early Exit Program with payment of full benefits.
Represented by Deputy Director, Corporate Service of the CBN, Bala Bello, Cardoso explained. “The Early Exit Program, Restructuring and Re-organization “are basically ways and means through which the performance of an organization is optimized by ensuring that round pegs are put in right holes. The manpower requirement of the bank is actually met.
“I’m very happy to mention that the early exit program of the CBN is 100 per cent voluntary. It’s not mandatory. Nobody has been asked to leave, and nobody has been forced to leave. It’s a completely voluntary programme that has been put in place.”
He also noted that the exercise was not restricted to government agencies alone, saying, “I believe several organisations across the world, and even within this country, both in terms of the private sector and the public sector, are undertaking similar exercises.”
Continuing, Cardoso said, “In the past, we had instances in which cases of stagnation and lack of career progression appear. In an organisation, you’ve got a pyramid where from each level to the next level, the gap keeps narrowing. If not, you are going to have a quasi-organisation, an inverted pyramid.
“It gets to the level where you have, for example, 30 departments in the Central Bank. You cannot have 60 directors manning 30 departments. It’s not going to work.
“Once those vacancies are filled, it gets to a level where some people, even though they are very qualified, able, and willing, but the vacancies are not there. And then they got to a level where they are stagnated for a period of time.”
Speaking earlier, the chairman of the committee, Bello Kumo, noted that the committee’s responsibility was to submit the report to the House.
Economy
Tinubu’s 15 percent inflation targets for Nigeria in 2025 unrealistic – Rewane
The Chief Executive of Financial Derivatives and popular economist, Bismark Rewane said President Bola Ahmed Tinubu’s 15 percent inflation target in 2025 is unrealistic and a mere aspiration.
Rewane disclosed on Channels Television’s program on Thursday.
DAILY reports that during Tinubu’s N49.7 trillion budget presentation before the National Assembly on December 18, 2024, he expressed optimism that Nigeria’s inflation rate would decline from 34.60 percent to 15 percent in 2025.
However, Rewane said the President’s target isn’t realistic.
According to him, Nigeria’s inflation can decline to 25 or 27 percent, but the 15 percent is unrealistic.
“Well, the target is an aspiration; the reality that we think is inflation could reduce from approximately 35 percent to somewhere like 27 percent or 25 percent, but a 15% rate on inflation is very bullish and aspirational, but we are free to have our aspirations.
“We deal in the world of reality, and in the world of reality, we see more of 27% to 25%. I would rather bet on that than bet on much more optimistic scenarios,” he said.
When Tinubu was sworn in as Nigeria’s president in May 2023, Nigeria’s inflation rate was 22.41 percent, according to official numbers by the National Bureau of Statistics, NBS.
The inflation rate rose astronomically to 34.6 percent in November 2024, more than 12 percent higher, a development that economic experts have attributed to Tinubu’s twin policies of petrol subsidy removal and unification of the foreign exchange rates.
-
News17 hours ago
Nigeria Won’t Break Ties With France Over Niger, Others
-
News17 hours ago
Portugal Football Club Signs on 19-Year-Old Nigerian- born Footballer, Yaqub Usman-Malah
-
News13 hours ago
After firing 27 officers with itchy fingers, EFCC reportedly loses over $350k, jewelries
-
News17 hours ago
Youth Confab Is A Plan To Compensate Seyi Tinubu’s Friends, Not Nigerian Youths – Sowore
-
Politics24 hours ago
Fear grips APC spokesperson, Morka says ” family received over 400 death threats” after he allegedly threatened Obi
-
News17 hours ago
Court jails man seven years for stealing phone
-
News13 hours ago
59 Traff!cked Kids, Aged 4 To 12, Found In Bus In FCT
-
News9 hours ago
No Plans Of Partnership With Ethiopian Airlines On Nigeria Air: FG