News
Atiku demands NNPCL’s listing on stock market
The 2023 Peoples Democratic Party presidential candidate, Atiku Abubakar, has called on President Bola Tinubu’s administration to promptly list the Nigerian National Petroleum Corporation Limited on the Nigeria Stock Exchange.
The former Vice President declared that this move aligns with the stipulations set forth by the Petroleum Industry Act.
Atiku’s demand follows the recent decision by NNPCL to transfer the management and operation of the Warri and Kaduna refineries to private operators.
In a statement issued by his media adviser, Paul Ibe, on Sunday, Atiku emphasized that NNPCL should be listed on the stock exchange as required by the Petroleum Industry Act.
“Currently, the NNPCL claims to be private, but this is only a ruse to fool the feeble-minded because it remains the ATM of the Federal Government. Anything short of listing the NNPCL on the stock exchange is nothing but a cosmetic development,” he added.
He explained that this move would improve profitability, transparency, and corporate governance.
The statement read in part, “The Peoples Democratic Party (PDP) Presidential candidate said previous arrangements and concessions had not worked because of a lack of transparency in the contract award process as well as the failure of the government to attract investors.
“The former Vice President said that for such a deal to succeed at all, the Bureau of Public Enterprise (BPE) and a credible technical partner like Standard and Poor’s must be part of the process.
“Former President Olusegun Obasanjo revealed recently that even Shell, one of the world’s wealthiest oil companies, rejected the offer to operate Nigeria’s refineries. This is because the NNPCL has, for years, been a cesspool of endemic corruption.
“This is why over $20bn that has been spent on the refineries in the last 20 years has led to nowhere. It is also curious that a government that is still paying petrol subsidies is trying to make its refineries profitable. Which businessman will invest in a refinery that has been programmed to operate at a loss?”
Atiku questioned the viability of the NNPC’s new plan, noting that similar arrangements in the past had not been successful or profitable.
The Waziri Adamawa urged NNPCL to avoid making the contract process opaque as it did with OVH last year, which proved dubious and did not resolve the ongoing fuel scarcity.
He continued, “The management and operating approach has not always worked. The Manitoba Hydro International, which was handed to the Transmission Company of Nigeria, led to nowhere. Similarly, Global Steel Limited, which was handed to the Ajaokuta Steel Company, was not able to make the facility profitable.
“The contract was questionably revoked by the Umaru Musa Yar’Adua administration, and Nigeria ended up paying Global Steel a compensation of nearly $500m while Ajaokuta remains comatose 17 years later.
“In 2022, Nueoil, an unknown and newly registered company, acquired OVH and Oando filling stations. Barely four months later, NNPCL Retail bought Nueoil and took control of all its assets, including the Oando filling stations.
“Barely eight months later, OVH turned around to take over NNPCL Retail. This convoluted transaction was done in order to hide the corruption involved. If this is the approach that the NNPCL wants to use in handing over its refineries to private hands, then Nigerians should not expect any positive development whatsoever.”
A tragic plane crash in the city of Gramado, southern Brazil, has claimed the lives of ten family members of influential businessman, Luiz Claudio Galeazzi.
The crash involved a private plane piloted by Brazilian businessman Luiz Claudio Galeazzi. He, along with his wife, three daughters, and other family members, died in the crash, according to a statement from his company.
The small aircraft reportedly struck a building’s chimney, as well as a house and a shop, before crashing. Local authorities confirmed that 17 people on the ground were injured, with two in serious condition.
Mr. Galeazzi, 61, was reportedly taking his family on a trip to Jundiaí, São Paulo state. All ten victims were members of his family, as confirmed by the Governor of Rio Grande do Sul, Eduardo Leite.
The plane had taken off in poor weather conditions. The aircraft flew for about 3 kilometers (1.8 miles) before crashing into the urban area just minutes after takeoff on Sunday morning.
An eyewitness, Nadia Hansen, described hearing the plane revving up before it hit the building. “At the time, it was revving up. You could see that it was accelerating a lot,” Hansen said. “Then there was a bang as it hit the building and then it passed close to my house and then it fell, and I thought it had dropped in front of the house.”
Emergency workers were seen at the crash site, attending to the wreckage and debris from damaged buildings. Galeazzi was the CEO of Galeazzi & Associados, a corporate restructuring and crisis management firm based in São Paulo. His company expressed its condolences in a LinkedIn statement, honoring Galeazzi’s dedication to his family and his professional legacy.
The crash occurred near the center of Gramado, hitting a house, furniture store, and hotel. The cause of the accident is under investigation by the Aeronautical Accident Investigation and Prevention Center (Cenipa). Governor Leite assured that the state was mobilized to provide necessary assistance.
Gramado, a well-known tourist destination, has recently been hit hard by devastating flooding earlier this year, which caused extensive damage and displaced thousands of residents.
The Federal Government has allocated a total of N6,364,181,224 billion for the renovation and rehabilitation of the residential quarters of President Bola Tinubu, Vice President Kashim Shettima, and some of their aides in the 2025 budget proposal.
Sunday PUNCH’s analysis of the proposed allocation, contained in the 2025 Appropriation Bill presented to the National Assembly, showed that the annual maintenance of the Presidential Villa would gulp N5.49bn.
According to the proposed budget, N765m will be used for the renovation of the Vice President’s quarters and guest house.
The renovation of the president’s quarters at the State House will cost N6.39m, while the renovation of security quarters, auditorium, gymnasium and presidential aides’ quarters will cost N49m.
In addition, the renovation of Prescott barracks at Maple State House officers’ mess building and signal office in Asokoro, Abuja will cost N51m.
Further analysis of the budget revealed that Tinubu and his vice are also expected to have N87m as honorarium and sitting allowances, while N127m was allocated for the procurement of SUVs.
Also, N3.66bn was budgeted for the purchase of State House operational vehicles and N1,09bn will be spent on replacement of SUV vehicles at the State House.
Under the budget of the State House Lagos Liaison Office, there is an allocation of N14.72m for the routine maintenance of State House Lagos facilities (Dodan Barracks, Vice President guest houses at Ikoyi, among others).
Another N140.10m was allocated for the completion of renovation and furnishing of the State House annex (Dodan Barracks), Lagos.
Meanwhile, the Federal Government is planning to spend N1.83bn on converting forfeited properties from the Economic and Financial Crimes Commission into State House quarters.
The plan to convert forfeited houses from the EFCC comes in the same month that the commission disclosed the recovery of an estate in the Lokogoma District of Abuja, measuring 150,500 square metres and containing 753 units of duplexes and other apartments.
The commission described this as its “single largest asset recovery” since its inception in 2003.
The estate rests on Plot 109 Cadastral Zone C09 of the district, and was forfeited in a ruling on Monday, December 2, 2024, by Justice Jude Onwuegbuzie.
(Punch)
WHEN we look at this month, USD was traded at ₦ at the beginning of this December on Monday, December 2, 2024. As at today with USD being traded at ₦1,655 we see a % for United States Dollar to Naira exchange rate for this month.
On this page, we are primarily focusing on the Black Market Dollar To Naira Exchange Rate Today, the USD to Naira currency pair are the most traded currency in the FX market.
Black Market Exchange Rates
Buying Rate
Selling Rate
Dollar to Naira 1655 1640
Pounds to Naira 2150 2000
Euro to Naira 1730 1700
Canadian Dollar to Naira 1146 1135
Rand to Naira 52 43
Dirham to Naira 0 0
Yuan to Naira 62 62
G.Cedi to Nair 70 50
CFA F. (XOF) To Naira 0.83 0.81
CFA F. (XAF) To Naira 0.74 0.74
READ ALSO: INSIDE LIFE: 26-Year-Old Lady Died In Bangladesh With No One To Claim Her Body, She Is A Nigerian From Enugu (SEE PHOTO)
Having full knowledge how much USD to NGN black market exchange rate today will give you a better opportunity to plan and make informed decisions.
Nairatoday.com
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