Category: Press Releases
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NNPC Ltd Faces Financial Strain Due to PMS Supply Costs, Impacting Supply Sustainability
PRESS RELEASE Sept. 1, 2024 – NNPC Ltd Faces Financial Strain Due to PMS Supply Costs, Impacting Supply Sustainability NNPC Ltd. has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers. This financial strain has placed considerable pressure on the Company and poses a threat…
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FG Collaborates With UNODC to Reform Correctional Service
May 16 – PRESS RELEASE The Minister of Interior, Dr. Olubunmi Tunji-Ojo has reiterated the need to partner with the United Nations Office on Drugs and Crime (UNODC) in upgrading the status of the Correctional Service. Dr. Tunji- Ojo made this call when the Country Representative, UNODC in Nigeria, Dr.…
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CBN Prohibits Use of Foreign-Currency Denominated Collaterals for Naira Loans
LETTER TO ALL BANKS Abuja, April 8 – THE USE OF FOREIGN-CURRENCY-DENOMINATED COLLATERALS FOR NAIRA LOANS The Central Bank of Nigeria has observed the prevailing situation where bank customers use Foreign Currency (FCY) as collaterals for Naira loans. Consequently, the current practice of using foreign currency-denominatedcollaterals for Naira loans is…
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NERC Fines AEDC ₦200 Million for Violation of the New Tariff Order, Directs Customer Refunds
Press Release Abuja, April 5 – The Nigerian Electricity Regulatory Commission (“Commission”) has taken enforcement action against the Abuja Electricity Distribution Plc (“AEDC”) for non-compliance with the Supplementary Order to the April 2024 Multi-Year Tariff Order 2024 for AEDC (the “Order”). AEDC has been fined ₦200,000,000 (Two Hundred Million Naira) for…
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CBN: Monetary Policy Adjusted 200 Basis Points to 24.75%
Press Release Abuja, March 26 – The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 294th meeting on the 25th and 26th of March 2024 to review recent economic and financial developments as well as assess risks to the outlook. Decisions of the MPC The…
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FAAC Meeting: FG, States and LGCs Share 1.152 Trillion Naira for February 2024
Press Release Abuja, March 22 – The Federation Account Allocation Committee (FAAC), at its February 2024 meeting chaired by the Honourable Minister of Finance and Co-ordinating Minister of the Economy, Wale Edun, shared a total sum of N1,152.756 trillion to the three tiers of government as Federation Allocation for the month…
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Transparency, Research, Innovation, Driving NNPC Ltd. Transformation —EVP Gas, Power & New Energy
Press Release Abuja, March 21 – The Executive Vice President, Gas, Power and New Energy, Nigerian National Petroleum Company Ltd., Mr. Olalekan Ogunleye, has identified transparency, accountability, research, technology and innovation as key drivers of the ongoing transformation in the company. Ogunleye disclosed this while speaking during a Panel Session…
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Situation Report on the Attack and Killing of Military Personnel on Peace Mission by Okuoma Community
Press Release Abuja, March 16 – The troops of 181 Amphibious Batallion, Bomadi Local Government Area of Delta State While on peace mission to OKUOMA community in BOMADI LGA of Delta State were surrounded by some community youths and killed on Thursday, 14 March, 2024. The unfortunate incident occurred when…
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Nigeria Opens Land and Air Borders With Republic of Niger, Lifts Other Sanctions
STATE HOUSE PRESS RELEASE Abuja, March 13 – President Bola Tinubu has directed the opening of Nigeria’s land and air borders with the Republic of Niger and the lifting of other sanctions against the country with immediate effect. This directive is in compliance with the decisions of the ECOWAS Authority…
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Nigerian Army Troops Burst IPOB/ESN Major Firearms/Drones Factory in Delta, Arrest 6 Suspects
Press Release Abuja, March 12 – Troops of the Nigerian Army have made a significant inroad in the ongoing fight against terrorism and insurgency, as they uncovered and neutralized a major firearms and drone manufacturing factory operated by Armed fighters of the Indigenous People of Biafra (IPOB) and its militia…
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