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June 1, 2023 Central Bank Denies Devaluation of The Naira

Central Bank Denies Devaluation of The Naira

Contrary to stories that made the news since yesterday, the Central Bank of Nigeria has denied devaluation of the Nigerian Naira. This was made known in a press release made available to Inspiration 105.9 FM, signed by the Acting Director Corporate Communications, Isa Abdulmumin.

The Apex bank described the report as the product of the News writers imaginations, replete with falsehoods and destabilizing innuendoes, showing the Ignorance of those who concocted the said report.

The CBN restated the exchange rate of N465/US$1 at the investors and Exporters window as at June 1, 2023, and asked the general public to disregard the story as it could cause some panic in the money market.

May 24, 2023 Calabar Microfinance Bank and 131 Others Lose Licenses

Calabar Microfinance Bank and 131 Others Lose Licenses

132 microfinance banks in the country and four primary mortgage banks and three finance companies have lost their operational licenses.

The Central Bank of Nigeria stated this yesterday night.

The CBN gazette added: “the listed institutions cease to carry on in Nigeria, the type of business for which their licences were issued for a continuous period of six months; failed to fulfil or comply with the conditions subject to which their licences were granted; or failed to comply with the obligations imposed upon them by the Central Bank of Nigeria in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.”

The apex bank’s governor, Godwin Emefiele, revoked the licenses in the exercise of the powers conferred on the Central Bank of Nigeria under Section 12 of BOFIA 2020, Act No. 5.

Finance companies that the licenses were revoked are: HHL Invest & Trust Limited, TFS Finance Limited and Treasures & Trust Limited while the four primary mortgage banks whose licenses were revoked are – Resort Savings & Loans, Safetrust Mortgage Bank, Adamawa Savings & Loans and Kogi Savings & Loans.

The other institutions include Atlas Microfinance Bank, Bluewhales Microfinance Bank, Everest Microfinance Bank, Igangan Microfinance Bank, Mainsail Microfinance Bank, Merit Microfinance Bank, Minna Microfinance Bank, Musharaka Microfinance Bank, Nopov Microfinance Bank, Ohon Microfinance Bank, and others.

May 22, 2023 Dangote Refinery Produce to Hit Market in July, August 2023

Dangote Refinery Produce to Hit Market in July, August 2023

Alhaji Aliko Dangote, has said that the first tranche of petroleum products from the refinery will be supplied to the market by the end of July or the begining of August 2023.

Speaking at the commissioning of theintegrated refinery project located in the Lekki free trade zone area of Lagos State on today, Dangote described it as a milestone in a new and exciting trajectory for Nigeria’s oil and gas downstream sector.

“It is our firm commitment that we will replicate in this sector what we have actually achieved in the cement and fertilizer markets while Nigeria transformed from being the largest importer of these crude products to a net exporter,” he said.

“Our first goal is to ramp up projections of various production to ensure that within this year, we are able to fully satisfy our nation’s demand for higher quality products to enable us to eliminate the tragedy of import dependency and stop, once and for all, the dumping in our market of toxic substandard petroleum products.

“Our first products will be in the market before the end of July, beginning of August this year.”

The refinery will produce Euro-V quality gasoline and diesel, as well as jet fuel and polypropylene.

The firm stated that the facility was designed to process a large variety of crudes, including many African crudes, some Middle Eastern crudes, and US (United States) Light Tight Oil, for local consumption as well as export.

April 18, 2023 Court Reinstates Ararume as NNPCL Boss, Awards N5bn Damages Against Federal Government.

Court Reinstates Ararume as NNPCL Boss, Awards N5bn Damages Against Federal Government.

The Federal High Court, Abuja, has today;Tuesday, restored Senator Ifeanyi Ararume as the non-executive Chairman of the Nigeria National Petroleum Company Limited (NNPCL). The court set aside his removal by President Muhammadu Buhari on January 17, 2023.

Ararume had prayed the court to declare his removal as the NNPCL chief illegal, unlawful and unconstitutional and that it was a total breach of CAMA law under which the NNPCL was incorporated. He further approached the court to issue an order to return him to office with damages worth N100 billion as compensation for the humiliation suffered nationally and internationally.

Delivering judgement, Justice Inyang Ekwo voided Arume’s sacking and awarded N5bn as damages against President Buhari and the NNPCL, to be paid for the disruption of Arume’s appointment on the ground that the action of the President was arbitrary, unlawful and illegal.

The justice ordered that Ararume be immediately restored to office as the non-executive chairman of the NNPCL.

The judge also declared as null and void all decisions of the Board of Directors of the NNPCL carried out in the absence of Ararume.

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