WAFFI TV | Business

NNPC Halts Naira for Crude Deal, Fuel Price Hike Looms

The Nigerian National Petroleum Company (NNPC) Limited has reportedly halted its naira-for-crude deal with Dangote Petroleum Refinery and other local refineries. This decision may push petrol prices higher, as refineries will now rely on costlier international crude purchases in dollars. Despite increased crude production, NNPC has informed refineries that all its crude has been forward-sold. The naira-for-crude initiative, launched on October 1, 2024, aimed to stabilize supply, cut import costs, and reduce pump prices. However, sources say the policy is suspended until 2030. Nigeria spent over $4.3 billion importing 6.38 billion liters of petrol and diesel in five months, despite efforts to boost local refining. With the recent downstream deregulation, NNPC remains a major fuel importer. The move has raised concerns over forex volatility, with analysts warning it could reverse recent currency gains. Dangote Refinery, which was set to receive 385,000 barrels per day under the scheme, has struggled with supply shortages. In November 2024, Dangote’s VP, Edwin Devakumar, criticized NNPC’s deliveries as “peanuts.” The federal executive council (FEC) had approved selling 450,000 barrels of crude in naira to local refineries, with Dangote as the pilot. However, NNPC’s alleged failure to meet commitments has cast doubt on the program’s future.

3/10/2025, 11:37:44 AM

Federal Civil Service Commission Extends Job Application Deadline To March 17

The Federal Civil Service Commission (FCSC) has extended the application deadline for vacancies in the Federal Civil Service to Monday, March 17. This new deadline replaces the previously advertised March 10 cutoff, as announced in national newspapers and on the FCSC website (www.fedcivilservice.gov.ng). FCSC Chairman, Prof. Tunji Olaopa, disclosed the extension in a statement on Monday, issued by Mr. Taiwo Hassan, Head of Press and Public Relations. Olaopa added that the updated notice was published in The Sun and The Nation on March 10, 2025, and will also appear in Daily Trust on March 11, 2025. “The FCSC urged qualified Nigerians to take advantage of the extended deadline and apply for available positions. “The commission also reaffirmed its commitment to a transparent and merit-based recruitment process,” he said.

3/10/2025, 11:00:07 AM

FG Okays Three Refineries For 140,000bpd Production

The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has approved licences for the construction of three new refineries. In an announcement on its official X handle on Friday, the NMDPRA stated that the new facilities will boost Nigeria’s domestic refining capacity by 140,000 barrels per day. Eghudu Refinery Ltd in Edo State received a licence for a 100,000 bpd refinery, while MB Refinery and Petrochemicals Company Ltd in Delta State was granted a 30,000 bpd refinery licence. Additionally, HIS Refining and Petrochemical Company Ltd secured a licence for a 10,000 bpd refinery in Abia State. “The Authority Chief Executive, Engr. Farouk Ahmed presented a License to Construct a 100,000 bpd refinery to Eghudu Refinery Ltd in Edo state, a License to Establish a 30,000 bpd refinery to MB Refinery and Petrochemicals Company Ltd in Delta state, and a License to Establish a 10,000 bpd refinery to HIS Refining and Petrochemical Company Ltd. in Abia state. “These Licenses, which would add 140,000 barrels per day to Nigeria’s domestic refining capacity, were presented to the MDs of the companies,” the post read.

3/9/2025, 7:52:04 AM

Nigeria Ready For Deployment Of Electric Vehicles~ FG

The Federal Government has reaffirmed its commitment to sustainable transportation and cutting carbon emissions. Minister of State for Industry, Sen. John Enoh, emphasized this while unveiling the NEV T6 electric buses in Abuja, as stated in a release on Saturday. He highlighted that electric vehicles represent the future and assured that Nigeria is prepared for the transition. The newly introduced NEV T6 electric buses aim to reduce reliance on fossil fuels while ensuring cleaner, more affordable, and efficient public transport. The minister noted that the initiative supports the government’s goal of achieving 30% growth in electric mobility under the National Automotive Industrial Development Plan. Enoh described the launch as a major milestone in transforming Nigeria’s automotive industry. He said, “A lot of Nigerians look at electric vehicles as impossible. I mean, people are not able to accommodate that in their heads. And I think that is what is required to make a success in life, to start from a point of impossibility. “Nigeria is such a big and great country. When we talk about China and India, we should also talk about Nigeria and all the advantages that Nigeria brings. And I think that people like you are taking the most advantage of that. “Yes, electric vehicles are the future. But electric vehicles, that future starts today. We must promote that future today and try to make sure that we achieve it because we are ready for it. “This launch goes beyond introducing buses; it is about embracing innovation to ensure Nigeria remains competitive in the global automotive industry.”

3/8/2025, 12:16:32 PM

Naira Depreciates To N1,545/$ In Parallel Market

The Naira weakened to N1,545 per dollar in the parallel market yesterday, down from N1,525 per dollar on Thursday. Similarly, in the Nigerian Foreign Exchange Market (NFEM), the Naira depreciated to N1,542 per dollar. Data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate climbed to N1,542 per dollar from N1,520 per dollar on Thursday, reflecting a N22 drop in value. As a result, the gap between the parallel market and NFEM rates narrowed to N3 per dollar from N5 per dollar on Thursday.

3/8/2025, 7:52:24 AM

Petrol Cost May Drop Further As Crude Prices Fall

The price of Premium Motor Spirit (petrol) could decline further if crude oil prices continue to drop. This trend may be reinforced by the naira's stability against the dollar in the foreign exchange market. Crude oil prices fell by about two per cent to a 12-week low this week, following reports that OPEC+ will proceed with its planned oil output increase in April. Brent crude dropped by $1.19 (1.6 per cent) to settle at $71.62 per barrel, while the United States West Texas Intermediate (WTI) crude declined by $1.39 (two per cent) to close at $68.37. *Reuters* reported that these were the lowest closing prices for Brent since December 6 and WTI since December 9. The Organisation of the Petroleum Exporting Countries and its allies, including Russia (OPEC+), have confirmed their decision to proceed with the scheduled output hike in April. Experts in Nigeria’s downstream oil sector highlight crude oil prices and exchange rates as key factors influencing the cost of refined petroleum products. Last week, the Dangote refinery reduced its ex-depot PMS price from N890 per litre to N825. Similarly, the Nigerian National Petroleum Company Limited (NNPCL) matched Dangote’s price, igniting what industry players describe as a price war.

3/6/2025, 10:15:23 AM

Naira Appreciates To N1,512/$ In Parallel Market

The Naira strengthened to N1,512 per dollar in the parallel market yesterday, up from N1,515 per dollar on Tuesday. However, it weakened in the Nigerian Foreign Exchange Market (NFEM), depreciating to N1,505 per dollar. Data from the Central Bank of Nigeria (CBN) showed that the indicative exchange rate rose to N1,505 per dollar from N1,502 per dollar on Tuesday, reflecting a N3 decline. As a result, the gap between the parallel market and NFEM rates narrowed to N7 per dollar from N13 per dollar on Tuesday.

3/6/2025, 8:09:52 AM

FG Files Charges Against MultiChoice Over Price Hike

The Federal Competition and Consumer Protection Commission (FCCPC) has taken legal action against MultiChoice Nigeria Limited and its CEO, John Ugbe, for ignoring regulatory orders to halt a subscription price increase. FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, announced this in a statement on Wednesday. On February 27, the FCCPC instructed MultiChoice to suspend its planned price hike for DStv and GOtv services pending an investigation. However, the company proceeded with the increase on March 1, defying the directive. The charges, filed at the Federal High Court in Lagos, include obstructing the Commission’s investigation, non-compliance with directives, and attempting to mislead the regulatory authority. Part of the statement reads, “Following the blatant disregard for regulatory oversight, the FCCPC has filed charges against MultiChoice Nigeria and John Ugbe at the Federal High Court, Lagos Judicial Division, on three counts of offences under the FCCPA 2018. “Specifically for willfully obstructing the Commission’s inquiry by implementing a price hike contrary to directives (Section 33(4)), impeding the ongoing investigation by ignoring instructions to suspend the hike (Section 110), and attempting to mislead the Commission by proceeding with the increase without objection (Section 159(2), punishable under Section 159(4)(a) and (b)).” “By disregarding the FCCPC’s directive and implementing the price hike before appearing before the Commission’s investigative hearing on March 6, 2025, MultiChoice has not only flouted regulatory processes but also demonstrated a pattern of conduct that undermines consumer rights and fair competition,” the statement added. Beyond the legal action, the FCCPC stated that it is exploring additional enforcement measures, such as sanctions and regulatory interventions, to uphold compliance and accountability. MultiChoice had previously notified customers of the upcoming price adjustment, scheduled to take effect on March 1, 2025, citing increasing costs of providing premium content as the reason for the hike.

3/5/2025, 7:04:59 PM

Reps Demand Suspension Of Dstv Subscription Rates Hike

The House of Representatives has ordered Multichoice, the owner of Pay TV services DStv and GOtv, to suspend its planned subscription rate increase due to current economic conditions. The company recently announced new rates effective March 1, with DStv Premium rising from N37,000 to N44,500, Compact+ increasing from N25,000 to N30,000, and Compact moving from N17,000 to N19,000. This directive came after a motion was adopted, sponsored by Esosa Iyawe, a member of the All Progressives Congress from Edo State. He said, “The House notes that Multichoice, the owner of Pay TV options DStv and GOtv, recently announced an increase in the prices of all its packages in Nigeria, citing prevalent economic factors leading to increased operational costs as their reason for the proposed increase. “The House also notes that the 20-25 per cent hike in subscription prices would be the second time in less than a year, as the last hike was in May 2024. “We are concerned that the increase in May 2024 sparked a public outrage and many Nigerians who were already dealing with rising costs of living were forced to ditch their decoders even as they lamented the lack of competition in the pay-TV sector. “We are concerned that due to the dominant position of Multichoice in pay-TV, price increases always have a widespread impact and put consumers under undue pressure.” He further argued that “The recent hike has triggered widespread criticism from subscribers, many of whom have taken to social media to express their frustration over frequent price hikes without a corresponding improvement in service quality.” With the motion adopted, the House urged Multichoice to suspend its planned subscription price hike in Nigeria until a thorough investigation is conducted. It also directed its Committee on Commerce to examine the arbitrary price increases by Multichoice and recommend cost-effective policies for the pay-TV sector to protect consumers. The committee was given four weeks to present its findings.

3/5/2025, 3:53:00 PM

Oil Price Decline To $73.5 Per Barrel, Threatens 2025 Budget

Nigeria’s Bonny Light crude oil price dropped 10.6% to $73.53 per barrel from $84.02 on January 15, raising concerns about the Federal Government’s 2025 budget revenue target. The 2025 budget is based on a crude oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day (bpd), and a revenue target of N36.35 trillion, with 56% expected from oil sales. The decline in oil prices signals a potential 6.6% shortfall in the FG’s oil revenue target, compounded by production levels falling below the 2.06 million bpd benchmark. Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) shows crude oil output stood at 1.737 million bpd in January 2025, up from 1.667 million bpd in December 2024.

3/5/2025, 9:16:26 AM

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