Connect with us

Business

Economist Urges CBN to Release 2023 Financial Statement

Published

on

Photo source: Google

Economist Kelvin Emmanuel has urged the Central Bank of Nigeria (CBN), under the leadership of Governor Olayemi Cardoso, to promptly release its financial statement for the year 2023. Emmanuel made this request through his official X handle on Wednesday.

He highlighted that this call aligns with the CBN Act of 2007, which mandates that the apex bank must submit its annual accounts, certified by an auditor, to both the National Assembly and the President.

Emmanuel emphasized the importance of making these accounts public to assess the improvements in the CBN’s balance sheet. This includes scrutinizing the differences between the gross and net external reserves, as well as the impact of FX swaps and forwards involving external asset managers.

Furthermore, Emmanuel pointed out that it is crucial for Nigerians to have transparency regarding the details of loans related to foreign exchange (FX) currency positions held by banks on behalf of their customers.

Additionally, there should be clarity on the FX non-deliverable forwards that banks have with the CBN for their customers.

Advertisement

He referenced Sections 50(1) and 50(3) of the CBN Act, which stipulate that the bank must submit its annual accounts to the National Assembly and the President within two months after the end of each financial year, and ensure these accounts are published in the Gazette as soon as possible.

It is worth noting that in August 2023, the CBN had released its financial statements for the period 2016-2022, following a probe led by Jim Obazee into the activities of the bank under the former governor, Godwin Emefiele.

This scrutiny had led the Auditor General of the Federation to request an explanation for a missing $4.5 billion in Nigeria’s foreign reserves between 2018 and 2019.


 

Advertisement

Business

Hamster Kombat Unveils Interlude Season

Published

on


Hamster Kombat ends season 1 and is currently in the process of rewarding tokens. They’ve also started promoting season 2 of the game. As expected, they took a season-ending snapshot of players’ progress as they prepare to launch the HMSTR token and airdrop on September 26. What’s next is an “interlude” season.

During this interlude, many familiar features are temporarily removed while developers calculate players’ airdrop allocations. In-game coins are gone, and tapping the main screen no longer earns rewards. Additionally, crypto exchange upgrades and the Mine menu have been removed for now.


 

Continue Reading

Business

Fire Breaks Out at Governor Mbah’s Fuel Station, Arson Suspected

Published

on


A fuel station owned by Enugu State Governor, Peter Mbah, was engulfed in flames early Friday morning, reportedly due to an attack by unidentified individuals.

The station, Pinnacle Oil, located along Agbani Road in Enugu, was the target of an arson attack carried out by assailants who arrived in a Toyota Corolla.

Eyewitnesses revealed that the fire rapidly spread, consuming at least four vehicles in the vicinity.

The inferno led to widespread panic among residents and commuters in the area.

Firefighters from both the federal and state fire services responded swiftly, managing to contain the flames before they could cause further destruction.

Advertisement

The Enugu State Police Command, while confirming the incident, hinted at a different possible cause for the fire.

In a statement issued by the command’s spokesperson, DSP Daniel Ndukwe, it was suggested that the blaze may have started due to fuel leakage from one of the cars queued up to buy fuel at the station.

Although the fire caused extensive damage to the station and several vehicles, no casualties were reported.

The Commissioner of Police, CP Kanayo Uzuegbu, who was present at the scene, assured the public that a thorough investigation would be conducted.

He instructed the Deputy Commissioner of Police overseeing the State Criminal Investigation Department (CID) to lead the inquiry into the fire to determine its true cause and those responsible.

Advertisement

As a result of the incident, security operatives have barricaded the Agbani Road axis, where the station is located, to maintain order and ensure public safety.

While normalcy has been restored, the incident has raised concerns about safety and security in the area.

Residents are hopeful that the investigation will uncover the facts surrounding the fire and bring the culprits to justice.


 

Advertisement
Continue Reading

Business

CORAN Opposes Petrol Imports as Marketers Shun Dangote Refinery Supply

Published

on

Photo source: Google

The Crude Oil Refiners Association of Nigeria (CORAN) has expressed strong opposition to a recent decision by petroleum marketers to import Premium Motor Spirit (PMS) despite the availability of petrol from Dangote Refinery.

Eche Idoko, the Publicity Secretary of CORAN, voiced these concerns in a statement, criticizing the marketers for turning to imports when a domestic option is readily accessible.

This reaction comes as reports indicate that 141 million litres of PMS are being transported to Nigeria by oil vessels following the recent deregulation of the downstream oil sector by the Federal Government.

The Nigerian National Petroleum Company Limited (NNPCL) has announced new pricing for petrol at its retail outlets across the country, with prices ranging from N950 to N1,019.22 per litre, depending on the location.

This pricing adjustment followed the successful lifting of petrol from the Dangote Refinery.

Advertisement

A price dispute has arisen between Dangote Refinery and NNPCL, with NNPC claiming it purchased Dangote petrol at N898 per litre, a statement that the Lagos-based refinery disputes.

The recent shift towards importing petrol by marketers, who seem dissatisfied with Dangote’s pricing structure, has further fueled tensions.

Idoko raised concerns over the quality of imported petrol, alleging that some of it is substandard and may have been blended in places like Malta or Togo.

He emphasized that this new regime could offer better pricing than the previously imported products, which have not met the necessary standards.

He also addressed fears among marketers that Dangote could dominate the market, asserting that such concerns have been mitigated by Dangote’s commitment to join CORAN.

Advertisement

Idoko highlighted that the current regulatory framework, including the Petroleum Industry Act, ensures that no single entity can monopolize the market.

In response to the importation issue, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has stated that any imported petrol must undergo three rigorous tests before it can be sold in Nigeria.

George Ene-Ita, a spokesperson for NMDPRA, reiterated that while marketers with import licenses are permitted to import PMS, the products must meet specific quality standards.

Earlier this year, Aliko Dangote, President of Dangote Group, expressed confidence that the start of operations at his refinery would ultimately eliminate the need for fuel imports in Nigeria, positioning the refinery as a key player in the nation’s petroleum landscape.


 

Advertisement
Continue Reading

Trending