Business
NMDPRA Warns Fuel Retailers Against Illegal Sales Amid Abuja Scarcity
The Federal Government, via the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has issued a stern warning to retailers of Premium Motor Spirit (PMS), commonly known as petrol, amid ongoing shortages in the Federal Capital Territory (FCT), Abuja, and the surrounding states of Nasarawa and Niger.
This advisory was communicated through a statement posted on NMDPRA’s official X account.
The regulatory body has called on fuel retail stations to cease transactions with individuals involved in the illicit sale of petrol, including those dealing in fuel stored in jerrycans.
The NMDPRA has made it clear that filling stations found engaging with illegal traders will face severe penalties, including the potential suspension of their retail licenses. This action is part of a broader crackdown aimed at curbing the unauthorized distribution of petroleum products.
The warning comes as fuel scarcity continues to plague the nation’s capital. Most filling stations in Abuja have halted fuel distribution, leaving only a few operational.
For example, along the Kubwa Expressway, only outlets operated by the Nigerian National Petroleum Company Limited (NNPCL) were dispensing fuel on Friday, causing significant queues at these locations.
Earlier, two weeks ago, NNPCL spokesperson Olufemi Soneye attributed the shortage to disruptions in the unloading processes of several vessels. Despite this explanation, fuel scarcity persists as a recurring issue with no lasting resolution in sight.
In light of these ongoing challenges, Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association (PETROAN), recently advocated for the establishment of a dedicated task force to address the persistent fuel shortages in Nigeria.
Business
Bitcoin and Dollar Rise Again With Donald Trump’s Win In Election
The US Dollar and Bitcoin rise again as Trump reportedly wins the presidential election with 279 Electoral College votes against Kamala Harris’s 22. Major investors have now returned and do no longer need to be cautious.
Investors now anticipate Trump’s policies economically, Dollar has now strengthen again and is now against Euro and Pound which were gaining benefits over Dollar being weak. With Trump’s win, crypto and Bitcoin have strongly risen and are set with expectations higher prices and a boost in U.S savings returns.
Business
USD Weakens Amid The Upcoming US Presidential Election
The Upcoming United State Presidential has caused USD to be weak due to the investors being cautious of the outcome. Meanwhile other countries are gaining strength in their currency and benefitting from this weakness. Euro and GBP keeps rising and gaining against USD.
Gold prices still remain stables despite the recent deadline and the Australian inflation keeps rising. Markets are now watching the political movement to serve as guidance.
Business
Dr. Aguoru States The Use Of Card Pins Online Has A High Security Risk
Security Expert, Dr. Kingsley Aguoru has advised the Central Bank of Nigerian (CBN) and Economic and Financial Crimes Commission (EFCC) to stop the use of online transactions through Card Pins as it results to a security risk.
He emphasized the risks we can be exposed to, phishing and cyber threats, he states that the use of one-time passwords can serve as an aid in this to better the security.
The expert shares that pins are only safe when in use for ATM and Pos but not online, due to cyber risks. He expressed that information can be leaked from the continuous use of sharing pins online.
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