NNPCL Admits $6 Billion Debt, Fuel Scarcity Continues

Published

9 months ago

September 2, 2024

Photo source: Google

The Nigerian National Petroleum Company Limited (NNPCL) has publicly acknowledged facing a major financial challenge, which could undermine the sustainability of fuel supplies across Nigeria.

In a statement released on Sunday, September 1, the company addressed recent media reports about its growing debt to fuel suppliers.

According to the company, the debt has now reached a staggering $6 billion, a situation that has significantly impacted fuel supply operations.

Due to this mounting debt, many fuel suppliers have scaled back on the amount of petrol they provide to NNPCL.

This reduction in supply has directly contributed to the prolonged petrol scarcity that has plagued the country for over six weeks.

The company noted that the current financial strain is creating difficulties in maintaining consistent fuel distribution and has urged stakeholders to work collaboratively to resolve the issue.

NNPCL’s admission of the debt has drawn attention to the broader concerns regarding the nation’s fuel supply chain, raising fears of further disruptions unless the financial crisis is addressed.

The ongoing scarcity has already begun to affect businesses, transportation, and the daily lives of many Nigerians.

Ecobank Announces $250M Capital Boost at Annual General Meeting in Togo

Published

2 weeks ago

May 30, 2025

Ese Ohwofa

Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.

This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.

The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”

Business

CBN Assures Nigerian Stakeholders of the Banking Sector Stability and Deposit Security

Published

2 weeks ago

May 30, 2025

Ese Ohwofa

The Central Bank of Nigeria (CBN) recently assured stakeholders about the state of the banking sector in Nigeria, stating that the banking sector can still be trusted and is secure.

The assurance was shared in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN. In the statement, it was emphasized that stakeholders should disregard any negative news concerning the banking sector, as such reports are misleading.

The CBN also highlighted the security of the deposits entrusted to it, stating, “There is no reason for the public to worry about the security of their deposits.” The extent of the measures and security in place was also emphasized by the director in the statement.

Business

“Aliko Dangote is Nigeria’s Biggest Debtor” – Dr. Cosmos Maduka Claims

Published

3 weeks ago

May 22, 2025

Ese Ohwofa

Nigerian Businessman Dr. Cosmos Maduka analyzes popular Billionaire, Aliko Dangote and describes him as the biggest debtor in Nigeria.

The businessman highlighted the fact that people who seem to have the most money are often the largest debtors.

“The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world.”

“As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”