Connect with us

Business

Airline Operators Accuse NNPC Of Withholding 25,000MT Of Aviation Fuel Approved By FG

Published

on

Airline Operators of Nigeria, AON, on Monday, accused the management of Nigerian National Petroleum Corporation (NNPC) of withholding 25,000MT of aviation fuel in disregard to the directive issued by President Muhammadu Buhari.

Speaking at a meeting with the Speaker of the House of Representatives, Hon. Femi Gbajabiamila, the airline operators stated that President Buhari directed that aviation fuel should be sold to them at landing rates with a view to ameliorate the losses they incurred over the months.

The AON Vice President and Chairman, Air Peace, Mr. Allen Onyema, disclosed that the Association was invited by management of Nigeria Midstream and Downstream Regulatory Authority (NMDRA) to notify them of the President’s gesture, and the need for them to nominate trusted and established oil marketers to take delivery of the 25,000 MT and sell to them at the landing rate.

Advertisement

READ ALSO: Planned Shutdown Of Airline Operations: Aviation Ministry Working To Engage Stakeholders – Minister

He said having nominated 10 established oil marketers to take the product, he, in the presence of his members called the NNPC GMD, Mele Kyari informing him of the President’s gesture and that their selected marketers would be in touch regarding the product, but he(Kyari) vehemently said no.

We were invited by the Midstream and Downstream Authority and we were told that the president approved 25,000 metric tonnes for us as a palliative to help us. We were very grateful to the president. It was not free. We were happy.

Advertisement

“We were told to nominate marketers that would market this product for us. We were told to have a meeting with these marketers. We called all the marketers. We held a meeting with them.

“We decided the logistics, so they would take their logistical costs and everything and at the end of the day that fuel was getting to them. They told us at N335, so we put everything together and it would be getting to less than N400 for the cost and we said even if they sell to us at N450 it would be okay.

“We were told that a week later that is when the consignment would be arriving Nigeria and when this happened, the next we got to hear from the marketers was that they had already been given the consignment that we were all jostling for. So we waited thinking that they would sell as agreed. They never are.

Advertisement

“I actually called the MD of NNPC, in the presence of our members. We wanted to hear from him. He answered that there was no way they would leave us to get direct products that were dangerous.

“But I said no, that the marketers you are going to give are the same marketers that would handle it for us. He (Melee Kyari) said he did not want any crash or anybody adulterating it.

READ ALSO: aJUST IN: Airline Operators Suspend Planned Operations Shutdown

Advertisement

“I said how could they adulterate it because they are the same marketers. We are not taking it on our own. Long and short of the story is that this product was not given to us and we noticed that it continued rising and rising,” Onyema said.

Also speaking, AON President, Abdulmanaf Yunusa who doubles as Chairman of Azman Air explained that the Airline Operators begged the NNPC GMD to give the allocation approved by the President for them to the nominated marketers.

In his response, the NNPC Group Managing Director, Mele Kyari said there are considered safety issues involved in releasing aviation fuel directly to operators, or even marketers, saying that not everyone can handle ATK.

Advertisement

Rt Hon Speaker it is more complex than they say. Somebody must handle aviation fuel. We cannot surrender the safety of Nigerians to just anyone. It is not every marketing company that can handle ATK including.”

Business

CBN Retains Interest Rate At 27%

Published

on

The Monetary Policy Committee of the Central Bank of Nigeria has voted to retain the benchmark interest rate at 27 per cent.

CBN Governor, Olayemi Cardoso, announced the decision on Tuesday following the apex bank’s 303rd MPC meeting in Abuja.

Cardoso stated that the committee also resolved to keep all other monetary policy indicators unchanged.

Advertisement

READ ALSO:CBN Issues Directive Clarifying Holding Companies’ Minimum Capital

He noted that the Cash Reserve Ratio (CRR) remains at 45 per cent for commercial banks and 16 per cent for merchant banks, while the 75 per cent CRR on non-TSA public sector deposits was equally maintained.

Cardoso added that the Liquidity Ratio was retained at 30 per cent, and the Standing Facilities Corridor was adjusted to +50/-450 basis points around the Monetary Policy Rate.

Advertisement

The decision comes as Nigeria records its seventh consecutive month of declining inflation, which eased to 16.05 per cent in September 2025.

Continue Reading

Business

CBN Issues Directive Clarifying Holding Companies’ Minimum Capital

Published

on

The Central Bank of Nigeria, CBN, has issued a definitive directive detailing how financial holding companies should calculate their minimum paid-up capital, following weeks of confusion that delayed the release of some banks’ half-year and nine-month financial statements.

In a circular dated November 14, 2025, the apex bank acknowledged “divergent interpretations” of the term minimum paid-up capital as stated in Section 7.1 of the 2014 Guidelines for Licensing and Regulation of Financial Holding Companies.

To eliminate ambiguity, the CBN ruled that minimum paid-up capital must be computed strictly as the par value of issued shares plus any share premium arising from their issuance.

Advertisement

READ ALSO:CBN Sets POS Maximum Transactions In Fresh Guidelines

“All Financial Holding Companies are required to apply this definition in computing their minimum capital requirement—without exception for subsidiaries,” the circular stated.

The regulator added that the directive takes immediate effect, noting that any previous interpretation that does not align with the new clarification “should be discontinued forthwith.”

Advertisement

The move is expected to calm market anxiety and provide clarity for lenders navigating ongoing regulatory capital requirements.

Continue Reading

Business

Naira Records Massive Week-on-week Depreciation Against US Dollar

Published

on

The Nigerian Naira recorded massive week-on-week losses against the United States dollar at the official foreign exchange market.

The Central Bank of Nigeria’s exchange rate showed that the Naira dipped significantly to end the week at N1,456.73 on Friday, November 21, 2025, down from N1,442.43 traded on November 14.

This means that on a weekly basis, the Naira shed N14.06 against the dollar at the official market.

Advertisement

READ ALSO:

However, at the black market, currently battling with low patronage, it remained stable at N1,465, the same rate traded last week.

The development comes despite Nigeria’s foreign reserves rising by 1.25 per cent to $43.64 billion in the last week.

Advertisement
Continue Reading

Trending