Business

CBN Lists Four Firms To Print Cheques, Excludes NPSMC

Published

1 week ago

May 22, 2023

The Central Bank of Nigeria has approved four local firms for printing cheques excluding Nigeria Security Printing and Minting Company PLC.

This was contained in a circular issued by the apex bank over the weekend.

The circular, signed by Sam Okojere, the Director of the Banking Services Department, said that the firms include Superflux International Limited, Tripple Gee and Company, Yaliam Press Limited and Marvelous Mike Press.

The CBN said, “The re-accreditation of Cheques Printers and Cheque Personalisers is in line with the NICPAS qualification criteria.”

The circular also showed that seven banks were approved as personalisers of cheques, and they include Zenith Bank Plc, Ecobank Plc, First Bank Ltd, Stanbic IBTC Bank Plc, Keystone Bank Ltd, Providus Bank Ltd and Wema Bank Plc.

It was stated that all accredited printers and personalisers had been duly notified and certificates issued.

The Nigeria Security Printing and Minting Company Plc and Euphoria Group Limited, were accredited and approved on Thursday, 04 December 2014, in a letter REF: BPS/DIR/GEN/CIR/02/033.

NPSMC is the sole printer of N200, N500, N1000 new naira notes.

Business

BREAKING: NNPCL Confirms Increase In Fuel Pump Price

Published

4 hours ago

May 31, 2023

Editor

The Nigerian Petroleum Company Limited (NNPC) has confirmed the adjustment of the pump price of PPM across its retail outlets, citing that the decision was hinged on the current market realities.

Recall report earlier had that the downstream sector of Nigeria’s petroleum industry was thrown into confusion as a document puts the retail price of petrol at over N500 per litre.

The document, obtained by Vanguard, put petrol price in Abuja, Lagos and Kano at N537, N488 and N540 per litre respectively.

Details soon…

Business

BREAKING: Confusion As Document Puts Petrol Price At Over N500 Per Litre

Published

4 hours ago

May 31, 2023

Editor

The downstream sector of Nigeria’s petroleum industry has been thrown into confusion as a document puts the retail price of petrol at over N500 per litre.

The document, obtained by Vanguard, put petrol price in Abuja, Lagos and Kano at N537, N488 and N540 per litre respectively.

The Authority Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Mr. Farouk Ahmed, whose agency regulates sector activities, did not respond when Vanguard called repeatedly for confirmation.

But an oil marketer, who pleaded anonymity, dismissed it as fake, adding: “How can any credible business base its pricing on an obviously fake random list circulating on social media?”

Business

Fuel Subsidy Gulped $10bn In 2022 – Shettima

Published

23 hours ago

May 30, 2023

Editor

Vice President Kashim Shettima has revealed that $10 billion was spent by the immediate past administration of Muhammadu Buhari subsidizing fuel in 2022.

He said the current administration was bent on exiting fuel subsidy because of its negative implications for the country as a whole.

Shettima reiterated his principal’s position on Tuesday, while reporting for duties on his first day in office at the Presidential Villa Abuja.

He said the current administration anticipated that there will be fierce opposition to its decision to remove fuel subsidy.

His words, “The President has already made pronouncements yesterday on the issue of the fuel subsidy. The truth of the matter is that, it is either we get rid of the subsidy or the fuel subsidy gets rid of the Nigerian nation.

“In 2022, we spent $10 billion subsidizing the ostentatious lifestyle of the upper class of society because you and I benefit 90% from the oil subsidy. The poor 40% of Nigerians benefit very little and we know the consequences of unveiling a masquerade.

“We will get fierce opposition from those benefiting from the oil subsidy scam, but where there is a will, there is a way. Be rest assured that our president is a man of strong will and conviction.

“In the fullness of time, you will appreciate his noble intentions for the nation. The issue of fuel subsidy will be frontally addressed. The earlier we do so, the better.’’