Business
CBN Vows To Penalize Shipping Lines Over Undocumented Exports
The Central Bank of Nigeria (CBN) has threatened to penalize shipping companies exporting undocumented cargoes from the country.
CBN Governor, Godwin Emefiele said this today while speaking at the RT200 Non-Oil Export Summit 2023 in Abuja.
The theme of the summit is “RT200: Challenges and Prospects”.
Emefiele said the development of the non-oil export sector is crucial given that it holds vast potential for generating a significant amount of foreign exchange earnings.
He said the CBN regularly monitors and appeals to exporters to document their exports and repatriate proceeds so it can be utilized optimally for the benefit of the country’s economy.
READ ALSO: CBN To Sanction Banks Harbouring Unlicensed Firms
He, however, said the apex bank was aware that some people try as much as possible to sidetrack the process by attempting to export their cargo without documentation.
“About three years ago, I had a meeting at the Central Bank of Nigeria in Lagos with the shipping lines. I had said the central bank will be beaming some satellites on undocumented exports.
“We had advised the shipping lines at that meeting that we will also be monitoring and if we find that they export cargo without documentation that we will penalize them including placing their accounts on post-no-debit (PND).
“We have so far not done anything like that just because we feel that the shipping lines will be responsible to do what is right. But, if we do not see the kind of cooperation that we expect, I’d have to insist that we do what we need to do,” he said.
READ ALSO: CBN To Roll Out Guidelines On Contactless Payment System
Speaking on the success of the RT 200, the CBN Governor said earnings from non-oil exports increased by 40 percent from $3 billion in 2021 to $5.6 billion at the end of 2022.
The RT200FX programme was introduced to stimulate non-oil exports with a $200 billion FX income target in the next three to five years.
“Today, I am happy to note that the RTX 200 programme has led to tremendous progress in export proceeds repatriation since its establishment in February 2022.
“In February of 2022 and March, it was only N62 million. By the second quarter, which was April to June, it had risen to about 600 million. By the third quarter, (July to August or September), it had risen to over 900 million.
READ ALSO: CBN Closes 31 Banks In Lagos, 72 Microfinance Banks Nationwide
“Available data shows that repatriation due to the programme increased by 40% from $3 billion in 2021 to $5.6 billion at the end of 2022.
“The momentum for 2023 is equally issuing strong numbers and impressive prospects. In the first quarter of 2023, a total of $1.7 billion was repatriated to the economy, while about $970 million was sold into the I&E window,” Emefiele added.
Business
FG Offers Up To 16.54% Yield On September Savings Bonds
The Federal Government, through the Debt Management Office, is offering investors annual yields of up to 16.541% on its September 2025 Federal Government of Nigeria Savings Bonds.
The DMO, in a circular on its website on Monday, announced that the subscription window opens immediately and will close on Friday, September 5, 2025, with settlement scheduled for September 10, 2025.
Coupon payments will be made quarterly on March 10, June 10, September 10, and December 10 and will be paid directly to investors.
The DMO offered investors two subscription categories of the Federal Government Savings Bond.
READ ALSO:DMO Unveils July FGN Savings Bond As CBN Offers N250bn In Treasury Bills
The first is a two-year bond, which will mature on September 10, 2027, and attracts an annual interest rate of 15.541 per cent.
The second is a three-year bond, set to mature on September 10, 2028, with a higher annual interest rate of 16.541 per cent.
The two-year bond interest rate rose to 15.541% in September 2025, up from 14.401% in August.
Similarly, the three-year bond recorded an increase to 16.541% in September, compared to 15.401% in the previous month.
The FGN Savings Bond programme, launched in 2017, aims to deepen the domestic bond market, promote financial inclusion, and give retail investors access to secure, low-risk government securities.
READ ALSO:Family Kicks As UK Varsity Sacks Nigerian Grandmother
Each bond unit is priced at ₦1,000, with a minimum subscription of ₦5,000 and additional subscriptions in multiples of ₦1,000. Individual investors can subscribe up to ₦50 million.
On the status of FGN Savings Bonds, DMO noted it “qualifies as securities in which trustees can invest under the Trustee Investment Act; Qualifies as Government securities within the meaning of Company Income Tax Act (“CITA”) and Personal Income Tax Act (“PITA”) for Tax Exemption for Pension Funds, amongst other investors.
“Listed on The Nigerian Exchange Limited (and); qualifies as a liquid asset for liquidity ratio calculation for banks.”
The office said the bond is “backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria.”
Business
NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment
The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.
It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.
This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.
READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume
The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.
“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.
This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.
The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.
Business
Dangote Refinery Reduces Fuel Price
Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.
This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.
The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.
READ ALSO:Dangote Refinery Gets New CEO
“In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena.
The announcement comes as the refinery prepares to commence direct fuel distribution nationwide. The development is expected to lead petroleum product marketers to reduce their pump prices in the coming days.
In Abuja, the retail fuel price stood between N885 and N970 per litre as of Tuesday evening.
-
News4 days agoBREAKING: Former Inspector-General Of Police, Solomon Arase, Is Dead
-
Metro4 days agoDrama At Benin Motor Park As Pastor Chase Away Colleague, Claims Exclusive Preaching Rights
-
Metro3 days agoJUST IN: Ex-AGF Malami’s Convoy Attacked In Kebbi [PHOTOS]
-
News3 days agoJUST IN: Doctors Issue 10-day Ultimatum, Threaten Strike
-
News3 days agoJUST IN: FCT Head Of Service Is Dead
-
News4 days agoFG Unveils Revised Curriculum For Basic, Secondary, Technical Education
-
News4 days agoJUST IN: BBNaija Season 7 Winner, Phyna, Loses Sister, Ruth Otabor After Accident
-
News3 days agoVIDEO: Motorists Stranded As Bridge Fails On Lagos-Benin Expressway
-
Politics2 days agoCourt Ruling Clears Jonathan For 2027 Presidential Bid Amid Pressure From Parties
-
News4 days ago
Police Mourn Ex-IG Arase’s Death
