Business

Flooding: Two Feared Dead In Early Monday Rain In Abuja

Published

1 year ago

June 24, 2024

Two people were on Monday feared dead following Monday morning’s downpour, which caused heavy flooding at the Trademore Estate in Lugbe along the Nnamdi Azikiwe Airport Road.

The estate, which has been perennially affected by flooding, is home to several civil servants and other categories of people.

A resident of the area who made a video of the flood could be heard calling on the Federal Government and the Federal Capital Territory FCT Minister, Nyesom Wike, for help.

She said two people had been swept away by the flood. The development has not been confirmed by the administration.

The FCT Administration had since 2022 made several attempts to demolish parts of the estate said to be on a flood plain, but a court case instituted by residents against it halted the exercise.

Recall that the Nigerian Meteorological Agency, NiMet, had on Sunday predicted thunderstorms and hazy weather conditions from Sunday to Tuesday in some parts of the country.

NiMet’s weather outlook indicated morning thunderstorms over the central states in places like Plateau, Nasarawa, the Federal Capital Territory, Benue, and Niger states.

Also later in the day, there are prospects of thunderstorms over parts of Kogi, Niger, Plateau, Benue, Nasarawa, and the Federal Capital Territory.

In its reaction to the prediction, the FCT Emergency Management Department (FEMD) said it has placed its flood vanguards and local emergency management committees in the six area councils on alert following warnings of possible flooding in the territory.

In a statement by Head, Public Affairs of the Department, Nkechi Isa, “The FCT Emergency Management Department, FEMD, has placed its vanguards and the local emergency management committees in the six area councils on alert following early warnings of possible flooding in the Territory.

“A weather outlook issued by the Nigeria Meteorological Agency, NiMet, and made available to FEMD says isolated thunderstorms are likely today over parts of the FCT, Nasarawa, Kogi, Benue, and Plateau.

“NiMet advises that strong winds may precede the rains in areas where the thunderstorms are likely to occur and urged the public to take adequate precaution.

“NiMet also predicts similar weather conditions for Tuesday 25th and Wednesday 26th June 2024.

“Meanwhile, the National Flood Early Warning System (FEWS) Centre of the Federal Ministry of Environment has predicted that locations in 15 states are likely to witness heavy rainfall that may lead to flooding between today and tomorrow.

“States like Kogi, Nasarawa, Niger, and Kaduna are among states expected to experience heavy flooding. However, the FCT may not experience flooding.

“In reaction to the early warning on neighbouring states, the Ag. Director General of FEMD, Mrs Florence Dawon Wenegieme, said the department has put in place mitigation measures around the city.

“Mrs Wenegieme informed that the Search and Rescue Team are on the alert, while local divers have been posted to vulnerable locations.

“The Ag DG appealed to residents to always use the 112 emergency toll-free number in the event of an emergency.”

Business

Naira Depreciates Against Dollar

Published

5 days ago

July 4, 2025

Editor

The Naira experienced a slight depreciation on Friday at the official market, trading at N1,528.56 to the dollar.

Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira lost N2.73.

This represents a 0.17 percent loss compared to the N1,525.82 recorded on Thursday.

The Naira, which opened the week on Monday with a gain of N9.52 against the dollar, held steady gains until Thursday.

On Wednesday, the local currency gained N3.42 against the dollar and received commendation from the International Monetary Fund (IMF).

The IMF, in its 2025 Article IV Consultation report on Nigeria, commended the CBN for its reforms to the foreign exchange market, which supported price discovery and liquidity.

Business

JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price

Published

3 weeks ago

June 20, 2025

Editor

Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.

Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.

The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.

The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.

The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.

On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.

This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.

Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.

On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.

He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.

“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”

He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.

His forecast of increased costs now appears spot on, considering the latest developments.

Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.

Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.

Business

Naira Appreciates At Official Market

Published

2 months ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.