Business

Fuel Scarcity: Purge NNPC’s Corrupt Leadership, Group Tells Buhari

Published

3 years ago

January 26, 2023

A group under the aegis of the Conference of Nigeria Political Parties, CNPP, has urged President Muhammadu Buhari to purge the National Nigerian Petroleum Corporation Limited, NNPCL of corrupt and incompetent leadership.

This was contained in a statement on Thursday by the group’s Secretary General, Chief Willy Ezugwu,

The group commended the move by Buhari to end fuel scarcity in the country by setting up a 14-man steering committee.

CNPP added that if the country’s fuel situation must be addressed, the management of NNPCL should be revamped.

“The first step to salvage the oil sector is to cleanse the newly incorporated NNPC Limited of the inherited corrupt management team currently overseeing the company.”

“It is impossible to have the same people, who created the problem that manifests today as fuel scarcity, find solution to the problem which was created due to incompetence and intention to corruptly enrich a few,” the CNPP stated.

Business

NNPCL Increases Fuel Price

Published

19 hours ago

August 5, 2025

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.

It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.

This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.

Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.

This means that the petrol pump price was increased by N65.

This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.

Business

Naira Appreciates Against Dollar As External Reserves Swell

Published

20 hours ago

August 5, 2025

Editor

The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.

According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.

This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.

Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.

The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.

Business

Naira Continues To Appreciate Against Dollar On Official Market

Published

5 days ago

August 1, 2025

Editor

The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.

Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.

This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.

Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.

Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.