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Naira Notes: Why Talks With CBN, Banks’ CEOs Failed To Hold — Reps

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The ad-hoc committee of the House of Representatives constituted to interface with the Central Bank of Nigeria, CBN, and bank chief executive officers on the January 31 deadline for withdrawal of old naira notes said yesterday that late delivery of invitation letters to invitees stalled the meeting.

Chairman of the committee and majority leader of the House, Ado Doguwa, told his colleagues an hour after they had gathered for the meeting.

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Recall that the time for the meeting was 3 pm but Doguwa did not enter room 301 of the new building in the House of Representatives, the venue of the meeting, until 4 pm.

By 4:05, a member of the House, Uyem Idem, was asked to say the opening prayers.

Thereafter, Doguwa told the members of the committee that they had scheduled to meet with the CBN officials yesterday (Wednesday) and subsequently take the bank CEOs today (Thursday).

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READ ALSO: Naira CBN Gives Update On Deadline On Old Naira Notes Deposit

He, however, said a communication received from the CBN liaison officer stated that due to late arrival of the letter, the bureaucracy could not work on it.

Doguwa said the meeting with the apex bank had been rescheduled for today by 1 pm, while that with bank CEOs would come up later.

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He said: “This is the House ad-hoc committee to interface with the CBN and bank operators with regards to resolving the issue of the phasing out the strategy of the old naira notes and to bring into circulation the new naira notes, among other reasons.

“We also have other factors we have discussed on the floor of the House yesterday and ultimately, the House mandated this ad-hoc committee to come up with a strategy to engage the officials of the CBN and CEOs of the commercial banks.

‘’It is, therefore, my pleasure to, at this point inform members of the committee, first of all, that we scheduled today’s (yesterday) meeting based on the letter we have signed out only with officials of the CBN and we have scheduled bank operators to come up tomorrow (Friday).

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“So, it is like we, ab initio, invited them separately based on the nature of the engagement. It is a fact-finding thing and like I always say, this is not something to witch-hunt anyone. It is a simple fact-finding mission by the parliament, which obviously holds the proxy of the Nigerian people. So, we decided to take them separately.

“We have scheduled today for the officials of the CBN and tomorrow for bank operators and CEOs of commercial banks and on that note, I would like to communicate with members of the public that based on communication I just received from CBN, it is that our letter of invitation got to the bank very late yesterday.

“You can all agree with me that the resolution was taken at the end of our sitting yesterday, January 24, 2023, and before we could finish the necessary procedures, the letters were sent to the CBN late.

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‘’So, the liaison officer of the bank spoke to us this evening (yesterday) that they were not able to really act on the letter to allow for their engagement today.

“On this note, I would like to convey to this committee and members of the public and the press here with us that we have conceded to allow the CBN officials to come tomorrow (today) by 1pm, so we could engage them and immediately after the engagement with them, we would engage the bank operators.”

READ ALSO: Banks Hoarding New Naira Notes For Next Month’s Elections – Shehu Sani

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Banks warned against boycotting meetings Doguwa also warned the banks against boycotting the meeting, emphasizing that the summons of the House must be taken very seriously.

The chairman added that no unpopular policies hampering the economy of the country and affecting the people negatively would be allowed to sail through.

“For the purposes of clarification, I want to say without any fear of contradiction that the parliament is always an institution that represents the Nigerian people.

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‘’When there is any need it calls for an invitation to any government employee like it is the case here with the CBN, the governor of the CBN, his directors, deputy directors, all departmental heads, I believe our own employees of the Nigerian people, and when there is a kind of summon from the institution of the parliament like this, we expect every up and doing employee to only respect that invitation.

“On this note, I want to say on behalf of the House of Representatives that we have taken this from the point of perhaps, giving them the leverage or benefit of the doubt that yes, the letter got to them late yesterday and on no account, I repeat, would we have a repeat of this failure tomorrow (today).

‘’None of us here is acting in his personal capacity. None of us here is acting for any personal reasons, especially on a matter like this where Nigerian people and economy are threatened by a lot of dangers by the policy of a government department.

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“Those of here who are working for the Nigerian people, we cannot sit down here and watch policies of the government that are not unpopular, threaten the survival of our economy to continue.

‘’I hear some of them saying it is a matter they have decided. It is a matter that no one goes back about it. This is the supreme institution of Nigeria’s democracy and I want to say without any fear of contradiction that for whatever policy the government is undertaking, especially at a critical period like this, Nigerians must know and whoever is involved must know that definitely, the interest of the Nigerian people holds sway.

READ ALSO:How To Identify Fake Naira Notes

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‘’So, there is no policy whatsoever that cannot be reversed, good or bad, as long as that policy or the reversal of that policy is going to be in the overall interest of Nigerians.

“We would not endanger our economy. We would also not allow anybody to endanger our economy. CBN must appear before this committee of the House of Representatives tomorrow (today) by 1 pm to discuss this very critical matter.

‘’It borders on the survival of our economy and our people, the businesses are shut down all over; agriculture is suffering. petty businesses in the villages are also suffering. I understand that in some places, even dowry, bride price is not being accepted. So, this is a serious issue,” Doguwa said.

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NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment

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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.

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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.

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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.

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Dangote Refinery Reduces Fuel Price

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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.

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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.

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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.

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Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US

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India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.

This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.

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According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.

Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.

READ ALSO:‘My Eyes Dey Your Body’: Drama As Portable Professes Love For Regina Daniels

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The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.

Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.

Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.

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According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.

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Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.

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On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.

In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.

“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.

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