Connect with us
https://groinfont.com/uk8cmfiy8?key=89fae749c33a20b14194e629d21b71fe

Business

SEC Warns Nigerians Against Dealings With FinAfrica, Poyoyo Investments

Published

on

The Securities and Exchange Commission (SEC) has cautioned Nigerians against dealings with FinAfrica Investment Ltd and Poyoyo Investment.

The regulator published the warning on its website, explaining that the activities of the companies were not authorized.

Advertisement

Declaring FinAfrica as an illegal operator, SEC said they claim to be an investment company focused on developing commercial sectors of the economy.

The circular quoted the firm as insisting that the funds are used in entities under Chinmark Group.

It, however, notified investing Nigerians that neither FinAfrica investment Limited nor Chinmark Group is registered by SEC.

Advertisement

SEC stressed that the scheme promoted by the entities are not permitted by the government.

“The public is hereby warned that any person dealing with the named companies in any capital market-related business is doing so at their own risk.”

SEC also mentioned electronic and WhatsApp messages being circulated to investors on behalf of Poyoyo Investment (Pilvest) Nigeria Ltd.

Advertisement

“Poyoyo Investment (PILVEST) Nigeria Limited have no tangible business model, hence it is a Ponzi scheme where returns are paid from other people’s invested sum,” the statement added.

Marksman Ijiomah, Chairman, Chinmark Group, told the News Agency of Nigeria (NAN) that FinAfrica was not engaged in capital market business.

READ ALSO: SERAP Drags Buhari To Court Over Plan To Borrow N2 Trillion

Advertisement

Ijiomah disclosed that in six years, SEC had never wrote to the company to complain about their dealings

“SEC did not term us a Ponzi scheme in the circular. We do not do capital market business, we do not sell stock or shares. We are not into equity funding.

“We have partners who come together and give us funds to run business and at the end of the month, we give them profit from the business.

Advertisement

“SEC has neither invited us nor sent us a circular to say that what we are doing is not in line with their regulations before they made the publication,’’ he said.

Advertisement
Continue Reading
Advertisement
Comments

Business

JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price

Published

on

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.

Advertisement

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.

READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price

Advertisement

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.

Advertisement

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.

READ ALSO:Dangote Stops Petrol Sale In Naira, Gives Condition For Resumption

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.

Advertisement

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.

Advertisement

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.

Advertisement

Continue Reading

Business

Naira Appreciates At Official Market

Published

on

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.

Advertisement

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.

READ ALSO: Naira Appreciates Against Dollar At Foreign Exchange Market

Advertisement

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.

Advertisement

Continue Reading

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

on

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Advertisement

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

Advertisement

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Advertisement

 

Advertisement
Continue Reading

Trending