Business
Subsidy: Oil Marketers Plan Petrol Import As CBN Floats Forex
Published
2 years agoon
By
Editor
Oil marketers have intensified efforts to import petrol into the country, following the liberalisation of foreign exchange rates by the Central Bank of Nigeria, CBN.
The prevalence of multiple foreign exchange rates and other problems had prevented the marketers from importing the product, forcing them to depend on NNPC Limited for domestic supplies.
But with the CBN’s action, the oil marketers, who spoke with Vanguard, yesterday, expressed optimism that their first shipment would arrive the country in the next few weeks.
Chief Executive Officer/Executive Secretary, Major Oil Marketers Association of Nigeria, MOMAN, Clement Isong, said: “We intend to import in the next few weeks.”
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Similarly, Managing Director/CEO of 11 Plc, Adetunji Oyebanji, said: “We will take a look. I think we are getting closer than ever.”
On his part, National President of Independent Petroleum Marketers Association of Nigeria, IPMAN, Chinedu Okoronkwo, said the association was currently considering importation.
Chairman of Depots and Petroleum Products Marketers Association of Nigeria, DAPPMAN, Dame Winifred Akpani, who led stakeholders to visit President Bola Tinubu, had tasked him to adopt measures capable of ending fuel crises in the country, while achieving stability in Nigeria’s downstream sector.
She had said: “Our further humble request to the president is that all dues and levies to government agencies, particularly NPA Plc and NIMASA, be reduced to the barest minimum and payable in naira. This will drastically reduce the pressure on our foreign exchange rate reserve and keep in check the pump price of petrol.
“All charges and taxes imposed by the regulator, NMDPRA, as stipulated in the Petroleum Industry Act, PIA 2021 be suspended until we achieve market stability.
READ ALSO: Inflation Hits 18yr High at 22.4%, To Surpass 23% This Month
“The 2.5 per cent security deposit requested by NNPC Limited for all purchases be scrapped as they overload marketers. The government should revise the clause in the PIA 2021, which restricts importation to only companies with active local refining licenses and/or proven track records of international crude oil and petroleum products trading.
“In conclusion, we would add that stability in the petroleum industry will ultimately lead to the much-needed energy transition.
“We anticipate less dependence on fossil fuels which will result in more investment and faster development of gas and electricity as alternative sources of energy.
“We thank you once again for this opportunity and pray that our beloved nation will experience sustainable growth and economic prosperity under your astute leadership.”
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Business
Naira Records Three Straight Depreciations Against Dollar As Foreign Reserves Drop
Published
3 days agoon
July 24, 2025By
Editor
Nigeria’s naira continued its depreciation streak against the dollar at the official foreign exchange market on Wednesday for the third straight time this week.
The Central Bank of Nigeria’s exchange data disclosed that the naira dropped again to N1,535.61 per dollar on Wednesday from N1,535.24 traded on Tuesday.
This means that the marginal weakening to 0.37 against the dollar on a day-to-day basis.
From Monday to Wednesday this week, the naira has shed N3.07 against the dollar at the official exchange market.
READ ALSO:Naira Records Highest Depreciation Against Dollar At Black Market
Meanwhile, at the black market, the naira remained stable at N1,540 per dollar on Wednesday, the same rate as the previous day for the majority of Bureau De Change Operators in Wuse Zone 4, Abuja.
This comes as the Central Bank of Nigeria Governor, Olayemi Cardoso, in his communique after the 301st Monetary Policy Committee held this week, said the country’s external reserves stood at $40.1 billion as of July 18, 2025.
However, checks on CBN’s website on Thursday showed that Nigeria’s external reserves had dropped to $38.37 billion as of July 22, 2025.
Business
French Media Giant Acquires MultiChoice In $3bn Deal, Gains Full Control Of DStv, GOtv
Published
3 days agoon
July 23, 2025By
Editor
French media conglomerate Canal+ has officially acquired full ownership of MultiChoice Group, the parent company of DStv and GOtv, in a landmark $3 billion (approx. 55 billion rand) deal. The acquisition, which gives Canal+ the remaining 55% stake it did not previously own, was approved by South Africa’s Competition Tribunal on Wednesday, July 23.
The approval comes after months of intense negotiations and regulatory reviews, and paves the way for the deal to be finalized by October 8, 2025. While the Tribunal gave the green light, it imposed several public interest conditions to protect local content and maintain South Africa’s media sovereignty.
For Canal+, the deal represents a major strategic expansion into Africa’s booming media and entertainment market. Already operating in 25 African countries with over eight million subscribers, Canal+ is now positioned to significantly scale up its presence, targeting 50 to 100 million subscribers across the continent in the coming years.
MultiChoice, Africa’s largest pay-TV broadcaster, brings more than 14.5 million subscribers in 50 sub-Saharan African countries, as well as flagship platforms like DStv and GOtv. The company is also home to premium content brands such as SuperSport, making it an attractive acquisition for the French media powerhouse.
READ ALSO:MultiChoice Cuts DStv Decoder Price By 50% To Attract Subscribers
Describing the deal as transformative, Canal+ CEO Maxime Saada said: “The combined group will benefit from enhanced scale, greater exposure to high-growth markets and the ability to deliver meaningful synergies.”
One of the key benefits of the merger is the integration of Canal+’s French-language content with MultiChoice’s dominant English and Portuguese offerings—creating a multilingual media powerhouse capable of serving diverse African audiences.
Beyond strategic value, the acquisition is also a timely boost for MultiChoice. The deal is expected to inject fresh capital into the South African broadcaster, enabling deeper investment in local content production, technology upgrades, and digital innovation.
READ ALSO:MultiChoice Cuts DStv Decoder Price By 50% To Attract Subscribers
As part of the Competition Tribunal’s conditional approval, Canal+ has committed to spend approximately 26 billion rand over the next three years on initiatives aligned with South Africa’s public interest objectives. These include retaining MultiChoice’s headquarters in South Africa, maintaining investment in local content and sports broadcasting, and supporting local content creators.
In a joint statement, both companies reaffirmed their commitment to the South African media ecosystem: “We will maintain funding for South African general entertainment and sports content, providing local content creators with a strong foundation for future success.”
Canal+ began its takeover bid in 2023 with a mandatory buyout offer of 125 rand per share, valuing MultiChoice at around $3 billion. With full ownership now secured, the French media giant is poised to redefine Africa’s pay-TV industry, tapping into its vast potential and shifting the competitive

Nigerian National Petroleum Company Limited has reduced its premium motor spirit price for the second time in one week.
It was observed on Wednesday, that the state-owned oil firm has adjusted its petrol price to N890 per litre from N895.
This represents an N5 per litre downward price review when compared to its earlier N895 pump price.
NNPCL retail outlets along Kubwa Expressway, Gwarimpa, Wuse Zone 4, and others in Abuja have adjusted their pumps to the new price.
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The latest adjustment comes barely a week after the company implemented a retail price slash.
While NNPCL retail outlets dispense fuel at N890 per litre, Dangote Refinery’s retail partners, such as AP Ardova, Optima, MRS, and Bovas filling stations, sell at N885 per litre.
The Independent Petroleum Marketers Association of Nigeria’s National President Abubakar Maigandi told DAILY POST earlier that fuel prices will continue to fluctuate because of the deregulation of the oil and gas downstream sector.
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