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Tinubu Meets Dangote, Cardoso Other Crude Oil/Products Sales In Naira Committee

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President Bola Tinubu is currently in a meeting with members of the crude oil and refined products sales in local currency implementation committee.

The committee was led by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, to the State House, Abuja for the meeting.

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Those attending the meeting include the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mr Mele Kyari; the Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji; and the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso.

Also attending are the Authority’s Chief Executive (ACE) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mallam Farouk Ahmed; the Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe; as well as the President of Dangote Group, Alhaji Aliko Dangote.

READ ALSO: Gunmen Abduct Rector Of Catholic Seminary In Edo 

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It was gathered that the ongoing meeting was scheduled for the committee to brief President Tinubu on the progress of the arrangement, which was improvised by the Tinubu administration to relieve foreign exchange pressure on the economy.

Recall that President Tinubu directed the NNPCL to commence sales of crude oil to Dangote Refinery and other local refiners on July 29 this year.

Details of briefings by the committee to the President are not available yet, however, it is believed the President Tinubu aims to keep abreast with developments in the industry.

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Announcing the introduction of the initiative at the end of a Federal Executive Council (FEC) meeting, Zacch Adedeji, Special Adviser to the President on Revenue, said the basic reason was to reduce foreign exchange pressure on the economy.

READ ALSO: Police Dismiss Officer In Fatal Shooting Of Enugu Musician

“Today, at the Federal Executive Council, there was a memo by Mr President, which is to promote the sale of crude oil within local refineries and Nigeria National Petroleum Corporation (NNPC), to deal in our local currency.

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“The attitude of Mr. President is thinking outside the box to solve Nigeria’s problem and actually to localised the solutions to Nigeria’s problem.

“He has approved through the Council that effective immediately, that NNPC get engaged with local refineries and we are starting that with Dangote Refinery. That the sales of crude oil to Dangote Refinery be denominated in Naria and also the sales of byproducts from Dangote Refinery to distributors also be conducted in naira.

“What does it mean to our economy? One, the pressure on foreign exchange will be reduced”, he said.

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As part of the implementation, AFREXIM Bank was selected as the pilot settlement bank to facilitate the transactions.

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Edo To Dredge Ikpoba River For Revenue, Flood Control

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Edo State government has proposed the dredging of Ikpoba River to curb flooding and exploring potentials for enhancing revenue generation in the state.

The state Commissioner for Mining, Hon. Andrew Ijegbai, disclosed this when he led a delegation on an inspection of the river in Benin City.

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According to him, the initiative was to find a lasting solution to the incessant challenges of flooding and river overflow on the busy road.

He added that his team was on the ground to assess the condition of the river to get a firsthand observation of its impact on communities near its bank.

READ ALSO: Controversy Over Pregnant Woman Buried Alive In Edo

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Also speaking, Director of Mining in the ministry, Mr. Omoruyi Ihianle expressed the state government’s determination to turn challenges into successes.

He stated that the primary objectives of the project were to generate revenue for the state government through mining and to mitigate flooding in the host communities.

“As a government, we have found a way of converting our challenges until success.

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“As a result of the silted river channel, the host communities have been suffering from flooding, hence the Edo State Government is stepping in to desilt while raising revenue for the State Government,” he said.

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JUST IN: Ex-Eagles Goalkeeper, Peter Rufai, Is Dead

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Peter Rufai, the former Super Eagles goalkeeper, has died.

Waidi Akanni, a former teammate and associate, confirmed the legendary goalkeeper’s death to TheCable on Thursday.

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Rufai, affectionately nicknamed Dodo Mayana, died at 61 after a reported battle with long-term illness.

The Super Eagles of Nigeria also announced the demise of the former goalkeeper on the team’s official X account.

READ ALSO: Meet First African Artiste Who Get Hollywood Walk Of Fame Star

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Forever in our hearts, Dodo Mayana. We mourn the passing of legendary Super Eagles goalkeeper, Peter Rufai, a giant of Nigerian football and a 1994 AFCON champion,” the post reads.

Your legacy lives on between the sticks and beyond.”

Rufai is regarded as one of the best football goalkeepers Nigeria has ever produced. He was the Eagles’ first-choice goalkeeper when Nigeria won the 1994 Africa Cup of Nations (AFCON).

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He also represented Nigeria at the 1994 FIFA World Cup in the US and the 1998 FIFA World Cup in France.

Rufai had over 60 caps for the Super Eagles over the course of a decade with the team.

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AMCON Sells Ibadan DisCo For N100bn

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The Asset Management Company of Nigeria (AMCON) has announced the sale of the Ibadan Electricity Distribution Company (IBEDC) for N100 billion.

AMCON’s Managing Director/CEO, Gbenga Alake, disclosed this at a media parley on Thursday.

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Apart from IBEDC, AMCON also manages other distribution companies, including the Abuja Electricity Distribution Company (AEDC), Benin Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company.

READ ALSO:IBEDC Throws Ogun Industrial Estate, Others Into Darkness Over Debts

Alake said, “Today, I announce to you that Ibadan DisCo has been sold. When we came in, it had already been sold, but we renegotiated the price and got almost double of what it was initially going to be sold for.”

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Regarding ongoing legal issues, Alake stated, “We have sold it, and whatever is still happening in court, we will face it.”

However, officials of IBEDC did not respond to inquiries about the sale.

 

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