Business
Why FG Can’t Intervene In Rising Kerosene Price – Sylva
The Minister of State Petroleum Resources, Chief Timipre Sylva, said on Monday, that the federal government has no powers to intervene in the rising price of household kerosene, a major cooking energy for low-income earners and rural dwellers in Nigeria.
The minister, who made the claim at a media briefing in Abuja to unfold the achievements of the Buhari administration in the petroleum industry since the assumption of office in 2015, pointed out that the price of kerosene had already been deregulated and could no longer be controlled by the government.
The minister said: “Kerosene, which is the fuel for the average household, is already a deregulated product. It is not necessarily within the purview of the government but a now a commercial decision. Companies will import and sell kerosene at a commercial rate. It is a deregulated product”.
READ ALSO: Nigeria Requires $410bn By 2060 To Address Energy Constraints, Policy Flexibility – Sylva
The latest data from the National Bureau of Statistics shows that kerosene price has risen by 145.86 per cent from N441 per litre in November 2021 to N1,083 per litre in November 2022.
Chief Sylva expressed the hope that Nigerians would see the need for petrol to be similarly deregulated to free up funds for the government to execute other development projects.
The minister explained that it was important for Nigerians to understand that petroleum products prices are market-driven and based on the prevailing exchange rate, adding that petroleum products were still being sold at the cheapest rates in Nigeria compared to its neighbours.
While insisting that the best way to make petrol readily available for all Nigerians was through the removal of subsidies, which is not sustainable, the minister however pointed out that the government is to ensure that the price is market-driven.
“If petroleum product prices are market-driven it would drive a lot of investments. A lot of private investors want to come in and invest in the Nigerian petroleum industry but who would want to invest under a subsidy regime?
“If you build a refinery, how is your refinery going to make a profit under a subsidy regime? But if you have a market-driven situation, a lot of investors will come and the problem of access to petroleum products will be a thing of the past,” Sylva stated.
He disclosed that the rehabilitation of the Port Harcourt Refinery was on track, saying the 60,000 barrels per day component of the refinery would come on stream before the end of the first quarter of 2023.
Chief Sylva also expressed optimism that oil production would continue to improve as security in the Niger Delta region is beefed up, insisting that the Federal Government’s target of three million per day production was realisable.
He said the government was committed to the expansion of gas development, adding that the $250 million funding from the Central Bank of Nigeria would facilitate investments into domestic gas usage in Nigeria.
The minister dismissed the notion that the new Nigerian National Petroleum Company Limited, NNPCL, which was created under the Petroleum Industry Act, PIA, was an independent company, pointing out that it remains under the Petroleum Resources Ministry.
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“NNPC is not a private company; it is still 100 per cent government-owned. What has happened is that NNPC is now a commercial company and we allow it to operate commercially but it is still NNPC Limited, 100 per cent owned by the Federal Government of Nigeria and still under the purview of the Ministry of Petroleum,” Sylva pointed out.
Earlier, the Minister of Information, Alhaji Lai Mohamed, who coordinated the press briefing, berated those who accuse the Buhari administration of doing nothing tangible since coming into power, pointing out that the administration has left a legacy of achievements in all sectors of the economy.
Mohammed said, “Distinguished ladies and gentlemen, between the last edition of the PMB Administration Scorecard Series on Dec. 22nd, 2022, and today’s opening edition for 2023, a lot of things have happened in the polity.
“But the most significant has been naysayers and the opposition trying to distort the achievements of President Muhammadu Buhari for their own selfish ends.
“While some of the Administration’s fiercest critics said we have achieved nothing, others have admitted, though seemingly tongue in cheek, that it’s only in the area of infrastructure that the Administration has performed.
“Well, I want to say that both groups are wrong, very wrong. Yes, infrastructure development under the Buhari Administration is unprecedented since the nation’s return to democratic rule in 1999, and it has set the country on the path of development. But no, our legacy is more than infrastructure.
“The Buhari Administration is leaving a legacy of a revamped security sector, in the face of unprecedented security challenges in the country. Today, the Nigerian military is being restored to its glorious past, thanks to Mr. President’s foresight and doggedness in re-equipping the various services. And this has made it possible for the military to tackle insurgency and all other security challenges facing the country.
“As you can now see, this military has been recording success after success. Compare this with those who literally passed a vote of no confidence in our military by bringing in mercenaries to fight insurgency. Not only that, they looted dry all the funds earmarked to buy arms and ammunition for the military.
“Some of the alleged looters said they spent billions just praying against Boko Haram! The Nigerian military, which has excelled in global peacekeeping operations since 1960 and has sacrificed a lot to keep our country united, has regained its respect and influence.
“Ditto the Nigeria Police, which is steadily being repositioned to be efficient and well-motivated, and to improve its capacity to face modern-day security challenges. As the Honourable Minister of Police Affairs told us here last month, the Nigeria Police now has a state-of-the-art National Command and Control Centre.
“This is unprecedented. Other security agencies have not been left behind in the area of capacity enhancement through training and modernization of equipment.
READ ALSO: PIA To Unlock Investments In Nigeria’s Oil And Gas Sector – Sylva
“The Buhari Administration is leaving a legacy of inclusiveness, especially in the areas of infrastructure and social development. There is no state in Nigeria that is not witnessing at least a road, a bridge or a housing project. None!
“The Honourable Minister of Finance, Budget and National Planning has also told us here how Mr President approved tranches upon tranches of funds to states, irrespective of their party affiliation, to enable them to meet their obligations to the people.
“We dare any part of this country to say that it has not benefitted from the programmes of the Buhari Administration in one way or another and we will happily counter that with verifiable evidence,” Mohammed boasted.
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Business
CBN Revokes Licences Of Aso Savings, Union Homes As NDIC Begins Deposit Payments
The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory infractions and deepening financial distress in the two primary mortgage banks.
The revocation, which took effect on December 15, 2025, was carried out under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria, the CBN said in a statement issued on Tuesday.
According to the apex bank, the affected institutions failed to meet minimum paid-up share capital requirements, had insufficient assets to cover their liabilities, recorded capital adequacy ratios below prudential thresholds, and consistently breached regulatory directives.
“The CBN remains committed to its core mandate of ensuring financial system stability,” a statement, signed by the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali said.
READ ALSO:CBN Directs Nigerian Banks To Withdraw Misleading Advertisement
Following the licence revocation, the Nigeria Deposit Insurance Corporation (NDIC) was appointed liquidator of the defunct banks in line with the law.
The Corporation said it has commenced the liquidation process and begun verification and payment of insured deposits to customers.
Under the deposit insurance framework, depositors are entitled to receive up to two million naira per depositor, with payments made through BVN-linked alternate bank accounts.
Depositors with balances above the insured limit will receive the initial two million naira while the remaining sums will be paid as liquidation dividends after the realisation of the banks’ assets and recovery of outstanding loans.
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The NDIC said depositors may submit claims either online or physically at designated branches of the closed banks, while creditors will be paid after all depositors have been fully settled, in accordance with statutory provisions.
The two mortgage banks have faced prolonged operational challenges, including depositor complaints, governance concerns, and delisting from the Nigerian Exchange (NGX) in 2024 for failure to submit audited financial statements for more than six years.
The CBN assured the public that the action was taken to strengthen the mortgage banking sub-sector and protect depositors, adding that banks whose licences have not been revoked remain safe and sound.
This means the two financial institutions can no longer operate as licensed financial institutions.
Business
9th FirstBank Digital Xperience Centre Launched In UNIBEN
First Bank Nigeria Plc on Tuesday launched its Digital Xperience Centre (DXC) at the University of Benin Branch, Benin City.
In his remarks at the launching, Chief Executive Officer, First Bank Plc, Olusegun Alebiosu, described the digital xperience centre as “an exceptional feat in our shared commitment toward innovation,” adding that
“this is our 9th Centre, and it operates round-the-clock.”
Alebiosu, while stating that the “FirstBank’s DXC is more than a banking facility,” added that “it is a step toward redefining how banking connects with education, technology, and the whole community.”
He said: “In partnership with the University, we’ve created a hub where students, faculty and community members can access FirstBank’s digital world.
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“Our DXCs are more than just banking hubs – they are gateways to a smarter, faster, and more personalised financial journey. Equipped with cutting-edge technology, customers have access to state-of-the-art self-service terminals designed to simplify transactions while ensuring top-tier security and efficiency.
“Whether you need to deposit cash, request for debit card, or update your account details, the DXC’s provides an elevated banking experience with speed and ease, designed to put you in control.
“Our DXCs operate round-the-clock, including weekends, providing the convenience you need to bank anytime in just a few minutes.
READ ALSO: First Bank Releases Statement On Foiled Abuja Robbery Attack
“The DXC embodies our commitment to Environmental Social and Governance (ESG) principles as it promotes financial inclusion, fosters digital literacy, and uses sustainable technology to empower underserved communities.”
The CEO, while thanking the leadership of UNIBEN for “partnering with us to bring this vision to life, aligning academic excellence with cutting-edge technology,” urged the public to “embrace this DXC as a catalyst for learning, innovation, and development.”
In his remarks at the launching, the Vice-Chancellor, UNIBEN, Prof. Edoba Omoregie said: “We are very happy that First Bank is doing this in our institution,” describing UNIBEN as a “first generation university.”
Earlier, while playing host to the First Bank CEO and his team in his office, Prof. Edoba had sought support from the company in the revamp of the university Information Technology Centre (ICT).
Business
Full List: 82 Newly Approved, Fully Licensed BDC Operators
The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDC) operators under its revised regulatory framework, reinforcing warnings against transactions with unlicensed foreign exchange dealers.
In a statement on Monday, the Acting Director of Corporate Communications, Hakama Sidi-Ali, confirmed that the licences took effect on November 27, 2025, in accordance with the 2024 Regulatory and Supervisory Guidelines for BDC Operations. The guidelines require all operators to meet specified capital thresholds and regulatory conditions to qualify for licensing.
“The Central Bank of Nigeria, in exercise of its powers under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Guidelines, has granted final licences to 82 Bureaux De Change to operate with effect from November 27, 2025,” the statement read.
The apex bank emphasised that only BDCs listed on its official website are considered fully licensed, urging the public to verify the status of any operator before engaging in foreign exchange transactions.
“While the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website, the Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators,” the statement warned.
READ ALSO:CBN Issues 82 New BDC Licences, Moves To Curb Unregistered FX Operators
The CBN noted that operating a BDC without a valid licence constitutes an offence under Section 57(1) of the BOFIA 2020, and confirmed that legal action would be taken against non-compliant operators.
TIER 1
1 DULA GLOBAL BDC LTD
2 TRURATE GLOBAL BDC LTD
TIER 2
1 ABBUFX BDC LTD
2 ACHA GLOBAL BDC LTD
3 ARCTANGENT SWIFT BDC LTD
4 ASCENDANT BDC LTD
5 BARACAI BDC LTD
6 BERGPOINT BDC LTD
7 BRAVO MODEL BDC LTD
8 BRIMESTONE BDC LTD
9 BROWNSTON BDC LTD
10 BUZZWALLET BDC LTD
11 CASHCODE BDC LTD
12 CHATTERED BDC LTD
13 CHRONICLES BDC LTD
14 COOL FOREX BDC LTD
15 CORPORATE EXCHANGE BDC LTD
16 COURTESY CURRENCY BDC LTD
17 DANYARO BDC LTD
18 DASHAD BDC LTD
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19 DEVAL BDC LTD
20 DFS BDC LTD
21 EASY CASH BDC LTD
22 ELELEM BDC LTD
23 E-LIOYDS BDC LTD
24 ELOGOZ BDC LTD
25 ENOUF BDC LTD
26 EVER JOJ GOLD BDC LTD
27 EXCEL RIJIYA FOREX BDC LTD
28 FABFOREX BDC LTD
29 FELLOM BDC LTD
30 FINE BDC LTD
31 FOMAT BDC LTD
32 GENELO BDC LTD
33 GENTLE BREEZE BDC LTD
34 GRACEFUL GLORY AND HUMILITY BDC LTD
35 GREENGATE BDC LTD
36 GREENVAULT BDC LTD
37 HAZON CAPITAL BDC LTD
38 HIGH-POINT BDC LTD
39 I & I EXCHANGE BDC LTD
40 IBN MARYAM BDC LTD
41 JOURNEY WELL BDC LTD
42 KEEPERS BDC LTD
43 KHADHOUSE SOLUTIONS BDC LTD
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44 KIMMELFX BDC LTD
45 KINGSOFT ATLANTIC BDC LTD
46 M.S. ALHERI BDC LTD
47 MASTERS BDC LTD
48 MCMENA BDC LTD
49 MKOO BDC LTD
50 MKS BDC LTD
51 MR J GOLF BDC LTD
52 MUSDIQ BDC LTD
53 MZ FOREX BDC LTD
54 NEJJ BDC LTD LTD
55 NETVALUE BDC LTD
56 NEW WAVE BDC LTD
57 NOTABLE AND KINGSTON BDC LTD
58 PILCROW BDC LTD
59 RAPID BDC LTD
60 RIGHTWAY BDC LTD
61 RWANDA BDC LTD
62 SABLES BDC LTD
63 SAFETRANZ BDC LTD
64 SAMFIK BDC LTD
65 SEVENLOCKS BDC LTD
66 SHAPEARL BDC LTD
67 SIMTEX BDC LTD
68 SOLID WHITE BDC LTD
69 ST. NICHOLAS GLOBAL BDC LTD
70 TOPFIRST UNIQUE MULTICHOICE BDC LTD
71 TOPGATE BDC LTD
72 TRAVELLER’S CHOICE BDC LTD
73 TUCA GLOBAL BDC LTD
74 TURBOVA BDC LTD
75 TURN-UP BDC LTD
76 UNIGO BDC LTD
77 VICTORY AHEAD BDC LTD
78 WHITEWAY WWW BDC LTD
79 YUND GLOBAL LINK BDC LTD
80 ZAMAD FOREX BDC LTD
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