Ministry of Petroleum Resource, Oil Marketers Set June 13 To End Fuel Scarcity

The Ministry of Petroleum Resources and oil marketers have resolved to end the current queues at petrol stations in most parts of the country by June 13, 2015.

At the end of a meeting with the oil marketers in Abuja, the Permanent Secretary in the ministry, Mr Taiye Haruna, said that the Pipelines And Product Marketing Company has been mandated to work with the oil marketers to ensure improved supply to retail outlets nationwide.

However, Mr Haruna identified the gridlock on the Oshodi-Apapa as one of the constraints to the improved supply of the product.

He explained that while there is adequate stock for more than 20 days, over 2,000 trucks are on the road while some have been on the road for the past ten days, all waiting to load the product.

Mr Haruna also explained that the ministry would work with the Lagos State Government, the petroleum tanker drivers and the National Association of Road Transport Operators to clear the lock-jam.

CBN adjusts FX rate peg to 196.95 per dollar in possible sign of looser currency regime ahead

The Central Bank of Nigeria on Thursday made a tiny adjustment to its exchange rate peg to 196.5 to the dollar, from the 197 it set in February after the currency's value was eroded by the fall in oil prices, data on its website showed on its website.

The bank adjustment, dealers said that the change was too small to be called a revaluation, particularly in the face of dwindling foreign reserves.

The Naira traded on thin volumes at 198.95 to the dollar on the interbank market on Thursday, before two large sales totalling $36.4 million were done at 196.95 naira, around the market close, dealer said, attributing the sales to the central bank. The unit traded between 215 to 218 in the parallel market.

One economist said the move may suggest the bank is testing out the market to see whether it is ready for a looser currency regime.

Ghana to scrap fuel subsidies by September: oil minister

The Ghanaian government says it will scrap the remaining fuel subsidies by September in a bid to reduce expenditure while ensuring stable supply to drive economic growth, Petroleum Minister Emmanuel Buah told Reuters on Wednesday.

The government has set aside 50 million cedis ($12.5 million) for subsidies in 2015 down from $150 million last year and took the decision in line with the terms of a three-year International Monetary Fund aid programme aimed at restoring fiscal stability.

Ghana exports gold, cocoa and oil and until 2013 its economy was one of the fastest growing in Africa, but it has slowed sharply due to a fall in commodity prices and a fiscal crisis seen in a high debt-to-GDP ratio and a weakening currency.

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Dangote Cement expands to Ethiopia with $500 million plant

Dangote Group on Thursday opened a $500 million cement plant in Ethiopia, one of Africa's fastest-growing economies where a construction boom has fuelled a shortage of cement.


Dangote Cement, owned by Africa's richest man Aliko Dangote, is seeking to expand its interests and develop cement plants across Africa to reach annual production of 62 million tonnes by 2017, up from 42 million last year.

The new plant is in the western Ethiopian district of Mugher at a site some 85 kilometres from the capital Addis Ababa, which is surrounded by green pastures but is quickly becoming one of the country's main industrial hubs.

The plant will initially produce 2.5 million tonnes a year in a country whose population of 90 million only consumes around 70 kilogrammes of cement per capita annually and the company said it plans to further expand its output.

Nigeria's annual per capita consumption is 127 kilogrammes."We are going to double this plant," Aliko Dangote said in a speech, adding a reliable power supply was one of the attractions that lured the investment to Ethiopia.
The Horn of Africa country's economy is expected to grow by 10.5 percent in 2015/16, fuelled by its rising service and agriculture sectors, as well as the construction of large-scale infrastructure projects such as dams.

Nigeria raises over $580m in treasury bills

Nigeria raised N115.85 billion (about $582 million) in treasury bills at lower yields in contrast to previous sale in May.

According to a statement by the Central Bank of Nigeria (CBN) on Wednesday in Abuja, total subscription for the notes stood at N253.82 billion at the auction, in contrast to N243.39 billion at its May 20 auction.
The bank sold N17.85 billion worth of 3-month bill at 9.79 percent yield, down from 9.95 percent at the previous auction.

It sold N18 billion worth of six month paper at 12.7 percent as against 12.75 percent at the last auction.
The apex bank sold N80 billion worth of the one-year note at 12.99 percent, compared with 13 percent last month.

Environment Ministry Terminates N9.2bn Clean Cook Stove Contract

The Federal Ministry of Environment has terminated the controversial N9.2 billion clean cook stoves and wonder bags project, initiated by the former Goodluck Jonathan administration, for rural women under the national clean cooking scheme.
 

The Permanent Secretary of the Ministry of Environment, Mrs Fatima Mede, said the German contractor who was given three months to supply 750,000 units of the stove and 18,000 wonder bags under the project had failed on his part to deliver the items.

Mrs. Mede noted that five billion Naira had been released to the Ministry by the government out of which the contractor was paid N1.3 billion.

She urged Nigerians not to be apprehensive over the remaining N3.7 billion in the ministry’s coffers, which according to her remains untouched.

The Permanent Secretary noted that the stoves which were to be assembled locally were meant to provide jobs to Nigerians among other benefits.

According to the former administration, the programme was launched to engender clean cooking culture amongst rural women, in order to reduce and eliminate cooking with solid fossil which is considered detrimental to health.

N8BN Fraud: CBN staff own posh cars, petrol stations, palatial buildings, court told

The court trial of some Ibadan based bankers indicted over the theft of N8 billion worth of mutilated banknotes was yesterday told of the stupendous wealth of the suspects.

The suspects, including a self-acclaimed illiterate bank staff were alleged to have acquired petrol stations, shopping malls in Nigeria and abroad, exotic cars, supermarkets, among others.

Mr. Ayodeji Alase, one of the suspects and a holder of primary six certificate, was alleged to have acquired property including a duplex at Oluyole, a shopping complex, warehouse at Podo, Challenge and a fenced plot at Dugbe in Ibadan.

He was also alleged to own a four flat building at Apeye, two plots of land, five-bedroom flat in Apete, Ibadan, a supermarket at New Garage, Apata Expressway.

However, a mild drama took place in the court as Alase, delayed the proceedings of the court, claiming he did not understand English language after working for years at First Bank Plc as a cash officer.

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