NNPC Sells First Shipment of Fuel from Port Harcourt Refinery to Dubai-based Company Report projects 210,000bpd facility to reach full capacity by Q2, 2026
Emmanuel Addeh in Abuja The Port Harcourt refinery has sold its first Low Sulphur Straight Run Fuel
oil (LSSR) cargo, pointing to a gradual and phased start-up of operations, a Kpler report indicated yesterday. Kpler is a data intelligence company
that provides market insights, analytics, and technology for the energy and shipping markets. It tracks real-time cargo as well as seaborne imports
and exports. While this will have a limited impact on global Very Low Sulphur Fuel Oil (VLSFO) benchmarks for
now, the report stated that it spells trouble for Atlantic Basin exporters of clean products into Nigeria and the wider region.
However, THISDAY reports that low sulphur fuel, commonly used Continued on page 5
Gencos Push Back, Blame Power Sector Woes on N'Assemly's Weak Oversight... Page 5 Saturday, December 7, 2024 Vol 29. No 10835
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XEC COVID-19: FG Places Hospitals Nationwide on Alert... Page 5
Tension in Kano as Police Barricade Emir Sanusi's Palace Kano government condemns act, Sanusi calls for calm Ahmad Sorondinki in Kano Armed security personnel including the State Security Service (SSS), yesterday barricaded all entrances
leading to the palace of the Kano Emir, Muhammadu Sanusi 11. According to reports, the move may not be unconnected with the appointment and installation of the
new district head of Bichi, which happened to be among the five emirate councils scrapped by the Kano State government. Also, at the Bichi town, which
is about 30 kilometres from Kano, security forces also barricaded the entrance to the palace, where the new district head was expected to occupy. Emir Sanusi was scheduled to effect
the appointment of the new district head, who is the present Wambai of Kano, Alhaji Mannir Sanusi. Emir Sanusi was also expected to accompany the newly-appointed
district head to his new official district post in Bichi. As at the time of filing this report, Continued on page 5
Naira Bounces Back, Maintains Gains after Successful Eurobond Issuance, Launch of New Trading System
Appreciates to N1,587.29/$1 on official, N1,590/$ on parallel FX markets NBS: Foreign trade hits N35.16trn, recorded N5.81trn surplus in Q3 Crude oil accounted for 65.44% of export trade, Spain is major trading partner James Emejo in Abuja and Nume Ekeghe in Lagos The naira has recorded significant appreciation in the past five days, buoyed by Nigeria’s successful $2.2 billion Eurobond issuance and the launch of the Central Bank of Nigeria’s (CBN) Electronic Foreign Exchange Matching System (EFEMS). This emerged as the National Bureau of Statistics (NBS) yesterday, revealed that the country’s total merchandise trade increased to N35.16 trillion in the third quarter of the year (Q3 2024) compared to N31.89 trillion in the preceding quarter. On the official FX market, CBN quotes for the Nigerian Foreign Exchange Market (NFEM) showed the naira strengthened progressively against the dollar over the week. For instance, on Monday, the naira opened at N1,662.77/$1 and by Tuesday it appreciated to N1,644.78/$1, marking the first sign of a more dynamic market Continued on page 5
SHOBANJO'S 80TH BIRTHDAY CELEBRATION...
L-R: Chief Executive Officer, Tanus Communications, Dr. Yemi Ogunbiyi; Executive Chairman, STB-McCann, Steve Omojafor; Joyce Shobanjo; Chairman, Troyka Holdings, Dr. Biodun Shobanjo; Co-founder, Rosabel, Senator Akin Odunsi, and CEO, AT3 Resources - The Muvmnt Agency, Tosin Adefeko, during the launch of BB Uncovered a Podcast Series by The Muvmnt Studio to commemorate Shobanjo's 80th birthday celebration in Lagos…recently
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