Nigeria Implements New Regulations to Boost Domestic Refining Capacity In a bid to enhance its domestic refining capacity and reduce dependence on imported refined products, Nigeria has introduced new regulations mandating local oil producers to prioritize supplying crude oil to domestic refineries. The regulations, initiated by the Nigerian Upstream Regulatory Commission, require all oil companies…

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Federal Government Increases Spending on Fuel Subsidy, Says El-Rufai

In a recent statement, Governor Nasir El-Rufai of Kaduna State highlighted the Federal Government’s increased expenditure on fuel subsidy, pointing out that many Nigerians are unaware of the current situation. Addressing journalists in Maiduguri, the capital of Borno State, El-Rufai emphasized the necessity of fuel subsidy despite previous attempts to remove it. “Fuel subsidy is…

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Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Outlines Ambitious Action Plan to Boost Oil Production and Reduce Costs

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has set its sights on increasing oil production and reducing production costs as part of its 2024–2026 action plan. With the aim of ramping up oil production from 1.8 million barrels per day (bbl/d) to 2.6 million bbl/d by 2026, the NUPRC is implementing a series of strategic…

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EFCC to Prosecute More Celebrities for Naira Abuse, Following Bobrisky’s Case

In the wake of ongoing investigations into Naira abuse, the Economic and Financial Crimes Commission (EFCC) has announced its intent to prosecute additional celebrities for misusing Nigerian currency. Citing rising public awareness regarding the sanctity of the national currency, the EFCC emphasized the need for collaborative efforts to combat financial crimes. Notably, the Commission has…

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EFCC Sets the Record Straight on Humanitarian Ministry Investigations

The Economic and Financial Crimes Commission (EFCC) has addressed the swirling speculations and opinions surrounding its ongoing investigations into alleged financial misappropriation within the Ministry of Humanitarian Affairs, Disaster Management, and Social Development. Initiating investigations, the EFCC summoned past and suspended officials of the Humanitarian Ministry, leading to revelations of substantial fraud amounting to N32.7…

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Nigerian Government Confirms Binance Executive Found in Kenya

In a significant development in the ongoing investigation into financial irregularities, the Nigerian government has confirmed that Nadeem Anjarwalla, a top executive at Binance, who had escaped custody in Nigeria, has been located in Kenya. A source within the presidency, speaking on condition of anonymity, revealed that Anjarwalla had been traced to Kenya, prompting intensified…

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