Connect with us

News

CBN Takes Over Control of Crude Sales, As Tinubu Unveils Sweeping Reforms in Oil Sector

Published

on

President Bola Tinubu
Share

President Bola Tinubu has directed the Central Bank of Nigeria (CBN) to assume responsibility for crude oil sales, a move aimed at addressing longstanding concerns about opaque practices and declining oil revenue within the Nigerian National Petroleum Company Limited (NNPCL).

 

The action is to enhance transparency and efficiency in Nigeria’s oil industry by instructing the Central Bank to oversee crude oil sales, marking a significant departure from the previous exclusive control by the Nigerian National Petroleum Company Limited (NNPCL).

Under the previous structure, the NNPC held sole authority over crude oil sales, submitting accounts solely to the federal government.

 Critics argued that this arrangement lacked transparency, allowing the NNPC to potentially underreport earnings.

Tinubu’s directive mandates the NNPC to submit all receipts for crude oil sales to the CBN for thorough vetting and documentation. The objective is to eliminate any potential gaps in reporting and ensure accurate records of oil revenue.

Recall that the CBN Governor, Mr. Olayemi Cardoso, emphasized the collaborative effort with the Ministry of Finance and the NNPCL, highlighting its impact on foreign exchange flows and the accretion of reserves. Speaking at the launch of the Nigerian Economic Summit Group (NESG) “2024 Macroeconomic Outlook Report,” Cardoso outlined the strategic reforms designed to foster transparency and stability in the foreign exchange market.

“The expected stability in the foreign exchange market for 2024 can be attributed to the reduction in petroleum product imports and the recent implementation of a market-determined exchange rate policy by the CBN,” stated Cardoso. “This reform is designed to streamline and unify multiple exchange rates, fostering transparency and reducing opportunities for arbitrage.”

He further highlighted the comprehensive strategy to improve liquidity in the foreign exchange markets, addressing fundamental issues that have hindered effective operations over the years.

The ongoing independent forensic review aims to clear the backlog of valid FX transactions, demonstrating the commitment to upholding the integrity of financial markets.

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Bamidele: 2026 Electoral Act Reflects Stakeholders’ Consensus, Not Legislative Imposition

Published

on

Senate Leader, Senator Michael Opeyemi Bamidele
Share

The Leader of the Senate, Opeyemi Bamidele, has stated that the provisions of the 2026 Electoral Act were the outcome of broad consultations with stakeholders rather than unilateral decisions by the National Assembly.

In an Easter message issued on Sunday through his Directorate of Media and Public Affairs, Bamidele explained that the new electoral law aligns with global best practices and was not designed to serve any political interest. He urged political actors to adhere to the rules collectively established to ensure stability, peace, and order within Nigeria’s democratic system.

His remarks come amid criticisms from opposition parties, particularly the African Democratic Congress (ADC), which alleged that certain provisions—such as Sections 77 and 84 of the Act—were introduced to weaken their chances ahead of the 2027 general elections. However, Bamidele dismissed the claims, insisting that all sections of the law were products of consensus involving civil society groups, development partners, and other stakeholders.

He defended the requirement for political parties to submit a digital register of members to the Independent National Electoral Commission (INEC), describing it as a transparency measure aimed at preventing undue influence by individuals outside party structures. According to him, the reform is essential for strengthening internal democracy and ensuring that party decisions reflect the will of legitimate members.

Bamidele also justified the restriction of candidate nomination processes to either direct primaries or consensus arrangements, noting that the move is intended to eliminate the delegate system, which he said had been susceptible to manipulation by wealthy individuals. He added that the new system empowers party members and reinforces majority rule in line with democratic principles.

Beyond electoral matters, the Senate leader condemned recent violent attacks in Plateau and Kaduna states, describing them as unacceptable acts against innocent citizens. He assured that the National Assembly is collaborating with federal and state authorities to tackle insecurity and prevent further loss of lives.

He disclosed that ongoing legislative efforts, including amendments to the Terrorism (Prevention and Prohibition) Act, are aimed at introducing stricter penalties for kidnappers, their sponsors, and collaborators. Bamidele expressed confidence that these measures would help restore security and stability across the country.

Reflecting on Easter, Bamidele called on Nigerians, especially political leaders, to embrace the values of sacrifice, tolerance, and unity exemplified by the resurrection of Jesus Christ, urging a collective commitment to nation-building.

Continue Reading

News

FG to Deploy AI Cameras to Tackle Insecurity in Plateau — Tinubu

Published

on

President Bola Tinubu
President Bola Ahmed Tinubu
Share

 

President Bola Tinubu has announced that the Federal Government will deploy over 5,000 artificial intelligence-enabled digital cameras across Plateau State to help security agencies combat rising insecurity.

The President made this known on Thursday during a visit to Jos, following the March 29 gun attacks in Angwan Rukuba, Jos North Local Government Area, which claimed several lives. He assured residents that such incidents would not recur, pledging decisive action to bring perpetrators to justice.

Tinubu directed security chiefs, including the Minister of Defence, Chief of Army Staff, and Inspector General of Police, to track down those responsible for the killings. He also tasked the Minister of Communications and Digital Economy, Bosun Tijjani, with overseeing the immediate installation of the surveillance system, starting in Jos and later expanding across the state.

Expressing sympathy to affected families, the President said no compensation could replace lost lives but promised government support and justice. He also directed the Ministry of Humanitarian Affairs to compile data on victims to ensure fair distribution of relief.

Plateau State Governor Caleb Mutfwang described the incident as a temporary setback, noting that the state had previously enjoyed relative peace. He expressed confidence in ongoing security efforts and thanked the Federal Government for approving the recruitment of 1,000 forest guards to strengthen local security.

Stakeholders at the meeting, including former governors and political leaders, called for greater collaboration and dialogue among Plateau indigenes, stressing that lasting peace would require collective responsibility.

Continue Reading

News

El-Rufai Returned to ICPC Custody After Court Appearance in Kaduna

Published

on

Former Kaduna State Governor,Nasir El -Rufai
Share

Former Kaduna State governor, Nasir El-Rufai, has been returned to the custody of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) following court proceedings in Kaduna.

El-Rufai, who had earlier left custody on March 27, 2026, due to the death of his mother, was re-arraigned on Tuesday.

He first appeared before the Kaduna State High Court over a separate charge filed by the ICPC. However, proceedings were stalled due to the absence of the second defendant, prompting the court to adjourn the case until April 10, 2026.

Following the adjournment, El-Rufai was taken to the Federal High Court in Kaduna, where his application for bail was scheduled to be heard.

The court had earlier fixed March 31, 2026, for the hearing of his bail application.

Continue Reading