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Coronation Research Daily Insights
(Source: Coronation Research, Date: 08-Feb-2024)

THURSDAY, 8 FEBRUARY 2024

Price Control | Grant Scheme | Oil Production | Gas Project | Dangote Fuel

Good Morning,

Here are your top 5 news items for the day.

Price Control


Court Orders Federal Gov't To Fix Price Of Goods In 7 Days ""Leadership

Justice Ambrose Lewis-Allagoa of the Federal High Court in Lagos has ordered the federal government to fix the price of goods and petroleum products in Nigeria in accordance with Section 4 of the Price Control Act within seven days from Wednesday. Justice Lewis-Allagoa gave the order while delivering judgement in a suit filed by a human rights lawyer, Femi Falana (SAN), against the Price Control Board and the Attorney-General of the Federation (AGF), to compel the federal government to fix prices of some commodities in order to check high cost of good and services in the country. Read  more https://leadership.ng/breaking-court-orders-federal-govt-to-fix-price-of-goods-in-7-days/

Grant Scheme


Bank Of Industry To Disburse N200bn To MSMEs, Others "" Daily Trust

The Bank of Industry (BOI) has been appointed by the Federal Government as the executing agency of a N200 billion fund to support businesses across Nigeria. The Federal Ministry of Industry, Trade, and Investment (FMITI), recently established three funds totaling N200bn to support businesses across Nigeria. The funds are the Presidential Conditional Grant Scheme (PCGS), The FGN MSME Intervention Fund and the FGN Manufacturing Sector Fund. The BoI in a statement noted that the Presidential Conditional Grant Scheme (PCGS), is a N50bn grant scheme to support eligible Nano Business owners. Read more https://dailytrust.com/bank-of-industry-to-disburse-n200bn-to-msmes-others/

Oil Production


NNPC, Others Begin Production Of Oil From Akpo West Field "" Daily Trust

The Nigerian National Petroleum Company Limited (NNPC Ltd) says the Akpo West, a Petroleum Mining Lease (PML) 2 (formerly OML 130), has started production of 14,000 barrels of oil per day. A statement by NNPC's Chief Corporate Communications Officer, Olufemi O. Soneye, stated that the oil field is operated by operated by TotalEnergies with a 24% interest, in partnership with CNOOC (45%), Sapetro (15%), Prime 130 (16%), and the Nigerian National Petroleum Company Ltd as the concessionaire of the Production Sharing Contract (PSC). ...To optimise production from the nation's oil and gas assets, the Company has announced the successful commencement of oil production.. Read more https://dailytrust.com/nnpc-others-begin-production-of-oil-from-akpo-west-field/ 

Gas Project


Senate gives Edun seven-day ultimatum on N100bn gas project "" Punch

Senate Committee on Gas has given the Finance Minister, Wale Edun, a-seven-day ultimatum to provide details of the award and disbursement of over N100bn to companies engaged in the handling of the Presidential Compressed Natural Gas projects allegedly done in breach of the Public Procurement Act 2017. The lawmakers noted that the request was coming on the heels of plans by the PCNG to release another N130bn to an unspecified number of companies, ignoring an earlier warning by the Gas Committee that spending taxpayers' money on the said gas infrastructure development projects without National Assembly approval would amount to extra-budgetary expenditure and gross violation.. Read more https://punchng.com/senate-gives-edun-seven-day-ultimatum-on-n100bn-gas-project/ 

Dangote Fuel


Government approval delays Dangote refinery fuel  ""  Punch

Indications have emerged that lingering regulatory approvals have stalled Dangote Petrochemical Refinery's plan to release aviation fuel (Jet A1) and diesel for sale in the Nigerian market in January, findings by The PUNCH have shown. One week after the January 31 timeline set by the management of Africa's largest refinery to begin sale of its petroleum product in the local market, the refinery is still battling to cross the hurdles of the several layers of regulatory approvals. The development came almost a month after the refinery began the production of petroleum products at the expansive facility. On January 12, 2024, Dangote refinery announced that it had commenced the production of Automotive Gas Oil.. Read more https://punchng.com/government-approval-delays-dangote-refinery-fuel/

 

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