News and Insights

The Central Bank of Nigeria (CBN) reported a record $553 million in remittance inflows for July 2024, a 130% increase from the same period in 2023. CBN attributed the growth to its efforts to boost liquidity in the country’s foreign exchange market.
Read more: This Day News

The Independent Petroleum Producers Group (IPPG), which produces about 30% of Nigeria’s crude oil, has warned against being compelled to sell to the Dangote Refinery and other local refineries. IPPG’s share of Nigeria’s total crude production, which was 1.53 million barrels in July, amounts to approximately 460,000 barrels per day.
Read more: Punch News

The NMDPRA issued an operational license to Edo Refinery and Petrochemical Company Limited in Edo State. NMDPRA CEO Farouk Ahmed presented the license to Segun Okeni, representing the refinery’s parent company, AIPCC Energy Limited.
Read more: The cable