The Nigerian National Petroleum Corporation is in the final stage of signing $6bn worth of deals to exchange more than 300,000 barrels per day of crude oil for imported petroleum products.
The NNPC called for tenders in January for the lifting of crude oil in return for the delivery and supply of petroleum products under the direct sale of crude oil and direct purchase of petroleum products model.
The contracts, which come three months later than expected, include three more pairs of companies than last year, reflecting the nation’s increased reliance on the NNPC for fuel imports.
Unlike the 2016 contracts, which included only companies with refineries in an effort to cut out middlemen, this year’s deal is said to include international trading houses and indigenous firms.
The latest list contains several companies from 2016, including Varo Energy, Societe Ivorienne de Raffinage, Total and Cepsa. Italy’s Eni and India’s Essar, which won 2016 contracts, are absent from this year’s list, while Socar and Mercuria are new additions.
The contracts were initially planned to begin in April but last year’s swap deals were extended at least twice in order to give the NNPC more time to negotiate.
The 10 groups, which comprise overseas refiners traders and local partners, are Trafigura and AA Rano; Petrocam and Rainoil/Falcon Crest; Mocoh and Heyden; Cepsa and Oando; SIR and Sahara; Mercuria and Matrix/Rahmaniya; Socar and Hyde; Litasco and MRS; Vitol and Varo; and Total.
COUNTRY CURRENCIES IN NGR(Naira)
EUROPE EUR N420/Euro
US DOLLAR USD N381/Dollar
 |
| Prof Yemi Osinbajo |
The Presidency on Friday confirmed that the National Assembly has formally transmitted the 2017 Appropriation Bill recently passed into law to the Executive.
“2017 Budget -Appropriations bill now officially received in the Acting President’s office and undergoing very prompt and diligent consideration,” as written by the Senior Special Assistant to the Acting President, Mr. Laolu Akande.
He said the document was formally received in the office of the Acting President, Yemi Osinbajo, on Friday.Akande added that the bill is currently undergoing diligent consideration by the Executive arm of government.
The Chartered Institute of Taxation of Nigeria (CITN) has rated the Ogun State Government third in Internal Generated Revenue (IGR) among the 36 states, following the N72,983,120,003.85 recorded by the state in 2016.
Speaking in Abeokuta, the Ogun State capital, during the 19th annual tax conference with the theme: “Taxation and Governance: The Social Contract Imperative,” CITN President, Dr. Olateju Somorin, explained that Ogun State recorded N34.6 in 2015, an increase of N17.09 billion
She said the National Bureau of Statistics (NBS) stated that Ogun State came first by doubling the N17.5 billion it generated in 2014 to N34.6 billion in 2015.
According to Olateju, the total components of revenue were PAYE (N24.15 billion), direct taxes (N1.81 billion) Road Taxes (N364 million), other taxes (N6.43 billion) and MDAs Revenue (N40,218,549,061.91).
Closing price Closing price
StockName 17/05/2017 18/05/2017 Gain(N) % Change
OANDO 8.55 9.37 0.82 9.59
NAHCO 2.85 3.09 0.24 8.42
UBA 6.50 7.01 0.51 7.85
ZENITHBANK 17.10 17.97 0.87 5.09
PORTPAINT 2.00 2.10 0.10 5.00
DANGFLOUR 4.00 4.18 0.18 4.50
MAYBAKER 1.34 1.40 0.06 4.48
AGLEVENT 0.69 0.72 0.03 4.35
NEM 0.95 0.99 0.04 4.21
NEIMETH 0.53 0.55 0.02 3.77
FIDELITYBK 0.96 0.99 0.03 3.13
GUARANTY 30.70 31.60 0.90 2.93
UCAP 2.97 3.05 0.08 2.69
TOTAL 265.00 270.00 5.00 1.89
AFRIPRUD 2.71 2.75 0.04 1.48
STERLNBANK 0.75 0.76 0.01 1.33
NESTLE 825.05 835.00 9.95 1.21
SEPLAT 345.80 350.00 4.20 1.21
WAPCO 47.50 48.00 0.50 1.05
ETI 9.80 9.90 0.10 1.02
TRANSCORP 1.17 1.18 0.01 0.85
FBNH 3.98 4.00 0.02 0.50
