PETROL LANDING COST DROPS TO N970 PER LITRE-MARKETERS. (PHOTO).

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 Petrol Landing Cost Drops to N970 per Litre – Marketers In a positive sign for the downstream sector's stability, the Major Energy Marketers Association of Nigeria (MEMAN) has announced a slight decrease in the landing cost of Premium Motor Spirit (PMS), or petrol, which fell to N970 per litre in December 2024, down from N971 per litre in November 2024. This decrease comes amid a similar drop in crude oil prices, which fell to $73.77 per barrel from $74 per barrel the previous week. According to MEMAN's daily energy bulletin, which was shared with Vanguard, the new landing cost is based on a crude oil price of $73.91 per barrel (Brent) and an exchange rate of N1,533.57/$. However, MEMAN also cautioned that international petroleum product prices are subject to significant volatility, influenced by geopolitical and economic factors, including developments in the Middle East, market trends in China, and the recent outcome of the U.S. elections. The foreign exchange rate is also f...
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CAMEROON LOSES OVER FCFA 100 BILLION TO CORRUPTION IN 2023,CONAC REPORT REVEALS. (PHOTO).

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 Cameroon Loses Over FCFA 100 Billion to Corruption in 2023, CONAC Report Reveals


Cameroon lost more than FCFA 100 billion to corruption in 2023, according to a recent report from the National Anti-Corruption Commission (CONAC). The report, presented on September 26 by CONAC president Rev. Dieudonné Massi Gams in Yaoundé, shows a sharp rise in funds lost compared to previous years. 


Back in 2020, around FCFA 17 billion was reported lost due to corruption, while in 2022, the figure grew to over FCFA 43 billion. The 2023 losses represent a huge increase.


CONAC's Budgetary Disciplinary Committee took action against officials from six organizations, including the National Social Insurance Fund (NSIF) and the Cameroon Real Estate Corporation (SIC). Some managers were held responsible for a total of FCFA 6.1 billion in financial damages.


Rev. Massi Gams noted that the total amount owed to the state is estimated at FCFA 38.5 billion. The Special Criminal Court recovered around FCFA 1.47 billion, while an additional FCFA 7 billion was reclaimed through debt recovery, totaling FCFA 8.5 billion in recovered funds.

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