DANGOTE REFINERY TO SUPPLY 60 MILLION LITRES OF PETROL WEEKLY TO IPMAN TO BOOST CRUDE IMPORTS. (PHOTO).

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 Dangote Refinery To Supply 60 Million Litres Of Petrol Weekly To IPMAN To Boost Crude Imports The Dangote Petroleum Refinery has reached an agreement to supply 60 million litres of Premium Motor Spirit (PMS) to the Independent Petroleum Marketers Association of Nigeria (IPMAN) on a weekly basis, which translates to 240 million litres per month. This comes as the $20bn Lekki-based refinery seeks to raise billions of dollars to import crude oil and increase production to reach its full capacity of 650,000 barrels per day. IPMAN National Publicity Secretary, Chinedu Ukadike, confirmed that the association is finalizing discussions with Dangote and expects to start lifting PMS from the refinery before the end of November. The agreement has already led to a drop in petrol prices by N10 to N15 due to increased competition in the downstream sector following deregulation. In the past 42 days, the Nigerian National Petroleum Company Limited (NNPC) and other marketers have imported over two bil
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MORE TROUBLES FOR FUBARA AS COURT STOPS CBN FROM RELEASING RIVERS' ALLOCATION. (PHOTO).

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 More troubles for Fubara as court stops CBN from releasing Rivers' allocation


The Federal High Court in Abuja has stopped the Central Bank of Nigeria, CBN, from further releasing monthly financial allocations to the Rivers State government.

The court held that the receipt and disbursement of monthly allocations since January this year by Governor Siminalayi Fubara is a constitutional somersault and aberration that must not be allowed to continue.

Justice Joyce Abdulmalik, who issued the order on Wednesday, held that the presentation of the 2024 budget by Fubara before a 4-member Rivers House of Assembly was an affront to the Constitutional provision.

Specifically, the Judge said that Fubara action in implementing an unlawful budget smacked gross violations of the 1999 Constitution he swore to protect.

The judge therefore restrained the CBN, the Accountant General of the Federation, Zenith Bank, and Access Bank from further allowing Fubara to access money from the Consolidated Revenue and Federation Account.


Court stops further release of financial allocation to Rivers

by Eric Ikhilae, Abuja

A Federal High Court in Abuja has restrained the Central Bank of Nigeria (CBN) from further releasing financial allocations to the Rivers State Government pending when a lawful appropriation act is passed by a validly constituted House of Assembly.

Justice Joyce Abdulmalik issued the order on Wednesday in a  judgment on a suit filed by the Rivers State House of Assembly led by Martins Amaewhule.

Justice Abdulmalik held that the decision by Governor Siminalayi Fubara to present the Rivers State’s 2024 Appropriation Bill to a four-member Assembly, that was not properly constituted, should not be allowed to stand.

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