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Afrexim Bank disburses another $925 million under NNPC $3.3 billion loan

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Gowon Lauds NIPR on National Cohesion

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Gowon Lauds NIPR on National Cohesion

…As Institute Partners SNECOU Group
Nigeria’s former Head of State, Gen. Yakubu Gowon (Rtd) has applauded the Nigerian Institute of Public Relations (NIPR) for its efforts in driving national unity and cohesion since its establishment in 1963.

 

The former Nigerian leader made the commendation while receiving a delegation of the Institute led by the President and Chairman of Council, Dr. Ike Neliaku who paid him a courtesy visit in Abuja on Tuesday.

“I am happy for the efforts your Institute is making and the support you are rallying to make sure that people believe in Nigeria, which shows that Nigeria is not just a geographical expression as some people have assumed”, he noted.

Speaking further, Gen. Gowon said he desires a nation where everyone will work together like the NIPR to keep Nigeria together.

In the same vein, Sen. Nicholas Ukachukwu, Chairman of SNECOU Group, who earlier received the NIPR delegation in his Corporate Headquarters in Abuja, expressed satisfaction with the quality of the current leadership of the Institute since inauguration in August, 2023.

Sen. Ukachukwu, a real estate developer and investor said he was willing to partner with the NIPR on a number of projects, including construction of a befitting office complex for the Institute.

The NIPR President said the visit to former Head of State was part of his administration’s initiatives to engage critical stakeholders on issues of nation-building; while the engagement with SNECOU Group was in line with the Institute’s efforts towards fostering mutually beneficial relationship with the private sector.

He stated that the Institute’s forthcoming Diamond Anniversary scheduled to hold on 27th June, 2024, at Transcorp Hilton, Abuja will be a platform to celebrate outstanding Nigerians, who have contributed immensely to the success story of the country.

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Dangote refinery enters Asian market, ships first low-sulfur oil to Singapore

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Dangote Refinery is set to send a shipment of low-sulfur straight-run fuel oil (LSSR) from Nigeria to Singapore this week, according to ship tracking data and market sources, making the first time breaking into the Asian market.

This shipment initiates a fresh trade route from the recently opened refinery to Asia, which consistently lacks the low-sulfur fuel oil needed for refueling ships at Singapore, the largest bunker hub globally.

The Dangote refinery, which began operations in January after a $20 billion investment, has the capacity to process up to 650,000 barrels of products per day. Once it reaches full capacity, it will be the largest refinery in Africa and Europe.

Since March, the Dangote refinery has increased its LSSR exports, predominantly sending cargo to the Americas and Europe, as reported by ship tracking data from Kpler and Vortexa.

The first shipment bound for Asia is due to arrive on Wednesday. The Glencore-chartered vessel, Front Brage, will deliver approximately 124,000 metric tons (787,400 barrels) of LSSR to Singapore.

Market sources suggest that the cargo was redirected to Asia due to weaker demand in Europe. Data from LSEG indicates that the east-west spread for front-month 0.5 percent LSFO, reflecting the price difference between these regions, stayed above $40 per ton this week.

Dangote’s LSSR cargoes are priced against Rotterdam’s 0.5 percent LSFO quotes on a free-on-board basis, although the specific pricing differential for this shipment was not disclosed by market sources.

Another LSSR shipment from the Dangote refinery, containing around 157,000 tons, is expected to reach Singapore in July aboard the vessel Stena Suede, based on ship tracking data.

LSSR is generally mixed with other fuels to create low-sulfur fuel oil (LSFO) for bunkering or used as feedstock in various refinery processes.

In February, Dangote started exporting oil products and began purchasing crude oil, mainly from the Nigerian National Petroleum Company (NNPC) Ltd, in December 2023.

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Cost of revenue collection gulps N214.29bn in Q1 2024

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*Cost of Revenue Collection in Nigeria*

– *N214.29 Billion Spent*: In the first quarter of 2024, Nigeria spent N214.29 billion on revenue collection, with revenue collecting agencies such as the Federal Inland Revenue Service, Nigeria Customs Service, and Nigerian Upstream Petroleum Regulatory Commission sharing this amount as logistics cost

– *Expanded Tax Collection Efforts*: This substantial growth in cost is attributed to expanded tax collection efforts, potentially due to better tax compliance measures and increased economic activities.

– *Revenue Collection Agencies*: The cost of collection is usually deducted at the monthly FAAC meeting before the federally collected revenues are shared with the three tiers of government and other statutory recipients.

– *Concerns About Allocation*: The report raises concerns about the allocation of funds, stating that these agencies are getting more allocations at the expense of others, including states and zones that have a high number of citizens to cater for and a slew of challenges to tackle.

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