Business
Court dismisses NNPCL’s objection to Dangote Refinery’s suit on import licence
A Federal High Court in Abuja has dismissed the objection raised by the Nigerian National Petroleum Company Limited (NNPCL) against the competence of a suit filed by Dangote Petroleum Refinery and Petrochemicals FZE (Dangote Refinery).
Dangote is seeking to void the licences issued by the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to some oil marketing companies to import refined petroleum products.
In its objection, the NNPCL challenged the jurisdiction of the court to hear the suit and urged the court to strike out its name from the suit on the grounds that it was not properly identified by the plaintiff.
It argued that the name, “Nigerian National Petroleum Company Limited,” being its registered name with the Corporate Affairs Commission (CAC), is not the one and the same entity the second defendant sued but the “Nigerian National Petroleum Corporation”.
Ruling yesterday, Justice Inyang Ekwo held that NNPCL’s objection was incompetent as it was filed in violation of Order 29 of the Federal High Court Civil Procedure Rules (FHCCPR), 2019.
Justice Ekwo also held that the NNPCL ought to have filed a defence in the form of a counter-affidavit to the plaintiff’s suit before raising an objection.
The judge averred that under the procedure in lieu of demurrer, any party is entitled to raise, by his pleading, any point of law, and that any point so raised may be disposed of by the trial court at trial or after the trial.
He explained that where a defendant seeks to challenge the jurisdiction of the court, it is the provision of Order 29 of the Federal High Court Civil Procedure Rules (FHCCPR), 2019, that would be applicable.Justice Ekwo added that the NNPCL failed to comply with the provision.
The judge held that the NNPCL, having not complied with the provisions of the FHCCPR 2019 could not be said to have filed a competent preliminary objection.
Business
Dangote Refinery Suspends Petrol Sales To Lagos Depots
Dangote Refinery is prioritising markets where imported products are either unavailable or less dominant, rather than adding more supply to Lagos, which receives substantial volumes of imported petrol.
Dangote Petroleum Refinery has suspended coastal sales of Premium Motor Spirit (PMS) to depot owners and importers in Lagos.
People familiar with the refinery’s operations said that the move is deliberate, aimed at redirecting locally refined petrol to areas where imported supply is scarce.
The suspension is ongoing. A source said: “The suspension of coastal sales to Lagos is still ongoing. It is aimed at redirecting products to locations where imported products are unavailable. Lagos has quite some imported petrol.”
Dangote Refinery is prioritising markets where imported products are either unavailable or less dominant, rather than adding more supply to Lagos, which receives substantial volumes of imported petrol.
The strategy is intended to ensure locally refined petrol reaches areas where it is most needed.
The decision comes amid concerns at the refinery over the volume of imported petrol entering Nigeria.
According to data available to the refinery, imported PMS accounted for about 43 per cent of total petrol supplied into Nigeria in July
Business
Naira Exchange Rates Friday, August 28
Today, the Naira Black Market exchange rate for 1 Great British Pound (GBP) is 1900 Naira. This means that you can get 1900 Naira for every 1 Pound that you exchange.
How much is 100 pounds in naira today?
At the current black market rate of 1900 per pound, 100 British Pounds = 190,000 Naira.
BLACK MARKET RATES
US Dollar (USD) Buy ₦1,405 Sell ₦1,410
Great British Pound(GBP) Buy ₦1,900 Sell: ₦1,920
EURO (EUR) Buy ₦1,595 Sell ₦1,615
Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080
South African Rand (ZAR) Buy ₦75 Sell ₦90
Ghana CEDI (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
CBN Exchange Rates
US Dollar (USD) ₦1,338.59
Great British Pound (GBP) ₦1,820.34
EURO (EUR) ₦1,560.12
Swiss Franc (CHF) ₦1,664 91
Chinese Yuan (CNY) ₦199.19
Japanese Yen (Yen) ₦8.40
West African CFA (XOF) ₦2.39
West African Unit Account (WAUA) ₦1,843.17
Saudi Riyal (SAR) ₦356 51
South African Rand (ZAR) ₦83.72
Business
Naira Exchange Rates Thursday, August 27
Today, the Naira Black Market exchange rate for 1 US Dollar is 1405 Naira, while the Central Bank of Nigeria (CBN) sets the official exchange rate for the Nigerian Naira against dollars at N1,343.59.
Today, the Naira Black Market exchange rate for 1 US Dollar is 1405 Naira, while the Central Bank of Nigeria (CBN) sets the official exchange rate for the Naira against dollars at N1,343.59
BLACK MARKET RATES
US Dollar (USD) Buy ₦1,405 Sell ₦1,410
Great British Pound(GBP) Buy ₦1,895 Sell: ₦1,915
EURO (EUR) Buy ₦1,595 Sell ₦1,615
Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080
South African Rand (ZAR) Buy ₦75 Sell ₦90
Ghana CEDI (GHS) Buy ₦95 Sell ₦110
West African CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
CBN Exchange Rates
US Dollar (USD) ₦1,343.59
Great British Pound (GBP) ₦1,827.96
EURO (EUR) ₦1,566.09
Swiss Franc (CHF) ₦1,668.44
Chinese Yuan (CNY) ₦199.87
Japanese Yen (Yen) ₦8.43
West African CFA (XOF) ₦2. 39
West African Unit Account (WAUA) ₦1,847.86
Saudi Riyal (SAR) ₦357.84
South African Rand (ZAR) ₦84.16
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