Business

JUST IN: NNPCL reduces fuel price to N910 per litre

Published

1 year ago

May 3, 2025

Charles Flames

494 Views

Nigerian National Petroleum Company Limited, NNPCL, has reduced its retail price of Premium Motor Spirit.

It was observed on Saturday that NNPCL retail outlets along Kubwa Express Way, Zone 4 Abuja, and Gudu, all in the Federal Capital Territory, have adjusted their fuel pump price to N910 per litre from N935.

This showed that the state-owned firm reviewed its petrol price downwards by N20.

Fresh price drop in NNPCL retail prices has resulted in motorists trooping to NNPCL filling stations as of Saturday.

The latest price drop by NNPCL retail outlets is the latest outcome of the ongoing ‘price war’ in the downstream sector of the petroleum industry.

MRS filling stations and other Dangote Refinery partners currently sell petrol for N910 per litre.

Recall that Dangote Refinery announced a drop in its petrol ex-depot price to N835 per litre.

Thereafter, the 650,000-barrel refinery announced that its partners, including MRS, AP (Ardova), Heyden, Optima Energy, Hyde, and Techno Oil, will sell petrol at N890 to N920 in Lagos, Abuja, and other parts of the country.

The development caused price disruption in the country’s petroleum downstream sector.

Other filling stations sell petrol between N930 and N950 per litre, depending on the location.

On April 20, 2025, NNPCL reviewed its petrol retail price downwards to N935 per litre.

Related Topics:Featured Fuel Price reduction NNPCL

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NAICOM Revokes Nigeria Reinsurance’s Licence, Freezes Operations Over Capital Shortfall

Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.

Published

5 days ago

August 6, 2026

OCHEFA

54 Views

The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.

The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.

In a public notice dated August 4, 2026, Banire said NAICOM appointed him, in exercise of its statutory powers, to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).

In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.

Banire said his appointment authorises him to immediately trace, recover, secure and take possession of the company’s assets, collate and settle its liabilities in line with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.

Source: ThisDay

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NDIC begins paying depositors of 46 closed microfinance banks

NDIC Managing Director and Chief Executive Oludare Sunday confirmed the development at a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos on Wednesday.

Published

5 days ago

August 6, 2026

OCHEFA

49 Views

The Nigeria Deposit Insurance Corporation (NDIC) has started reimbursing depositors affected by the closure of 46 microfinance banks nationwide.

” Payments are ongoing, and over 700,000 Heritage Bank customers have already received their insured funds through BVN-linked accounts.

“We have started paying depositors of those banks, and gradually we intend to cover all the insured depositors,” he said,” he said.

Following the revocation of the 46 MFB operating licences, the CBN subsequently appointed the NDIC as provisional liquidator of the failed financial institutions.