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NNPCL MD Woos Gas Companies on Appropriate Pricing For Nationwide Penetration

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Mele Kyari, the MD/CEO, Nigeria National Petroleum Company Limited (NNPCL) says that the company is determined to work with stakeholders in the gas sector to fix
appropriate gas pricing policy is the spark that will ignite the full development of the sector and ensure nationwide consumptions.

He stated this during the unveiling of the Gas Aggregation Company of Nigeria (GACN) new logo and identity in Abuja, Tuesday.

“To bring the recognition that we are a gas country with associated oil, we have to create the infrastructure that will deliver gas to the domestic market.
We have to create the market. That can only happen if there is appropriate pricing for gas.

Source: GOOGLE

“We will not enjoy anything unless we have the right pricing of gas, so that people can pay their bills, they will be able to pay for the gas they take and then we are also able to produce the gas that comes into the market,” he said.

In his address, Minister of Petroleum Resources (Gas), Ekperikpo Ekpo said, “The rebranding and expansion of GACN’s mandate symbolises a transformative state towards actualising the federal government of Nigeria’s ambitious vision for gas penetration nationwide in line with the already existing and legal policies to create a thriving domestic gas sector that will contribute to national development.
Speaking, the CEO, Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engineer Farouk Ahmed said, the company was given a license by the agency to operate an expanded mandate in the domestic gas sector.

He said “The Domestic Gas Aggregation licence as provided for in the PIA underscores the focus and priority attention placed on the domestic gas market space.

“It is expected that this will stimulate vibrancy and efficiency and spur additional investments into the natural gas value chain in the country.”

On his part, the Managing Director (MD), GACN, Chijioke Uzoho said, “We have transformed from Gas Aggregation Company Nigeria Limited to ‘Gas Aggregation Company Nigeria Limited by Guarantee’. This signifies strategic transformation, expanding the company’s growth beyond just aggregating a comprehensive platform actively engaged in consolidating diverse resources, ideas and leadership players within the energy sector.

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Business

Illicit Financial Flows Draining National Resources – Adedeji

He emphasized the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.

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•Chairman of FIRS, Zacch Adedeji

On July 22, 2025, the Executive Chairman of FIRS, Zacch Adedeji, delivered the welcome address at the National Conference on Illicit Financial Flows in Abuja.

He emphasizied the need to strengthen Nigeria’s domestic resource mobilisation to safeguard national wealth.

He cited the recent tax reforms as a major step forward and highlighted the following as key points in his welcome address:

* Illicit Financial Flows through tax evasion, profit shifting and money laundering are draining national resources and threatening fiscal stability.

  • The recent signing of four tax reform bills marks a critical step toward transparency, system overhaul, and stronger institutions.
  • FIRS is responding with a multi-dimensional strategy: promoting voluntary compliance, embracing digital intelligence and enhancing enforcement under the Proceeds of Crime Act.
  • * A need for unified, data-driven, and globally coordinated action to close fiscal gaps and protect Nigeria’s economic future.
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Just in: CBN Retains July Interest Rate at 27.5% , Says 8 banks meet recapitalisation target

The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.

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The Central Bank of Nigeria (CBN) has maintained the July Monetary Policy Rate (MPR) of 27.5 percent with all policy parameters.

The Governor of CBN, Mr. Olayemi Cardoso, disclosed this at the MPC briefing in Abuja this afternoon.

Mr Cardoso explained that the asymmetric corridor was retained at +500/-100 basis points around the MPR, leaving the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and a general Liquidity Ratio of 30 percent. 

He said that the decision to maintain the current MPR was premised on the need to continue to ensure the ongoing inflation reduction while vigorously ensuring declining prices.

The CBN boss revealed that as of July 18, the nation’s foreign reserve stood at 40.1 billion, which could provide import cover of nine and a half months.

He also disclosed that eight banks had achieved the new recapitalisation requirements.

The governor said the monetary and fiscal authorities would continue to work together to reduce the nation’s inflation rate to a single digit.

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NCS Replacing 4% import charges with 1% CISS import levy

Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.

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The Nigerian Customs Service (NCS) has announced that it will be replacing the proposed 4 percent import levy with the existing 1 percent Comprehensive Import Supervision Scheme (CISS) levy.

The Comptroller -General of Customs (CGC), Adewale Adeniyi, made the revelation at an engagement held in Lagos to sensitize stakeholders in the B’Odogwu platform.

The CGC who is also the Chairperson of the World Customs Organization (WCO) explained that, though the introduction of the 4 percent FOB had been enshrined in the constitution.

He noted that the decision to reintroduce the levy was made after careful consideration and consultation with relevant stakeholders.

Adeniyi explained that the one percent CISS levy has been in place for several years and has been instrumental in facilitating trade and generating revenue for the government.

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