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CBN Lifts Ban On Nairabet, AbokiFX, 438 Other Accounts

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The Central Bank of Nigeria has issued a directive to banks to lift the post-no-debit restrictions that were imposed on the bank accounts of 440 individuals and companies.

 

The post-no-debit restriction blocked all debit transactions, such as ATMs and cheques, on these accounts but allowed inflows.

 

The circular, signed by A.M. Barau on behalf of the CBN director of banking supervision, was issued on Tuesday, and it also requires banks to inform the affected customers about this development.

 

However, no specific reasons were given by the apex bank for taking this action.

 

The list of companies affected includes Bamboo Systems Technology Limited, Escale Oil & Gas Limited, Rise Vest Technologies Limited, Chaka Technologies Limited, abokiFX Limited, Nairabet International, Northwood Energy Services, Proport Marine Limited, and others.

 

The circular read, “You are hereby directed to vacate the Post-No-Debit restriction placed on the accounts of the under-listed bank customers at our instance.

 

“You are also required to inform the concerned customers of the vacation accordingly.” it added.

 

Recall that In 2021, the Central Bank of Nigeria (CBN) instructed banks to freeze the accounts of 18 companies operating in various sectors, including bureaux de change, construction firms, investment companies, money laundering services, and property companies.

 

The affected companies listed were Bakori Mega Services, Ashambrakh General Enterprise, Namuduka Ventures Limited, Crosslinks Capital and Investment Limited, IGP Global Synergy Limited, Davedan Mille Investment Limited, and Urban Laundry.

 

Additional companies on the list included Advanced Multi-Links Services Limited, Spray Resources, Al-Ishaq Global Resources Limited, Himark Intertrades, Charblecom Concept Limited, Wudatage Global Resources, Treynor Soft Ventures, Fyrstrym Global Concepts Limited, Samarize Global Nigeria Limited, and Zahraddeen Haruna Shahru.

 

However, the CBN has taken action to unfreeze the bank accounts of all 18 companies that were previously affected by the directive.

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US Hails DPRP as Nigeria’s Petroleum Exports Surge Seven Times

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Dangote Refinery to Open Global Markets for Nigeria’s Downstream, Midstream Sectors

The Dangote Petroleum Refinery and Petrochemicals (DPRP) has been identified as the key driver behind a seven-fold increase in Nigeria’s seaborne petroleum product exports since 2023, according to the latest report by the United States Energy Information Administration (EIA).

The U.S. agency disclosed that Nigeria’s seaborne petroleum product shipments averaged 561,000 barrels per day (bpd) in the second quarter of 2026, a significant increase from the annual average of 79,000 bpd recorded in 2023.

According to the EIA, the growth in exports has strengthened Nigeria’s position in the international petroleum products market at a time when supplies from several other regions have faced constraints.

The agency noted that the increase was largely underpinned by the commencement of operations at the Dangote Petroleum Refinery in January 2024. Data from energy intelligence firm Vortexa showed that of the 561,000 bpd shipped during the second quarter of 2026, about 350,000 bpd were exported, compared to an annual average of 46,000 bpd in 2023.

READ ALSO: MOSOP Cautions Against Secret Drilling in Ogoniland

The EIA stated that increased production from the refinery has transformed Nigeria’s petroleum products market by reducing dependence on imports and boosting domestic supply.

“With increased supply of petroleum products from the country’s largest refinery, imports fell, exports increased, and Nigeria became more self-sufficient in refined petroleum products,” the agency said.

Before the start-up of the Dangote Refinery, Nigeria’s state-owned refineries collectively shipped less than 100,000 bpd of petroleum products, both domestically and internationally. The EIA observed that shipments rose significantly following the refinery’s commencement of operations and received a further boost after maintenance and expansion activities were completed in February 2026.

The agency explained that the refinery’s crude distillation capacity increased from 650,000 bpd to 700,000 bpd following the completion of the expansion programme, enabling higher output and greater product availability.
According to the report, total petroleum product shipments increased further as supply disruptions through the Strait of Hormuz created additional demand for alternative sources of refined products.

The EIA reported that intra-Nigerian shipments reached 211,000 bpd in the second quarter of 2026, compared with 81,000 bpd in 2025 and 33,000 bpd in 2023, reflecting the refinery’s growing role in supplying fuel across the country.

By providing refined petroleum products to different regions of Nigeria, the Dangote Refinery has significantly reduced the nation’s reliance on imported fuels. Nigeria, which imported nearly 400,000 bpd of petroleum products in 2023, saw seaborne imports decline to less than 130,000 bpd by the second quarter of 2026, according to the report.

The EIA also highlighted growing demand for Nigerian petroleum products in international markets. Vortexa data cited in the report showed that exports to Europe averaged 130,000 bpd in the second quarter of 2026, compared with 40,000 bpd in 2025 and 15,000 bpd in 2023.

The report underscores the increasing importance of the Dangote Petroleum Refinery in enhancing Nigeria’s energy security, supporting regional fuel supply, and positioning the country as a major exporter of refined petroleum products to global markets.

Recall that Dangote Refinery has announced plans to bring an additional 700,000 barrels per day (bpd) of fully complex refining capacity on stream by the end of 2028. This would be added to its current capacity of about 700,000 bpd, potentially taking total capacity to around 1.4 million bpd. The refinery’s CEO, David Bird, said long-lead equipment has already been procured and construction contracts are being awarded

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UNIZIK Professor Suspended as University Investigates Alleged Sexual Assault

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The management of Nnamdi Azikiwe University (UNIZIK), Awka, Anambra State, has suspended a professor in the Department of Chinese Studies, Prof. Ifeanyi Odinye, for three months over an alleged sexual assault involving a female student.

The suspension, approved by the Vice-Chancellor, Prof. Ugochukwu Anyaehie, followed the preliminary report of a six-member special investigative panel set up to examine the circumstances surrounding the incident.

SEE ALSO: Horrific Abuse Exposed: London Imam Jailed For 21 Sexual Offenses

The university said Odinye would serve the suspension with half salary in the first instance.

The development follows an August 15 incident in which the professor was allegedly assaulted and stripped by some students after he was accused of attempting to sexually molest a female student in his office.

A video of the incident subsequently went viral on social media. In the footage, the female student was seen leaving the lecturer’s office with his clothes while alleging that he had attempted to sexually assault her.

The lecturer was later seen being pursued and assaulted by individuals believed to be students before leaving the university premises in a tricycle.

According to the university’s Public Relations Officer, Mr. Aloysius Attah, the investigative panel chaired by Prof. Emmanuel Obidimma, Provost of the College of Postgraduate Studies, has so far addressed two of its five terms of reference.

Attah said the panel’s preliminary report indicted Odinye for allegedly violating Section 5.8.3 of the university’s General and Academic Regulations.

He explained that the professor allegedly failed to properly record and submit an examination misconduct case involving the student, Chikamso Favour Okechukwu, using the prescribed examination misconduct report form.

The lecturer was also accused of returning an offending phone recovered during the examination to the student on the same day, allegedly in violation of Section 5.8.1(iv) of the university’s regulations.

Meanwhile, the student involved in the matter has been referred to the university’s Student Examination Misconduct Committee.

The Vice-Chancellor has extended the investigative panel’s assignment by another two weeks to enable it to complete its remaining terms of reference.

According to Attah, the outstanding issues include determining whether sexual harassment occurred, identifying those involved in the assault on Odinye and establishing whether there was any incident of kidnapping.

“The committee members are expected to conclude their findings with recommendations to the Vice Chancellor before a final verdict is initiated, including possible criminal prosecution,” the university spokesman said.

Attah added that the Vice-Chancellor had reiterated his administration’s commitment to the welfare of staff and students, while maintaining a zero-tolerance policy towards unethical practices.

The university also stressed that transparency and fair hearing would be upheld throughout the investigation as the panel works towards its final recommendations.

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2027: ‘You Can’t Win by Shrinking Your Support Base’ — Onoh Tells Tinubu

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Former South-East spokesman of the Tinubu/Shettima Presidential Campaign Council, Denge Josef Onoh, has urged President Bola Tinubu to review the composition of the All Progressives Congress (APC) Presidential Campaign Council ahead of the 2027 election.

Onoh made the call in a memorandum addressed to Tinubu, expressing concerns over the 223-member campaign council and what he described as inadequate representation of key APC stakeholders and loyalists from the South-East.

He warned that the composition of the council could undermine the party’s mobilisation efforts in the region ahead of the presidential election.

ALSO READ: APC Denies Withdrawing Tinubu’s 2027 Campaign Council List

According to Onoh, the structure used for the 2023 presidential campaign was more inclusive and provided opportunities for regional stakeholders and grassroots mobilisers who played roles in the party’s campaign.

He alleged that the latest campaign structure failed to adequately accommodate some longstanding APC supporters in the South-East.

Onoh also questioned the region’s representation in key operational, policy and management directorates of the campaign council, arguing that broader inclusion would give stakeholders a greater sense of ownership of Tinubu’s re-election bid.

The former campaign spokesman further criticised the council’s media structure, saying the campaign required experienced political communicators capable of effectively responding to the opposition.

“With the strict exception of only two persons who possess genuine fire and strategic depth, the current media team completely lacks the political tenacity and intellectual grit to face the opposition’s sophisticated PR machinery,” Onoh said.

He warned that leaving experienced campaigners and media operatives out of the structure could create vulnerabilities for the APC and provide opposition parties with an opportunity to gain political advantage.

Onoh therefore called on Tinubu to order a comprehensive review of the 223-member campaign council, with particular attention to geopolitical balance and the inclusion of established party leaders and grassroots mobilisers.

He also urged the President to strengthen the campaign’s media team by bringing in politically experienced and resilient communicators.

Onoh further appealed to Tinubu to ensure that APC stakeholders across the country felt a sense of ownership of the re-election campaign.

“Mr. President, do not let the short-sighted selfishness of a few handlers ruin the future of your administration. You cannot win a national re-election by shrinking your support base and telling an entire region they have no stake in your campaign,” he said.

He maintained that broader representation and effective coordination would be crucial to the APC’s efforts to retain the presidency in 2027.

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