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September 14, 2024 Lifting of Dangote Petrol to Begin on September 15, Says FG

Lifting of Dangote Petrol to Begin on September 15, Says FG

The Presidential Committee on the Sale of Crude Oil and Refined Products has announced that the loading of the first batch of petrol from the Dangote Refinery will begin on Sunday, September 15. This was revealed by Zacch Adedeji, a committee member and Chairman of the Federal Inland Revenue Service (FIRS), during a briefing in Abuja on Friday.

Adedeji shared that starting from October 1, the Nigerian National Petroleum Company Limited (NNPCL) will supply approximately 385,000 barrels per day (bpd) of crude oil to the Dangote Refinery, with payments to be made in Naira. He expressed satisfaction with the progress, stating, "I am glad to announce that all agreements have been completed, and the loading of the first batch of PMS from the Dangote Refinery will commence on Sunday, September 15."

In return, the Dangote Refinery will supply Premium Motor Spirit (PMS) and diesel of equivalent value to the domestic market, also to be paid for in Naira.

The committee also discussed other agreements, including the sale of diesel in Naira to any interested buyers, while PMS will exclusively be sold to NNPC. "From October 1, NNPC will begin supplying about 385,000 bpd of crude oil to the Dangote Refinery, to be paid for in Naira," Adedeji said.

He further clarified, "Diesel will be sold in Naira by the Dangote Refinery to any interested off-taker, while PMS will only be sold to NNPC. NNPC will then distribute it to various marketers for the time being. All related regulatory costs will also be paid in Naira."

September 14, 2024 Wike Declares He Will No Longer Support Fubara Politically

Wike Declares He Will No Longer Support Fubara Politically

Minister of the Federal Capital Territory, Nyesom Wike, declared on Friday that he would no longer support Rivers State Governor, Siminalayi Fubara, in his political journey.

During a monitored interview, Wike accused Fubara of spreading falsehoods about him. “I will never support Fubara in my political life again,” Wike stated firmly. “Anyone who knows me understands it’s never about me. Many people worked hard to build the political structure that brought him to power.

“He wouldn’t have even ranked 50th without the sacrifices made by others. I personally took the time to convince key groups like the Ogonis and others to support him. And now, he accuses me of demanding N50 billion or N100 billion. These are lies. I raised him up, put him in this position, and now I’m portrayed as overly demanding."

September 13, 2024 PDP Suspends Dino Melaye for Engaging in Anti-Party Activities

PDP Suspends Dino Melaye for Engaging in Anti-Party Activities

The Peoples Democratic Party (PDP) has suspended Senator Dino Melaye, one of its prominent members, for alleged anti-party activities.

According to a letter obtained on Friday, the suspension was executed by the Ward Executive Committee of Ayetoro/Iluagba Ward 1, following the findings of a disciplinary committee set up to investigate Melaye’s actions. The resolution stated, "Senator Dino Melaye’s conduct has caused embarrassment and disrepute to the party, making his continued membership untenable. Therefore, the Ward Party Exco suspends Dino Melaye from the PDP, effective immediately."

This decision aligns with Article 59 (1) of the PDP constitution, which allows Ward executives to take disciplinary measures against members who breach party rules. Melaye's recent behavior was viewed as harmful to the unity and interests of the PDP.

The suspension, formalized in a resolution signed by Ward Chairman Abayomi Osamika and Ward Secretary Yodson Dayo, followed a meeting held on Friday, September 13, 2024. The meeting reviewed the disciplinary committee's report on Melaye’s alleged anti-party activities.

The party noted that Melaye had been invited to appear before the Disciplinary Committee on August 20, 2024, to address allegations of misconduct, in accordance with Article 57(4) of the PDP Constitution. However, Melaye failed to attend, showing what the party described as "gross disrespect" for its leadership and authority.

The resolution detailed that Melaye’s actions violated the PDP Constitution and party discipline, and that his behavior had tarnished the party’s reputation. Consequently, his suspension was deemed necessary to preserve the party’s integrity.

The party also encouraged members to remain dedicated to party discipline and unity, urging them to work together towards building a stronger PDP capable of winning elections and serving the people’s interests.

September 13, 2024 CBN Instructs Service Providers to Begin Tracking PoS Transactions

CBN Instructs Service Providers to Begin Tracking PoS Transactions

The Central Bank of Nigeria (CBN) has instructed payment service providers to start monitoring all Point of Sale (PoS) transactions.

In a circular addressed to all Payment Service Providers (PSPs) regarding their connection to payment terminal service aggregators, the CBN gave PSPs a 30-day period to comply with Payment Terminal Service Aggregators (PTSA). The circular, dated September 11, 2024, was signed by Oladimeji Taiwo, the CBN’s Director of Payments System Management.

“To address concerns about routing all PoS transactions through a single aggregator, the CBN issued a second PTSA license to Unified Payment Services Limited (UPSL) on April 19, 2024,” the circular noted.

The CBN further instructed that all PoS transactions, whether physical or electronic, must be routed through any CBN-approved PTSA at merchant and agent locations.

It also stated that PTSAs must process PoS transactions only through Processors certified by the relevant Payment Scheme, chosen by the Acquirer, and licensed by the CBN. All licensed Processors must connect with both PTSAs, providing Acquirers the flexibility to select their Processor(s) and PTSA.

Payment Terminal Service Providers (PTSPs) are required to configure their PoS devices and software to follow the Acquirer’s choice of PTSA, while PTSPs must submit monthly reports to the CBN, detailing the merchants and agents they manage and the PTSAs used for transactions.

Similarly, each PTSA must submit monthly reports to the CBN on all transactions processed through their systems. These reports should be submitted within seven days of the month’s end.

The CBN emphasized that PSPs must regularize their operations with PTSAs within 30 days and notify the CBN of their compliance. Failure to do so will result in penalties.

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