₦airaland Forum

First Bank Nigeria will hold a groundbreaking ceremony tomorrow for its new corporate HQ, a 40 storey tower in Eko Atlantic City that will become the tallest building in Nigeria upon completion.

Just30:
They just announced a cross border mobile money transfer between Ghana and Nigeria

Really? That would be great.

Seplat hits N1.65trn revenue in FY’24 as PBT reaches N561.4bn

Seplat Energy Plc has released its audited results for the year ended December 31, 2024. The results at the Nigerian Exchange Limited (NGX) shows Seplat reported revenue of $1.116 billion....

Dreal1247:
If they can sell it so low why was the price not reduced before now. Gradually, the truth will soon be out for public knowledge. It will not be too long before it is unveiled.

Crude oil prices are low and naira is appreciating. That’s why.

just2endowed:
i said it that NNPC is the number one enemy of nigerians.

why cant they be the first to adjust price when they knew the cost of production have reduced,

Dangote is the market leader. He has the scale and size to determine the market price. NNPC said their stations in Lagos in particular also buy from Dangote.

Baffupdrizz:
What I wrote down here is not something that I just invented. It is a statement of fact based on historical record that is available to everyone who wishes to find out to see. Dangote refinery began production of gasoline in September 2024, while NNPC through its PortHarcourt refinery began production in November 2024. This is what happened. My question is, why did the NNPC have to wait until after Dangote's privately-owned refinery had started production before they began to do same?

Did NNPC just suddenly go switch on the refinery in November 2024? Haven’t they been on the rehabilitation since 2021? Didn’t they give a documentary of their works in December 2023 when they said the mechanical works were finished? When Dangote completed mechanical works in 2023, why couldn’t he start until April 2024?

Baffupdrizz:
But, Why did the NNPC have to wait for many years until after Dangote had begun production in his privately-owned refinery before they (NNPC) began producing too?

Who told you they waited? Is a refinery a generator which you just switch on and off?

historic:
I tell you... I was wondering where they buy their own foodstuffs cheap.

Compare prices of beans, rice, onions to November last year in your area. Check the prices in November and the prices now.

This thread is funny 😀. When it comes to debates about our political economy and the effects of Tinubu’s policies on the general economy (which even includes the stock market), we are quickly told that we are derailing but I have been reading several pages of Putin, Russia, NATO here. While that also relates to oil prices and the economy, the previous debate especially on policies affecting the naira was on topic as well, or wasn’t it?

femi4:
It's difficult to defend incompetence....we understand your struggles

Which do you prefer? Available FX at 1500 or non available FX at 450??

sanerugwei:
https://punchng.com/militants-blow-pipelines-linking-warri-kaduna-refineries/

Also see below report excerpts from AriseTV report:
He noted that the Warri refinery cannot produce petrol, producing only SRN (Straight Run Naphta), and cannot produce premium motor spirit (PMS), essential for the country’s fuel needs. Furthermore, he said that the refinery’s infrastructure is severely compromised, with a crucial 46km pipeline, which was intended to transport crude oil from Escravos to Warri, having been vandalised in 2016. Despite the damage, the subsidiary of the Nigerian National Petroleum Corporation (NNPC) responsible for pipeline operations has yet to provide an update on its condition.

He stated, “It is also important to note that that same trunkline is what provides feed or the loop for you to take crude oil from Warri all the way to Northern Edo state, Auchi to Lokoja to Suleja in Niger state, then to Kaduna.

https://www.arise.tv/kelvin-emmanuel-nigerians-emotionally-attached-to-moribund-refineries/

This is a 2016 story. Warri refinery operated until 2019 before shutting down for this rehabilitation. So how did they operate between 2016 and 2019?
Also Kevin Emmanuel is not a trustworthy analyst on these issues. He also alleged that the pipeline to PH refinery was not in operation which is false.

Putindbutt:
NNPCL is importing no shit presently. Back then the marketers imported on behalf of NNPC and were paid subsidy. It ended soon as subsidy ended and the marketers began importing in their private capacity.

People forget subsidy practically ended since October 2024 with the coming of Dangote into the game.

Gboss247:
You have internet on your device, use it effectively.

I have been checking and can’t find it. Just a link and I would really appreciate because that would be news to me.

sanerugwei:
Never a time that NNPC imports directly as an entity. It issues the import license to marketers who import on its behalf. So its still NNPC that pays them and take ownership of the imported products.
If NNPC insists they are not importing, they let them show where they are getting the products they are selling at their retail outlets since none of the Federal refineries are working to any substantial volume. In fact they maybe producing diesel and other products not not petrol.

Warri is not yet working as its reported that the pipelines that feed it with crude is damaged. 60000 refinery in Port Harcourt cannot product more than 5/10 truck loads of petrol depending on the size of truck ie 33k or 66k liter trucks.

Can you show this report that says the pipeline that feeds Warri with crude is damaged?

Gboss247:
NNPCL is not regulator yet private importers demand for under-recovery from them, continue to defend lies.

Can you give me evidence of private importers demanding for under recovery from them? Any link to this story? Thanks.

vaxx:
MTN Ghana reports over GH₵5billion profit after tax, declares 24 pesewas final dividend


#GraphicOnline


All thanks to the resilient cedis

That’s 350 million dollars profit. Nice one from MTN Ghana.

MTN Group reported a loss in 2023 and 2024 due to naira devaluation.
Naira devaluation also depleted their revenue in Nigeria from the usual $4.5 Billion to $2.24 Billion (now second behind SA).

As a result, MTN Group in general declared a loss for the first time in many years due to naira devaluation from MTN Nigeria.

Impressive when you consider the fact that MTN Nigeria is only around 50% of the Nigerian market.

But I believe the MTN Group would bounce back strongly this year.

Babangidapikin:
Good because I keep wondering whether you forgot your investment in Dangote's Refinery to be sabotaging yourself.. Now wield you big hand and influence others to stop importation.

NNPCL is not a regulator. NNPC on the other hand was a regulator Pre - 2021. NMPDRA body is the new regulator.

ojeysky:
It is well o

You don’t blame her. She must have been reading opinions/tweets of the opposition in Nigeria on Oando especially the Malta rumours and stuff like that.

Nigerian NNPCL is Africa's second biggest company by revenue. The 🇳🇬 energy conglomerate posted a turnover of $31.2 billion in 2024.

Streetinvestor2:
what happen to thr production as per crude to have dropped that much.Abi naija delta guys don japa enter the country .
.lol

Lol. Niger Delta boys are not the only reason for shortfall in production. Mele Kyari made it look like that is the case but oil wells deplete over time without favourable investments/maintenance. It is capital intensive. Since 2014, production has also declined in several countries due to limited funding and discovery of crude oil in new places as well.

Emir01:
Huge loss but it only shows MTNN will return to profit making this year because of currency stability and increased tariff.

They would return to profit from this first quarter even.

GeneralDae:
That’s over 700 Billion dollars for the full year. December 2024 had the highest number of transactions in our history. That should signify real economic growth in Q4 2024 with PMI rising to 51% for the first time in a long while.
Our Q4 2024 GDP numbers would be interesting.

Dangote petrol sales also kicked in in Q4.

I predict GDP growth of up to 3.8%.

Just as I predicted but it was 3.84%.

Mpeace:
I have seen several reports that claim the current price of crude does not support the "drill baby drill" posture as new investments would find it hard the break-even. The biggest threat to oil prices is rather the Ukraine/ Russia peace deal. But The general belief is that oil won't go below 50$/b.
On average, American shale oil production costs range from $35 to $70 per barrel making less sense to increase production and reduce price per barrel. It won't favor american oil companies.
Some oil companies actually have production cost of less than 20$/barrel (eg Seplat) So they should still make some profit at that price(though less than normal). Oil companies like oando only need to reduce their fin. cost to remain profitable.
But I doubt if opec and co will allow oil prices fall that much.

The biggest threat to oil prices is the possible tariff on China or anything that could affect the Chinese economy.

frog12:
He wrote, “They had planned a bloody coup which would have plunged the country into darkness. I had to choose between saving a friend’s life and the nation’s future:

it was to save himself
but you see why buhari no attend. buhari no the man no get conscience
na MKO fault for associating with people like these

Most times you hear: “I did it for the country” just know say na danger.

epainos:
Just imagine, IBB unjustly murdered his childhood friend because of power. Did he bring any evidence to really show Vasta plotted a coup against him? Nope. All these people he mentioned are dead na. Mehn. This man is evil. There is no repentance in him. He called dead people in his book that cannot counter him. This man is evil. Just imagine, he executed someone who was his best man when he married Mariam. Na so this man evil reach ooo. Kids, you don't know IBB. He is evil. He didn't give him the opportunity to appeal na. Piam.....he executed him, and everyone was shocked when they heard Vasta was dead cos we expected him to appeal cos the man pleaded for his life and was crying that his best friend should save him. If he is telling the truth, why did he wait for almost everyone involved to die before publishing his "lie lie" historical book? I remember that Vasta said if it was against someone else, he wouldn't cry, but against Ibrahim his closest and best friend....never. Mariam, IBB's wife was confused because Vasta's wife was on her neck crying. The two families wer3 5 and 6. You couldn't even know the boss between them. It even seemed Vasta was deadlier, but cos he wasn't too much involved in the coup that removed Buhari, so he couldn't be the leader. But IBB made him one of the top bosses cos they were close. I remember that time na. The issue was that...Vasta wasn't that interested in planning coups from history, so, how come he would plan one against his blossom friend who even rewarded him well? The theory was that Abacha and his boys felt Vasta was a stumbling block to their plan. And I somehow think IBB was right by saying Abacha led the group of those who annulled June 12, but that only Abacha did it is a NO for me. They were in the same evil group. Abacha, IBB, Oseni, and some others. Abacha was to rule too after IBB, and that was what happened exactly. They removed the stumbling block. Period.

I was one of the first that scolded NL kids making positive comments about IBB. Many of you think Buhari or Tinubu are evil....lol. You dont know IBB. Ha. This man is a devil. The fact is that these kids don't even understand what Nigerians passed through in 80s and 90s in the hands of Buhari (military rule), IBB, and Abacha. You don't understand the dark ages of students where schools were closed anyhow. You think closing of schools during Jonathan and Buhari's return were disasters? Lol. Go and ask your parents how IBB made them sleep at home for years without options. Una kuku get options now. Many of you can move abroad now, hmmmm....go ask your parents what students suffered in those days. And I still read some comments above. One is even asking what if he was right? Lol. This is why I always keep quiet when they start insulting Sowore. Though, Sowore can over do it, but mehn! I still remember Mayegun in those days. Mehn. You kids are "very extremely" lucky.

I have written that IBB will not die well, and I will repeat it here as Yoruba people would say - ko ni ku ree. Oloriburuku, oloshi. Kids, go ask your parents that someone said IBB is a bastard, and I bet you...they will add 10 more curses. This man is evil.

Go read my past posts where I wrote that he is trying to write a good legacy for himself and the mistake he has made is that he passed the blame on a dead man. Lol. Abacha isn't alive to fire him and reveal the evil they both did.

Do you guys notice that he also waited for Jeremiah Oseni to pass to glory?. He knows Jerry would defend Abacha na. I bet you that he has had this book on his table maybe over 15 years, but he waited for those people to die. And if he was not alive, I feel he might have paid for the book to be published after these people were dead.

But IBB has made the greatest mistake of his life. I predict that this book will give birth to about more 5 books. Listen, Minimum of 5 people will counter IBB with books so they can all go into history. Kids, just watch it.

My God that said IBB will see messes and humiliation before his death is the reason he spared his life to publish this book after the death of people who could counter him because they did the evil together.. But he will be shocked that one of those people would have kept proofs somewhere, and they will burst out all the evil they all did together. Mark my words, a real proof that he killed Dele Giwa might be revealed before his death. Cos only those that planned it with him can reveal it. And I feel, some will very soon. My spirit is telling me so.

Maradona IBB thinks he can still dribble us. Children, this is his nickname. He is mischievous. Also, he is called the "evil genius". Lol. This man is evil. You guys don't know him at all. This man? Hahahahahah! Don't believe this demon. He is smart. Ha. IBB. Don't you hear his name? Maradona. I kuku know you watch football and you know how Maradona dribbled a complete team from the center of the pitch to score a superb goal. That's why he is called Maradona. There is a song about him. "Maradon....don do oooo....Maradona". I still remember that track.

Anyway, I await more criticism, and I know that books will be published soon to counter him so that generations after us will have his book and others. Then, they will know that this man is evil. Instead of him to go to his grave silently, and let the issues remain unsolved, he wants to play smart again to put all blames on those who are dead who cannot defend themselves. Lol.

IBB removed moral instructions from the heart of Nigerians. If you wonder why Nigerians are called 419 everywhere, this is the man that started it. He turned faithful people to rogues. This man is evil. He legalised corruption in Nigeria. He legalised looting. In those days, you would be afraid to loot, but this man rewarded looters as long as they did his bidding.

He destroyed good people's legacy. Children, Google "Tai Solarin". Hahahhaha. The way he messed up that baba and his legacy. Hahahaha.

I even pity Igbos cos this man destroyed them. Lol. IBB finished the eastern region. Kids, you don't understand. And codedly, some people said he destroyed the great Awo too. Na story for another day. Wetin this man no destroy for Nigeria? IBB!

Just wait and see. More people will tell you that IBB is werey and oloriburuku.

He also destroyed naira like no other. Naira to the dollar at the official rate fell x21 from 1 to 21 in his 8 years.

Denalarian:
They all defended how they excuted fellow military officers by saying "it was for the process of the country". Where is this progress because we can neither see nor feel it! The only progress we experience daily in this country is progressing backwards.

Whenever you hear that word: “It is for the country” just know it’s likely a lie.

ProblemChild1:
The new Makoko is coming 🙌


https://www.youtube.com/watch?v=xxIFw6z5QY8?si=NZ0i2JfKpni_3buy

This would at least take away the favourite poverty porn destination in Lagos. Nice one.

ositadima1:
Everything you said is correct, but let’s think a little further—why is so much Naira chasing so few dollars? I believe it's because we are not generating enough revenue in foreign currencies. Naturally, this leads to an oversupply of Naira pursuing a limited amount of dollars.

To connect this to my previous post, you don’t solve a problem by only addressing its effects; you need to tackle the root causes. Has the government done that? Has it declared a state of emergency on security and kidnapping? How did it handle the Dangote refinery saga—a project that could significantly boost our dollar revenue? What steps is it taking to fight corruption? What about the agricultural sector and many other crucial industries?

They seem to believe that simply adjusting a few economic levers will fix the deeper, structural issues. Ok nah.

How would you have wanted it to handle the Dangote refinery situation?

ositadima1:
What do you mean by "prevent CBN"? The same CBN and government that hiked interest rates when excess cash in circulation was clearly not the issue are now the ones planning to reduce it, using a different excuse.

I agree with you that devaluation was inevitable to keep Nigeria from sinking, but the approach and timing were completely wrong. The way something is handled can make a huge difference—just like in trading. You and I could act on the same stock signal, but our approaches could significantly affect the profits we make.

Hmm. On this devaluation thing, the devaluation itself in June 2023 was not the wrong policy especially if the naira had remained at the 750 - 1000 range.

However, in July 2023 the parallel market began to depreciate again and was at 850 (which was expected due to the inflation from fuel subsidy removal) but it got even worse in August when people began quoting a report from JP Morgan saying our net reserves were just $3.7 Billion. That destroyed investors confidence completely and they began to flee. The few FPI’s who were still coming in took their money away.

This was a time U.S and developed countries also began to tighten rates due to inflation in the West from Russia Ukraine war, hence it was more profitable to take your money out of less developed countries to the West where rates were getting more reasonable with lower risks.

As at January 2024, reserves were down and FPI’s were at their lowest in decades. Nothing left to defend the naira. The parallel market was haywire due to these realities and it was already at 1470 in January while the official market was at 800.
Given these realities, it would have been near impossible to bring the parallel market closer to 800 in 2024 except we could get at least $10 Billion at once. Cardoso had to float the naira again on Feb 1st 2024, taking the official rate from 800 to around 1400 all at once and it hit the market hard leading to losses in businesses from FX devaluation and sky rocketing inflation.

ositadima1:
Do you understand what rebasing an economy is? Rebasing simply means updating the base year for calculating GDP. But how many people actually pay attention to GDP?

The issue we are facing isn’t even monetary inflation (too much money in circulation) but cost-push inflation (rising input costs). How is rebasing going to address that?

If it’s cost push inflation then that makes my point. Increasing interest rates doesn’t solve cost push inflation. So having positive real interest rates like we have now, if maintained throughout the year would prevent CBN from further rate hikes and lead to rate cuts.

emmaodet:
I expect bank interest rate to fall too, abi.
There is no point keeping it at 27.5-28% from Cbn and 30% interest on loan from banks.
If TB rates are dropping, inflation rate dropping, then the normal and reasonable thing to follow is bank interest rate. It will be fraudulent still keeping it high

They would all drop. That is the positive thing about the rebased inflation. It gives us a second chance to start afresh after a volatile 2024 with record high interest rates that slowed down growth. Coming from a high base in 2024, 2025 would be better than 2024. Perception feeds into reality sometimes.
At the meeting today though, the CBN may hold in order to see the trend next month or in the next two months at most.
The month on month trend would signal the direction we are going which means the inflation rate for February should tell us more.

mikeapollo:
Buhari did not float the naira He only did gradual change of the exchange rate (devalued) from around N220 to about N350. around June 2016.
None of the past presidents ever floated the naira!
What they have done is to manage the exchange rate to ensure price stability.
Dont twist the facts!
Your TPain is the only one that floated the naira and the rate jumped from around N500 to N1,450 in one full swoop overnight. thereby throwing everything out of the window. The cpresident said he has increased allocations to state govts but the clueless mannot realize that states govts do not have the capacity or instruments to moderate macroeconomic issues like general inflation, exchange rate, cost of living, interest rates, fuel price etc which directly affect the lives and wellbeing of the general masses.

Devalue oo, Float oo, not much advantage in one over the other without FX liquidity. CBN can declare their official rate as 500 naira today. The question would be: How many people can they provide dollars to at that rate?

You are being economical with the truth when you say this Government floated and it moved to 1500 at once. This Government floated from 462 to 750 in June 2023. When the parallel market rate began to move again in July 2023 and moved to 900 in August and 1300 in October, this Government left the official rate at 700/900 until Feb 1st 2024 when they floated again taking it from 800 to 1370 at once.

So this Government experimented with devaluation too from August 2023 to January 2024 but unlike Buhari decided to go with floating.