SATURDAY 9TH DECEMBER 2023

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In Major Boost, Moody’s Global Ratings Upgrades Nigeria’s Outlook to Positive from Stable Nume Ekeghe Global ratings agency, Moody's, yesterday, revised its outlook on Nigeria to positive, from stable, citing

possible reversal of the deterioration in the country's fiscal and external position due to authorities' reform efforts. The agency also affirmed its "Caa1"

long-term foreign currency and local currency issuer ratings on the West African country. President Bola Tinubu is seeking to boost growth and attract billions in

new investment after taking charge of Africa's biggest economy, which is grappling with shortages of foreign exchange, low oil output and widespread insecurity, Reuters report.

Tinubu has undertaken the country's boldest reforms in decades by scrapping a popular but costly fuel subsidy in May, removing exchange controls and ending a ban on some

imports. The reforms have been welcomed by investors, but unions said they led to soaring costs while Continued on page 5

2024 Budget: NNPCL Rejects Senate Proposal to Increase Crude Oil Benchmark...

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Saturday, December 9, 2023 Vol 28. No 10468

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Ondo Crisis Deepens as Commissioner Alleges Akeredolu’s Signature Forged Fidelis David in Akure

L-R: Director, Legal Services at the Central Bank of Nigeria (CBN), Kofo Salam-Alada; CBN/FGN P&ID Team Coordinator, Tom Pascoe; Attorney General of the Federation, Lateef Fagbemi; other members of the federal government’s counsel team, Phillip Richard and Tom Ford, in London…yesterday, where the court awarded £20 million in favour of Nigeria

The Ondo State Commissioner for Energy and Mineral Resources, Mr. Continued on page 5

Dangote Set to Flood African Market with Refined Petroleum Products, Sending Jitters Company says NNPC to supply next four cargoes in three weeks Final shipment to come from ExxonMobil Refinery to load 2,900 trucks a day at its truck loading gantries Dangote, Okunbor excited by significant milestone achieved Tinubu optimistic of increased investments from SPDC

Deji Elumoye in Abuja and Peter Uzoho in Lagos There was unease in the global oil production market yesterday, when it came to light that the much-awaited Dangote Petroleum Refinery and Petrochemicals plant may soon become fully operational as early as January, as the first refinery in Africa in the last 40 years, with most of the 54 African country still major importer of refined petroleum product. Dangote Petroleum Refinery coming on stream and expected to sell the product cheaper, sent jitters in the market. This was just as the Dangote Petroleum Refinery and Petrochemicals plant yesterday, confirmed the purchase of one million barrels of crude oil of Agbami grade from Shell Trading and

Shipping Company Limited (STASCO), one of the largest trading companies in Nigeria and globally, which trades over eight million barrels of crude oil per day. Also, President Bola Tinubu has expressed optimism about the prospects of increased investments from Shell Petroleum Development Company of Nigeria (SPDC), emphasising Nigeria’s long-term relationship with the company, which discovered the first commercial oil field at Oloibiri in the Niger Delta in 1956. The Aliko Dangote-owned company confirmed the purchase of the crude yesterday, in a statement issued by the Group Head, Branding and Corporate Communications, Dangote Group, Mr. Tony Chiejina, revealing that the next Continued on page 5

SOLID MINERALS’ DEVELOPMENT ON THEIR MINDS… President Bola Tinubu (left) and Minister of Solid Minerals Development, Mr. Dele Alake, walking from the council chambers to the president's office after meeting with members of the policy and strategic institute who paid courtesy visit to the president... yesterday


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