OPEC+ oil output increase, illegal private jets clampdown… business stories to track this week

Here are the seven top business stories you need to track this week — March 10 to March 14

OPEC+ TO INCREASE CRUDE OIL OUTPUT FROM APRIL

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have decided to proceed with a planned oil output increase in April.

According to Reuters on March 3, the decision, which is the first since 2022, comes amid renewed pressure from the United States President Donald Trump on OPEC and Saudi Arabia to lower oil prices.

At the close of business on March 3, Brent crude oil price declined marginally to $71.42 per barrel, from $72.81.

NNPC SLASHES PETROL PUMP PRICE IN LAGOS, ABUJA

The Nigerian National Petroleum Company (NNPC) Limited has reduced the retail price of premium motor spirit (PMS), also known as petrol, at its filling stations to N880 per litre in Abuja.

The NNPC dropped the product’s price from N965 per litre in Abuja.

TheCable also observed that the pump price dropped by N85 per litre at the NNPC retail outlet in Federal Housing, Kubwa.

More so, at the NNPC retail branch at Irawo, Ransco Bus Stop, Ikorodu road, the price of the product stood at N860 per litre.

NMDPRA LICENSES THREE OIL COMPANIES TO CONSTRUCT REFINERIES

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it has issued licences to three oil companies to construct refineries.

In a post on X on Friday, the NMDPRA said the refineries would contribute 140,000 barrels per day (bpd) to Nigeria’s domestic refining capacity.

The authority said Eghudu Refinery Limited will produce 100,000 bpd, MB Refinery and Petrochemicals Company Limited will produce 30,000 bpd, and HIS Refining and Petrochemical Company Limited will establish a 10,000 bpd capacity plant.

‘7,000MW POWER GENERATION POSSIBLE WITH TARIFF REVIEW’

Adebayo Adelabu, the minister of power, says when electricity tariffs are regularised, power generation will increase to 7,000 megawatts (MW).

According to Adelabu, the regularisation of tariffs would play a critical role in unlocking the sector’s full potential and driving further improvements in power generation and distribution.

The minister also said the tariff review, which has ensured liquidity in the sector, is one of the key factors contributing to the recent achievements of improved power generation.

KEYAMO TO CLAMP DOWN ON ILLEGAL PRIVATE JET OPERATIONS

Festus Keyamo, minister of aviation and aerospace development, has vowed to tackle all illegal chartered operations and related matters in Nigeria.

Keyamo spoke on March 4 while receiving the report of the seven-member committee on illegal chartered operations and related matters at the ministry’s headquarters in Abuja.

The minister said the issue of illegal charter operations by private jets and private aircraft owners has been besetting Nigeria’s aviation sector.

He said those who obtain licences under the permit for non-commercial flight (PNCF) use the aircraft for other illegal transactions.

Keyamo said the federal government is poised to mitigate the acts, pledging that his ministry will not fail to safeguard the aviation industry in line with its mandate.

SEC WARNS INVESTORS AGAINST ENGAGING FOUR ‘UNREGISTERED’ FIRMS

The Securities and Exchange Commission (SEC) has warned Nigerians against investing with four companies, saying they are not registered to operate in the country’s capital market.

The organisations are My Share, UYJ Multitrade Limited, Promiseland Estates Limited, and Promiseland Building & Construction Limited, the SEC said in separate statements.

The commission said its attention was drawn to the activities of Promiseland Estates Limited and Promiseland Building & Construction Limited, “which hold themselves out as Investment advisers/fund managers in the capital market and promote an illegal investment scheme called PRO-VEST”.

The regulator also said My Share is operating under the name, ‘UYJ Multitrade Limited’, holding “itself out as an investment adviser/fund manager in the capital market”.

CUSTOMS COMMENCES IMPLEMENTATION OF UNIFIED SYSTEM TO CLEAR CARGO UNDER EIGHT HOURS

The Nigeria Customs Service (NCS) says it has begun implementing the B’Odogwu unified management system, a homegrown innovation designed to streamline cargo clearance processes.

At a pre-launch event on March 3, Bashir Adeniyi, comptroller-general (CG) of customs, said the implementation, when completed, would reduce waiting times in Nigerian ports to under eight hours.

Adeniyi said the federal government has stopped renewing contracts with previous service providers, opting instead to roll out a new system after a decade-long engagement.