Five things to know to start your Tuesday

The Nigerian National Petroleum Company Limited (NNPCL) has terminated its exclusive purchase agreement with Dangote Refinery.

This move aims to promote competition and improve supply chain stability, with marketers now able to negotiate prices directly with Dangote Refinery.

NNPC previously bought petrol from Dangote at N898.78 per litre, selling to marketers at N765.99 per litre, absorbing a N133 per litre subsidy.

NNPC lifted about 103 million litres of petrol from Dangote Refinery between September 15 and 30. The refinery was able to load 2,207 of the 3,621 trucks sent to it within the period under review.

NNPC said that the Dangote Refinery and any other domestic refinery were free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products such as diesel, aviation fuel, and kerosene.

Nigeria reports 359 cholera deaths in the first nine months of the year

On Monday, the Nigeria Centre for Disease Control (NCDC) showed that  359 people had died from cholera between January and September this year. It’s a 239% jump compared to 106 during the same period last year.

The number of suspected cholera cases also surged to 10,837, up from 3,387 the previous year, with most of those affected being children under five years old. And Lagos, the country’s commercial capital, recorded the highest number of cases.

DMO offers two savings bonds for subscriptions

The Debt Management Office has announced the opening of the October 2024 Federal Government of Nigeria savings bond offer, featuring two bond series with competitive interest rates.

According to a bond circular on the DMO’s website, the subscription window is open from October 7 to October 11, 2024.

The first series is a two-year FGN savings bond, maturing on October 16, 2026, with an interest rate of 17.084% per annum.

The second is a three-year FGN savings bond, maturing on October 16, 2027, offering 18.084% per annum.

Both series are designed to provide regular income to investors, with interest payments scheduled quarterly on January 16, April 16, July 16, and October 16 each year.

Investors can subscribe to these bonds with a minimum investment of N5,000, available in multiples of N1,000 up to a maximum of N50m.

The bonds are listed on The Nigerian Exchange, ensuring liquidity for those who may wish to trade them before maturity.

Oando closes in on acquiring Trinidad’s state-owned refinery

Oando Plc has been shortlisted by the Trinidadian government as one of three final contenders to take over the country’s state-owned refinery, which was owned by the defunct Petrotrin.

Speaking during a budget presentation on September 30, the Trinidadian Finance Minister, Colm Imbert noted that among the initial 10 proposals, three companies had made the final shortlist including, CRO Consortium, a consortium of three Trinidadian companies, INCA Energy, an American company, and Nigeria’s Oando Plc.

The bidding process began in February 2024, when the government of Trinidad and Tobago enlisted the services of U.S.-based Scotia Capital to oversee the refinery’s procurement by inviting “expressions of interest.”

NAFDAC staff embark on indefinite strike

Members of the Senior Staff Association of Statutory Corporations and Government-Owned Companies, under the National Agency for Food and Drug Administration and Control (NAFDAC), have embarked on an indefinite strike.

The workers’ agitation stemmed from unresolved promotion controversies and welfare concerns, according to a report seen by BusinessDay.

The strike follows multiple meetings with NAFDAC management which failed to yield desired outcomes regarding critical issues affecting staff.