Category: Business

2,000+ Winners and Counting! Knorr’s ‘Unwrap and Win’ Promo Still Running Through December

Jide Ige

If you’re a fan of tasty, nutritious meals, then Knorr has a good surprise for you! Since July, Knorr has been running an exciting “Unwrap and Win” promo, and over 2,000 lucky winners have emerged getting prizes like ₦5,000 cash, ₦1,000 airtime, one-month Showmax subscriptions, and ₦2,000 discounts on Uber rides, and the best part? The promo is still ongoing until December, so there’s plenty of time for YOU to join in and win! What is the “Unwrap and Win” Promo? Knorr’s “Unwrap and Win” promo is a fun and…

Read More

Desperados teams up with Ladipoe and Cruise Gang for an unusual new streetwear collection

Jide Ige

Desperados, the renowned beer brand known for its bold and adventurous spirit, has announced an exciting new collaboration with Nigerian music sensation Ladipoe, alongside the innovative streetwear label Cruise Gang. This partnership marks the launch of a unique collection designed for the unusual. Ladipoe, known for his distinctive sound and lyrical prowess, has consistently pushed the boundaries of what it means to be an artist in the Nigerian music scene. From his breakout hits to his continued success as a leading figure in Rap and Afrobeats, Ladipoe has always embraced…

Read More

Heineken Introduces Stylish 45cl Bottle, Crafted For The Modern Consumer

Jide Ige

Heineken, the world’s most international beer, has introduced its newly designed 45cl bottle at an exclusive press conference in Awka. The event, attended by top directors of Nigerian Breweries, key distributors, and other trade partners, marks a significant milestone in Heineken’s mission for a fresher world. The new 45cl bottle, uniquely tailored to meet the desires of Nigeria’s younger demographic, particularly Millennials and Gen Z consumers, is designed with a sleek and stylish aesthetic. This bottle offers just the right amount of beer—striking the perfect balance for those who want…

Read More

Dove soap, cosmetic products dangerous to human health, NAFDAC warns Nigerians

Jide Ige

The National Agency for Food and Drug Administration and Control (NAFDAC) has alerted Nigerians to the recall of Dove beauty bar soap. In a statement on Monday, Mojisola Adeyeye, the NAFDAC director-general, said the 100g soap with batch number 81832M 08, produced in Germany, was recalled due to chemical impurity. Adeyeye said the soap does not comply with the cosmetic products regulations because it contains butylphenyl methylpropional (BMHCA), which is prohibited due to its risk of harming the reproductive system, causing harm to the health of an unborn child, and…

Read More

Zenith Bank Int’l Trade Seminar: Stakeholders call for a re-awakening in the Nigerian non-oil export industry

Jide Ige

Stakeholders unanimously called for concerted efforts towards adding value to non-oil export products by processing them into semi-finished and finished goods in order to unlock significant economic benefits for the nation. This clarion call was made at the 9th Edition of the Annual Zenith Bank International Trade Seminar themed “Nigerian Non-Oil Export Industry: Awakening the Giant”, which was held on Wednesday, September 4, 2024, at the Civic Centre, Victoria Island, Lagos and virtually. In her welcome address, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame (Dr.) Adaora…

Read More

No plan to monopolise Dangote refinery products -NNPCL

Jide Ige

The Nigerian National Petroleum Company Ltd (NNPCL) has said Dangote Refinery and other domestic refiners are “free to sell directly to any marketer on a willing buyer, willing seller basis”, thereby dismissing the allegation of the national oil company becoming a sole offtaker. The NNPCL was reacting to the Muslim Rights Concern (MURIC’s) claim that the organisation hiked the price of Premium Motor Motor Spirit, aka petrol, to undermine the efforts of Dangote Refinery to reduce the price of petroleum products in the country. MURIC in a statement signed by…

Read More

Euromoney names GTBank as Best Bank for Corporate Social Responsibility in Nigeria

Jide Ige

Guaranty Trust Bank Ltd, the flagship subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of Africa’s largest financial services institutions, has been named Best Bank in Corporate Social Responsibility in Nigeria at the prestigious Euromoney Awards for Excellence 2024. This recognition underscores GTCO’s unwavering commitment to excellence, going beyond offering innovative financial services and creating more value for its stakeholders to enrich lives and constantly explore new opportunities to drive positive change in society. Announcing the Award, Euromoney highlighted the range and impact of GTCO’s CSR initiatives spanning education,…

Read More

Petrol will be available by weekend says Lokpobiri after meeting with VeePee Shetima

Jide Ige

The Minister for Petroleum Resources, Heineken Lokpobiri, has said that it is expected that there will be availability of Premium Motor Spirit, otherwise known as petrol, by the weekend. The Minister stated this following a meeting with the Vice President, as well as the Managing Director and Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, and the Executive Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Mugo Okuoha, at the State House on Thursday. Lokpobiri said the meeting was at the instance of President…

Read More

Dangote presents first petrol sample from his refinery, defends colour, clarity

Jide Ige

Aliko Dangote, the President of Dangote Group, has presented the first sample of Premium Motor Spirit, commonly known as petrol. Dangote made the presentation on Tuesday during a broadcast at his refinery located in the Ibeju-Lekki area of Lagos State. The 650,000 barrels per day refinery has been undergoing a test run of the product in the past weeks. Dangote said “I would like to commend the people of Nigeria and the government of President Bola Tinubu for providing us with the platform for growth, development, and prosperity. I also…

Read More

A Stellar Half Year: Zenith Bank maintains leadership in profitability, triple digit growth

Jide Ige

Zenith Bank Plc has announced its audited results for the half-year ended 30 June 2024, recording an impressive triple-digit growth of 117% in gross earnings from N967.3 billion reported in H1 2023 to N2.1trillion in H1 2024.This superior performance has been achieved even as the Nigerian banking industry navigates a challenging macro environment. According to the bank’s audited half-year financial results presented to the Nigerian Exchange (NGX) on Friday, 30thAugust 2024,the triple-digit growthin the top line also drove growth in the bottom line as the Group recorded a 108% Year…

Read More

Five banks to battle hackers with N222bn

Jide Ige

Financial institutions that have started raising capital have stated that they will allocate $1.20bn from the proceeds to invest in technology and bolster their cybersecurity infrastructure. This was indicated in the offer prospectus of five lenders that have commenced their capital raise, to meet the new capital requirement of the Central Bank of Nigeria. In late March, the CBN announced new capital requirements for the banks operating in the country. The apex bank directed commercial banks with international authorisation to increase their capital base to N500bn, national banks to N200bn…

Read More

FG set October 1 for naira crude sale to Dangote refineries, others

Jide Ige

The Federal Government has disclosed that sales of crude oil to Dangote Refinery and other local refineries will commence October 1, 2024. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the announcement during a meeting with the Implementation Committee on Monday in Abuja. According to a post on the official X (formerly Twitter) page of the finance ministry, the meeting was to review progress on key initiatives. At the meeting, key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority,…

Read More

Why we postponed Lagos/Ogun Int’l Trade Fair –Planning Group

Jide Ige

Organisers of the Lagos/Ogun Multi-Sector International Trade Fair have announced a new date for the trade show. The event earlier slated for August 15-17, 2024 has been shifted to April 16-19, 2025 while the venue remains the OPIC Event Centre, in Isheri at the boundary between Lagos and Ogun States. According to Olajide Ige, the team lead of the project’s planning group, the ongoing efforts to get onboard our host states and its positive effects on the fair necessitated the shift in dates so as to put in place structures…

Read More

Gov. Abiodun hails location of Customs N73bn Zonal office in Ogun

Jide Ige

Ogun State Governor, Dapo Abiodun, on Thursday, said the location of the proposed N73bn Zonal Office and Training School of the Nigeria Customs Service at the Gateway Agro-Cargo International Airport would serve as an avenue to improve the status of the state as the industrial hub of the nation. The project, Abiodun said would also help the proposed Kajola Inland Dry Port and the Olokola Seaport, which he said would soon come on stream. He stated this when he and the Comptroller General of the Nigeria Customs Service, Mr Adewale…

Read More

Naira Crude Oil Sales: Finance Minister, Wale Edun meets Lokpobiri, Kyari, NNPCL

Jide Ige

The Minister of Finance, Wale Edun, has met with key stakeholders in the oil and gas industry, following President Bola Tinubu’s directive for the Nigerian National Petroleum Corporation Limited (NNPCL), to sell crude oil to local refineries in naira. Those in attendance included the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Group Chief Executive Officer of NNPCL, Mele Kyari, Executive Chairman of the Federal Inland Revenue Service, Dr Zacch Adedeji, and the Permanent Secretary of the Ministry of Finance, Lydia Jafiya. Disclosing this in a post on…

Read More

MOMAS advocates supportive policies for local manufacturers

Jide Ige

Momas Meter Manufacturing Company has urged the Federal Government to implement policies that would enhance business opportunities for indigenous manufacturers. The company’s Head of Human Resources, Mrs. Jumoke Aladekomo, made this appeal during a meeting with the Planning Group of the Lagos/Ogun Multi-Sector Trade Fair. On a courtesy call, the group visited the company’s head office in Orimerunmu along the Lagos-Ibadan expressway. Mrs. Aladekomo highlighted that unfavourable government policies are hindering investments across various sectors of the economy. She called on the Federal Government to establish policies that prioritize local…

Read More

Nigeria’s telecom industry may collapse, ALTON, MTN bosses, ring alarm bells

Jide Ige

Karl Toriola, the Chief Executive Officer of MTN has warned that the Nigerian Telecoms industry may collapse if urgent steps are not taken and that the situation is so bad that it could be likened to an intensive care unit. Toriola’s views were corroborated by Gbenga Adebayo, Chairman of the Association of Licensed Telecom Operators of Nigeria (ALTON)/ Toriola spoke on Tuesday in Lagos at a virtual telecom investment forum organised by Financial Derivatives Company (FDC). He pointed out the severe sustainability challenges currently faced by telecom operators across the…

Read More

Why we reduced stake in Dangote refinery -NNPCL

Jide Ige

The spokesperson of the Nigerian National Petroleum Company Limited, Olufemi Soneye, has disclosed that the state-owned energy firm reduced its stake in Dangote refinery to invest in Compressed Natural Gas. Soneye revealed that the NNPC capped its stake at 7.2 per cent instead of 20 per cent to build CNG stations across the nation. He stated this while featuring on Berekete Family Radio, a video of which was sighted by our correspondent on Monday. Soneye was called to speak on allegations that the NNPC was collaborating with the Nigerian Midstream…

Read More

Retail Dutch Auction: Why CBN axe FCMB, Wema, UBA, three others

Jide Ige

The Central Bank of Nigeria (CBN) disqualified six Nigerian banks in its latest Retail Dutch Auction System (rDAS) on 6 August. Details of the transaction were disclosed in a statement by the Director of the Financial Markets Department at the CBN, Omolara Duke, who explained that six banks were rejected due to various compliance concerns, including late submissions and invalid forms. The disqualified bids amounted to $279 million. According to the Apex bank, the disqualified bids stemmed from late submissions. It explained that four banks, including major financial institutions such…

Read More

P-Square’s crisis gets messier as Peter replies Paul claims over their songs, others

Jide Ige

Peter Okoye, one-half of the popular Nigerian music duo P-Square, has responded to his brother Paul’s recent interviews, where he claimed to have written and sung 99% of their songs. Peter expressed disappointment and hurt over Peter’s constant discrediting of his efforts in the group. In an open letter on X.com on Monday, Peter listed several songs he had written, including “Ejeajo,” “Get-Squared,” “Bizzy Body,” and “Personally,” which Paul had failed to acknowledge. Peter wrote, “My dear brother Paul, Just like I have told you several times, I am not…

Read More

Lagos-Ibadan Expressway Phase 2: FG dumps Julius Berger’s proposal over N105bn cost disparity

Jide Ige

The Federal Government has decided to reopen the bidding process for the Lagos-Ibadan Expressway Phase 2 project after rejecting Julius Berger Plc’s N258 billion proposal. This decision was announced in a statement on the Ministry of Works’ official website, following a meeting held on Wednesday between the Minister of Works, David Umahi, and representatives from Julius Berger Plc at the Ministry’s Headquarters in Mabushi, Abuja. The Ministry of Works, under Minister David Umahi, originally estimated the project cost at N153 billion after revising the plan from asphalt to concrete. However,…

Read More

How Buhari, powerful Northern cabal blocked my oil field acquisition-Elumelu

Jide Ige

One of Nigeria’s most successful businessmen, Tony Elemelu, has accused former President Muhammadu Buhari of blocking his bid to acquire an oil field. Elumelu whose business interest spans across banking, power, hospitality, among others, disclosed that Heirs Holdings, his company, had been looking to purchase the oilfield since 2017 and raised $2.5bn for this, but Buhari and his late Chief of Staff, Abba Kyari, blocked the deal. He said he was told Nigeria could not allow something of such strategic importance to fall into the hands of a private operator.…

Read More

Investors eye 32% capital gain in Zenith Bank’s hybrid offer

Jasmin Ekua, Banking & Finance

Zenith Bank Plc is offering its ongoing hybrid rights and public offers at the bank’s lowest price range, locking in about 32 per cent gain in potential immediate return for existing shareholders and new investors. Nigeria’s largest bank by profit, Zenith Bank is offering a rights issue of 5.233 billion ordinary shares of 50 kobo each at N36 per share. The shares were pre-allotted to existing shareholders on the basis of one new ordinary share for every six existing ordinary shares held as at the close of business on Wednesday,…

Read More

NNPC Withdrawal: Dangote Refinery to sell 12.75% stake to new investors – Fitch report

Jide Ige

Dangote Oil Refining Company (DORC) plans to divest a 12.75% stake in its refinery to new investors after the Nigerian National Petroleum Corporation (NNPC) Limited withdrew from fulfilling its obligations for a 20% acquisition of the refinery. This is contained in a Fitch Rating report on Dangote Industries Limited (DIL), Nigeria’s biggest Indigenous conglomerate. The report which focuses on liquidity concerns and debt restructuring of the company confirmed that NNPC’s reduction of the acquisition of the refinery from 20% to 7.2% means the company will offer the remaining 12.75% to…

Read More

Zenith Bank’s capital raise Hybrid Rights Issues and PO: The Takeaways

Jasmin Ekua, Banking & Finance

Zenith Bank Plc has announced a Hybrid Rights Issue and offer for subscription, aiming to raise about N290 billion. This move is significant as it marks a major step in meeting the CBN’s new minimum capital requirement of N500 billion. With the Bank’s current issued and fully paid share capital of N15.698 billion and a share premium of N255.047 billion, Zenith Bank requires about N229.225 billion to meet this requirement. Background Zenith Bank Plc, a leading financial services institution, has a history of strong performance. However, the new capital requirement…

Read More

FG suspends sales of N40k per bag of rice

Jide Ige

The federal government has halted the plan to the sell subsidized 50-kilogram (kg) bags of rice to public servants priced at N40,000. This is contained in a circular titled, “Withdrawal of internal circular on sale of subsidized rice to public servants”, and signed by the permanent secretary of the Ministry of Special Duties and Inter-Governmental Affairs Human Resources Management Department. The circular which was directed to the Directors and Heads of Departments, said the initial circular ordering the sales of the N40,000 bag of rice is hereby withdrawn. There was…

Read More

Don’t allow Dangote monopolize petroleum sector -IPMAN, DPMAN bosses warn

Jide Ige

Abdulkabir Aliyu, the National Chairman of the Depot and Petroleum Marketers Association of Nigeria and his counterpart at the Independent Petroleum Marketers Association of Nigeria, Abubakar Shettima, have warned the National Assembly and industry stakeholders against granting requests that will create a monopoly in Nigeria’s oil sector. They spoke at the National Assembly Complex in Abuja, during a presentation to the special adhoc committee of the senate. Abdulkabir Aliyu pointed that Dangote declared N133 billion profit on sugar sales in Nigeria within the last six months, noting that such a…

Read More

CBN okays Unity, Providus Banks merger

Jasmin Ekua, Banking & Finance

The Central Bank of Nigeria (CBN) has given a node for the merger arrangement between Unity Bank Bank and Providus Bank. The bank’s spokeswoman, Mr. Hakama Sidi Ali gave the indication in Abuja, last night. A statement by Mrs. Sidi Ali reads in full, “The Central Bank of Nigeria (CBN) has granted approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and Providus Bank Limited. “This strategic move is designed to bolster the stability of Nigeria’s financial system and avert potential systemic risks. The…

Read More

ARM Pensions suspends Onigbogi, Executive Director accused of rape

Jide Ige

ARM Pension Managers Limited says it has placed an executive director on administrative leave after he was accused of rape by a female employee. The incident reportedly occurred on the night of July 18 after a team bonding event in Lagos. According to the employee, the director was tasked with dropping her off at home as she was unsure of driving herself after getting tipsy from a cocktail. “Next thing I know I wake up to realize I am in a room fully undressed,” she said. “I look around and…

Read More

ARM Pension rape victim locks self up, not talking to anyone -Lagos Govt.

Jide Ige

Cecilia Dada, the Lagos State Commissioner for Women Affairs and Poverty Alleviation, said her ministry has made efforts to get help for a female staff of ARM Pensions, Ogochukwu Udogwu, who was allegedly raped by Abisola Onigbogi, an executive director of the company, who it was said had locked herself up and had refused to pick up calls to speak to anyone. The Limeridge Hotel located at Chevron Drive, Lagos where the crime was allegedly comitted Dada said the Lagos State Government got in touch with the company immediately after…

Read More

ESG: FirstBank wins 2024 Euromoney awards as Nigeria’s Best Bank

Jide Ige

FirstBank, the West African premier financial institution and financial inclusion services provider has emerged the winner of the prestigious Euromoney Award for Nigeria’s Best Bank in Environmental, Social, and Governance (ESG), reinforcing its position as a leader in sustainable banking and finance practices in its 130 years of existence. Following a rigorous and highly competitive selection process, FirstBank was awarded Nigeria’s Best Bank for ESG in 2024 by the respected and renowned Euromoney Awards for Excellence. This award honours FirstBank’s contributions and unwavering commitment to Environmental, Social, and Governance investments…

Read More

Dangote refinery battles allegation of high sulphur content in its diesel

Jide Ige

The controversy surrounding the sulphur content in the Automotive Gas Oil, popularly called diesel, produced by the Dangote Petroleum Refinery, has yet to abate, The PUNCH reports. Over the weekend, there were online reports alleging that the diesel recently supplied by the $20bn refinery contained high sulphur. This came as oil marketers stated that despite the allegations of high sulphur in Dangote diesel, no motorist or industrial consumer had registered any complaint against the product. “We don’t want to be involved in the politics or claims and counter-claims about Dangote…

Read More

ARM pensions’ executive director, Onigbogi detained by Lagos Police for alleged rape of company staff

Jide Ige

The Lagos police command has detained an executive director with ARM Pensions, Abisola Onigbogi after he was allegedly accused of rape by a female employee. According to Benjamin Hundeyin, the Lagos police spokesperson, “Onigbogi is in police custody and that investigations are ongoing.” According to the female employee who requested for Onigbogi’s arrest in a report to the company’s management, the director had taken her to a hotel after a team bonding event in Lagos instead of her house, which was said to be the initial plan. “On the evening…

Read More

Court nullifies sale of Nigeria Air to Ethiopian Airlines

Jide Ige

On Monday, a Federal High Court in Lagos State nullified the sale of Nigeria Air to Ethiopian Airlines. After determining the issues in the suit, the court declared null and void the sale of Nigeria Air to Ethiopian Airlines. Justice Ambrose Lewis-Allagoa ordered that the Federal Government’s plans to establish the national carrier, Nigeria Air, be halted. The judgment was delivered in favour of the Registered Trustees of the Airline Operators of Nigeria and five other aviation industry stakeholders. Justice Lewis-Allagoa granted all the reliefs sought by the plaintiffs except…

Read More

Adelabu’s Power ministry paid over N160m to one-month old inexperienced companies

Jide Ige

The Federal Ministry of Power, under Adebayo Adelabu, the Minister of Power, paid over N160 million to several newly registered companies in May for government projects, a check by FIJ has revealed. A detailed review of the ministry’s expenditures in May, published on the Open Treasury Portal and replicated on Budgit’s Govspend Portal, showed payments of N52 million (₦52,627,069), N50 million (₦50,692,422) and N59 million (₦59,929,183) to three different companies that were less than a month old. FIJ found that the ministry paid El-Ril Mega Plus Synergies N52 million for…

Read More

Customer battles PWAN over ‘dubious land’ allocation, documents, two years after payment

Jide Ige

In 2022, Dubai-based Nigerian Tochukwu Ariwodo purchased a plot of land from PWAN prestige affiliate real estate agency through his mother, Veronica Ariwodo. Tochukwu had heard about the affiliate company from Emmanuel Amaefule, one of their marketing agents who was his in-law. From the terms and conditions the company sent to Tochukwu about the land’s details, all necessary documents will be ready, and from what Tochukwu told FIJ, he paid N4.4 million, an amount covering the land fee, survey fee, corner demarcation and deed of assignment. Despite this, more than…

Read More

Zenith Bank Finalises plans for N290bn rights issue, public offer

Jide Ige

Zenith Bank Plc is set to raise N290 billion through a combination of a Rights Issue and a Public Offer in compliance with the revised minimum capital requirements for Nigerian commercial banks introduced by the Central Bank of Nigeria (CBN). This announcement was made during the Zenith Bank Rights Issue/Public Offer Signing Ceremony held yesterday, July 29, 2024, at The Civic Centre, Victoria Island, Lagos. This event marks a significant milestone in the bank’s previously announced capital-raising programme, aimed at bolstering its capital base and supporting its growth trajectory across…

Read More

Tinubu steps into Dangote/NNPCL crisis, orders naira payment for crude by local refineries

Jide Ige

The President, Asiwaju Bola Ahmed Tinubu, has directed NNPC Limited (NNPCL) to sell crude to Dangote Refinery and other upcoming refineries in Naira. In a post via his official X handle on Monday, Special Adviser to the President on Information and Publicity, Mr. Bayo Onanuga said that the move, which is to ensure the stability of the pump price of refined fuel and the dollar-Naira exchange rate, was adopted by the Federal Executive Council today. At the moment, Dangote Refinery requires 15 cargoes of crude, at a cost of $13.5…

Read More

How Ifeanyi Ubah died in London hotel room

Jide Ige

Ifeanyi Patrick Ubah, the Senator representing Anambra South Senatorial District in the upper legislative chamber slumped and died recently in London as a result of cardiac arrest. He reportedly died in his hotel room in London at the age of 52 years. Ubah was said to have travelled to London three days ago to attend the graduation ceremony of one of his children. In a video that went viral after his demise was announced, the senator was seen singing praise songs with his children while the camera focused on him…

Read More

Dangote is frustrated -ATT, attacks NNPCL for sustaining subsidy

Jide Ige

The Arewa Think Tank (ATT) has expressed opposition to plans that will see the selling of the 650,000bpd capacity Dangote Refinery to the Nigerian National Petroleum Company Limited (NNPCL). Recall that the Chairman of the Dangote Group, Aliko Dangote, offered to sell the refinery to NNPCL following allegations that the refinery was not duly registered and that its products were not of good quality. But in a communique, ATT said the statement was made out of frustration. In the communique, which was signed by Muhammad Alhaji Yakubu and Rev Nicholas…

Read More

Dangote’s petrol will be too expensive to sell in Ngeria -IPMAN

Jide Ige

The Independent Petroleum Marketers Association of Nigeria has revealed premium motor spirit otherwise known as petrol produced from the $19bn Dangote Refinery will be too expensive for the local market as the company plans to sell at the international market rate. Zarma Mustapha, the Deputy National President of IPMAN told The PUNCH No oil marketer is going to buy Premium Motor Spirit, popularly called petrol, from the Dangote Petroleum Refinery and sell at the prevalent pump prices at filling stations in Nigeria except the Nigerian National Petroleum Company Limited, operators…

Read More

Libya Oil Corporation denies crude deal with Dangote Refinery, Chiejine debunks crude oil reseller allegation

Jide Ige

Libya’s National Oil Corporation has denied that it was in talks to supply crude oil to any refinery in Nigeria, including the Dangote refinery. This is coming following claims by some top refinery officials that the refinery was in talks with Libya for crude supply. But in a statement shared on its X handle on Sunday, the Libyan oil corporation denied negotiating or entering into talks regarding the crude oil supply to any Nigerian refinery. The statement, written in Arabic, translates as: “The National Oil Corporation denies that it has…

Read More

15th time winner! Zenith Bank retains Number One in Nigeria by Tier-1 Capital

Jide Ige

For the fifteenth consecutive year, Zenith Bank Plc has retained its position as the Number One Bank in Nigeria by Tier-1 Capital in the 2024 Top 1000 World Banks’ Rankings, published by The Banker Magazine. This ranking places Zenith Bank Plc as the 565th Bank globally with a Tier-1 Capital of $2.01 billion. The rankings, published in the July 2024 edition of The Banker Magazine of the Financial Times Group, United Kingdom, recognise Zenith Bank’s continued financial strength and stability. They are based on the 2023 year-end Tier-1 capital of…

Read More

Tale of Loses: A summary of NNPCL 2022 statement of accounts, spends N7.3bn on entertainment in 16months

Jide Ige

Even as many Nigerians are groaning under the present economic hardship the Nigeria National Petroleum Corporation Limited (NNPCL) reportedly spent a whopping sum of N7.3 billion on entertainment expenses in the 16 months in 2021/2022. This is according to the financial record published in December 2022. The persistent concern on the issue of accountability in the NNPC necessitated calls for the organisation to publish its financial statements. With 2024 already in its seventh month, the NNPC is yet to publish its 2023 financial statements. A review of the financial statements…

Read More

Asher Trust Investment boss jailed five years for fraud

Jide Ige

Justice O. J. Enobie of the FCT High Court, sitting in Jabi, Abuja has convicted and sentenced the director of Asher Trust Investment Limited and Fifteen Network Limited, Daniel Ungbo Silas to five years imprisonment for fraud. Silas and his companies were prosecuted by the Economic and Financial Crimes Commission, EFCC on two-count charges, bordering on criminal breach of trust and dishonest conversion of property to the tune of N128 million (One Hundred and Twenty-eight Million Naira). Count one of his charge reads: “That you Daniel Ungbo Silas, being the…

Read More

Alleged $6bn Mambila Fraud: Court refuses Agunloye’s overseas medical trip request

Jide Ige

Justice Jude Onwuegbuzie of the Federal Capital Territory High Court, Apo, Abuja on Wednesday, July 17, 2024 dismissed an application filed by the former Minister of Power and Steel, Mr. Olu Agunloye for a leave of the court to travel abroad for a medical check-up. At the Monday, July 1, 2024 proceeding, Agunloye, through his counsel, Adeola Adedikpe, SAN, applied for the release of his passport to enable him travel overseas for medical examination. Attached to his application were documents marked Exhibit A to E, which included a report from…

Read More

Friend who warned me against investing in Nigeria now taunts me -Dangote

Jide Ige

The President of Dangote Group, Aliko Dangote, has disclosed that his friend who earlier warned him against investing in Nigeria is now taunting him for ignoring his advice. Dangote disclosed this in an interview with PREMIUM TIMES on Sunday just as reports quoted the Nigerian Midstream and Downstream Petroleum Regulatory Authority as claiming that diesel from Dangote Refinery is of inferior quality. “Four years ago, one of my very wealthy friends began to invest his money abroad. I disagreed with him and urged him to rethink his actions in the…

Read More

Fix your refineries, you can’t take over Dangote’s own, Agbakoba warns NNPCL

Jide Ige

Olisa Agbakoba, a Senior Advocate of Nigeria, has warned the Nigerian National Petroleum Company Limited against taking over the Dangote Refinery. Agbakoba was reacting to a comment by Africa’s richest businessman, Aliko Dangote that the NNPC should buy the refinery if that would put an end to calling him a monopolist. Dangote commented on allegations of an attempt to monopolise the market by asking the government to stop the importation of fuel products in favour of his 650,000 barrels per day refinery. The Nigerian Midstream and Downstream Petroleum Regulatory Authority…

Read More

Petroleum minister, Lokpobiri meets Dangote, oil industry chiefs over refinery crisis

Jide Ige

The Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, has convened a high-level meeting with key stakeholders in the oil and gas sector to resolve the ongoing issues surrounding the Dangote Refinery. The meeting, held on Monday, brought together Chairman and CEO of Dangote Group, Aliko Dangote, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, and Group Chief Executive Officer of the Nigerian National Petroleum Corporation Limited, Mele Kyari. This was contained…

Read More

With ‘Giants Campaign’ FirstBank truly woven into the fabric of society

Jide Ige

WITH GIANTS CAMPAIGN, FIRSTBANK IS TRULY WOVEN INTO THE FABRIC OF SOCIETY The ‘Giant in you’ campaign of the FirstBank has again confirmed the common expression that ‘apple doesn’t fall far from the tree’ given the history of the financial brand and its legendary relevance to the growth of enterprises, within and outside Nigeria. In its usual creative conjecture, 13O-year-old FirstBank, has hit the airwaves and other media outlets with various visuals to articulate its new campaign ‘The Giant in You’. Breaking down the central message, ‘there is a giant…

Read More