Author: Abimbola Daniels

THE Dangote Refinery and Petrochemical is set to begin fuel exports to South Africa, Angola, and Namibia, this newspaper can confirm. A highly credible source, who confirmed this exclusively to one of our correspondents on Friday, said the management of the 650,000-barrel per-day capacity refinery was at advanced stages of talks with the countries to start lifting fuel. Our correspondents gathered that four other African countries – Niger Republic, Chad, Burkina Faso and Central Africa Republic – had also started negotiation with the refinery. This newspaper was reliably informed that more countries were being expected to signify interest in lifting…

NIGERIA is in mourning following the sudden death of the Chief of Army Staff, Lt. Gen. Taoreed Lagbaja, who passed away on Tuesday in Lagos after a brief illness. His death comes barely a year after he was appointed by President Bola Tinubu, marking a tragic blow to the nation’s military leadership. Lagbaja’s death also marks the third time a Chief of Army Staff has died in office, adding to a list of tragic losses among Nigeria’s military heads. Below are the ex-COAS who died in office: Joseph Akahan (August 1967) Joseph Akahan, a 30-year-old Army Chief, was appointed shortly…

THE Dangote Petroleum Refinery has informed Pinnacle Oil and Gas Limited and other oil marketers that the deregulation of the downstream oil sector should not be used as a justification for the importation of off-spec petroleum products or the undermining of Nigeria’s national interests. The refinery made this statement on Tuesday, in response to remarks by Robert Dickerman, the CEO of Pinnacle Oil and Gas Limited, concerning the importation and blending of petroleum products, which the Pinnacle boss boss framed within the context of a “deregulated commodity market.” On Sunday Dangote refinery tackled the firm for setting up a blending…

OPERATIVES of the National Drug Law Enforcement Agency (NDLEA) have seized cocaine consignments worth N4bn at the Murtala Muhammed International Airport (MMIA) in Lagos. he NDLEA said its operatives recovered the 845 wraps of cocaine weighing 18.72 kilogrammes from an international drug syndicate that operates between Brazil, Ethiopia, and Nigeria. “The drug consignments worth Four Billion Four Hundred and Ninety-Two Million Eight Hundred Thousand Naira (N4,492,800,000) in street value were recovered from two lavatories of an Ethiopian Airlines aircraft during the post-landing cleaning of the cabin of flight ET900 from Addis Ababa to Lagos on Tuesday 29th October 2024,” NDLEA’s…

A FORMER Secretary to the Central Bank of Nigeria (CBN), Mr John Ogah, continued his testimony on Wednesday before a Lagos High Court sitting in Ikeja where he disclosed that his former boss, Godwin Emefiele, listed his niece as one of the beneficiaries of funds from an account allegedly operated on his behalf. Ogah, who is testifying as the 6th prosecution witness made the disclosure while answering questions from the counsel to the Economic and Financial Crimes Commission (EFCC), Senior Advocate of Nigeria, Rotimi Oyedepo. Ogah told the court that he’s aware that the former CBN Governor once instructed the…

GHANA could buy petroleum products from Nigeria’s Dangote Petroleum Refinery once the facility is operating at full capacity, cutting more expensive exports from Europe, the head of the country’s oil regulator said on Monday. Chairman of the National Petroleum Authority, Ghana, Mustapha Abdul-Hamid, said this could end monthly fuel imports from Europe of $400m. He spoke at the OTL Africa Downstream oil conference in Lagos, Reuters reported. The $20bn Lekki-based Dangote refinery commenced the release of Premium Motor Spirit, popularly called petrol, into the Nigerian market on September 15, 2024. But despite this, marketers of the product in Nigeria have…

A DISPATCH rider, Monday Osazuwa, has testified before a Lagos High court sitting in Ikeja that the former Governor of the Central Bank, Godwin Emefiele, instructed him not to keep any record of the monies he allegedly collected on Emefiele’s behalf. Osazuwa, who is the first prosecution witness in the trial of Emefiele, took the witness box again on Monday following an application granted by Justice Rahman Oshodi for his recall. Emefiele is standing trial over alleged abuse of office and money laundering to the tune of $4.5bn and N2.8bn. At the resumed hearing of the case on Monday, Osazuwa,…

TONY Elumelu, Chairman of Heirs Holdings and United Bank for Africa (UBA), and the Founder of The Tony Elumelu Foundation (TEF), will co-chair the New African Summit, at the upcoming eighth edition of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia. Themed “Infinite Horizons”, FII will gather some of the world’s most influential leaders, to demonstrate how investment can serve as a catalyst for a prosperous and sustainable future, pushing the boundaries of what is possible for humanity. Elumelu brings his perspective as both a business leader and catalytic philanthropist. Africa will take centre stage, shaping the discussions at…

PBT Up By 20% To N603 Billion RIDING on its recently released half-year financials, the United Bank for Africa (UBA) Plc has announced its unaudited results for the third quarter ended September 30, 2024, where it recorded a 149 per cent net interest income. As in the first two quarters of the current fiscal year, the bank’s gross earnings grew significantly by 83.2 per cent to N2.398tn up from N1.308tn recorded in September last year, while its net Interest income which stood at N443.0bn at the end of the third quarter in 2023, rose by 149 per cent to N1.103tn…

UBA Foundation, the Corporate Social Responsibility (CSR) arm of the United Bank for Africa (UBA) Plc, has launched the 2024 edition of its prestigious National Essay Competition (NEC), unveiling a significant 100% increase in the educational grants for top winners. Now in its 14th year, the NEC is an initiative designed to foster literacy, critical thinking, and healthy competition among secondary school students, while providing future leaders with the financial support needed to pursue higher education. This year’s competition invites senior secondary school students to submit essays on the topic: *”The Impact of Carbon Emission on Climate in Nigeria: Discuss…

TRANSCORP Power Plc, one of the power subsidiaries of Transcorp Group, has announced its financial results for the third quarter of the year ending September 30, 2024, demonstrating remarkable growth across the business. In its Q3 2024 unaudited results filed with the Nigerian Exchange (NGX), Transcorp Power reported revenue of N223.6 billion, representing a significant 153% growth year-on-year, over N88.4 billion in Q3 2023, Highlighting operational efficiency, profit before tax for the period surged by 198%, recording N81.1 billion, compared to N27.3 billion in September 2023. Key Financial Highlights: • Revenue Growth: Achieved N223.6 billion in Q3 2024, a 153%…

PAY-TV operator, Multichoice Group, has rebranded its SuperSport variety channels on both DStv and GOtv platforms. In a statement on Thursday by the Executive Head of Marketing at MultiChoice West Africa, Tope Oshunkeye, MultiChoice announced that the changes took effect from Wednesday, October 9, 2024. Changes on DStv, GOtv As part of the rebranding, the current SuperSport Select Channel has been renamed SuperSport Africa. A new channel, SuperSport Action, has also been introduced, featuring a broader range of sports content, including UFC matches and additional Champions League games. GOtv packages will see the following changes: On the GOtv Jinja and…

ALHAJI Aliko Dangote, the President of Dangote Group, on Tuesday, said that the Dangote Refinery was constructed without any government incentives. Dangote made this known during his keynote address at the Crude Oil Refinery Owners Association of Nigeria (CORAN) Summit in Lagos. The Summit has the theme, ”Making Nigeria a Net Exporter of Petroleum Products.”. Dangote, who was represented by Mr Ahmed Mansur OF Dangote Group, said there was need for investor incentives to realise country’s vision of becoming a refining hub. He stressed the importance of ensuring sufficient feedstock availability, while calling for an end to mortgaging crude oil.…

AT least 21 passengers are feared drowned in a boat accident that occurred on Monday at Imore town in the Amuwo-Odofin Local Government Area of Lagos State. Tragedy struck when two boats, each ferrying 16 passengers, collided and capsized in the middle of the lagoon. The spokesperson for the Lagos State Police Command, Benjamin Hundeyin, stated in a press release on Tuesday that the incident was reported to the Ilashe police division at about 7 pm. According to him, emergency responders, including marine police and local divers, were swiftly mobilised to the scene and rescued 11 passengers who sustained injuries.…

THE Federal Government is set to deliver up to 400,000 barrels of Nigerian crude oil daily to the Dangote refinery under its naira-for-crude agreement, a report by Bloomberg stated on Monday. It said this significant development is expected to take place over the next two months, amounting to 24 million barrels of Nigerian supply between October and November 2024. This increase in processing capacity could have substantial implications for both the refinery’s operations and the local oil industry, transforming the region’s import and export markets. This new development follows the announcement by the Federal Government that the naira-for-crude deal has…

THE Group Managing Director, United Bank for Africa (UBA) Group, Mr Oliver Alawuba, has announced that commitment to the principles of enterprise, excellence, and execution, as well as technology and data analytics, contributed to the impressive first half of 2024 performance. During the bank’s Investors’ Conference held on Thursday, Alawuba stated that despite global economic challenges, including high inflation and political instability across some regions in Sub-Saharan Africa, UBA achieved double-digit growth, strengthening its position in the banking industry. During the conference, Alawuba highlighted the economic environment, both globally and regionally, and the strategic execution that has driven the bank’s…

FOR the first time in two years, an Emirates flight landed at the Murtala Muhammed International Airport (MMIA) in Lagos on Tuesday. The United Arab Emirates (UAE) flag carrier resumed operations after suspending flights in 2021 due to unresolved issues, including the airline’s trapped funds in Nigeria. Flight EK 783, a Boeing 777-300ER, touched down at the old terminal of MMIA at 3:32 PM. However, the flight arrived with several empty seats, reflecting a subdued return to operations. While the exact number of passengers on board could not be confirmed, passengers who spoke with our correspondent reported that the flight…

Total Assets Up By 37.2% To N28.3 trillion As Customer Deposits Hits N23.2 trillion, Climbs 34% Makes Profit Before Tax Of N401.6bn AFRICA’S Global Bank, United Bank for Africa (UBA) Plc has released its audited financial results for the half year ended June 30, 2024, showing impressive performance across some key financial indicators. The audited financials released to the Nigerian Exchange Limited (NGX) on Monday, showed that the bank recorded double-digit growth in its gross earnings and operating incomes. At the end of the first two quarters of the year, and despite the tough global macroeconomic climate in Nigeria as…

THE Electricity Consumer Protection Advocacy Centre has expressed strong opposition to the Ministry of Power’s assertion that over 40 per cent of Nigerians now enjoy up to 20 hours of daily power supply. The claim, made by Minister of Power, Chief Adebayo Adelabu, on Sunday has been met with skepticism from consumer advocates who argue that the data lacks transparency and accuracy. In a statement issued on Sunday, Adelabu announced significant improvements in Nigeria’s electricity supply, attributing this progress to various reforms initiated under the administration of President Bola Tinubu. “The major achievement is the fact that today we generate…

DUPE Olusola has announced the launch of the Next Generation Foundation, a philanthropic fund dedicated to improving the lives of underserved and vulnerable children through education. With this foundation, Olusola, the Managing Director/CEO of Transcorp Hotels Plc, is extending her lifelong commitment to empowering others, driven by a deep belief in the transformative power of education. The foundation’s vision is for every child to have access to quality education, and a chance at a better life. Reflecting on her motivation to create the foundation, Olusola shared: “Education changes lives—it opens doors to a future filled with opportunities, particularly for children…