THERE is anxiety in the downstream arm of the oil and gas sector as operators await the decision of the Federal Government on the naira-for-crude deal between the Nigerian National Petroleum Company Limited and the Dangote Petroleum Refinery. The six-month deal, which started in October 2024, officially ends today, Monday, March 31, 2024. The deal’s extension or complete halt is still being discussed by the parties involved. However, it was gathered on Sunday that the committee responsible for the negotiations has yet to resolve on the matter. As this lingers, the effect is now felt in the pump prices of…
Author: Abimbola Daniels
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– Solid Core Earnings Drive Growth In Profitability, Returns UNITED Bank for Africa (UBA) Plc, has released its audited financial results for the full year ended December 31, 2024, with all its major indicators witnessing significant improvement. The 2024 financials, filed with the Nigerian Exchange Limited (NGx) on Monday, showed an impressive rise in the bank’s profit after tax which went up by 26.14 percent to close the year at N766.6 billion, up from N607.7 billion recorded at the end of the 2023 fiscal year. The Bank’s gross earnings also grew significantly from N2.08tn recorded at the end of the…
THE former governorship candidate of the Peoples Democratic Party in Lagos State, Dr Abdul-Azeez Adediran, popularly known as Jandor, has defected to the All Progressives Congress. Jandor made the announcement on Monday during a press conference at his office in Ikeja, Lagos, weeks after resigning from the PDP. Jandor cited internal crises and lack of party discipline within the PDP as the primary reasons for his departure, expressing disappointment in the party’s inability to address anti-party activities during the 2023 general elections. He said, “Our story in the PDP was a case of working with perennial political saboteurs but we…
JAMIU Abiola, the son of the late winner of the June 12, 1993 presidential election, Chief Moshood Abiola, has stated that probing former military Head of State, Ibrahim Babangida, over the death of his father is unnecessary. In an interview with this newspaper, Jamiu explained that the time for such investigations had passed away, stating that many key figures involved in the June 12 tragedy are no longer alive. “There is no need for prosecution or probe. So many years have passed and most of the good and bad actors in the June 12 tragedy have passed away,” Jamiu said.…
THE Tony Elumelu Foundation (TEF), Africa’s leading philanthropy empowering entrepreneurs is set to announce the 11th cohort of the TEF Entrepreneurship Programme on Saturday, March 22, 2025. The 2025 announcement comes at a critical time, as Africa’s entrepreneurship ecosystem faces funding constraints and global economic headwinds. TEF continues to provide much-needed support, empowering African entrepreneurs to transform their ideas into sustainable businesses and engines of economic growth. Each selected Tony Elumelu Entrepreneur will receive $5,000 non-refundable seed capital, a world-class business training on TEFConnect, one-on-one mentorship, and access to global networks and investment opportunities. The selection process is being conducted…
THOUGH customer service is reported to be improving in Nigeria’s telecommunications sector, 32 per cent of telephone users are still very dissatisfied with services offered by mobile network operators, especially the quartet of MTN, Airtel, Globacom and 9mobile. Nineteen per cent of subscribers also fumed at customer services by Internet service operators (ISPs) in the country. Battered the most are the electronic commerce (eCommerce) players within that ecosystem. This was revealed in the Nigeria Customer Service Index report, unveiled in Lagos on Monday, by the West African Association for Customer Service Professionals (WAACSP), which assessed 12 sectors divided into 21…
THE Nigerian National Petroleum Company (NNPC) Limited has suspended the naira-for-crude oil swap deal with domestic refiners, including Dangote Refinery and other private operators. News Point Nigeria reports that the decision, which took immediate effect, has sparked discussions about its implications for Nigeria’s energy sector and the broader economy. The naira-for-crude arrangement, introduced on October 1 2024, allowed local refiners to purchase crude oil in naira instead of dollars. The initiative was designed to support domestic refining capacity, reduce reliance on imported petroleum products, and stabilize the local currency by easing pressure on foreign exchange reserves. The termination of the…
TRANSNATIONAL Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading listed conglomerate has announced its financial results for the year ended December 31, 2024. Consistent with its results track record, the Group sustained its strong growth trajectory across its financial indicators, reinforcing its market leadership and strategic positioning. In its audited results, Transcorp reported significant year-on-year growth, with a revenue of N408 billion as at December 31, 2024, representing a 107% increase over the revenue ofN197 billion in the previous year. Highlights of Transcorp Group Results: ▪ FY 2024 Revenue increased by 107%, rising to N408billion from N197billion of 2023. ▪…
ARMED personnel from the Air Force Base in Ikeja, Lagos, assaulted PUNCH correspondent Dare Olawin on Thursday morning. The military officers stormed the headquarters of Ikeja Electricity Distribution Company (IKEDC), located opposite MITV in Ikeja, around 7:40am. Olawin had arrived at the office to join other journalists for an event in Adiyan, Ogun State, where a solar project was to be unveiled. Reporters were scheduled to gather at the location before heading to the venue. However, the Air Force personnel spotted the journalists inside a coaster bus, dragged them out, and subjected them to physical assault, forcing them to sit…
AFRICA’s Global Bank, United Bank for Africa (UBA) Plc, continues to make significant impact in birthing the next generation of banking and finance professionals on the continent through its Graduate Management Acceleration Programme (GMAP) which to date has produced over 3,222 young professionals across Africa. Since inception three years ago, the GMAP, designed to equip entrants with the necessary skills and knowledge, has provided mentorship, training, and hands-on experience to young graduates for leadership roles in UBA. On Wednesday, a ceremony was held at the Landmark Event Centre to induct another cohort of 1,138 successful graduates who were absorbed by…
AMID the leadership tussle that has assailed the Lagos State House of Assembly in the last seven weeks, a lawmaker, who represents Agege Constituency I, Mudashiru Obasa, has been re-elected as the Speaker of the Lagos State House of Assembly. News Point Nigeria reports that Obasa was re-elected on Monday after the resignation of Mojisola Meranda who stepped down as the Speaker of the House. His re-election followed the nomination by a former Majority Leader of the House, Noheem Adams, who represents Eti-Osa Constituency 1. Obasa subsequently took the oath of office as the new Speaker of the Lagos State…
OPERATIVES of the National Drug Law Enforcement Agency have arrested a wanted 59-year-old international drug baron, Ogbonnaya Jeff. He was apprehended at his hideout in the Ojo area of Lagos after 17 years of evading authorities. Addressing journalists in Abuja on Monday, the Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Buba Marwa (retd.), said the agency’s Special Operations Unit had been tracking Ogbonnaya following an Interpol Red Notice against him and intelligence from the National Intelligence Service of South Korea. He stated that the agency had gathered incontrovertible evidence of Ogbonnaya’s activities, including his recruitment of young Nigerians as drug…
THE Lagos State House of Assembly has directed all staff and legislative aides to work remotely until further notice due to the ongoing leadership crisis in the legislative arm. The directive was issued on Sunday by the Acting Clerk of the Assembly, Babatunde Abubakar, in a memo addressed to all staff. The move, according to the memo titled “Amendment to Remote Work Schedule Arrangement,” aims to ensure staff safety and prevent any potential violence stemming from the leadership dispute. “To this end, all categories of staff at the Assembly, LAHASCOM, and legislative aides are requested to work remotely from home…
AIR Peace operations in the last 24 hours have suffered disruptions as a result of three bird strikes affecting three of its aircraft. The airline in a statement confirmed the development stating that it regrets to inform the flying public of an unexpected disruption to its flight operations caused by multiple bird strike incidents affecting three of our aircraft within the last 24 hours. In a statement by Ejike Ndiulo, Head of Corporate Communications Air Peace Limited, he said the first incident happened on Thursday, necessitating an air return. “Additionally, earlier today, two of our aircraft also suffered bird strike…
THE ousted Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has stated that he has resumed his position as the parliament leader. Obasa stated this on Thursday after returning to parliament with police and State Security Service details for the first time since he was removed on January 13. “I’ve resumed, and I remain the Speaker of the Assembly,” Obasa said. Obasa was removed on January 13 for gross misconduct and abuse of office. In his stead, Mojisola Meranda was elected, a development which has polarized the assembly and the leadership of the All Progressives Congress in Lagos.…
JUSTICE Rahman Oshodi of the Lagos State Special Offences Court in Ikeja has dismissed a request for his recusal from the ongoing trial of the former Governor of the Central Bank of Nigeria, Godwin Emefiele. Delivering his ruling on Wednesday, Justice Oshodi held that the allegations of bias raised by the defence were unsubstantiated, stating that there was no evidence to justify his withdrawal from the case. The defence, led by Olalekan Ojo, had on Monday orally applied for the judge to recuse himself, arguing that his previous rulings suggested a likelihood of bias. However, Rotimi Oyedepo, counsel for the…
JUSTICE Daniel Osiagor of a Federal High Court, Lagos has ordered that the three workers of the Lagos State House of Assembly, be remanded in the custody of the Department of State Security Services (DSS) for an alleged assault on its officers. The judge ordered the remand of Ibrahim Olanrewaju, Adetu Adekunle, and Fatimoh Adetola after being in DSS custody after the prosecution counsel, (DSS counsel), Mr Michael Bajela approached the court for arraignment. However, the arraignment could not hold as Justice Osiagor said that he wanted to go through the file. Consequently, the DSS will hold them in custody…
THERE is looming fuel scarcity in Lagos and other parts of Nigeria as tanker drivers have stopped fuel loading over alleged harassment by officials of the Lagos State Government and the Federal Ministry of Transportation. Also, telecommunications companies have raised concerns over a possible network blackout as the strike by petroleum tanker drivers could disrupt diesel supply, threatening the operations of mobile and internet services. This newspaper learned that the truck drivers could not load fuel on Saturday and Sunday, creating fears of scarcity in Lagos and other states. However, the Lagos State Government said it was only enforcing its…
THE Department of State Services has arrested three workers of the Lagos State House of Assembly for allegedly attacking its personnel on February 18. Some individuals had manhandled DSS personnel during a drama that ensued at the assembly on Monday. The assembly, in a letter dated February 14, 2025, and signed by the acting clerk, A. T. B. Ottun, had invited the DSS to provide more security at the assembly. According to the letter with referenced LSHA/FAD/0/7554/323 the DSS was instructed to ensure strict access to the facility from February 15 till further notice. However, a source in the DSS…
A FEDERAL High Court in Lagos has ordered the final forfeiture of $4.7 million, N830million, and multiple properties linked to Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN). Delivering judgment on Friday, Justice Yellim Bogoro, who had earlier dismissed an application seeking to arrest Emefiele, granted the final forfeiture application of the Economic and Financial Crimes Commission (EFCC), represented by counsel Bilkisu Buhari-Bala. The funds, now forfeited to the federal government, were held in First Bank, Titan Bank, and Zenith Bank accounts managed by individuals and entities including Omoile Anita Joy, Deep Blue Energy Service Limited, Exactquote…