ABOUT N3.87 trillion has been allocated for recurrent expenditure across 13 Nigerian states in their proposed budgets for the 2025 fiscal year. The governors of these states have presented budgets that prioritise administrative costs, including salaries and overheads, while also allocating significant funds for capital projects aimed at boosting infrastructure development. The total proposed budget across the 13 states for 2025 stands at N9.07tn. Of this total budget, N3.87tn is allocated for recurrent expenditure, which covers the ongoing costs of running the government and providing essential services. The remaining N5.845tn is directed towards capital expenditure, reflecting the states’ focus on…
Author: Abimbola Daniels
Read More
FORMER Nigeria Vice President, Yemi Osinbajo, on Monday, celebrated his wife, Dolapo as they marked their 35th wedding anniversary. In an emotional post on his X handle, he said his wife had demonstrated true love through her willingness to give up everything for him and their children. “My darling, every year of these 35 years you’ve proved that true love is not a myth or a fanciful phrase—through your willingness to give up everything for me and our children, through your generosity with your time, skills, and great faith by which you have helped us all navigate our sometimes bewildering…
THE Dangote Petroleum Refinery has recommenced the purchase of crude oil from the United States in its ongoing efforts to ramp up oil production and enhance its refining capacity. The new purchase comes after a three-month hiatus in purchasing crude from foreign countries, focusing instead on domestic supply. A report by Bloomberg on Wednesday said the cargo conveying two million barrels of WTI Midland crude from Chevron Corp is due to be delivered to the refinery next month. The latest development may be an indication that the naira-for-crude initiative by the Federal Government may have stalled or that the refinery…
THE Dangote Petroleum Refinery has begun the export of refined petroleum products to neighbouring West African countries, a sign to traders that the mega-refinery’s operations could soon potentially shake up regional fuel markets. A report by Bloomberg on Tuesday, quoting data sourced from Vortexa, Kpler, Precise Intelligence, a port report, and ship-tracking platform, said a tanker has hauled a shipment of gasoline from the Dangote Petroleum Refinery to waters off the coast of Togo, a neighbouring West African country. The report said a CL Jane Austen recently loaded more than 300,000 barrels from Dangote and sailed west. Recall that last…
THE Nigeria Civil Aviation Authority has vowed to take tough measures against airlines that delay passengers’ luggage. The regulatory agency said it will impose fines of $170 and N10,000 on foreign and local airlines, respectively for delayed passengers’ luggage as a first measure to guide against such an act. In October in Abuja, the NCAA stated that passengers could claim up to $1,000 for missing luggage on domestic flights as well as $1,288 Special Drawing Rights for international flights. Speaking on Monday during a roadshow organised by NCAA at the Lagos airport to sensitise passengers who will be travelling during…
THE Dangote Petroleum Refinery has offered to supply 60 million litres of Premium Motor Spirit, popularly called petrol, to the Independent Petroleum Marketers Association of Nigeria weekly, which translates to 240 million litres monthly. This newspaper gathered from the association that the refinery agreed to give 60 million litres of PMS to IPMAN members weekly, depending on patronage. This came as it was gathered that the $20bn Lekki-based refinery is aiming to raise billions of dollars to import crude oil and increase production. Also on Sunday, oil dealers stated that petrol prices were declining following the competition occasioned by the…
OPERATIVES of the National Drug Law Enforcement Agency have thwarted attempts by drug syndicates to export large consignments of cocaine, methamphetamine, and opioids through Murtala Muhammed International Airport, Ikeja, Lagos State, and Nnamdi Azikiwe International Airport, Abuja, to the United Kingdom, Italy, Turkey, and Qatar. On November 5, 2024, NDLEA officers intercepted 13 parcels of cocaine weighing 4.40kg destined for the UK via Frankfurt on a Lufthansa Airlines flight at the export shed of the Lagos airport. According to a statement released on Sunday by the agency’s spokesperson, Femi Babafemi, a businessman linked to the consignment, Ekeocha Nelson, was tracked…
OPERATIVES of the Zone 2 Police Command, Onikan, Lagos, have rejected a bribe of $100,000 (approximately N174 million) offered by a 28-year-old suspected internet fraudster, Patrick Akpoguma. The suspect, who was accused of being involved in various types of internet-related fraud, including romance scams, cryptocurrency fraud, and identity theft, was arrested following a detailed investigation. Addressing journalists, the Assistant Inspector General of Police (AIG), Adegoke Fayoade, revealed that Akpoguma had defrauded several victims by impersonating prominent figures, including U.S. Army Colonel Matt Herbert and cryptocurrency expert Adam Taggart. “Patrick Akpoguma admitted to being involved in romance scams and other cryptocurrency-related…
THE Lagos Environmental Sanitation Corps (LAGESC),, popularly known as KAI, demolished 138 shanties around the canal bank in the Ajao Estate Canal on Thursday. In a video shared by the state Commissioner for Environment and Water Resources, Tokunbo Wahab, shared on X.com on Friday, the occupants of the now demolished shanties paid between N60,000 and N100,000 in annual rent. “In continuation of concerted measures to reduce the scourge of environmental infractions and illegal encampment in public spaces, the Lagos Environmental Sanitation Corps (LAGESC), popularly known as KAI, on Thursday demolished 138 shanties around the canal bank in Ajao Estate Canal…
– Shareholders To Receive One New Share For Five Existing Shares AFRICA’s Global Bank, United Bank for Africa (UBA) Plc, will raise N239.4 billion through a Rights Issue of 6,839,884,274 ordinary shares of 50 kobo each at N35.00 per share. The Rights Issue, which opened on Friday, November 15, 2024, gives existing shareholders the opportunity to purchase additional shares in proportion to their current holdings and is being offered based on one new ordinary share for every five existing ordinary shares held by shareholders, as of November 05, 2024. In his letter to the shareholders informing them, the Group Chairman…
THE Nigerian National Petroleum Company Ltd. has described a news report that it had ended the importation of refined petroleum products and is now sourcing from the Dangote Petroleum Refinery and other local refineries as a misrepresentation and misinterpretation of fact. A national newspaper, had on Tuesday, November 12, credited NNPC’s Group Chief Executive Officer, Mele Kyari, as signalling the end of fuel importation in a report titled: “NNPCL Ends N24tn Fuel Import, Buys from Dangote Refinery.” Kyari spoke in Lagos at the Nigerian Association of Petroleum Explorationists conference, which was themed: ‘Resolving the Nigerian Energy Trilemma: Energy Security, Sustainable Growth…
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…