Author: Abimbola Daniels

OIL marketers are concerned about the delay in announcing the price of Premium Motor Spirit, popularly called petrol, being produced by the Dangote Petroleum Refinery, as they noted that the landing cost of imported PMS is now about N1,120/litre. Dealers stated that a high PMS price from the Dangote refinery would lead to the importation of the commodity by marketers since the government has opened up the market for competition. In July this year, the Major Energies Marketers Association of Nigeria revealed that the landing cost of PMS was N1,117/litre. The landing cost is simply the price at which the…

THE Dangote refinery may resort to exporting its Premium Motor Spirit (petrol) following the refusal of the Nigerian National Petroleum Company Limited to be the sole buyer of its product. The NNPC, in a statement by its spokesman, Olufemi Soneye, said on Saturday that it would not buy Dangote fuel unless it was cheaper than that of the international market. This is contrary to claims by the President of the Dangote Group, Aliko Dangote, that the refinery was waiting for the NNPC to roll out its product. On Saturday, the NNPC stated that it would only fully offtake petrol from…

LAGOS State Government has extended the work-from-home policy for civil servants due to the rising cost of living. In a statement on Wednesday, Lagos State Head of Service, Bode Agoro, said the government has extended the “flexible work initiative” for another three months to assuage the effects of the removal of petrol subsidy. “Babajide Olusola Sanwo-Olu has magnanimously approved the extension of the flexible work-from-home initiative for an additional three (3) months with effect from September 4th to 3rd of December 2024,” the statement reads. “Accordingly, all accounting officers are enjoined to note the content of this circular for compliance…

AFTER over a year of its launch in May 2023, Dangote Refinery, on Tuesday, rolled out its first Premium Motor Spirit (PMS), also known as petrol, from its 650,000 barrels per day facility. At a press conference, owner of the Lagos-based refinery and billionaire businessman Aliko Dangote declared that “it’s a celebration day” for Nigerians. He assured all citizens that they “are now going to have good petrol while the engines of your vehicles will last longer. You will not be having an engine issue, which a lot of us were having. It won’t happen at all.” “The quality here…

THE Dangote Petroleum Refinery is set to roll out the sale of Premium Motor Spirit, otherwise known as petrol, this newspaper gathered. This is coming a few days after the 650,000-capacity refinery engaged in a test-run of the product. Industry sources confirmed to our correspondent that the product would hit the market soon. The sources, who pleaded anonymity, told our correspondent that the government and the Dangote Group were working out modalities for the circulation of the product. A government source hinted that the sale and distribution of the PMS is being sorted out with the Federal Government. The source…

LATE Nigerian music icon, Onyeka Onwenu, aka Elegant Stallion will be buried today in Lagos. The singer died on July 30, 2024, at Reddington Hospital, Ikeja, after collapsing at an event honouring Dr Stella Okoli, the Managing Director of Emzor Pharmaceuticals. According to a burial arrangement issued by the family, her funeral service will be held at the Fountain of Life Church Ilupeju and burial held at a private vault in Ikoyi. Also, a funeral flyer stated that the Service of Songs is scheduled for 10 -12 noon while the burial, 2-4 pm. Onyeka Onwenu’s illustrious career spanned several decades,…

DANGOTE Group’s industrialization stride in Nigeria has received yet another momentum as federal lawmakers back the company’s stride. Members of the House of Representatives who visited Dangote Cement Plc in Obajana, Kogi State, expressed their delight at the significant economic impact the company has made in Nigeria’s cement subsector. Speaking during the visit, Hon. Gaza Jonathan Gbefwi, Chairman of the House Committee on Solid Minerals, who led his team to the Dangote cement plant, emphasized the need for collaboration between Nigeria’s political leaders and investors to drive the country’s industrialization. He noted that Dangote Cement has paved the way with…

THE immediate past Editor of The PUNCH, Dayo Oketola, is set to launch a book he authored on the evolution of  Nigeria’s Information and Communications Technology industry. The book,  ‘The Catalyst: Nigerian ICT Evolution Through a Journalist’s Lens,’ will be launched on September 17, 2024, at an exaugural lecture to mark the end of his time as an editor and celebrate his nearly 20 years of experience in journalism. The evolution of Nigeria’s telecommunications sector, which began with the introduction of GSM in 2001,  has attracted over $70 billion in investments and created over 500,000 jobs in the country. Oketola…

A LAGOS State Magistrate Court in Ogba has discharged six men who were arrested during the 2020 #EndSARS protests and have spent almost four years in prison. The defendants, identified as Daniel Joyinbo, Adigun Sodiq, Kehinde Shola, Salaudeen Kamilu, Sodiq Usseni, and Azeez Isiaka, were set free by Magistrate Bolanle Osunsanmi on Thursday, after being cautioned. The defendants were discharged after pleading guilty to a single amended charge brought against them by the Lagos State Government. The charge, dated August 22, 2024, accused them of conducting themselves in a manner likely to cause a breach of peace, a violation under…

OANDO Plc has completed the acquisition of Eni’s subsidiary, Nigerian Agip Oil Company (NAOC), for $783m. The company announced this on Thursday in a statement by its Chief Compliance Officer and Company Secretary, Ayotola Jagun. The deal sees Oando, which is listed on the Nigerian Exchange Limited and Johannesburg Stock Exchange, take ownership of 100 percent of the shareholding interest in NAOC from Italian energy company, Eni. For Oando, a leading energy solutions provider in Nigeria, the acquisition “is a significant milestone” in its long-term strategy to expand its upstream operations and strengthen its position in the Nigerian oil and…

THE National Data Protection Commission has fined Fidelity Bank a total sum of N555.8m for infractions relating to breaches of its customers’ data. The commission’s National Commissioner, Vincent Olatunji, announced this at the Validation Workshop on the Nigeria Data Protection Act General Application and Implementation Directive on Wednesday in Abuja. He stated that the tier one bank violated the NDP Act, 2023, and the NDPR, 2019 on data breach and was fined the amount being 0.1 per cent of the Bank’s annual gross revenue in 2023. The CEO said the fine which represents the highest fine to be issued by…

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 and those with regional authorisation were expected to achieve a…

TRANSCORP Power Plc wishes to notify the investing public of significant changes to its Board of Directors. Mr. Christopher Ezeafulukwe has been appointed as a Non-Executive Director. According to a statement issued by the company, this appointment has been approved by the Nigerian Electricity Regulatory Commission, in accordance with the provisions of the Companies and Allied Matters Act 2020 and the Articles of Association of Transcorp Power Plc. “Mr. Ezeafulukwe is a highly accomplished professional with over 20 years of executive management experience spanning multiple sectors, including power, oil and gas, financial services, legal services, and corporate governance. He currently…

THE Ogun State Government, on Thursday, faulted the process that led to the provisional attachment of three Nigerian-owned aircraft in France by the Judicial Court of Paris. In a statement signed by the Special Adviser to the Governor on Media and Strategy, Kayode Akinmade, the Ogun State Government described the latest development as the new antics by a Chinese company to appropriate Nigerian assets in foreign jurisdictions, as past efforts had continually failed. The Chinese company, Zhongshan Fucheng Industrial Investment Co. Ltd, sought orders from the court over an aborted contract between the company and Ogun State Government, which was…

THE cord of consanguinity within the All Progressives Congress (APC) family in Lagos State seems to be waxing strong with the refreshing sight of Governor Babajide Sanwo-Olu and his immediate predecessor Akinwunmi Ambode. In the sight rare as hen’s teeth, the two men beamed with pleasing teeth-opening smiles after a meeting on Monday. “Today, I welcomed my brother and predecessor, Governor Akinwunmi Ambode, back to Lagos House on a courtesy visit,” an elated Sanwo-Olu captioned social media photos of himself and his predecessor. “Our conversation centred around the future of Lagos and building on the solid foundation already in place.…

THE Nigeria Immigration Service (NIS) is probing the destruction of the country’s passport by a lady and has also invited the woman for questioning. A viral video captured the female traveller identified as Favour Igiebor destroying the Nigerian Standard Passport – said to belong to her husband – at the Murtala Mohammed International Airport (MMIA) in Lagos. It was initially unclear the reason for her action but in a Monday statement, the NIS spokesman Kenneth Udo said the incident is a violation of the law. “The Nigeria Immigration Service (NIS) has launched a formal investigation following the circulation of a…

NIGERIAN billionaire businessman, Tony Elumelu, has said oil theft largely contributed to the reasons International Oil Companies (IOCs) are divesting their interests from Nigeria to other countries. Elumelu stated this in an interview published by the Financial Times on Friday. According to him, the government and security agents in Nigeria should be able expose those responsible for stealing the country’s crude oil. His recent outburst follows that of 2022 when he tweeted about how the country lost a huge amount of its crude oil to oil thieves. “How can we be losing over 95 per cent of oil production to…

WITH President Bola Tinubu’s directive to the Nigerian National Petroleum Company Limited to sell the crude meant for local consumption to Dangote and other local refineries in naira, a lawyer and energy consultant, Liborous Oshoma,  says Dangote refinery should sell fuel to depot owners and other marketers in local currency to ease forex pressure There has been a series of controversies about the Dangote refinery, what are your views about it?  I think what is basically playing out here is like two friends quarrelling over a pot of soup. You have a government that has been overly protective of Dangote…

HEIRS Insurance Group (HIG), Nigeria’s fastest-growing insurance provider, has announced the appointment of Ibrahim Puri and Sonny Iroche as Independent Non-Executive Directors of its non-life insurance business, Heirs General. The appointments further strengthen HIG’s governance and leadership team.  HIG has enjoyed rapid growth since its launch in 2021, as consumers benefit from the Group’s unique offering of digitally driven insurance products and customer-centric service proposition. Ibrahim Puri is an accomplished financial services leader, with over 30 years of experience in banking, fintech, and FMCG industries.  He was Group Executive Director at the United Bank for Africa and serves on the…

ONE of the domestic workers of Aribemchukwu, the slain daughter of Justice Rita Ofili-Ajumogobia, has owned up to being involved in the murder of her boss, a police source exclusively disclosed on Thursday. This newspaper reported that the deceased, popularly called Chuchu, was reportedly killed in her Parkview Estate residence in the Ikoyi area of Lagos State. Although a family source said she was killed Tuesday night, her lifeless body was discovered on Wednesday morning outside the gate of her residence. Her three domestic employees, which included the house help, a security guard, and a driver, were, however, arrested in…