Author: Abimbola Daniels

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…

NOVA Bank has announced the appointment of David Isiavwe as Executive Director, Operations and Information Technology, and Chinwe Iloghalu as Executive Director, Institutional and Commercial Banking. These appointments are part of NOVA Bank’s plan to strengthen its leadership team as the Bank continues its innovative journey, following its recent transition to a national commercial bank. Dr. Isiavwe has over 30 years of banking experience in domestic and international banks. With a Ph.D. in Accounting, Dr. Isiavwe is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and Fellow Compliance Institute of Nigeria (FCIN) in addition to other professional…

WITH the right interventions by the Federal Government, the pump price of petrol produced by the Dangote Petroleum Refinery may crash below N600/litre, crude oil refiners have said. The Publicity Secretary of the Crude Oil Refiners Association of Nigeria, Eche Idoko, told this newspaper in an interview that the association still has a strong belief that local refineries like Dangote and others can bring down the cost of petrol. Idoko said the N898/litre claimed by the Nigerian National Petroleum Company Limited as the price it bought petrol from Dangote reflected the rising exchange rate. He explained that the N898 would…

FORMER President Olusegun Obasanjo on Tuesday congratulated the immediate past Editor of The PUNCH, Dayo Oketola, during the public presentation of his book titled ‘The Catalyst: Nigerian ICT Evolution Through a Journalist’s Lens.’ The book was unveiled at the Muson Centre, Onikan, Lagos, with several dignitaries and media stakeholders gracing the occasion and pouring encomiums on the former PUNCH Editor. Oketola bowed out as The PUNCH Editor in June this year after nearly two decades as an accomplished journalist with multiple awards nationally and internationally. While speaking, Obasanjo, who unveiled the book, discussed the need for Nigeria to enable a…

AVIATION workers in Nigeria have suspended their planned protest slated for September 18, 2024, over 50% deductions of the revenue of aviation agencies. Last week, aviation unions in the country blamed the Federal Government for its refusal to reverse its 50 per cent deduction policy from the internally generated revenues of agencies in the aviation sector. The agencies are the Nigeria Civil Aviation Authority (NCAA), the Federal Airports Authority of Nigeria (FAAN), the Nigeria College of Aviation Technology (NCAT), the Nigerian Meteorological Agency (NiMet), and the Nigerian Safety Investigation Bureau (NSIB). However, in a statement dated September 17, 2024 and…

THE Federal Government earned approximately $1.2bn in telecom license fees from major operators, including MTN, Globacom, Econet (now Airtel), and Etisalat (now 9mobile), during the inception of mobile technology in Nigeria. These license fees played a vital role in establishing the telecom industry in 2000, a sector crucial to Nigeria’s economy. Former President Olusegun Obasanjo revealed this at the book launch and exaugural lecture of former Editor of The PUNCH, Dayo Oketola, in Lagos on Tuesday. He revealed that his administration rejected attempts to sell telecom licenses for a mere $3m, instead ensuring they were sold at their true value…

THE 2023 presidential candidate of the African Action Congress (AAC), Omoyele Sowore, on Sunday said he was briefly detained at the Murtala Muhammed International Airport in Lagos. He disclosed this in a post on his X handle (formerly Twitter) upon his arrival to Nigeria from the United States. Sowore, the convener of #RevolutionNow protest, said officials of the Nigerian Immigration Service seized his passport and told him that they had orders to detain him. “I had just arrived in Nigeria from the USA to the MMIA in Lagos; upon reaching Nigerian Immigration, my passport was seized, and they told me…

NO fewer than 300 trucks belonging to the Nigerian National Petroleum Company Limited are at the Dangote refinery at the moment. NNPC spokesperson, Olufemi Soneye confirmed this in a video on his X handle on Saturday. Soneye said the trucks were arriving in preparation for the loading of petrol on Sunday. “NNPC Ltd. trucks are arriving at the Dangote Refinery in preparation for the scheduled petrol loading on Sunday, September 15, 2024. “By the end of today, at least 300 trucks will be stationed at the refinery’s fuel loading gantry,” Soneye confirmed.

UBA Foundation, the Corporate Social Responsibility arm of United Bank for Africa (UBA) Plc, is positioning itself at the forefront of Africa’s green revolution, advocating for climate action and a greener future. In a bold move to champion environmental sustainability across Africa, the UBA Foundation has embarked on the 2024 Tree Planting Campaign, with the theme: ‘Our Land: Grooming a Greener Future’, and a commitment to plant one million trees across the continent by 2025. Giving the pledge during this year’s edition of the UBA Foundation Tree Planting for Sustainability Initiative, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, reinforced…

PETROLEUM marketers, refiners, and depot owners in Nigeria have called for the full deregulation of the downstream oil sector, seeking to end government price controls due to subsidies. The Major Energies Marketers Association of Nigeria, in collaboration with the Depot and Petroleum Products Marketers Association of Nigeria, Crude Oil Refiners Association of Nigeria, African Refiners and Distributors Association, and Petroleum Products Retail Outlets Owners Association of Nigeria disclosed this during a webinar on Wednesday. The discussion, themed ‘Optimising the Nigerian Oil and Gas Industry’, brought together key stakeholders from various sectors of the oil and gas industry to discuss challenges,…

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…