Author: Abimbola Daniels

UBA Group senior executives recently concluded the Group’s Half Year Business Review. Held at global headquarters in Lagos Nigeria, Group Managing Director/CEO, Oliver Alawuba, brought together executives responsible for UBA’s twenty-four countries of operation. It was an opportunity to restate the Group’s pan-African strategy, and commitment to further expandingthe Group’s coverage across high potential markets across Africa, while also deepening its operations in its existing twenty African presence markets. With over 51.7% of Group revenues from ex Nigerian operations, UBA’s journey to being Africa’s most diversified financial services group was clearly in evidence. The international strategic intent reinforces with theGroup’s…

DANGOTE Petroleum Refinery on Tuesday further dropped the ex-depot price per litre of petrol from ₦840 to ₦820. In an update, a spokesman for the refinery, Tony Chiejina, confirmed the ₦20 marginal reduction, which occurred about one week after the $20bn refinery dropped ex-depot petrol price from ₦880 to ₦840 on June 30, 2025. Chiejina said the new ex-depot price of ₦820 took effect from Tuesday, July 8, 2025. Filling stations like MRS Oil & Gas, Ardova Plc, Heyden, and others with special agreements with the Dangote Refinery are expected to reduce their pump price further below ₦880 to reflect…

AS of the end of the first half of 2025, at least five banks have met the new capital thresholds issued by the Central Bank of Nigeria. They include Access Bank, Zenith Bank, Ecobank Nigeria, Lotus Bank, and Jaiz Bank. In March 2024, the CBN directed commercial banks with international authorisation to increase their capital base to N500bn and national banks to N200bn, while those with regional authorisation are expected to achieve a N50bn capital floor. Similarly, non-interest banks with national and regional authorisations will need to increase their capital to N20bn and N10bn, respectively. CBN gave the banks a…

DESPITE the ex-depot petrol price reduction by the Dangote Petroleum Refinery on Monday, many marketers have refused to adjust their pump prices, saying they could run into losses. The marketers who spoke with this newspaper on Tuesday stated that dropping their pump prices would not be possible unless they exhaust the product purchased at prices around N900 per litre. This newspaper reported late on Monday that the Dangote refinery had reduced the ex-depot petrol price from N880 to N840 per litre. The spokesman of the Dangote Group, Anthony Chiejina, confirmed this to our correspondent. Chiejina stated that the price reduction…

THE Lagos State Government has commenced the enforcement of the ban on single-use plastics after it issued a six-month notice to all stakeholders. The Commissioner for Environment and Water Resources, Tokunbo Wahab, announced during a press conference at Alausa, Ikeja, that any company that failed to adhere to the ban on single-use plastics would be prosecuted and sealed off. Wahab said the state government won’t succumb to any pressure or blackmail to consider another shift in date. The commissioner emphasised that the ban was expected to move the state towards realisation of reduction of the quantum of waste generated in…

THE Court of Appeal, Lagos Division, has overturned a 2013 judgment of the Federal High Court, which allowed Guaranty Trust Bank Plc to foreclose on a N30bn 44-room mansion in Ikoyi, Lagos, belonging to Alhaji Agboola Abiola, son of the late business mogul and politician, Chief M.K.O. Abiola. A Certified True Copy of the ruling in Appeal No. CA/L/888/2014, obtained by The PUNCH showed that the appellate court found significant discrepancies in the execution of the tripartite legal mortgage that GTBank relied on to secure the loan. The unanimous judgment, delivered by Justice Paul Aimee Bassi, with Justices Polycarp Kwahar…

MEMBERS of the Major Energies Marketers Association of Nigeria say they will discuss with the Dangote Petroleum Refinery to fully understand the implementation of its plan to supply directly to filling stations nationwide. The Executive Secretary of MEMAN, Clement Isong, stated this during a webinar organised by the association on Thursday. Isong noted that the marketers would also engage with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and other stakeholders as they took time to understand the new scheme from the Dangote refinery. “At this point, we are watching the market, trying to understand it. We have read it…

THE federal government under the Federal Competition and Consumer Protection Commission has summoned the management of Air Peace Limited following multiple complaints from passengers regarding non-refunded ticket fares, even in cases where the airline cancelled scheduled flights. In a formal notice dated June 3, 2025, the Commission ordered Air Peace to appear at its Abuja headquarters on Monday, June 23, 2025, to address growing public outcry and allegations of consumer rights violations. A statement issued by the Director of Corporate Affairs, Ondaje Ijagwu, disclosed the directive on Monday in Abuja. Ijagwu stated that the airline’s actions contravene Sections 130(1)(a) and…

THE Court of Appeal, Lagos Division, has overturned the final forfeiture order issued on the assets of the former Governor of the Central Bank of Nigeria, Godwin Emefiele, to the Federal Government. In a split decision of two-to-one, delivered on April 9, 2025, and detailed in a certified true copy obtained by our correspondent on Sunday, the appellate court set aside the judgment and ordered a retrial of the case at the lower court. The Federal High Court in Lagos had, in its ruling on November 1, 2024, granted the Economic and Financial Crimes Commission’s application for the final forfeiture…

NIGERIA’s downstream petroleum sector is poised for a dramatic shake-up as Dangote Petroleum Refinery announces the commencement of direct distribution of Premium Motor Spirit (PMS) and diesel across the country. The new initiative, effective from August 15, 2025, is set to disrupt traditional supply chains and poses serious implications for private depot owners and intermediaries. On Sunday, Dangote Refinery announced it has deployed 4,000 brand-new Compressed Natural Gas (CNG)-powered tankers to ensure nationwide delivery of petroleum products. The above development, according to industry experts, will not only disrupt existing supply chains but also address two chronic issues in Nigeria’s downstream…

ALIKO Dangote has retired as Chairman of the Board of Dangote Sugar Refinery Plc, bringing an end to a 20-year leadership of the company. His retirement takes effect from June 16, 2025, according to a statement signed by the company’s secretary, Temitope Hassan, on Wednesday. Dangote, who has been at the helm of leadership since 2005, is credited with steering Dangote Sugar into a market leader in Nigeria’s sugar industry, overseeing major expansion projects and strengthening corporate governance. “In line with the principles of good corporate governance and succession planning, Dangote Sugar Refinery Plc hereby announces the retirement of our…

THE management of Air Peace has condemned the unruly conduct of a prominent politician who disrupted airport operations on the morning of Tuesday, June 11, 2025. In a statement on Wednesday, Air Peace said the unnamed individual arrived at Murtala Muhammed Airport Terminal 1 (Zulu Hall) at approximately 06:10 am for Flight P47120 scheduled to depart Lagos for Abuja at 06:30 am. The airline said that in line with its standard on-time departure policy, the boarding process had closed, and the flight departed as scheduled. “Upon being informed of the missed flight, the politician resorted to violence, physically assaulting our…

A FORMER governor of Ekiti State, Ayodele Fayose, says President Bola Tinubu’s administration has done well in stabilising Nigeria’s economy and believes the country’s turnaround will not happen overnight. Fayose said this on Monday night after visiting President Tinubu in his Lagos home. “My visit is personal, to further encourage him to continue to do what he’s doing for Nigerians,” the former governor and a member of the Peoples Democratic Party (PDP) told journalists after the visit. “No one is saying it is easy, but there is no miracle that can turn around things overnight.” According to him, the president…

THE Independent Petroleum Marketers Association of Nigeria has said the Dangote Petroleum Refinery should sell Premium Motor Spirit (petrol) below the current N825 per litre price being sold by the Lekki-based plant. IPMAN Publicity Secretary, Chinedu Udadike, in an interview with our correspondent, stated that the refinery had the necessary enabling factors to sell petrol below its current ex-depot price. Ukadike was reacting to a comment by the President of the Dangote Group, Aliko Dangote, that the refinery contributed to the consistent drop in fuel prices to a level that Nigerians pay about 55 per cent of what other West…

AMID the unfolding political episodes in Lagos, Governor Babajide Sanwo-Olu on Sunday met with President Bola Tinubu at his Bourdillon residence in the highbrow Ikoyi area of the state. Sanwo-Olu met with the president alongside the Governor’s Advisory Council (GAC), the highest decision-making body of the All Progressives Congress (APC) in Lagos. There have been rumours of a perceived rift between the president and the governor, especially after the controversial removal of Mudashiru Obasa as Lagos speaker and his eventual reinstatement. Sanwo-Olu’s conspicuous absence from the flag-off of the reconstruction of the deep seaport access road in Epe, Ijebu-Ode area…

THE Lagos Government has arrested and arraigned five individuals for indiscriminate refuse dumping in a canal along the Igando-Iba Road Link Bridge area of the state. The suspects—Quassim Jamiu, 44, and Ayo Jamiu, 18, both from Kwara State; Alexander Innocent, 40, from Akwa Ibom; Oparinde Taiwo, 55, from Ogun State; and Moses Adelowokan, 76, from Osun State—were remanded in Kirikiri Correctional Facility following their arraignment before a Magistrate Court sitting in Oshodi. According to the Lagos State Commissioner for the Environment and Water Resources, Tokunbo Wahab, the men were caught in the act by operatives of the Kick Against Indiscipline…

TONY Elumelu, Chairman of UBA Plc, has increased his stake in the bank to 10.63 percent. This follows the acquisition of UBA shares worth N43.9 billion on Friday, representing an additional 3.09 percent holding in the bank. The business mogul maintains his stake both directly and indirectly through Heirs Holdings, HH Capital, and Heirs Alliance. Between May 22 and 23, Heirs Holdings acquired UBA shares worth N1.54 billion on the Nigerian Exchange (NGX), accounting for a 0.11 percent stake. This was followed by a direct acquisition by Elumelu on May 30, amounting to N43.9 billion worth of shares. Prior to…

PRESIDENT Bola Tinubu has appealed to Nigerians to be patient with him. The president made the appeal at the inauguration of the completed Phase 1, Section 1 (30km by six lanes) of the 750km Lagos-Calabar Coastal Highway on Saturday. The event was attended by Senate President Godswill Akpabio, Nobel Laureate Wole Soyinka, Finance Minister Wale Edun, and second-term governors including Hope Uzodimma (Imo), Dapo Abiodun (Ogun), and Babajide Sanwo-Olu (Lagos), among others. Tinubu said, “I know at this stage, your expectation is still very high and our people are still going through difficult times. I take this opportunity to appeal…

PRESIDENT Bola Tinubu has inaugurated three Nigerian Navy Ships – NNS SHERE, NNS FARO, and NNS IKOGOSI, and three AW109 Trekker helicopters: 501, 502, and 503 into the Nigerian Navy fleet. Tinubu, speaking at the inauguration on Saturday in Lagos, said that the addition of the three Fast Patrol Boats and three maritime surveillance helicopters affirmed the country’s commitment to securing its maritime domain. The president was represented by the Minister of State for Defence, Mr Bello Matawalle. “The sea has remained a pillar of our nation’s economic prosperity, and for the past 69 years, the Nigerian Navy has stood…

AN official of the Economic and Financial Crimes Commission, Alvan Gurumnaan, who is testifying as the eighth prosecution witness, has told the Lagos State Special Offences Court sitting in Ikeja how a former governor of the Central Bank of Nigeria, Godwin Emefiele, allegedly received a total of $17.1 million in cash through a proxy, for three years. Led in evidence by counsel for the EFCC, a Senior Advocate of Nigeria, Rotimi Oyedepo, the witness, Gurumnaan, told Justice Rahman Oshodi, that the monies were received between 2020 and 2023, in tranches and were handed over to Emefiele’s associate, and co-defendant in…