Author: Abimbola Daniels

THE Nigerian Ports Authority (NPA) has announced a 15% tariff increase, the first in 32 years. NPA managing director, Abubakar Dantsoho, disclosed this on Thursday in Lagos during the stakeholders’ engagement for the approved 15% NPA tariff increment across board. Represented by the Executive Director of Marine and Operations, Olalekan Badmus, Dantsoho stated that the agency had maintained the same rates for over three decades despite significant economic changes, including exchange rate fluctuations, rising wages, fuel and lubricant costs, and inflation. Compelled by the exigency of bringing Nigerian Ports up to speed with those of its peers in terms of…

TO address Nigeria’s growing waste management challenges, promote sustainable practices, and empower young Nigerians, the United States International Visitor Leadership Program Alumni Association (IVLPAA) introduced the innovative Waste to Wealth training initiative. This groundbreaking program aims to educate and equip youth with the tools needed to transform waste into valuable resources. Held at the American Corner in Ikeja, Lagos, the event brought together a diverse group of environmental experts and a vibrant crowd of enthusiastic young Nigerians eager to explore the potential of recycling. In his opening remarks, IVLPAA President, Adedayo Oketola, welcomed participants and emphasised the importance of sustainable…

THE decision by the Dangote Petroleum Refinery to reduce the ex-depot price of Premium Motor Spirit (petrol) on Saturday night came at huge costs to many petroleum marketers. Marketers who spoke to our correspondent said the sudden price reduction by the Dangote refinery must have been occasioned by the recent warnings that some traders were planning to resort to importation if the foreign PMS remains cheaper than the ex-depot prices of locally refined products. On Saturday night, the 650,000-capacity refinery told Nigerians that it had reduced its price from N950 to N890 per litre. “In a bold move to drive…

BUA Foods’ after-tax profit in 2024 more than doubled its 2023 numbers, as it hit N274.9 billion, the group’s highest ever. According to the group’s unaudited financial statement for FY 2024, the group’s PAT was 145 percent higher than the N112.1 billion recorded in FY 2023. The group’s revenue in FY 2024 grew to N1.53 trillion, more than double the N729 billion recorded in 2023. There was a 110 percent growth in cost of sales to N985 billion, from N469 billion posted in FY 2023. This led to a slight decline in the group’s gross margin to 35 percent, from…

OVER 30 members of the Lagos State House of Assembly on Thursday stormed the Department of State Security office in the Magodo area of the state. Their visit appears to be connected to the detention of two of their colleagues who were invited on Wednesday for questioning relating to issues of the state assembly. The two lawmakers invited for questioning are Hon. Lanre Afinni and Hon. Sylvester Ogunkelu. According to sources, one of them has been released, while the other lawmaker is still in DSS custody. The lawmakers currently within the premises of the DSS include: Hon. Abiodun Tobun Representing…

AMID the economic hardship and digital glitches that dominated last year, financial transactions via electronic payment platforms rose by nearly 80 per cent to break the quadrillion mark for the first time in 2024 Specifically, e-payment transactions rose by nearly 8 0 per cent above N600 trillion recorded in 2023 to hit N1.07 quadrillion. This is according to data released by the Nigeria Inter-Bank Settlement System (NIBSS) yesterday. While the e-payment data showed a steady increase throughout the 12 months of the year, the highest value was recorded in December. The analysis showed that in January, from 887.58 million volumes…

THE Dangote Petroleum Refinery is awaiting up to 12 million barrels of crude oil from the United States, the Africa Report reported on Monday. The refinery resorted to crude importation as local supply challenges hindered the new $20bn refinery’s push to reach full refining capacity. Recall that the refinery plans to reach its 650,000 barrels per day capacity in June this year. However, low local crude supply from the Nigerian National Petroleum Company Limited is currently a challenge to this plan to ramp up daily production. The 12 million barrels of crude has already left the United States and will…

THE Economic and Financial Crimes Commission (EFCC) has commenced investigation into the cause of death of one of its officers found dead on a street in Lagos. This was in reaction to a video of a man found dead and identified to be Sylvanus, a staff of the EFCC. When this newspaper contacted EFCC spokesperson, Dele Oyewale, on what must have been cause the death of Sylvanus, he said “his death is being investigated.” According to the video obtained by this newspaper, the cause of his death remained unknown as the man’s lifeless body was seen without any sign of…

OIL marketers have revealed that the landing cost of Premium Motor Spirit (petrol) as of Friday was N922.65 per litre. Dealers said this cost factors in various expenses including shipping, import duties, and exchange rates. The amount is a considerable reduction of N32.35 from the N955 per litre offered at the loading gantry of the Dangote Petroleum Refinery. This decrease in landing cost is expected to influence the price at which petrol is sold to consumers and could increase marketers’ interest in returning to petrol imports. “The lower cost of imported petrol is often an incentive to dealers and you…

THE National Drug Law Enforcement Agency (NDLEA) says its operatives have intercepted a shipment of cannabis, also known as Loud concealed in a duvet and destined for the United Kingdom. NDLEA disclosed this in a statement on Sunday by its Director of Media and Advocacy, Femi Babafemi. He said the consignment was intercepted at the Murtala Muhammed International Airport in Ikeja, Lagos, on Tuesday, saying two suspects – Adakole Sunday and Austin Balogun – linked to the consignment, were immediately arrested following the discovery by NDLEA officers. “Six parcels of the psychoactive substance with a gross weight of 3.50 kilograms…

ACCORDING to the Center for Immigration Studies, Nigeria ranks fourth globally in the practice of birth tourism among other countries like China, Taiwan, Korea, Turkey, Russia, Brazil, and Mexico with an estimated 33,000 births annually occurring in the United States. Also, these birth tourists spent about $7,000 to $100,000 each to obtain citizenship by birth for their infant, based on data from the U.S. Committee on Homeland Security and Governmental Affairs. This practice often results in both parents migrating to the United States 21 years later, in a process that bypasses standard immigration numerical limits. Kaizen D. Asiedu(@thatsKAIZEN) on X…

ABIKE Dabiri-Erewa, the Chairman/CEO of Nigerians in Diaspora Commission, has disclosed that more than 5000 Nigerians are presently stranded in the middle East country of Iraq. Dabiri-Erewa stated that the women were sent to Iraq as caregivers only to be stranded, as they get there to meet harsh realities She disclosed this in Lagos while addressing participants at the seminar on “Sensitisation and Advocacy Program for Promoting Diaspora Investment Potentials in South-West Nigeria” organised by NIDCOM in conjunction with G-Consulting International Services Limited. She told the participants selected from the Six South-West states that there are huge opportunities in Nigeria…

A NIGERIAN man based in the United Kingdom, James Akinwande, has replaced a pair of shoes and a wristwatch allegedly stolen from Kemi Badenoch’s brother by officers of the Nigeria Police Force. Badenoch, the leader of the UK’s Conservative Party, recently claimed in an interview that some NPF officers stole her brother’s belongings. She described the police officers’ behaviour as an abuse of power. “My experience with the police in Nigeria was very negative, and coming to the UK, my first experience with the police was very positive. The police in Nigeria would rob us. “I remember the police stealing…

IN line with his resolve to defend himself and clear his name, Dr. Bisi Onasanya through his lawyer, Adeyinka Olumide-Fusika, SAN, at a session at the Federal High Court Lagos on Monday, January 20, 2025, demanded the service of proof of evidence and summons. Onasanya, a chartered accountant and a former Group Managing Director of First Bank is defending himself against a controversial loan that allegedly occurred at First Bank 12 years ago. The retired banker is refuting the allegations alongside three others namely former Chairman of the bank, Chief Oba Otudeko, a former board member of Honeywell, Soji Akintayo,…

THE Economic and Financial Crimes Commission (EFCC) has arraigned a former Managing Director of Assets Management Corporation of Nigeria (AMCON) Ahmed Kuru and four others for allegedly defrauding Arik Airline of N76 billion and another $31.5 million. The other four defendants are a former Receiver Manager of Arik Airline Ltd, Kamilu Omokide (who is listed as the first defendant) Chief Executive Officer of the airline, Captain Roy Ilegbodu (listed as the third defendant), Union Bank Ltd (named as the fourth defendant) and a company, Super Bravo Ltd, which is named as the fifth defendant. Union Bank was charged with one…

A FORMER Group Managing Director of First Bank, Dr. Bisi Onasanya has dismissed allegations circulating on social media, suggesting his involvement in a purported commercial loan facility transaction controversy carried out 12 years ago at First Bank. In a statement released to the press over the weekend, Onasanya, who spoke through his Communication Advisor, Mr. Michael Oshunuyi described the claims as baseless and an attempt to tarnish the stellar reputation of the renowned retired banker and Chartered accountant. “Our attention has been drawn to allegations and charge sheet circulating on social media suggesting Dr. Bisi Onasanya’s involvement in a purported…

DANGOTE Petroleum Refinery has increased the price of Premium Motor Spirit (PMS), commonly known as petrol, citing rising global crude oil prices. In a statement released on Friday, the refinery announced that the new bulk purchase rate for customers buying between 2 million and 4.99 million litres is now N955 per litre. Bulk buyers purchasing 5 million litres or more will pay N950 per litre. The adjustment represents a 6.17% increase, equivalent to N55.5 per litre, compared to the discounted rate of N899.50 per litre offered during December 2024’s holiday period. The new pricing structure will take effect at 5:30…

THE Director-General of the Bureau of Public Procurement (BPP), Dr Adebowale Adedokun on Thursday, said the agency has so far, saved the the country the sum of N1.9trillion from contracts fraud over the years. Adedokun stated this in Abuja during his 2025 budget defence session before the Senate Committee on Public Procurement. He said that the agency, established 17 years ago, is a key stakeholder in the war against corruption in the country, particularly those that have to do with contracts awards, inflation and diversion. “BPP has within the last seventeen years been changing the landscape of public procurement in…

IN a clear message of zero tolerance for cash flow disruptions, the Central Bank of Nigeria (CBN) has sanctioned Deposit Money Banks (DMBs) for failing to make Naira notes available through automated teller machines (ATMs), during the yuletide season, News Point Nigeria gathered. Each bank was fined ₦150 million for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated warnings from the CBN to financial institutions to guarantee seamless cash availability, particularly during periods of high demand. The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank…

– Promo Makes 60 Millionaires, Gifts N200m. AFRICA’s Global Bank, United Bank for Africa (UBA) Plc has distributed over N41.8m in prizes to over 100 lucky customers in its just concluded UBA Legacy Promo series. The promo which began last year, was specially designed by the bank to celebrate UBA’s rich legacy spanning over 75 years, as well as its long-standing commitment towards rewarding its loyal customers in a grand style. The campaign, which was opened to several categories of Account holders including Bumper Account holders, Savings account, Kiddies & Teens Account holders as well as Nextgen account holders, also…