Category: Business
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Lagos Taskforce Dismantles Illegal Shanties and Roadside Stalls
The Lagos State Taskforce recently conducted a major cleanup operation along the Mile 2 Oke stretch of the Oshodi-Apapa Expressway, resulting in the removal of illegal shanties and roadside vendors. The operation also led to the confiscation of 2,000 liters of petroleum products. Abdulraheem Gbadeyanka, the Agency’s Director of Press and Public Affairs, confirmed the…
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OPCI To FG: Don’t involve OPC in national security efforts
Stephen Olufemi Oni, Ilorin The Oodua Progressive Care Initiative (OPCI) has kicked against the request by the Oodua People’s Congress (OPC) for recognition and involvement in national security efforts. Addressing journalists on Saturday in Ilorin, the Kwara State capital, the National President of the OPCI, Dr. Maruff Olarewaju, said the demand is ridiculous, self-serving and…
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Dangote Refinery Built to Process Nigerian Crude, Says CEO
Alhaji Aliko Dangote, President and Chief Executive of Dangote Group, has affirmed that the $20 billion Dangote Petroleum Refinery was specifically designed to process Nigerian crude oil and enhance its value domestically. In a statement released by the refinery on Thursday, Dangote emphasized that while the facility has also been handling crude oil from Europe,…
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Senate Raises Questions over $1.5bn Expended on Port Harcourt Refinery
∙ Says it’s unfair to treat govt businesses as an orphan∙ Reveals plan to conduct investigation alongside lower chamber From Lateef Taiwo Amid pervasive allegations of sabotage in the petroleum industry, the Senate has raised questions over $1.5 billion approved in 2021 for the turn-around maintenance of the Port Harcourt Refinery with little or no…
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Reps’ Petroleum Probe: Kalu Stands With Speaker, House Leadership on Dissolution of Joint C’ttee
…Reports of S10m Bribe, Shouting Match With Abbas Unfounded From Lateef Taiwo Deputy Speaker, House of Representatives Hon. Benjamin Kalu has informed that he is in support of the dissolution of the joint committee on Petroleum Resources (Midstream) and (Downstream) probing the activities of the Nigeria’s petroleum sector, a decision recently taken by the leadership…
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Dangote Refinery to Sell 12.7% Stake, Report Says
The Dangote Refinery is set to sell its remaining 12.7% stake in 2024 to manage its loan obligations, according to a recent Fitch Ratings report. Fitch Ratings revealed that the Nigerian National Petroleum Company Limited (NNPCL) had initially planned to acquire a 20% stake in the refinery. However, the national oil company decided against exercising…
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NERC Makes Fresh Order, Transfers Oyo Market Oversight To OSERC
From Lateef Taiwo The Nigerian Electricity Regulatory Commission, NERC or the Commission,has issued an order to transfer regulatory oversight of the electricity market in Oyo State from the Commission to the Oyo State Electricity Regulatory Commission, OSERC. A statement by the Commission Tuesday said the move was in compliance with the amended Constitution of the…
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Court Halts Sale of Nigeria Air Shares to Ethiopian Airlines
A Federal High Court in Lagos has halted the sale of Nigeria Air shares to Ethiopian Airlines. The court declared the sale null and void after resolving issues raised in the suit. Justice Ambrose Lewis-Allagoa ordered that the Federal Government’s plans to establish Nigeria Air be halted. The judgment favored the Registered Trustees of the…
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Banks, Others Shut as Hunger Protest Holds
Banks and other financial institutions in the country will be closed on Thursday, August 1, 2024, as a planned hunger strike begins nationwide. While none of the banks have outrightly announced closures, discussions with various bank employees indicate that they have been advised not to report for work on Thursday as the institutions monitor the…
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HSBC Records $21.6 Billion Pre-Tax Profit in First Half of 2024
Banking giant HSBC reported a pre-tax profit of $21.6 billion for the first half of 2024, slightly lower than last year’s record performance. “After delivering record profits in 2023, we had another strong profit performance in the first half of 2024, which is further evidence that our strategy is working,” stated Noel Quinn, the group’s…