NLNG, Officials to Stand Trial over Alleged Contract Scam

By Adedapo Adesanya The President of the Dangote Group, the owners of the Dangote Petroleum Refinery and Petrochemicals plant, Mr Aliko Dangote, has said that following the purchase of 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), it will be looking to ramp up its production in coming months. The 650,000 barrels per day capacity refinery is not expected to hit full capacity until 2025, but with a gradual ramping, it is expected that it will begin with begin producing up to 370,000 barrels per day of diesel and jet fuel. “We

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

By Adedapo Adesanya The Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

By Adedapo Adesanya The Naira recovered from the previous day’s loss after closing stronger against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 7, by 11.4 per cent or N108.15 to trade at N843.07/$1 compared with the previous day’s rate of N951.22/$1. This occurred as the value of foreign exchange (FX) transactions slightly increased during the session by $1.67 million or 39.5 per cent to $137.25 million from the $135.58 million achieved in the preceding trading session. Similarly, in the official market, the Nigerian Naira strengthened against the British Pound Sterling on Thursday by

By Ashemiriogwa Emmanuel The Independent National Electoral Commission (INEC) has disclosed that nearly four million Nigerians have enrolled for the ongoing nationwide Continuous Voter Registration (CVR) as the record on the number of fresh registrants has reached 3,899,238. According to the commission weekly CVR update: Quarter 2, Week 4, released on Monday, November 1, 2021, the highest number of online registrants was recorded in Osun State with 453,949, ahead of Delta which recorded 297,396, then followed by Bayelsa at 252,534. On the other hand, Yobe and Abia recorded the lowest number of online registration with 18,600 and 19,308 respectively but

By Modupe Gbadeyanka The Governor of Borno State, Mr Babagana Zulum, has expressed frustration over the absence of banking services in most of the local government areas of the state. According to him, two of the 27 councils of the state, Maiduguri and Biu, have banking services, noting that insecurity in the state had forced many financial institutions to flee. Speaking on Wednesday in Maiduguri, the state capital, at an extraordinary stakeholders meeting, the Governor said this issue has made it very difficult for residents of these communities to exchange their old Naira notes with the new ones, prompting him

By Modupe Gbadeyanka Last year, Nigeria witnessed one of its worst floods after a similar occurrence a decade earlier. The flooding wreaked havoc on farmlands and destroyed the livelihoods of many smallholder farmers. Just when victims are feeling like all hope to restart their lives is lost, a Nigerian agritech startup, Isidore, is brightening their spirits. According to the founder of Isidore, Ms Karen Adie, smallholder farmers are very critical to Nigeria and its food security, and they must not be left alone because it would affect the nation. Isidore, a member of the Founders Factory Africa startup portfolio, provides

By Adedapo Adesanya Top properties development management and investment company, Afriland Properties Plc, recorded a 9 percent increase in its profit after tax (PAT) for the year ended 2019. In its annual reports for the year under review, the company declared a profit after tax of N744.1 million, higher than N682.4 million that was achieved by the company in 2018, indicating a difference of N61.7 million. This occurred as the company recorded an operating profit of N1.5 billion during the year compared to N1.3 billion actualised in the preceding year, marking a rise of 11.2 percent year-on-year. According to the

By Dipo Olowookere One of the leading electricity distribution companies in Nigeria, Ikeja Electric Plc, has introduced activation tokens for newly acquired meters by customers under its coverage network. The tokens, according to the company, is to enable the installed prepaid meters activated and this can be done effortlessly online by the customer. Ikeja Electric explained in a message on Thursday that this initiative was “in line with our core values and objective of improving our customer service delivery.” To obtain the activation tokens, customers would have to visit the website of Ikeja Electric on http://www.ikejaelectric.com/keychange/ and then type in

By Igono Joseph Okeme Identifying a hybrid car shouldn’t be all that different, or strange. Most of the car brands today in the hybrid market have one thing or the other that have set them apart as leaders in their various fields. It should not be difficult for you to spot a hybrid car that has just gone pass you down the street or on the road. For instance, this information would only be based on Toyota’s Hybrid Synergy Drive (HSD). Toyota calls its hybrid system HSD, meaning it derives its motion from a combination of either the internal combustion

By Modupe Gbadeyanka Commissioner for Wealth Creation and Employment in Lagos State, Mr Babatunde Durosinmi-Etti, reacted to a media report attributing N25 billion Employment Trust Fund (ETF) programme to the Federal Government. Mr Durosinmi-Etti emphasised that the scheme does not have any affiliation with the Federal Government, maintaining that it remains an initiative of the Lagos State government. According to the Commissioner, the trust fund was initiated by the present administration of Mr Akinwunmi Ambode in fulfilment of his electioneering campaign to reduce the rate of unemployment and empower residents in the State. He further stated that the newspaper erroneously