JUST IN: Many Feared Dead in Felele Kogi Petrol Tanker Explosion

By Adedapo Adesanya The Minister of Power, Mr Adebayo Adelabu, has revealed that a fire outbreak at the Kainji/Jebba line caused the national grid collapse that has resulted in the general power outage experienced all over the country. In a statement shared on X, formerly known as Twitter, he said the outbreak has been taken care of and called for calm as the issue is resolved. He wrote, “At 00:35Hrs this morning, a fire outbreak with an explosion sound was observed on Kainji/Jebba 330kV line 2 (Cct K2J) blue phase CVT & Blue phase line Isolator of Kainji/Jebba 330kV line1

By Adedapo Adesanya The Norwegian Floating Production Storage and Offloading (FPSO) leasing firm, BW Offshore, has closed the transaction for the sale of the Nigerian vessel, Abo FPSO, after several short-term charter extensions for $20 million. FPSO refers to a floating vessel located near an offshore oil field, where oil is processed and stored until it can be transferred to a tanker for transporting and additional refining. BW Offshore closed the transaction for the sale of Abo FPSO to STAC Marine Offshore Limited, a member of the Nigerian Transport Group (STAC). As part of the transaction, BW Offshore has entered

By Modupe Gbadeyanka On October 1, 2023, food enthusiasts and stakeholders will gather at the Tafawa Balewa Square, Lagos to have a taste of Nigerian cuisine at an event organised by 3X4 Foods, a subsidiary of 3 BY 4 Gourmet. The founder of 3X4 Foods, Ms Banke Makinde, said the programme, Street Food Celebration, would be used to showcase the Nigerian culture, through food, to the world. She said the event would provide an opportunity to celebrate Nigeria’s culture, history, and people through street food, and promote cultural entertainment, and delicious gourmet street food. According to her, Street Food Celebration

By Modupe Gbadeyanka Nigeria’s leading indigenous energy group, Oando Plc, has announced the completion of a partial divestment of 49 percent of the voting rights in Oando’s midstream business subsidiary, Oando Gas and Power Limited, to Glover Gas & Power B.V., a special purpose vehicle owned by Helios Investment Partners LLP, a premier Africa-focused private investment firm. The deal between Oando Plc, a company listed on both the Nigerian and Johannesburg Stock Exchange, and Helios is said to be worth $115.8 million. In a press statement issued on Tuesday, December 20, 2016, by Oando’s Head of Corporate Communications, Mr Ainojie

Online trading of currencies is gaining momentum all around the world since the last two decades. Africa alone today has estimated approx. 1.3 million forex traders, South Africa and Nigeria are the leading countries with around 400,000 traders locally combined. The currency market is a decentralized international financial market where buying, selling and exchange of global currencies among buyers and sellers take place. In the currency market, the values of currencies are determined based on supply and demand, and it is the largest financial market with transactions crossing over $6.6 trillion per day. The bulk of currency trading volume comes

By Adedapo Adesanya The Naira lost its value against the United States Dollar at the various segment of the foreign exchange (forex) market on Tuesday in what seems to be the return of FX demand pressure on the nation’s currency amid a jump in inflation to a level last seen in 2005. Data obtained by Business Post from the Peer-to-Peer (P2P), the black market and the Investors and Exporters (I&E) market windows showed that the domestic currency closed weaker yesterday. In the P2P forex window, the value of the Nigerian currency depreciated against the greenback by N3 to N690/$1 from the

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) has increased the daily supply of Premium Motor Spirit (PMS), otherwise known as petrol, across the country by 202 per cent from 550 trucks to 1,661 trucks to combat the build-up of fuel queues in some parts of the country. This was made known in a statement by the Group General Manager, Group Public Affairs Division, Mr Kennie Obateru, quoting the Managing Director of the Petroleum Products Marketing Company (PPMC), Mr Musa Lawan. It was revealed that there have been the delivery of about two billion litres of PMS in strategic

By Ashemiriogwa Emmanuel The Nigeria Football Federation (NFF) has announced it will be signing a sponsorship deal with a popular gaming company, Premier Lotto Limited, fondly called Baba Ijebu, valued at N400 million. The President of the federation, Mr Amaju Pinnick, who disclosed this, said the contract will run for three years with an option of renewal. According to him, the agreement will further bump the NFF up to 90-92 per cent of self-funding and the deal will be “strictly player-based: whereby players will have comprehensive insurance once they don the Nigerian jersey.” “A lot of positives are coming to

By Adedapo Adesanya  No fewer than 16 companies have been sealed by officials of the Lagos State Internal Revenue Service (LIRS) for allegedly not remitting consumption tax of N126.19 million to the state government. The Director of Legal Services at LIRS, Mr Seyi Alade, said in Lagos on Friday that the affected companies’ tax liabilities were from 2014 to 2016. Mr Alade, during an LIRS state-wide tax law enforcement exercise, noted that the organisations were audited for the periods and from the probe, it was discovered that they have not made the payments to the state government. According to him,

By Adedapo Adesanya The National Agency for Food and Drug Administration and Control (NAFDAC) has commenced a partnership with the Global Alliance for Trade Facilitation (GATF) to put together strategies for export and import trade in Nigeria. This was disclosed by the drug and food regulatory body through its resident media consultant, Mr Olusayo Akintola, stating that the procedures were to ensure ease of doing business in Nigeria. The statement noted that the partnership was also aimed at achieving standardisation, harmonisation of documents and simplified trade formalities for importers and exporters. It said that NAFDAC Director-General, Mrs Mojisola Adeyeye, reached

By Modupe Gbadeyanka When Miss Chidinma Okeke, a 19-year-old student of Nnamdi Azikiwe University, Awka won Miss Anambra Beauty Pageant organised by the Anambra Broadcasting Service (ABS) in 2015, little did she or anyone else know that her reign as a beauty queen would record a sad end. The 300-level student of Medical Laboratory who hails from Ogboji community in Orumba South council area of Anambra State had been enjoying the benefits of her position until October 11, 2016 when she was unceremoniously stripped of her crown by the organisers of the pageantry. The star prize, a car given to