Yemisi Izuora Management of Dangote Industries Limited, DIL, has accused International Oil Companies (IOCs) in Nigeria of doing everything to frustrate the survival of Dangote Oil Refinery and Petrochemicals. The accusation was leveled by Vice President, DIL, Devakumar Edwin, who said the IOCs are deliberately and wilfully frustrating the refinery’s efforts to buy local crude by jerking up high premium price above the market price, thereby forcing it to import crude from countries as far as United States, with its attendant high costs. Speaking to a group of Energy Editors at a one-day training programme, organised by the Dangote Group,…
Author: orientalnewsng
Yemisi Izuora There are indications showing that the country’s headline month-on-month inflation rate slowed for a third time in a row in May 2024. This is linked to Central Bank of Nigeria’s monetary policy tightening measures enacted this year. Headline inflation decelerated in May to 2.14 per cent from a month earlier, slowing from 2.29 per cent in April and 3.02 per cent in March, according to the National Bureau of Statistics (NBS). The monthly rate has declined from as high as 3.12 per cent in February. Reflecting a slowdown in price increases for essential goods, food inflation also fell…
Yemisi Izuora The National Identity Management Commission (NIMC), has engaged security operatives to apprehend fraudulent data harvesters after unearthing operations of illegal websites. These elements masquerading as online vendors are being trailed and when apprehended would be punished in accordance with the law. This is coming as the Agency dismissed exposure of sensitive data of Nigerian citizens as it concerns the Commission amongst many other data-collecting agencies, as alleged and reported. The Commission, at this moment, assures the public that the data of Nigerians has not been compromised, and the Commission have not authorised any website or entity to sell…
Yemisi Izuora Aiteo has announced resumption of production after stopping an oil leak at its nearly 50,000 barrels per day (bpd) Nembe field earlier this week in Bayelsa state. Aiteo, which runs a joint venture with the Nigerian National Petroleum Company Limited, NNPCL, had said the leak was reported on Monday during routine operations in the Nembe area, a heavily polluted region after decades of spills that have hurt farming and fishing. “Our dedicated team has worked diligently to address the issues caused by the recent incident and implemented enhanced safety protocols to prevent future occurrences,” Aiteo said in a statement.…
By Iheanyi Nwachukwu On Thursday June 20, Nigeria’s 6th largest bank, Fidelity Bank Plc will open its public offer and Rights Issue. According to an article on the Businessday website and authored by Iheanyi Nwachukwu, the bank is raising a total of up to N127.100billion by way of a Rights Issue to existing shareholders and a Public Offer (the Combined Offer). Under the Rights Issue, 3.2 billion ordinary shares of 50 kobo each will be offered in the ratio of 1 new ordinary share for every 10 ordinary shares held as of January 5, 2024, at N9.25 per share.…
L-R: Chief Executive Officer, All On, Caroline Eboumbou; President, Rockefeller Foundation, Dr. Rajiv H. Shah at the Alliance Partners Roundtable co-hosted by All On, Rocky Mountain Institute, (RMI), and The Global Energy Alliance for People and Planet (GEAPP) recently in Lagos. Uche Cecil Izuora All On, a leading Nigerian impact investment company in partnership with Rocky Mountain Institute, (RMI) and The Global Energy Alliance for People and Planet (GEAPP) co-hosted an Alliance Partners Roundtable recently to discuss the existing and emerging challenges faced by Mini-grid developers and financiers, while proffering solutions that will drive growth and unlock scale within…
Yemisi Izuora Singapore the world’s largest bunker hub globally, will soon receive a shipment of low-sulfur straight-run fuel oil (LSSR) from Dangote refinery. The refinery is set to deploy a shipment of the fuel to Singapore this week. A ship tracking data and market sources revealed the deal which will make the first time of the refinery breaking into the Asian market. This shipment initiates a fresh trade route from the recently opened refinery to Asia, which consistently lacks the low-sulfur fuel oil needed for refueling ships at Singapore, the largest bunker hub globally. The Dangote refinery, which began operations…
Olukayode Shode, Deputy Director, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN); Ngozi Onyeakusi, Publisher/CEO, SuperNews Nigeria; Dr. Abiodun Adedipe, keynote speaker and Managing Director/CEO, Biodun Adedipe & Associates Ltd, and Yeye Modupe Dada, Chairman, Nigeria Association of Small and Medium Enterprises (NASME), Lagos State, Chapter, during the Nigeria SME’s Confab ’24 organised by The SuperNews Nigeria, in Lagos on Thursday. Experts have said that Fintech adoption is relevant for the growth of Small and Medium Enterprises (SMEs) They spoke at Nigeria SMEs Confab 2024 in Lagos, organized by SUPERNEWS with the theme, ‘Bringing SMEs into the financial services…
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL LAGOS, Nigeria, June 11, 2024 This notice is issued in reliance on Rule 283 of the Rules & Regulations of the Securities & Exchange Commission, Nigeria. This notice does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offer, solicitation or offer to buy, or any sale of securities will be made only by a prospectus duly registered by the Securities and Exchange Commission, Nigeria (SEC)…
Eromosele Abiodun posits that the Nigeria Shipping and Port Economic Regulatory Agency Bill, in its present form, is a contradiction of the presidential policy specifically aimed at reducing cost of governance and implementation of the Oronsaye Report At a time when the federal government is reducing cost of governance and implementation of the Oronsaye Report, which recommended mergers of agencies whose functions overlap and constitute duplications, entrenched interest are looking to sabotage this effort with the Nigeria Shipping and Port Economic Regulatory Agency Bill. The clandestine moves to force the bill through the national assembly has resulted to a muted squabble in…