Category: Business

Nigeria To Achieve 70% Local Content by 2027 – NCDMB

ADEOLA YUSUF

The Nigerian Content Development and Monitoring Board (NCDMB) has deepened its commitment to 70 per cent local content target by the year 2027. Platforms Africa reports that the Executive Secretary, NCDMB, Mr Felix Ogbe, said this on Monday at the Nigerian Content Seminar, a flagship programme of the 2024 Nigerian Oil and Gas Energy Conference (NOG), in Abuja, which was dedlared open by Malam Mele Kyari, Group Chief Executive Officer, Nigerian National Petroleum Company Limited (NNPC Ltd.). Kyari, represented by Mrs Oritsemeyiwa Eyesan, Executive Vice President, Upstream, NNPC Ltd. toured…

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‘Suicide Or Not?’ Reactions Trails e-Commerce Giant, Konga’s ex-CEO Death

ADEOLA YUSUF

. “He was reported to have called his US-based brother and daughter from other marriage on how his wealth should be shared” ‘Last hour of Nick Imudia   This is the sad tale of how Nick Imudia, a former Chief Executive Officer (CEO) of Konga, one of Nigeria’s e-commerce giants, died. Unconfirmed report making the rounds alleged that Imudia committed suicide in his home. Platforms Africa can not confirm this. Here is one of the reports that has gone viral on how the Konga ex-CEO died. “Nick, who was until…

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Fire Erupts at $20bn Dangote Refinery

ADEOLA YUSUF

A fire broke out on Wednesday afternoon at a section of the $20 billion Dangote Refinery, located near Lekki, Lagos. Platforms Africa reports that emergency services responded swiftly to contain the incident, and according to initial reports, no injuries have been sustained. Dangote Fingers NMDPRA As Dirty Diesel, Substandard Jet Fuel Flood Nigeria The cause of the fire is yet to be made known, and investigations are underway to determine the extent of the damage and what led to the incident. Dangote Industries Limited is yet to release an official…

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Dangote Fingers NMDPRA As Dirty Diesel, Substandard Jet Fuel Flood Nigeria

ADEOLA YUSUF

. Africa’s richest man accuses IOCs of plot to sabotage $20bn oil refinery   Vice President, Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, has accused International Oil Companies (IOCs) in Nigeria of doing everything to frustrate the survival of Dangote Oil Refinery and Petrochemicals. Edwin 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…

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‘£35k Each,’ 100 Churches For Sale in Scotland

ADEOLA YUSUF

Church of Scotland has lost a million members since 2001 and the majority of Scots now say they have no religion,” Read-for-yourself statement of the Church’s spokesman on what he described as a “painful” move   The Church of Scotland is selling 100 historic buildings to free up funds after a drastic decline in the number of worshippers and ministers. Churches, plots of land and former council houses, some dating back to the 1700s, have been listed for sale at prices ranging from £35,000 in what the Church has described…

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Otedola Regains Position As First Bank’s Biggest Shareholder

ADEOLA YUSUF

Femi Otedola, billionaire businessman and chairman of FBN Holdings, has regained his position as the majority shareholder of First Bank. According to corporate filings on the Nigerian Exchange Group (NGX) on Thursday, Otedola now owns 9.41 percent shares in the bank. This became possible after he purchased the group’s shares valued at N18.9 billion. According to the corporate filings, the billionaire paid N21.91 per share or N6.935 billion for 316,506,776 shares. He then bought an additional 546,674,034 shares through Calvados Global Services Limited, his holding company, for N21.97 per share…

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We’d Have Run Away If We Knew What We Were Going Into, Dangote Bares It All

ADEOLA YUSUF

  ‘It was very, very, very tough… I feel proud as an African that I’ve been able to prove that it can be done and we have done it.” . ‘PMS will flow from refinery by the third week of July,’ Aliko explains how Africa Continental Free Trade Area, AfCFTA agreement can work     Aliko Dangote On CNN So, if Aliko Dangote, President and Chief Executive of Dangote Industries Limited, and Africa’s richest man, says, in retrospect, that had he known the grand scope of what he was getting…

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‘Nigerians Should Pay Old Rates For DStv, GOtv,’ MultiChoice Bows to Pressure

ADEOLA YUSUF

‘No more 25% Hike,’ Full list of how much Nigerians will now pay on subscriptions   MultiChoice, the parent company of DStv and GOtv, has recently announced a return to its previous subscription rates following a legal mandate. The decision comes after a court ruling deemed the earlier price hikes unjustified, leading to significant subscriber losses, particularly in Nigeria. The company had raised its prices in response to economic challenges, including high inflation and currency devaluation. However, the move faced backlash, resulting in over a million subscribers discontinuing their services.…

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Tinubu Sacks BPE Director General, Announces Replacement

ADEOLA YUSUF

  Ayodeji Ariyo Gbeleyi: All you need to know about the ICAN, CITN fellow newly appointed as the helmsman for the Bureau of Public Enterprises   President Bola Tinubu has approved the appointment of Ayodeji Ariyo Gbeleyi as the Director-General of the Bureau of Public Enterprises. The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, revealed this in a statement on Saturday. According to Ngelale: “Mr. Gbeleyi is a renowned financial expert and award-winning chartered accountant. READ ALSO: ‘With Immediate Effect,’ Tinubu Sacks BPE, FCCPC CEOs, Gives…

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TotalEnergies Raked In N635bn In 2023, Declares N7.129bn Dividends

ADEOLA YUSUF

TotalEnergies Marketing Nigeria Plc has said that it raked in N635,951,600 revenues as of 31st of December, 2023 as the company declared payment of N7.129 billion dividends to shareholders. Chairman of TotalEnergies, Mr. Jean-Philippe Torres, who declared this at the 44th Annual General Meeting of the company in Lagos, maintained that TotalEnergies Marketing increased her turnover by 32% from #482.47 billion in 2022 to #635.95 for the year ended 31st December, 2023. The Board, he added, “proposes for approval by shareholders that the sum of #8.49 billion representing #25.00 (Twenty-five…

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