Author: Ogochukwu Ndubuisi

Dangote Refinery Stops Selling Petrol in Naira Dangote Refinery has halted selling petroleum products in naira; the company disclosed this in an official statement. The 650,000 barrels per day refinery said the decision to halt the deal was necessary to avoid a mismatch between its sales proceeds and crude purchase obligations. With a series of partnerships with marketers, the refinery has been crashing its petroleum products as global oil market prices have continued to decline. “We wish to inform you that, Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira. This decision is necessary to avoid…

Unity Bank Names Ebenezer Kolawole as Acting CEO The Board of Unity Bank Plc has announced the appointment of Mr. Ebenezer Kolawole (FCA) as the acting managing director/chief executive officer following the retirement of Mrs. Oluwatomi Somefun, who has completed her tenure as MD/CEO. The appointment was announced at the bank’s 18th Annual General Meeting (AGM), held in Lagos on Wednesday, after securing necessary approval from its primary regulator, the Central Bank of Nigeria (CBN). Mr. Kolawole is a seasoned and consummate banker with over three decades of industry experience. He began his financial services career at Caribbean Finance Limited…

CBN Sells $55 million to Banks to Boost FX Supply With more than $55 million channelled to banks by the Central Bank (CBN), the naira still lost about N5 per US dollar in the official window by eligible FX market players due to an imbalance between demand and supply. This suggests a deeper than expected US dollar demand and supply gap in the official window, with direct impacts on local banks ability to service Bureau de Change (BDC) operators with $25,000 weekly FX requests. The exchange rate closed at N1,532 to a greenback, a country that is facing pressures against…

Why I Declared State of Emergency in Rivers – Tinubu President Bola Tinubu says he declared a state of emergency in Rivers because of the lingering political crisis in the state and attendant effects on democracy, security and wellbeing of the citizens. The President, who stated this in a national broadcast on Tuesday said he felt greatly disturbed by the development. “Like many of you, I have watched with concern the development with the hope that the parties involved would allow good sense to prevail at the soonest, but all that hope burned out without any solution to the crisis.…

FAAC Allocations Rose by 43% in 2024 – NEITI The Nigeria Extractive Industries Transparency Initiative (NEITI) report said the Federation Accounts Allocation Committee (FAAC) disbursed an unprecedented N15.26 trillion to the federal, state, and local governments in 2024. The NEITI FAAC Quarterly Review, released by NEITI on Tuesday in Abuja showed that the disbursements represented a historic high in revenue distribution and a 43 per cent increase, compared to previous years. It attributed the surge in revenue disbursements to Federal Government’s sustained fiscal reform policies, especially the fuel subsidies removal and foreign adjustment exchange rate policies, which had continued to…

Tinubu Declares State of Emergency in Rivers President Bola Tinubu has declared a state of emergency in Rivers following the lingering political crisis in the state. The President made the declaration in a national broadcast on Tuesday. He said it had become compelling for him to invoke the provision of section 305 of the Constitution of the Federal Republic of Nigeria, 1999 as amended, to declare a state of emergency in Rivers with effect from March 18. “By this declaration, the Governor of Rivers, Mr Siminalayi Fubara, his deputy, Mrs Ngozi Odu and all elected members of the House of…

AfDB Invests $8bn in Water Infrastructure Across Africa The African Development Bank (AfDB) has invested over $8 billion in water infrastructure across 40 African countries since 2000, benefiting more than 92 million people. Mr Johannes Chirwa, Director, Water Development and Sanitation Department, AfDB, said this at the African Ministers’ Council on Water (AMCOW) West Africa sub-regional meeting in Abuja on Tuesday. Chirwa was represented at the occasion by Emily Kilongi, AfDB Principal Water and Sanitation Engineer. He said the meeting was an essential opportunity to review progress, overcome challenges, and develop future strategies for water management in Africa. “Since 2000,…

Google to Acquire Cloud Security Platform Wiz for $32bn Tech giant Google on Tuesday announced it’s plans  to acquire Wiz, an online cloud security platform, for 32 billion dollars in an all-cash transaction. The Alphabet-owned company expects the acquisition to accelerate cloud security and enhance the ability to use multiple clouds. The U.S. giant also believes the purchase will help protect against security threats and provide an automated security platform. Alphabet’s stock was trading at 164.61,million dollars down 1.21 per cent on the Nasdaq. The acquisition comes after CNBC reported in July that Wiz had walked away from a potential…

Ogun Sets March 31 Deadline for Herders Registration The Ogun State Ministry of Agriculture and Food Security, through its Department of Veterinary Services, has set March 31 as the deadline for the registration of herders in the state. Its Permanent-Secretary, Mrs Kehinde Jokotoye, disclosed this in a statement on Tuesday in Abeokuta. Jokotoye noted that the registration, done in collaboration with the South West Commodity Farmers Organisation, Ogun Chapter, would improve security, resolve conflicts and enhance livestock management practices. She said the registration would also allow herders to benefit from the government’s support, subsidies and incentives aimed at improving livestock…

FG, SRADeV, Partners to Upgrade Lead-Acid Battery Recycling in Africa The Federal Government of Nigeria, in partnership with Sustainable Research and Action for Environmental Development (SRADeV), is making strides to upgrade the lead-acid battery recycling sector across Africa. This was highlighted during the opening of a two-day International Conference on Upgrading the Lead-Acid Battery Recycling Sector on Tuesday in Abuja, Nigeria. The event was organised by the National Environmental Standards and Regulations Enforcement Agency (NESREA), in collaboration with SRADeV, and supported by international partners. At the conference, Malam Balarabe Lawal, the Minister of Environment, emphasised the significance of improving the…