Business - Abia ThinkTank News

Oct

22

2024

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By Abia ThinkTank

Dangote Refinery Asks Court To Annul Import Licenses Of NNPCL, Others In N100bn Lawsuit

Business, Judiciary, News Flash, Oil & Gas

Dangote Refinery Asks Court To Void Import Licences Of NNPCL, Others In ₦100bn Suit Dangote Petroleum Refinery and Petrochemicals has filed a lawsuit at the Federal High Court in Abuja requesting the annulment of import licenses granted to the Nigerian National Petroleum Company Limited (NNPCL), Matrix Petroleum Services Limited, AA Rano Limited, and four other companies. The case centred on the importation of refined petroleum products that Dangote Refinery claimed were already being produced domestically without shortages. In the suit, Dangote Refinery is also demanding ₦100bn in damages from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The refinery…

Oct

21

2024

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Amid Power Grid Collapse, Nigeria Supplies Togo, Benin 24-Hour Power – TCN CEO

Business, FGN, News Flash, Power & Energy

Nigeria Supplies Togo, Benin 24-Hour Power Supply – TCN The Managing Director and CEO of the Transmission Company of Nigeria, Sule Abdulaziz, has disclosed that Nigeria supplies 24-hour electricity to neighbouring countries Togo and Benin, amid ongoing discussions in the country following a recent power grid collapse. “We supply Togo, Benin, and Niger. They get power from Nigeria on a 24-hour basis, and they are paying for it,” Abdulaziz stated during an appearance on Channels TV’s Politics Tonight program on Sunday. When asked why many Nigerians do not enjoy uninterrupted power, he responded, “Nigerians are getting 24-hour supply, but it’s…

Oct

19

2024

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Davido’s Father Opens Power Plant Worth N3.4 Trillion Capable Of Supplying Electricity To 15% Of Nigerian Homes

Business, News Flash, Power & Energy

Davido's father, Mr. Adeleke Adedeji, has opened a power plant worth 3.4 trillion Naira, which will supply electricity to 15% of Nigerian homes Initially, Mr. Adeleke wanted Davido to go to school and study accounting so he will be there to manage his businesses in Nigeria, but Davido was more passionate about pursuing a career in music. With how wealthy Davido's father is, Davido could decide never to work in his entire life and he would never go broke, but he's still out here hustling like someone from a poor background. Davido should be your role model for hard work…

Oct

12

2024

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Allen Onyema, Air Peace CEO Indicted For Obstructing U.S Fraud Probe, Fresh Charges Filed

Business, Crime, News Flash

Onyema Air Peace CEO Indicted For Obstructing U.S. Fraud Probe, Fresh Charges Filed Allen Onyema, founder and CEO of Air Peace, a Nigerian airline, has been charged with obstruction of justice in a new indictment in the United States. He was accused of submitting false documents in an attempt to halt an investigation into earlier charges of bank fraud and money laundering. Ejiroghene Eghagha, the airline’s Chief of Administration and Finance, is also facing charges for his role in the obstruction and previous bank fraud schemes. According to U.S. Attorney Ryan K. Buchanan, Onyema allegedly used his airline as a…

Oct

05

2024

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FGN Names 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu(Full List)

Economy, Business, FGN, News Flash

63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (See Full List) The Federal Government has announced the exemption of 63 items from Value-Added Tax (VAT), as part of its latest fiscal reforms. This was revealed by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, via a post on X (formerly Twitter) on Friday. The exemptions are outlined in the official ‘Value Added Tax (Modification) Order, 2024,’ dated September 3, 2024. The announcement follows the recent introduction of fiscal concessions aimed at revitalising Nigeria’s oil and gas sector, as disclosed by the…

Sep

18

2024

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NNPCL/Dangote: Fresh Dispute Emerges Over Supply Volume

Business, Economy, News Flash, Oil & Gas

NNPCL/Dangote: Fresh Dispute Emerges Over Supply Volume More controversy has emerged in the execution of a sale-purchase deal on premium motor spirit, otherwise known as petrol, between the Nigerian National Petroleum Company Limited, NNPCL, and Dangote Refinery. Findings by Vanguard yesterday indicated that while the NNPCL believes Dangote cannot supply an adequate quantity of the product, Dangote told Vanguard it had already delivered 111 million litres of the product within three days (last Sunday to yesterday), adding that loading was still ongoing steadily.NNPCL last weekend said Dangote could only deliver 16.8 million litres out of the 25 million litres it…

Sep

18

2024

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Meet Nigerian Woman Who Produces Over 10,000 Tons Of Cassava And Makes Over $12 Million Annually

Business, Economy, News Flash

MEET A WOMAN WHO PRODUCES OVER 10,000 TONS OF CASSAVA AND MAKES OVER $12 MILLION ANNUALLY Meet Yemisi Iranloye, the Nigerian entrepreneur who has become the undisputed "Cassava Queen." Despite facing competition from multinational corporations, she has maintained her dominance in the cassava industry. With her company, Psaltry International, Iranloye produces an impressive 10,000 tons of cassava annually, generating an astonishing annual turnover of $12 million. Her success is a testament to her unwavering determination and business acumen. Iranloye's journey began in her hometown of Ilesa, Osun State, Nigeria. She started her business with a modest investment and a deep…

Sep

17

2024

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IPMAN Laments Selling Of Dangote Petrol Higher Than Imported Fuel

Business, Columns/Opinions/Letters, News Flash, Oil & Gas

IPMAN Decries Selling Of Dangote Petrol Higher Than Imported Fuel The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised concerns over the pricing of petrol from the Dangote Refinery, urging the Nigerian National Petroleum Company Limited to ensure it is not sold at a higher price than imported fuel. IPMAN argues that such a disparity would be counterproductive to the nation’s drive for energy self-sufficiency and could negatively impact consumers and marketers alike. According to IPMAN on Monday, the pricing strategy for locally refined petrol should reflect the advantages of domestic production, offering Nigerians a more affordable option. The…

Sep

16

2024

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EFCC Arrests Five Chinese Nationals For Alleged Illegal Mining Activities

Business, Crime, News Flash, Security

EFCC Arrests Five Chinese Nationals For Alleged Illegal Mining The Economic and Financial Crimes Commission (EFCC) has announced the arrest of five Chinese nationals involved in illegal mining activities in Akwa Ibom State. The arrest was made by operatives from the EFCC’s Uyo Zonal Directorate, following intelligence reports of unlawful mining operations in the region. In a press release, the EFCC disclosed that the suspects were apprehended by a Special Task Force on Illegal Mining at Ndito-Eka-Iba village in the Ibiono Local Government Area (LGA) of Akwa Ibom State. The illegal mining operation targeted ilmenite, a valuable titanium-iron oxide mineral…

Sep

16

2024

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NNPC Announces New Petrol Price Across 36 States And Abuja

Business, News Flash, Oil & Gas

NNPC Announces New Petrol Price Across 36 States, FCT Nigerian National Petroleum Company Limited (NNPCL) has said that it will sell the petrol lifted from the Dangote Refinery at a price above N1,000 per litre in the far north. NNPC spokesperson, Olufemi Soneye, disclosed this on Monday, in a statement titled, ‘NNPC Ltd Releases Estimated Pump Prices of PMS from Dangote Refinery Based on September 2024 Pricing’. Soneye explained that the price may go for as high as N1,019/litre in places like Borno State, and N999.22 in Abuja, Sokoto, Kano, and others. In Oyo, Rivers and other areas in the…