Trending News: TRUMP SEEKS TO OVERTURN BIDEN’S PARDON OF SONNAMIBIA ELECTS FIRST FEMALE PRESIDENTWHAT DELE FAROUNBI WROTE ABOUT AFE BABALOLAOUR GAINS FROM VISIT TO FRANCE, BY ENUGU GOVERNOR, PETER MBAHPOLICE ARRAIGN DELE FAROUNBI OVER ALLEGED DEFAMATION OF AFE BABALOLATINUBU ORDERS REVIEW OF TAX REFORM BILLS AS PROTEST PERSISTS IN NASSIF YOU CONTINUE THIS WAY YOU WILL MILK NIGERIA TO DEATH – OBI OF ONITSHA TO POLITICIANSUK TO DEPORT NIGERIAN PASTOR OVER ALLEGED FRAUDNORTHERN SENATORS DEMAND SUSPENSION OF ACTION ON TAX REFORM BILLSBISHOP KUKAH TUTORS TINUBU’S SPOKESPERSONS ON COMMUNICATION STRATEGIES: IT’S NOT ABOUT INSULTING PEOPLEFIRE DESTROYS INEC OFFICE IN DELTATAX REFORM BILLS DIVIDE STATE GOVTSSOUTH AFRICA RELAXES VISA RULES FOR NIGERIAN INVESTORS, TOURISTSWHY WE WITHHELD IDENTITIES OF OWNERS OF SEIZED 753 UNITS DUPLEXES IN ABUJA – EFCCFG CONDEMNS ETHNIC SLURS ON TAX REFORM BILLS, ASKS FOR INPUTSHALT RETIREMENT OF 1000 STAFF PENDING INVESTIGATION – REPS TO CBNUPROAR IN HOUSE OF REPS OVER TAX REFORM BILLSAGF FAGBEMI ASKS ICC TO STOP PROBE OF NIGERIAN MILITARYOVER 61,000 FCT RESIDENTS ON HIV/AIDS TREATMENTNLC BLASTS EBONYI GOVERNOR, SAYS THREAT TO SACK WORKERS IRRESPONSIBLE, UNHELPFULFIVE KEY TAKEAWAYS FROM TAX REFORM BILLS BY OPEYEMI BAMIDELEMINIMUM WAGE: STRIKING WORKERS SHUT DOWN KADUNA, NASARAWA, EBONYI, CROSS RIVERYORUBA, HAUSA LIVING IN ABIA, FAULT REUBEN ABATI, SAY WE’RE NOT DENIED LANDEARLY MORNING FIRE KILLS CUSTOMS OFFICER, WIFE, FOUR CHILDRENLACK OF AUTONOMY, CORRUPTION, CRIPPLING LOCAL GOVTS – HOUSE OF REPS SPEAKER, TAJUDEEN ABBASFG BEGINS ROAD REPAIRS IN ENUGU, EBONYI, ANAMBRA FOR CHRISTMASGOVERNORS SAYING TAX BILLS WILL CAUSE HARDSHIP ARE RESPONSIBLE FOR POVERTY IN NORTH – SANI SHINKAFIFORMER CBN GOVERNOR, EMEFIELE, OWNS 753 DUPLEXES RECOVERED BY EFCC – SOWOREWHY SIMON EKPA CANNOT BE GRANTED BAIL – FINNISH AUTHORITIESEBONYI GOVERNOR THREATENS TO SACK STRIKING WORKERS OVER MINIMUM WAGEGUNMEN KIDNAP GOD IS GOOD MOTORS PASSENGERS IN KOGI, DEMAND 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FEMI FANI-KAYODECHIDIOKA ACCUSES INEC OF ELECTION RIGGING, QUITS PDPWE’RE NOT PART OF BIAFRA DECLARATION IN FINLAND – IPOBATIKU, OBI PLAY DOWN 2027 AMBITION, SAY WE’RE FRIENDSNIGERIANS TO PAY MORE FOR MTN, GLO, AIRTEL FROM DEC 13PH REFINERY SHUTS DOWN TEMPORARILYSIMON EKPA NOT BAILABLE, FOLLOWERS DECLARE UNITED STATES OF BIAFRA IN FINLANDATIKU, OBI, EL RUFAI PLAN ALLIANCE AHEAD OF 2027NIGERIA, FRANCE SIGN 300M EURO AGREEMENT ON AGRICULTURE, FOOD SECURITYPH REFINERY HALTS OPERATIONS, LOADING BAY EMPTYNLC DIRECTS WORKERS IN 13 STATES TO PROCEED ON STRIKE FROM MONDAYREACTIONS TRAIL SEYI TINUBU’S ENDORSEMENT AS LAGOS GOVERNOR FOR 2027WHY NIGERIA NEEDS TAX REFORM, BY OYEDELEPH REFINERY: NNPCL WILL FURTHER SLASH PMS PRICE – PETROANNO GOING BACK ON NIGERIA’S ECONOMIC REFORMS, TINUBU TELLS FRENCH PRESIDENT, MACRONTINUBU ASSURES OKONJO-IWEALA OF NIGERIA’S SUPPORT ON REAPPOINTMENT AS WTO DIRECTOR GENERALGUSAU UNIVERSITY CONFIRMS ODOH’S PROFESSORSHIP STATUSFIT GROUP TO CONSTRUCT HILTON GARDEN INN IN ENUGUWTO REAPPOINTS NGOZI OKONJO-IWEALA AS DIRECTOR GENERALPETROL PRODUCTION: CONTROVERSY SURROUNDS PH REFINERY, NNPCLMISUSE OF SOCIAL MEDIA FUELS INSECURITY – ARMY ALLEGESFG COMPLETES PH-ABA RAILWAY SECTION, HANDS IT OVER TO NRCPROF AZINGE RECEIVES STAFF OF OFFICE AS 14TH ASAGBA OF ASABAIMO STATE REELS UNDER DEBT: OWES N43B TO CONTRACTORS, N163B DOMESTIC BORROWING, N70B TO CBNENUGU RETIREES LANGUISH AS GOVERNOR MBAH OWES OVER N26.8B IN PENSIONS, GRATUITIESPROF UCHE LUCY ONYEKWELU EMERGIES VICE CHANCELLOR, LUX MUNDI UNIVERSITYTAX REFORM BILLS PASS SECOND READING IN SENATE AS HOUSE OF REPS GOES INTO EXECUTIVE SESSIONHOW POLICE KILLED 24 #ENDBADGOVERNANCE PROTESTERS, DETAINED OVER 1200 OTHERS, INCLUDING MINORS – AMNESTY INTERNATIONALTAX REFORM BILLS: NIGERIANS EARNING BELOW N1M EXEMPTEDNIGERIA TO CONDUCT NATIONAL CENSUS IN 2025WIKE, FUBARA ACCUMULATE HUGE DEBTS FOR RIVERS GOVTIBB, ORTOM, TAMBUWAL TOP LIST OF PUBLISHED LAND TITLE DEBTORS200 TRUCKS LOAD 150,000BP DAILY AT PH REFINERY, ELEME PLANT DORMANTFINISH COURT FIXES MAY 2025 DATE AS SIMON EKPA’S TRIALSACKED VC SUES GUSAU UNIVERSITY FOR DENYING HIS PROFESSORSHIPNIGERIANS MORE LOYAL TO ETHNIC GROUPS, THAN NIGERIA – GOODLUCK JONATHANVAT: LAGOS GETS 17%, IMO – 1.716%MAN KILLS MOTHER, GRANDMOTHER, SISTER AND CHILD FOR MONEY RITUAL IN ENGLISH COMMUNITYNORTH MUST NOT TEAR NIGERIA APART – GOWONPH REFINERY WILL CRASH FUEL PRICE, CREATE JOBS – IPMAN, PETRAONSOUTHEAST STAKEHOLDERS WANT NNAMDI KANU RELEASED, SIMON EKPA JAILEDSUPREME GIVES FINAL VERDICT ON AUTHENTIC APGA NATIONAL CHAIRMANOUR MARKETERS PAID N1,045/LITRE FOR PH REFINERY’S PETROL, SAYS PETROANUPROAR IN SENATE OVER TINUBU”S TAX REFORM BILLSEBONYI GOVT APPROVES PRIVATIZATION OF MEDIA OUTFITSYAHAYA CREATES SCENE AS JUDGE ANGRILY LEAVES COURTROOMPH REFINERY OPERATING AT 70% CAPACITY, TO BLEND 1.4M LITRES OF PETROL PER DAYAHEAD OF 2027, ATIKU, OBI MULL NEW POLITICAL PARTYTINUBU WILL RELEASE NNAMDI KANU – BIANCA OJUKWUOBASANJO LAMENTS DEATH RUMOUR CIRCULATING IN SOCIAL MEDIA, SAYS ‘I’M ALIVE’TRUTH ABOUT THE IGBO NOT SELLING LAND TO NON-IGBOCONTROVERSY OVER PETROL PRODUCTION FROM PORT HARCOURT REFINERY: NNPCL NOT PRODUCING – REPORT; IT’S MISLEADING CLAIMS, WE’RE PRODUCING – NNPCENUGU TO LAUNCH AIRLINE AS GOV MBAH PRESENTS N971.8B FOR 2025
Thu. Dec 5th, 2024
Trending News: TRUMP SEEKS TO OVERTURN BIDEN’S PARDON OF SONNAMIBIA ELECTS FIRST FEMALE PRESIDENTWHAT DELE FAROUNBI WROTE ABOUT AFE BABALOLAOUR GAINS FROM VISIT TO FRANCE, BY ENUGU GOVERNOR, PETER MBAHPOLICE ARRAIGN DELE FAROUNBI OVER ALLEGED DEFAMATION OF AFE BABALOLATINUBU ORDERS REVIEW OF TAX REFORM BILLS AS PROTEST PERSISTS IN NASSIF YOU CONTINUE THIS WAY YOU WILL MILK NIGERIA TO DEATH – OBI OF ONITSHA TO POLITICIANSUK TO DEPORT NIGERIAN PASTOR OVER ALLEGED FRAUDNORTHERN SENATORS DEMAND SUSPENSION OF ACTION ON TAX REFORM BILLSBISHOP KUKAH TUTORS TINUBU’S SPOKESPERSONS ON COMMUNICATION STRATEGIES: IT’S NOT ABOUT INSULTING PEOPLEFIRE DESTROYS INEC OFFICE IN DELTATAX REFORM BILLS DIVIDE STATE GOVTSSOUTH AFRICA RELAXES VISA RULES FOR NIGERIAN INVESTORS, TOURISTSWHY WE WITHHELD IDENTITIES OF OWNERS OF SEIZED 753 UNITS DUPLEXES IN ABUJA – EFCCFG CONDEMNS ETHNIC SLURS ON TAX REFORM BILLS, ASKS FOR INPUTSHALT RETIREMENT OF 1000 STAFF PENDING INVESTIGATION – REPS TO CBNUPROAR IN HOUSE OF REPS OVER TAX REFORM BILLSAGF FAGBEMI ASKS ICC TO STOP PROBE OF NIGERIAN MILITARYOVER 61,000 FCT RESIDENTS ON HIV/AIDS TREATMENTNLC BLASTS EBONYI GOVERNOR, SAYS THREAT TO SACK WORKERS IRRESPONSIBLE, UNHELPFULFIVE KEY TAKEAWAYS FROM TAX REFORM BILLS BY OPEYEMI BAMIDELEMINIMUM WAGE: STRIKING WORKERS SHUT DOWN KADUNA, NASARAWA, EBONYI, CROSS RIVERYORUBA, HAUSA LIVING IN ABIA, FAULT REUBEN ABATI, SAY WE’RE NOT DENIED LANDEARLY MORNING FIRE KILLS CUSTOMS OFFICER, WIFE, FOUR CHILDRENLACK OF AUTONOMY, CORRUPTION, CRIPPLING LOCAL GOVTS – HOUSE OF REPS SPEAKER, TAJUDEEN ABBASFG BEGINS ROAD REPAIRS IN ENUGU, EBONYI, ANAMBRA FOR CHRISTMASGOVERNORS SAYING TAX BILLS WILL CAUSE HARDSHIP ARE RESPONSIBLE FOR POVERTY IN NORTH – SANI SHINKAFIFORMER CBN GOVERNOR, EMEFIELE, OWNS 753 DUPLEXES RECOVERED BY EFCC – SOWOREWHY SIMON EKPA CANNOT BE GRANTED BAIL – FINNISH AUTHORITIESEBONYI GOVERNOR THREATENS TO SACK STRIKING WORKERS OVER MINIMUM WAGEGUNMEN KIDNAP GOD IS GOOD MOTORS PASSENGERS IN KOGI, DEMAND N100M PER VICTIMOIL MARKETERS REJECT N1,O30/LITRE PETROL PRICE AS PH REFINERY OPENS UP ON HALTING OPERATIONSTOP TEN BANKS IN NIGERIA BY SHAREHOLDERS FUND IN Q3 2024NIGERIANS IN URBAN AREAS NOW USE CHARCOAL, FIREWOOD FOR COOKINGPORT HARCOURT REFINERY ANNOUNCES RESUMPTION OF FULL OPERATIONCBN TO RETIRE 1,000 EMPLOYEESSEVEN FOUNDERS OF LOCAL AIRLINES IN NIGERIA’S $1.78B AVIATION INDUSTRYTRUMP APPOINTS NIGERIA-LEBANESE BUSINESSMAN ADVISOR ON ARAB MIDDLE EASTERN AFFAIRS2027: ATIKU, OBI’S PARLEY IN YOLA REIGNITES MERGER PERMUTATIONSPH REFINERY STILL OPERATING – ENGINEERS CLAIMCOURT STOPS UNN FOR CONDUCTING CONVOCATION ELECTIONGOWON, OJUKWU NEVER RECONCILED – ONOHNIGERIANS LIVING FAKE GOOD LIFE’ PRIOR TO REMOVAL OF OIL SUBSIDY – TINUBUYET-TO-BE IDENTIFIED CATHOLIC PRIEST KIDNAPPED IN ENUGUFEDERAL PENSIONERS PLAN PROTEST OVER N32,000 INCREMENTMAN LOSES WIFE, DAUGHTER IN CKC ABA STAMPEDEOBASANJO DISOWNS GOWON, SAYS HE NEVER KNEW HE TOLD ABACHA NOT TO KILL HIMA HISTORY OF ZIONIST ATROCITIES, BY FEMI FANI-KAYODECHIDIOKA ACCUSES INEC OF ELECTION RIGGING, QUITS PDPWE’RE NOT PART OF BIAFRA DECLARATION IN FINLAND – IPOBATIKU, OBI PLAY DOWN 2027 AMBITION, SAY WE’RE FRIENDSNIGERIANS TO PAY MORE FOR MTN, GLO, AIRTEL FROM DEC 13PH REFINERY SHUTS DOWN TEMPORARILYSIMON EKPA NOT BAILABLE, FOLLOWERS DECLARE UNITED STATES OF BIAFRA IN FINLANDATIKU, OBI, EL RUFAI PLAN ALLIANCE AHEAD OF 2027NIGERIA, FRANCE SIGN 300M EURO AGREEMENT ON AGRICULTURE, FOOD SECURITYPH REFINERY HALTS OPERATIONS, LOADING BAY EMPTYNLC DIRECTS WORKERS IN 13 STATES TO PROCEED ON STRIKE FROM MONDAYREACTIONS TRAIL SEYI TINUBU’S ENDORSEMENT AS LAGOS GOVERNOR FOR 2027WHY NIGERIA NEEDS TAX REFORM, BY OYEDELEPH REFINERY: NNPCL WILL FURTHER SLASH PMS PRICE – PETROANNO GOING BACK ON NIGERIA’S ECONOMIC REFORMS, TINUBU TELLS FRENCH PRESIDENT, MACRONTINUBU ASSURES OKONJO-IWEALA OF NIGERIA’S SUPPORT ON REAPPOINTMENT AS WTO DIRECTOR GENERALGUSAU UNIVERSITY CONFIRMS ODOH’S PROFESSORSHIP STATUSFIT GROUP TO CONSTRUCT HILTON GARDEN INN IN ENUGUWTO REAPPOINTS NGOZI OKONJO-IWEALA AS DIRECTOR GENERALPETROL PRODUCTION: CONTROVERSY SURROUNDS PH REFINERY, NNPCLMISUSE OF SOCIAL MEDIA FUELS INSECURITY – ARMY ALLEGESFG COMPLETES PH-ABA RAILWAY SECTION, HANDS IT OVER TO NRCPROF AZINGE RECEIVES STAFF OF OFFICE AS 14TH ASAGBA OF ASABAIMO STATE REELS UNDER DEBT: OWES N43B TO CONTRACTORS, N163B DOMESTIC BORROWING, N70B TO CBNENUGU RETIREES LANGUISH AS GOVERNOR MBAH OWES OVER N26.8B IN PENSIONS, GRATUITIESPROF UCHE LUCY ONYEKWELU EMERGIES VICE CHANCELLOR, LUX MUNDI UNIVERSITYTAX REFORM BILLS PASS SECOND READING IN SENATE AS HOUSE OF REPS GOES INTO EXECUTIVE SESSIONHOW POLICE KILLED 24 #ENDBADGOVERNANCE PROTESTERS, DETAINED OVER 1200 OTHERS, INCLUDING MINORS – AMNESTY INTERNATIONALTAX REFORM BILLS: NIGERIANS EARNING BELOW N1M EXEMPTEDNIGERIA TO CONDUCT NATIONAL CENSUS IN 2025WIKE, FUBARA ACCUMULATE HUGE DEBTS FOR RIVERS GOVTIBB, ORTOM, TAMBUWAL TOP LIST OF PUBLISHED LAND TITLE DEBTORS200 TRUCKS LOAD 150,000BP DAILY AT PH REFINERY, ELEME PLANT DORMANTFINISH COURT FIXES MAY 2025 DATE AS SIMON EKPA’S TRIALSACKED VC SUES GUSAU UNIVERSITY FOR DENYING HIS PROFESSORSHIPNIGERIANS MORE LOYAL TO ETHNIC GROUPS, THAN NIGERIA – GOODLUCK JONATHANVAT: LAGOS GETS 17%, IMO – 1.716%MAN KILLS MOTHER, GRANDMOTHER, SISTER AND CHILD FOR MONEY RITUAL IN ENGLISH COMMUNITYNORTH MUST NOT TEAR NIGERIA APART – GOWONPH REFINERY WILL CRASH FUEL PRICE, CREATE JOBS – IPMAN, PETRAONSOUTHEAST STAKEHOLDERS WANT NNAMDI KANU RELEASED, SIMON EKPA JAILEDSUPREME GIVES FINAL VERDICT ON AUTHENTIC APGA NATIONAL CHAIRMANOUR MARKETERS PAID N1,045/LITRE FOR PH REFINERY’S PETROL, SAYS PETROANUPROAR IN SENATE OVER TINUBU”S TAX REFORM BILLSEBONYI GOVT APPROVES PRIVATIZATION OF MEDIA OUTFITSYAHAYA CREATES SCENE AS JUDGE ANGRILY LEAVES COURTROOMPH REFINERY OPERATING AT 70% CAPACITY, TO BLEND 1.4M LITRES OF PETROL PER DAYAHEAD OF 2027, ATIKU, OBI MULL NEW POLITICAL PARTYTINUBU WILL RELEASE NNAMDI KANU – BIANCA OJUKWUOBASANJO LAMENTS DEATH RUMOUR CIRCULATING IN SOCIAL MEDIA, SAYS ‘I’M ALIVE’TRUTH ABOUT THE IGBO NOT SELLING LAND TO NON-IGBOCONTROVERSY OVER PETROL PRODUCTION FROM PORT HARCOURT REFINERY: NNPCL NOT PRODUCING – REPORT; IT’S MISLEADING CLAIMS, WE’RE PRODUCING – NNPCENUGU TO LAUNCH AIRLINE AS GOV MBAH PRESENTS N971.8B FOR 2025
Thu. Dec 5th, 2024

WE’LL SUPPORT NIGERIA’S ECONOMIC REFORMS, SAUDI CROWN PRINCE TELLS TINUBU

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WE’LL SUPPORT NIGERIA’S ECONOMIC REFORMS, SAUDI CROWN PRINCE TELLS TINUBU

Crown Prince and Prime Minister of Saudi Arabia, Prince Mohammed bin Salman bin Abdulaziz Al Saud, has assured President Bola Tinubu that his country would support Nigeria’s economic reforms.
According to a release by the presidential spokesperson, Bayo Onanuga, the crown prince gave the assurance when he met with Tinubu on Monday in Riyadh on the side-lines of the joint Arab-Islamic Summit.
The crown prince commended Tinubu’s economic reforms, noting similarities to his steps to strengthen Saudi Arabia’s stability and development when he became the prime minister.
Further assuring Nigeria of his support, he also promised to motivate his team to realise the various areas of partnerships discussed at the meeting.
The two leaders explored potential areas for cooperation, particularly oil and gas, agriculture, infrastructure, and constitution of the Saudi-Nigeria Business Council.
Nigeria wanted an agreement with the Saudi government over a proposed $5 billion bilateral trade facility between the two countries.
The Saudi Agricultural and Livestock Investment Company (SALIC) invested $1.24 billion in 2022 to acquire a 35.43 per cent stake in Olam Agri, one of Nigeria’s leading agricultural firms.
Talks were being held so that SALIC could have more stake in the company, but the Saudis hoped the investment would make Olam one of the biggest agro-allied businesses in the world.
At the meeting with the crown prince were the Saudi Minister of National Guard, Prince Abdullah bin Bandar bin Abdulaziz; Minister of Defence, Prince Khalid bin Salman bin Abdulaziz; and several senior officials.
Meanwhile, the Joint Arab-Islamic Summit renewed the mandate of Nigeria and other member states on the ministerial committee set up to engage with global leaders in seeking an end to the ongoing war in Gaza and Lebanon.
The decision was part of the resolutions issued after the extraordinary Joint Arab-Islamic Summit, which took place in Riyadh, Saudi Arabia, on November 11.
Tinubu and other leaders from the Organisation of Islamic Cooperation (OIC) and the League of Arab States were in attendance.
The Joint Arab-Islamic Ministerial Committee, led by the Kingdom of Saudi Arabia, was formed by a resolution at the First Joint Arab-Islamic Summit in Riyadh on November 11, 2023.
The group included the foreign ministers of Nigeria, Egypt, Qatar, Turkey, Indonesia, Palestine, and Jordan.
In its final resolution, the summit urged the ministerial committee to “intensify its efforts and expand them to include working on ending the aggression on Lebanon”.
The committee was expected to submit periodic reports, which the secretariats of the OIC and League of Arab States would circulate to member states.
The committee was also tasked with further engaging actors across the Global South in the efforts to strengthen international support towards ending the war and Israeli occupation.
The resolution stressed the importance of protecting sea lanes by rules of international law and welcomed the signing of the tripartite mechanism by the League of Arab States, OIC, and the African Union to support the Palestinian cause.
The summit praised African Union’s steadfast support of Palestine.
The leaders condemned recent Israeli military actions in northern Gaza, describing them as “crimes of genocide”, including allegations of torture, executions, disappearances, and ethnic cleansing.
They criticised ongoing efforts to solidify Israel’s presence in occupied East Jerusalem, reaffirming it as the “eternal capital” of Palestine and calling for the unification of the West Bank, Gaza Strip, and East Jerusalem under a sovereign Palestinian state.
The resolution reiterated “the full sovereignty of the State of Palestine over occupied East (Jerusalem), the eternal capital of Palestine”.
It rejected any Israeli actions aimed at altering the city’s identity or consolidating its occupation.
The summit further expressed unwavering support for Lebanon’s security, stability, sovereignty, and the safety of its citizens.
Meanwhile, Tinubu, yesterday, returned to Abuja, the nation’s capital, after a two-day trip to Riyadh, Saudi Arabia, where he attended the Joint Arab-Islamic Summit.
The president’s official aircraft, Nigeria Air Force 1, touched down at the presidential wing of Nnamdi Azikwe International Airport, Abuja, about 8pm.
Tinubu was received on arrival by his Chief of Staff, Hon. Femi Gbajabiamila; Federal Capital Territory (FCT) minister, Nyesom Wike; finance minister and coordinating minister of the economy, Wale Edun; and National Chairman of the ruling All Progressives Congress (APC), Dr. Abdullahi Ganduje.

    • Dons Eze

    DONS EZE, PhD, Political Philosopher and Journalist of over four decades standing, worked in several newspaper houses across the country, and rose to the positions of Editor and General Manager. A UNESCO Fellow in Journalism, Dr. Dons Eze, a prolific writer and author of many books, attended several courses on Journalism and Communication in both Nigeria and overseas, including a Postgraduate Course on Journalism at Warsaw, Poland; Strategic Communication and Practical Communication Approach at RIPA International, London, the United Kingdom, among others.

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    OIL MARKETERS REJECT N1,030/LITRE PETROL PRICE AS PH REFINERY OPENS UP ON HALTING OPERATIONS The Port Harcourt Refining Company (PHRC) has confirmed that its operations were not entirely halted but scaled down temporarily to implement improvements.This clarification came as the Independent Petroleum Marketers Association of Nigeria (IPMAN) expressed concerns over the potential high cost of petrol produced at the facility. On Sunday, PHRC officials addressed claims by oil retailers suggesting that the Nigerian National Petroleum Company Limited (NNPCL) was selling petrol from the refinery at N1,030 per litre—about N60 higher than petrol from the Dangote Refinery. While NNPCL denied the claims, it has yet to disclose the official price of petrol from the newly upgraded refinery. During a guided tour of the facility, Executive Director of Operations at the Nigerian Pipeline and Storage Company Limited, Moyi Maidunama, reassured journalists of ongoing operations. He acknowledged a temporary reduction in output to address technical issues, stating, “The operations were not halted but scaled down for necessary upgrades. We are currently managing distribution using available loading arms, and normal operations will resume soon.” Terminal Manager Worlu Joel highlighted ongoing product distribution, including Premium Motor Spirit (PMS), kerosene, and diesel. However, he noted low turnout from tanker drivers, despite surplus products and operational loading arms. “We’ve already dispatched over 10 trucks today and expect to load at least 15 by the end of the day,” Joel said. PHRC Managing Director, Ibrahim Onoja, emphasized significant upgrades at the refinery, including replacing outdated equipment to enhance efficiency and reliability. “The plant is operational, and we are actively distributing products,” he said. IPMAN’s ConcernsIPMAN, however, voiced its dissatisfaction with the rumored pricing. Spokesperson Chinedu Ukadike warned that independent marketers would avoid purchasing from PHRC if the price of petrol remains at N1,030 per litre. “If the Port Harcourt refinery’s PMs price is truly N1,030, it is unacceptable to us independent marketers. We will not buy from them. We will buy where it is cheap” he stated, urging NNPCL to review its pricing strategy. “They promised to review the price. We will wait till then, but now we will buy from where it is cheaper,” he told The PUNCH. NNPCL has clarified that PMS from the Port Harcourt refinery is currently distributed exclusively through its retail outlets, with pricing subject to periodic reviews based on operational realities. Expert and Industry ReactionsThe Crude Oil Refineries Owners Association of Nigeria (CORAN) and energy experts weighed in on the refinery’s operations and pricing. CORAN’s National Publicity Secretary, Eche Idoko, explained that blending naphtha with cracked C5 to produce petrol could reduce production costs but raised concerns about environmental impact and sustainability if blending components are imported. Energy consultant Henry Adigun projected that the blended PMS from PHRC should cost between N860 and N870 per litre. He clarified that while the refinery is not yet producing petrol directly to standard specifications, blending remains a common practice globally. “Blending is normal, but the current phase of the Port Harcourt refinery is not producing petrol without blending. This stage determines the pricing,” Adigun explained.

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    TOP TEN BANKS IN NIGERIA BY SHAREHOLDERS FUND IN Q3 2024

    TOP 10 BANKS IN NIGERIA BY SHAREHOLDERS FUNDS IN Q3 2024 In the third quarter of 2024, Nigerian banks experienced a remarkable 79% year-on-year surge in shareholder funds, which soared from N11.2 trillion in the same period the previous year to N20 trillion, reflecting a substantial increase.This growth, according to data from Nairalytics, is driven by the shareholder figures of 10 major Nigerian banks, compiled for the third quarter of 2024.On a quarterly basis, shareholder funds for these banks grew by 12%, climbing from N17.9 trillion in the second quarter of 2024.Shareholder funds are a key measure of a bank’s financial health. A larger fund indicates lower risk, greater stability, and better growth potential, boosting investor confidence and reflecting a stronger financial position.With this in mind, here’s a closer look at the top 10 banks in Nigeria with the largest shareholder funds for the third quarter of 2024: United Bank for Africa (UBA) At the top of the list is UBA, with N3.5 trillion in shareholder funds for Q3 2024, marking an impressive 102% year-on-year increase from N1.7 trillion. On a quarter-on-quarter basis, the bank’s funds grew by 20%, from N2.9 trillion in Q2 2024.Additionally, UBA reported a 111% year-on-year growth in pre-tax profit, reaching N207.3 billion for the quarter.Source: Sterling Bank Sterling Bank ranks 10th on the list, with shareholder funds of N207.7 billion in the third quarter of 2024. This represents a 25% year-on-year growth from N165.8 billion in the same period last year.On a quarter-on-quarter basis, the bank’s funds rose by 9%, increasing from N190.3 billion in Q2 2024, indicating a consistent upward trajectory in its financial health. Wema Bank Wema Bank holds the 9th position, with N224.7 billion in shareholder funds for Q3 2024. This marks a significant 89% year-on-year increase from N118.5 billion.On a quarterly basis, the bank’s shareholder funds grew by 13.16%, rising from N198.6 billion in Q2 2024, demonstrating strong growth in a short period. Stanbic Bank Stanbic Bank is 8th, with N630.5 billion in shareholder funds for Q3 2024, showing a 34% increase from N471 billion in the previous year. Compared to the second quarter of 2024, the bank saw an 8% rise from N584.4 billion.Stanbic also posted an impressive 68% growth in pre-tax profit, reaching N78.2 billion for the quarter, further reinforcing its solid financial position. Fidelity Bank Fidelity Bank ranks 7th, with shareholder funds totalling N688.2 billion for Q3 2024, up 67% from N410.7 billion in the same period last year. On a quarterly basis, Fidelity saw a 9% increase, up from N629.4 billion in Q2 2024.Additionally, the bank achieved an outstanding 135% growth in pre-tax profit, reaching N81.6 billion for the quarter. First Bank of NigeriaFirst Bank of Nigeria comes in 6th, with N2.5 trillion in shareholder funds for Q3 2024, a remarkable 89% increase from N1.3 trillion in the previous year.The bank also saw a 17% rise in shareholder funds compared to the second quarter of 2024, climbing from N2.2 trillion. FBN’s pre-tax profit surged by 210% year-on-year, reaching N198.8 billion for the quarter. Guaranty Trust BankGuaranty Trust Bank ranks 5th, reporting N2.6 trillion in shareholder funds for Q3 2024, a staggering 107% year-on-year growth from N1.2 trillion.On a quarterly basis, the bank’s funds rose by 12%, increasing from N2.3 trillion in Q2 2024. Additionally, Guaranty Trust Bank posted a 104% year-on-year growth in pre-tax profit, amounting to N215.6 billion for the quarter. Ecobank Ecobank is 4th, with N2.7 trillion in shareholder funds for Q3 2024, reflecting a 57% increase from N1.7 trillion in the same period the previous year. On a quarter-on-quarter basis, the bank saw a robust 20% rise from N2.2 trillion in Q2 2024.Ecobank also posted a remarkable 137% year-on-year growth in pre-tax profit, which reached N265 billion for the quarter. Access Bank Access Bank…

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