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Business · Leadership News ·₦210trn Audit: Ex-NNPCL Chiefs Reach Out After Missing Senate Hearings
Former heads of the Nigerian National Petroleum Company Limited have established contact with the Senate after failing to attend scheduled hearings regarding a ₦210 trillion audit. The legislative inquiry aims to scrutinize financial accounts, and the officials' response indicates a potential shift toward engagement with the ongoing parliamentary investigation into the corporation.
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Business · Daily Trust ·
Our approach to AI adoption is deliberate, responsible – FCMB
First City Monument Bank has announced its commitment to a deliberate and responsible strategy regarding the adoption of artificial intelligence. The financial institution aims to integrate advanced technologies into its operations while maintaining high standards of ethical practice and operational safety within the Nigerian banking sector.
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Business · Daily Trust ·
Cadbury’s Q1 pre-tax profit declines by 39.2% as Awosika exits
Cadbury Nigeria has reported a 39.2% decrease in its first-quarter pre-tax profit. This financial downturn coincides with the departure of Awosika from the company. The decline reflects the current economic performance of the multinational consumer goods firm during the initial three months of the fiscal year.
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Business · Daily Trust ·
Crude oil nears $120 per barrel amidst escalating Middle East tensions
International crude oil prices are approaching $120 per barrel as geopolitical tensions in the Middle East continue to escalate. This surge in market value reflects growing concerns over potential supply disruptions in the region, impacting global energy benchmarks and influencing economic outlooks for oil-producing nations like Nigeria.
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Business · The Punch ·Edo miners, NSCDC disagree over harassment, extortion claim
Miners in Edo State have raised allegations of harassment and extortion against personnel of the Nigeria Security and Civil Defence Corps. The security agency has dismissed these claims, leading to a public disagreement between the two parties regarding operational conduct and regulatory enforcement within the state's mining sector.
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Business · Daily Trust ·
EFCC grills paramount energy MD over alleged N73.3m fraud
The Economic and Financial Crimes Commission has interrogated the Managing Director of Paramount Energy over an alleged N73.3 million fraud. The investigation focuses on claims of financial misconduct involving the energy company executive. Officials are currently questioning the suspect to gather more details regarding the transaction and verify the legitimacy of the financial activities in question.
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Business · Vanguard ·Turning China’s vast market into Africa’s great opportunity
Stakeholders are exploring strategies to utilize the extensive Chinese market as a significant economic opportunity for African nations. The initiative focuses on strengthening bilateral trade relations and expanding export capabilities to drive economic growth and industrialization across the continent by tapping into China's vast consumer demand.
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Business · The Punch ·
BIC deepens Nigeria’s presence with distribution network
BIC is expanding its operations in Nigeria by strengthening its distribution network across the country. This move aims to improve the accessibility of its products to consumers and solidify its market position within the West African region. The company continues to invest in local infrastructure to support its growth objectives.
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Business · The Punch ·
LAWMA seeks investment to strengthen waste system
The Lagos Waste Management Authority is calling for increased investment to improve the state's waste management infrastructure. This initiative aims to modernize collection processes and enhance overall environmental sustainability by collaborating with private sector partners to address the growing challenges of waste disposal across Lagos State.
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Business · The Punch ·
Nigeria-Malaysia trade hits N1.82tn in five years
Total trade volume between Nigeria and Malaysia reached N1.82 trillion over the past five years. This figure highlights the bilateral economic relations between the two nations, reflecting significant exchange in goods and services during the period. The data underscores the strengthening commercial ties and mutual investment opportunities within their respective markets.
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Business · The Punch ·
NLPC personal plan boosts informal sector growth
The personal pension plan introduced by NLPC PFA is driving expansion within Nigeria's informal sector. By providing accessible retirement savings options, the initiative fosters financial inclusion for self-employed individuals and small-scale business owners. This strategic approach supports economic growth and offers long-term financial security for workers operating outside of formal employment structures.
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Business · The Punch ·
NDPHC to provide Odukpani oil park 10MW electricity
The Niger Delta Power Holding Company is set to supply 10 megawatts of electricity to the Odukpani oil park. This provision of power is intended to support the operations of the industrial park, ensuring a steady energy supply to facilitate activities within the facility and the broader energy sector.
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Business · The Punch ·
Axxela deepens safety culture with 10m injury-free hours
Axxela has achieved a milestone of 10 million man-hours without any lost time injuries, reflecting its commitment to industrial safety standards. This accomplishment demonstrates the energy company's focus on maintaining a secure work environment and strengthening its internal safety culture while executing various operations and projects across its facilities.
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Business · The Punch ·
Oriental Energy lauds CSR drive in host communities
Oriental Energy Resources Limited has expressed satisfaction with its ongoing corporate social responsibility initiatives within its host communities. The indigenous oil and gas firm highlighted the positive impact of its various development projects aimed at improving the living standards and welfare of residents in the areas where it operates.
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Business · The Punch ·
Dangote supplies jet fuel to Ethiopian Airlines, others
Dangote Refinery has commenced the supply of aviation fuel to Ethiopian Airlines and other international carriers. This development marks a significant milestone in the refinery's operational capacity, aiming to meet the fuel requirements of the aviation industry within Africa and beyond while reducing regional dependence on imported jet fuel.
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Business · The Punch ·
Africa Day: Celebrate employee mobility
Africa Day observations include calls to recognize and promote employee mobility across the continent. Enhancing the movement of labor is presented as a means to foster regional integration and professional development, encouraging organizations to facilitate the transfer of skills and talent between diverse African markets and nations.
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Business · The Punch ·
Minister pushes value addition in Africa’s mineral sector
A Nigerian minister is advocating for the implementation of value addition within Africa's mineral sector. The initiative aims to enhance the continent's economic benefits by processing raw materials locally before export, rather than shipping them out in their natural state. This strategic move is intended to foster industrial growth and create jobs across the region.
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Business · The Punch ·
Fintech deal targets faster cross-border payments
A recent financial technology agreement focuses on accelerating the speed and reliability of international payment systems. The partnership aims to streamline cross-border transactions, reducing delays for remittances and global commercial payments to enhance the overall efficiency of the digital financial ecosystem for users.
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Business · The Punch ·
NNPC and the future of Nigeria
The Nigerian National Petroleum Company Limited plays a central role in determining the country's economic trajectory and long-term development goals. As the nation's primary revenue generator, the corporation's ongoing reforms and management strategies are expected to significantly influence Nigeria's future fiscal stability and energy security landscape.
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Business · The Punch ·
Hearing in CitiTrust Ponzi case adjourned to June 29
A Nigerian court has postponed the hearing regarding the CitiTrust Ponzi scheme case until June 29. The legal proceedings involve allegations of fraudulent investment activities. This adjournment allows for further judicial review of the matter as stakeholders await the next scheduled appearance to address the charges brought against the company.
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