Oando PLC has successfully completed its acquisition of the Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni for a total consideration of $783 million.
The company confirmed via a press release that the deal has been completed representing a significant milestone in Oando’s long-term strategy. The transaction includes reimbursement and consideration for the asset.
The acquisition is expected to solidify Oando’s position in Nigeria’s oil and gas sector, enhancing its operational footprint and expanding its upstream capabilities.
Recall Italian Oil Major, Eni, reported it had received the approval of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to sell its unit, Nigerian Agip Oil Company (NAOC), to Oando.
Eni said NAOC focuses on onshore oil and gas exploration and production as well as power generation in Nigeria.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had also announced that Oando PLC completed the acquisition of 100% shares of Nigerian Agip Oil Company Limited (NAOC Ltd).
NUPRC Chief Executive, Engineer Gbenga Komolafe disclosed in July that Oando Plc a leading indigenous energy solutions provider has completed its divestment agreement with ENI for the acquisition of 100% of the shares of Nigerian Agip Oil Company Limited (NAOC Ltd).
Key Transaction Details
Increased Stake in Key Oil Blocks: The acquisition boosts Oando’s participating interest in Oil Mining Leases (OMLs) 60, 61, 62, and 63 from 20% to 40%. This expands Oando’s ownership in all NEPL/NAOC/OOL Joint Venture assets, encompassing 40 discovered oil and gas fields, of which 24 are currently producing.
Enhanced Infrastructure Ownership: Oando now has a stake in vital infrastructure, including approximately 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, and the KwaleOkpai power plants (960MW capacity). This acquisition further strengthens the company’s infrastructure footprint in Nigeria.
Significant Increase in Reserves: Oando’s total reserves have jumped from 505.6 million barrels of oil equivalent (MMboe) to over 1 billion barrels, representing a 98% increase based on 2022 reserve estimates.
Immediate Cash Flow Impact: The transaction is expected to be immediately cash generative, significantly enhancing Oando’s financial position and cash flows.
Strategic Importance
Wale Tinubu, Group Chief Executive of Oando PLC, highlighted the significance of this acquisition as the culmination of a decade-long effort that began with Oando’s acquisition of ConocoPhillips’ Nigerian assets in 2014.
Tinubu stated, “This is a win for Oando and every indigenous energy player as we take our destiny in our hands and play a pivotal role in the next phase of Nigeria’s upstream evolution.”
He further emphasized Oando’s commitment to optimizing the acquired assets’ potential while maintaining a focus on responsible practices, sustainable development, and contributing to Nigeria’s goal of boosting oil production.
Oando has cautioned that while it believes the acquisition will yield significant benefits, the transaction involves inherent risks and uncertainties. These include potential changes in project parameters, the future price of crude oil, and risks associated with international operations. The company advised investors to consider these factors when evaluating its future prospects.
Despite the uncertainties, Oando remains optimistic about the acquisition’s potential to drive growth and value creation, particularly as it explores diversification opportunities in clean energy, agri-feedstock, and energy infrastructure.
[Nairametrics]
The Minister of Works, David Umahi, has declared that the Ministry, under his leadership, would not propose any new project for execution in the year 2025.
Umahi said instead of new projects, the Ministry would focus on completing several ongoing and abandoned projects.
He added that the only that can make the Ministry recommend any new project is if it comes from President Bola Tinubu.
Naija News reports Umahi made the declaration on Thursday in Abuja during a press briefing to mark his first year in office.
The minister said, “We will not propose new projects for the 2025 fiscal year unless otherwise dictated by Mr President.
“I’m going to tell the Ministry of Finance to provide funds for us to complete ongoing projects.
“Right now, we have over 4,000 ongoing projects and a funding gap of N16tn, most of them were inherited by this administration.
“Some of these projects were awarded when the naira was exchanged for N150 to $1USD.”
The minister further explained that inflation has contributed significantly to the rising cost of most of these projects, and it would be in the nation’s best interest for them to be completed.
Meanwhile, the federal government has disclosed that foreigners operating in the mining sector are responsible for terrorist attacks on miners across mining sites in the country.
The Minister of Solid Minerals, Dele Alake, said the foreign-sponsored attacks intend to scare away the miners for illegal mining to continue.
Alake said this in a statement on Thursday while condemning the killing of 12 miners at Unguwar Magro Village of Niger State.
He assured that security agencies have commenced investigations to apprehend the attackers and their sponsors.
[NaijaNews]
Euro 2024 winner and Real Sociedad midfielder Mikel Merino has agreed to become a new Arsenal player ahead of the transfer deadline, according to reports in Spain.
Transfer Expert, Fabrizio Romano, revealed that a verbal agreement has been put in place for the Spanish midfielder to the Premier League side.
Romano in a post on his X handle said €32m plus €5m add-ons with favourable payment terms have been agreed on for the player to move to the Emirate Stadium.
Reports in Spain added that the negotiations between Arsenal and the Spanish club have ended ‘in an agreement’ and Merino ‘did not train on Wednesday with his current Real Sociedad teammates due to lower back pain, according to the official version, but everything indicates that he was already living his last hours as a player for the San Sebastian club, as the agreement for his transfer to Arsenal was being finalised.’
Real Sociedad president Jokin Aperribay was ‘seen taking a flight to London’ late on Tuesday and now a deal is set to go through for around €35m.
Arsenal are being tipped by a number of pundits and former players to win the title and their pursuit of Spain international Merino could help them achieve their ambitions.
[Leadership]
Bolt has blocked numerous accounts involved in the prank between Nigerians and South Africans.
In a trend that took many by surprise, Nigerians and South Africans renewed their online rivalry.
The trend started by the South Africans was tagged: ‘Request in Nigeria Challenge’.
Customers had ordered fake rides and cancelled them after drivers accepted.
Some Nigerians had followed the steps of their South African counterparts.
Several users shared their experiences on X and express their frustration.
One user, @Iamwhykayy, wrote that South Africans were ordering rides from South Africa and then canceling after the driver arrived, “wasting the drivers time & fuel.”
Another user, @Oladapomikky1, claimed that over 40 Bolt and Uber cars were ordered to a single street in Johannesburg by Nigerians, only to be canceled.
The incidents have sparked outrage and concern among X users, who view the behavior as a form of digital harassment and a reflection of underlying prejudices.
Some have argued that the actions are indicative of a “scary kind of obsession” that South Africans have with Nigerians.
Commenting on the situation, Yahaya Mohammed, Country Manager of Bolt in Nigeria, said, “Bolt is aware of the fake ride request incident between some individuals in Nigeria and South Africa. We understand the impact this situation has had on our driver-partners in Nigeria and South Africa. We are committed to ensuring a safe, reliable, and secure experience for all members of our community.”
Coincidentally, the incident happened a day after Chidimma Adetshina, South Africa-based model of Nigerian descent, arrived in Lagos ahead of the 2024 Miss Universe Nigeria competition.
The 23-year-old law student came to Nigeria after accepting to participate in the competition following her controversial withdrawal from Miss South Africa 2024 due to xenophobic backlash over her nationality.
Nigerians and South Africans clashed online over the issue which led to Adetshina’s withdrawal from the event.
Upon arrival, she expressed her excitement: “I’m so thrilled. I was excited throughout the flight and can’t wait to explore more of Nigeria. I look forward to meeting the other contestants. I’m grateful for the opportunity to compete. I believe dreams are valid when action is taken, and I feel this is my time to manifest that. This is the first step towards what I want to achieve.”
[DailyTrust]
President Bola Ahmed Tinubu signed a new national minimum wage of N70,000 into law on Monday, July 29, 2024, from the initial N30,000.
This decision followed a series of negotiations where the Tripartite Committee, which includes representatives from Organised Labour, the private sector, and the federal government, failed to reach a consensus.
The new minimum wage is seen as a significant step towards addressing the rising cost of living and enhancing the welfare of Nigerian civil servants.
However, the move has garnered mixed reactions from state governors. While some have expressed their readiness to implement the new minimum wage, others have raised concerns about their financial capacity to do so.
Here are some state governors who have announced their readiness to implement the new N70,000 minimum wage:
1. Babajide Sanwo-Olu (Lagos State):
During Workers’ Day on May 1, 2024, Governor Babajide Sanwo-Olu assured Lagos State civil servants that his administration would implement the new minimum wage. Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, confirmed on August 10, 2024, that the state had been paying above the minimum wage even before it was officially approved.
2. Ademola Adeleke (Osun State):
Governor Ademola Adeleke of Osun State has affirmed his readiness to implement the new minimum wage. On July 19, 2024, Osun State’s Commissioner for Information, Kolapo Alimi, stated that Adeleke’s administration is committed to workers’ welfare and will adhere to the new wage law.
3. Godwin Obaseki (Edo State):
Governor Godwin Obaseki of Edo State has already started paying the new minimum wage of N70,000, even before President Tinubu signed the bill into law.
4. Hyacinth Alia (Benue State):
Governor Hyacinth Alia of Benue State confirmed on July 19, 2024, that his administration is prepared to pay the new N70,000 minimum wage. He also noted that measures have been implemented to block financial leakages and ensure proper payment.
5. Babagana Umara Zulum (Borno State):
Governor Babagana Zulum of Borno State has expressed his commitment to paying the new N70,000 minimum wage. This was reported by Borno State’s Nigeria Labour Congress chairman, Inuwa Yusuf, on July 21, 2024.
6. Seyi Makinde (Oyo State):
Governor Seyi Makinde of Oyo State, through Chief Press Secretary Sulaimon Olanrewaju, stated on July 29, 2024, that implementing the N70,000 minimum wage would be manageable. Olanrewaju highlighted that the governor’s commitment to meeting the new wage requirement remains firm.
7. Abdullahi Sule (Nasarawa State):
Governor Abdullahi Sule of Nasarawa State has indicated readiness to pay the new minimum wage. On August 6, 2024, his Senior Special Assistant on Public Affairs, Comrade Peter Ahemba, confirmed the administration’s commitment to worker welfare and stated that payments would begin soon.
8. Lucky Aiyedatiwa (Ondo State):
Governor Lucky Aiyedatiwa of Ondo State has shown his willingness to implement the new minimum wage. This was announced on August 6, 2024, in a statement from the Ondo State Head of Service, Mr. Bayo Philip.
9. Ahmadu Umaru Fintiri (Adamawa State):
Governor Ahmadu Umaru Fintiri of Adamawa State announced on August 19, 2024, that the new N70,000 minimum wage has been approved for civil servants. He described this as a reaffirmation of his administration’s commitment to workers’ welfare.
[TheNation]
No fewer than 2,111 protesters were arrested in connection with the 10-day #Endbadgovernance action across the country that was held from August 1st to 10th.
Also, 1,403 have been surreptitiously arraigned in various courts. However, the suspects were ordered to be remanded in prison custody due to a lack of legal representation, whereas the Nigerian Bar Association, NBA, had publicly announced its intention to provide lawyers to defend them.
Femi Falana, SAN, human rights activist, and The Chair, Alliance on Surviving Covid-19 and Beyond, ASCAB, made the revelations in a fiery statement that also included an ultimatum for the government to charge them to court.
In the statement, entitled ‘HALT THE CLAMPDOWN ON PROTESTERS’, Falana also said: “Seven Polish students, who were taking part in an exchange programme in Bayero University, Kano, were arrested for taking photographs during the protest.
“They may be charged with espionage to give the impression that the protests were instigated by foreign interest groups.”
On the arrested and detained protesters, Falana demanded that “Whenever the suspects are going to be arraigned, they must be given adequate notice to be able to contact the Nigerian Bar Association, NBA, and their family members to make arrangements for their defence.”
Arrest across Nigeria
Falana also gave a breakdown of the distribution of protesters arrested across the states and the Federal Capital Territory, FCT, Abuja.
1. Kano — 873
2. Jigawa — 403
3. Katsina–120;
4. Gombe — 111
5. Sokoto — 110
6. Borno — 99
7. Yobe — 90
8. Bauchi-60
9. Plateau — 51
10. Kaduna — 50
11. FCT — 50
12. Nasarawa — 40
13. Niger — 25
14. Zamfara — 19
15. Cross Rivers — 10
‘Suspected looters are treated better’
According to the fiery activist, “We have also confirmed that individual lawyers who had applied for the bail of the detained suspects in police stations were not informed that they were going to be arraigned in the courts.
“We submit that the decision of the authorities to deny the suspects legal representation constitutes a violent breach of their fundamental right to fair hearing guaranteed by section 36 of the Constitution and article 7 of the African Charter on Human and Peoples Rights (Ratification and Enforcement) Act.
“This is highly discriminatory and illegal on the ground that politically exposed persons who are arrested for looting the treasury to the tune of several billions of Naira are usually informed in advance of the dates and of their arraignment in the courts.
“Such highly placed suspected looters are always granted bail in liberal terms and even authorised by trial judges to travel abroad for medical treatment.
“The offence allegedly committed by the 783 suspects arrested in Kano is that they displayed the Russian flag during the protest.
“A tailor who was sowing the flag was also arrested by the police. It may be difficult to press charges against the suspects in a country where the flags of the United States, United Kingdom, France, Germany and other European countries are hoisted by the majority of hotels in Nigeria while Churches hoist the flag of Israel based on the erroneous belief that it is a Christian country.”
The Chairman of DAAR Communications Plc, owners of AIT, Raypower and Faaji FM, Raymond Dokpesi (Jnr), has offered explanations on why he had to ease 10 Directors, including Dr. Oluwatosin Dokpesi, the wife of his late father, Dr. Raymond Dokpesi, out of the company.
Dokpesi offered the explanation in an interview with Daily Sun on Wednesday, days after the sack was confirmed by the firm.
He said: “I think the first thing to recognise is that it is not a personal decision to ask anyone to go.
“If I had it left to me and to myself, I would definitely want to harness the experiences, the relationships and the skills that the existing management has for a little bit longer.
“But the reality of the matter is that we are a publicly listed company.
“We are the only publicly listed media company on the Nigerian Stock Exchange and that means we are also bound by the Securities and Exchange Commission rules and the code of corporate governance is mandatory for all publicly listed companies.
“So, that means our responsibilities to our shareholders transcend personal choices or personal opinions.
“We have persons who are leaving the organisation after 27 years; we have people who are leaving after 22 years.
“The vast majority of this time, they have spent in executive management positions and yet, the code of corporate governance and our internal documents state we should only do a maximum of two terms of five years.
“So, their retirement is, in fact, long overdue.
“It was a decision which ought to have been made, even as far back as five, six, seven years ago.
“But as of that time, my dad was still alive, very present and very active and also, we were going through different political turbulence as far as our organisation is concerned.
“Nobody needs to be reminded of the history of the former President Muhammadu Buhari administration with reference to the treatment of AIT and our founder in particular.
“Notwithstanding, whatever you want to say about the incumbent administration, I think, to some large extent, they have shown their capacity for accommodation of all shades of opinions from public broadcasters.
“We don’t feel the heat and the intimidation of governments as we did a couple of years ago and the time is opportune and right as well for us to review where exactly we want to go, going forward from here.
“For me, and I think also for the vast majority of members of our board, the decision comes down to simply determining: Do we want to continue on our existing trajectory or do we want to do something differently?
“And if we are looking at doing something differently, it means we have to subject ourselves to abide by the terms and conditions of extant laws and regulations to give the investing public confidence into our organisation and the administration and also to be able to attract the kinds of funds and investments we need to grow and expand beyond our existing programmes.”
DAAR Communications PLC announced the retirement of members of its Executive Management with effect from October 31, 2024 in compliance with Code of Corporate Governance as well as Company’s Internal Control Policies and Procedures Manual.
A statement signed by the Company Secretary, Miji Jonah, said the affected officials have spent over 10 years in such capacity.
Those affected were Senior High Chief Tony Akiotu, Dr. Oluwatosin Dokpesi, Dr. Ambrose Somide, Anthony Uyah, Paulyn Ugbodaga, Mary Lawrence-Dokpesi, Faith Ikems, Imoni Amarere, John Iwarue and Johnson Onime.
The Board of DAAR Communications PLC expressed gratitude to all the retiring Executive Board members for their invaluable contributions to the company during their tenure and wished them the very best in their future endeavours.
The statement added that the media conglomerate is working on major restructuring of its leadership and once this is concluded, the Nigerian Exchange Limited and other regulatory authorities, its shareholders and the general public would be notified.
Key Points
- Arrie Rautenbach announces early retirement as Absa Group CEO, effective April 2025, after 27 years with the bank.
- Charles Russon will serve as interim CEO starting Oct. 2024, pending regulatory approval, amid Absa’s ongoing market challenges.
- Yasmin Masithela takes on the role of Interim CEO for Absa’s Corporate and Investment Bank, supporting the leadership transition.
Absa Group has announced the early retirement of its Group Chief Executive Officer, Arrie Rautenbach, effective from 15 April 2025.
Following discussions with the Board, Rautenbach will step down as CEO and executive director of Absa Group and Absa Bank on 15 October 2024. He will then serve a six-month garden leave period until his official retirement.
Rautenbach, who became CEO in 2022, is the sixth leader to head the bank in the past six years. His 27-year career with Absa includes significant contributions to the organization’s growth.
The Absa Board expressed its gratitude for Rautenbach’s dedicated service and the impact he made during his tenure.
Absa group under Arrie Rautenbach
Under the leadership of Arrie Rautenbach, Absa Group has demonstrated robust financial performance, surpassing $5 billion in revenue for fiscal 2023.
Notable moves include a multi-million dollar vehicle finance partnership with Renault South Africa, a subsidiary of the French multinational automobile manufacturer Renault, and a $60 million trade finance facility provided to Volcafe, a leading green coffee merchant, in collaboration with the International Finance Corporation (IFC).
Charles Russon takes the helm as interim CEO
Charles Russon, currently the Chief Executive of Absa’s Corporate and Investment Bank, will step in as the interim Group Chief Executive Officer on 15th, Oct. 2024. His appointment is pending regulatory approval, and he will also join the boards of Absa Group and Absa Bank as an executive director.
Russon’s experience at Absa dates back to 2006. He has held several key positions, including Chief Financial Officer of Absa Capital, Regional Head of Finance, Chief Operating Officer, and Chief Executive of Engineering Services.
A chartered accountant and Rhodes University graduate, Russon also gained international experience at Merrill Lynch and Deutsche Bank in London and Frankfurt.
Absa has struggled to maintain market share in recent years. The Board believes that Russon’s leadership will provide the stability needed during this transition. They plan to conduct a thorough search for a permanent Group Chief Executive.
[Billionaire Africa]
Upon his return, Naija News understands that Tinubu will preside over the inauguration of Justice Kudirat Kekere-Ekun as the new Chief Justice of Nigeria on Friday.
Sources within the Presidency informed WESTERN POST that Tinubu, who traveled to France on Monday, will make a swift return to Abuja, viewing the swearing-in of Justice Kekere-Ekun not only as a constitutional obligation but also as a historic responsibility.
It was previously reported that the National Judicial Council had recommended Justice Kekere-Ekun to succeed Justice Olukayode Ariwoola, who is set to officially retire on Thursday, August 22.
Justice Kekere-Ekun, born on May 7, 1958, earned her bachelor’s degree in Law from the University of Lagos in 1980 and was called to the Nigerian Bar on July 10, 1981, after completing her studies at the Nigerian Law School. She furthered her education at the London School of Economics, obtaining a master’s degree in Law in November 1983.
Her career began in the Lagos State Judiciary as Senior Magistrate II, eventually rising to the position of State High Court Judge. Between November 1996 and May 1999, she served as Chairman of the Robbery and Firearms Tribunal, Zone II, Ikeja.
In 2004, Justice Kekere-Ekun was appointed to the Nigerian Court of Appeal, and in July 2013, she was elevated to the Supreme Court of Nigeria.
[NaijaNews]
Nigerian born New Zealand’s mixed martial artist Israel Adesanya on Thursday arrived in Lagos with his parents after losing the UFC 305 crown to South African Dricus Du Plessis.
Adesanya arrived in Nigeria after the African Martial artist champion taunted his heritage during their press conference ahead of the UFC 305 middleweight title fight.
Du Plessis forced Adesanya to submit in the fourth round to retain his title and earned an opportunity to defend his title next in his home country of South Africa, as earlier promised by UFC President Dana White.
The Nigerian born style-blender, in a video shared on his Instagram and recirculated on X, arrived at Lagos airport and was received by fans who warmly welcomed him and his family with Yoruba music.
A group of local drummers performed to welcome the fighter, who famously refers to himself as “Omo Oba”, which means the king’s son or prince.
[Leadership]
More...
The Nigerian Bar Association (NBA) has called for the full implementation of the directive of President Bola Tinubu on the supply of crude to Dangote refinery and modular refineries in the country.
Yakubu Maikyau, President of the NBA and a Senior Advocate of Nigeria (SAN), said this on Wednesday in Lekki, Lagos State.
Describing the establishment of the refinery as both nationalistic and patriotic endeavour, the umbrella professional association of lawyers, urged the Federal Government and Nigerians to support the Dangote Petroleum Refinery to end the reign of fuel scarcity and perennial queues at filling stations in the country.
It expressed disappointment that the major project is encountering strong resistance from fuel importers, who have stifled the economy and kept it reliant on imported refined petroleum products, despite Nigeria’s status as a leading crude oil producer.
Maikyau, who led other leaders and members of the association on a visit to the facility, praised the President/Chief Executive of the Dangote Group, Aliko Dangote, for remaining steadfast despite the opposition faced.
He said: “What I have seen today gladdens my heart, but at the same time, my heart is bleeding because of the neglect and opposition that such a laudable effort is facing. It is shameful, but as I mentioned to the President of the group, his continued steadfastness and resilience despite the opposition show that there is hope for this country.
“I would describe Aliko Dangote as both a freedom fighter and an economic warrior. There is no one more honourable or patriotic than Dangote. He has proven this through his actions, not just words. This isn’t about what someone might tell you; we have witnessed the enormous investments he has made in this country.”
He urged the Federal Government to create a supportive environment for the refinery, aiming to transform Nigeria into a net exporter of refined petroleum products and to alleviate the severe hardships caused by fuel scarcity.
He lamented that it is shameful for the refinery to import crude from abroad and export refined products due to opposition from local players.
“I want to use this opportunity to call on the Federal Government to pay deliberate and conscious attention to what Dangote is doing. Anyone serious about turning around the fortunes of this country cannot ignore Dangote’s efforts.
“This is a people-centered investment that must be supported. This is the type of investment we need, and wherever such investments exist in this country, we urge the government to create an enabling environment for the benefit of the people. If we establish a supportive environment for this refinery to operate, we will eliminate the queues on our streets and resolve the difficulties associated with the scarcity of petroleum products.
“However, we will need the government to demonstrate a willingness to support this crucial venture. We have a facility here that can compete with the best in the world, but unfortunately, it is not receiving the support and recognition it deserves. It is disgraceful that with a refinery of this capacity, where 86 tankers can be loaded at once, we still face fuel shortages,” he added.
Vice Chairman of the Epe Branch of the NBA, Ivo Takor, who praised the location of the refinery in the Ibeju-Lekki-Epe axis, said that the project has the potential to resolve the long-standing issue of fuel importation, create jobs, boost foreign exchange, and save the country money currently spent on subsidising petroleum products.
“The refinery is something every Nigerian should be proud of. It is a project that will move Nigeria away from its long-standing issue of fuel importation, which comes with its own set of problems. Currently, we are dealing with fuel scarcity and long queues. I believe that once this refinery is fully operational, these challenges will be resolved.
“Additionally, the refinery has the capacity to export some of its products, bringing foreign exchange into the economy. It will also reduce the government’s expenditure on subsidies, allowing funds to be redirected towards improving infrastructure, education, and the health sector. Since its construction, many jobs have been created, and further job creation will follow when it becomes fully operational,” he said.
He, however, noted that despite these benefits, there are some entrenched cartels against the full operation of the refinery.
While praising President Bola Tinubu for directing the supply of crude to both the refinery and modular refineries across the country, he emphasised the need for stringent monitoring to ensure compliance.
He stressed that withholding crude from the refinery constitutes sabotage against the nation and should be met with appropriate sanctions.
“Unfortunately, it appears that there is a well-established cartel working against the full operation of this refinery, specifically those who do not want to supply it with crude oil. It is illogical for Nigeria to export crude oil while the refinery also imports crude.
“This situation reflects the interests of entrenched forces who benefit from fuel importation, which negatively impacts the people and the economy. Fortunately, the president has issued a directive regarding the supply of crude to the refinery.
“However, beyond this directive, it is crucial to ensure compliance. Those who do not comply should face adequate sanctions, as failure to do so constitutes sabotage not only against the refinery but against the economy as well,” he said.
The Vice President (Oil & Gas) at Dangote Industries Limited, Devakumar Edwin, informed the delegates, that the refinery was established primarily to source and refine local crudes for the benefit of Nigeria, while also exporting excess production to boost the economy.
Edwin noted that the lack of sufficient Nigerian crude supplies has necessitated importing crude from other countries and continents while exporting refined petroleum products abroad.
[DailyTrust]
Ndidi helped Leicester City earn a 1-1 draw with Tottenham Hotspur at the King Power Stadium on Monday night.
Pedro Porro gave Spurs the lead, while Leicester City skipper James Vardy restored parity for the home side.
Ndidi had incredibly cleared the ball off the line to deny Spurs taking the lead in the sixth minute.
Smith, who was on commentary duty for Sky Sports, praised the experienced Nigerian midfielder for his heroic effort.
“That was a sensational clearance from Wilfried Ndidi off the line. It really was,” he was quoted as saying by the BBC.
The Super Eagles midfielder played the entire duration of the game.
He managed 57 touches, completed 79 per cent of his passes, had one shot on target, won four of his eight ground duels, won the only aerial duel he contested, and made four clearances and two blocks.
[DailyPost]
Kaduna State Internal Revenue Service (KADIRS), has sealed four hotels and recreation centres in Kafanchan, Jema’a Local Government area over unsettled tax liabilities amounting to
N16,737,488.54 million.
The hotels sealed by the Revenue Agency include: Kyus Hotel, Secretariat Road Kafanchan, Sunshine Lodge Hotel, Secretariat Road Kafanchan, Bayan Hotel, Madakiya Road, Kafanchan and Cloud -9 Lounge Unguwan Musa, Kafanchan.
Leading the enforcement team, KADIRS Chairman, Mr Jerry Adams, said, the Service had secured court order for the immediate closure and taking over of the entire properties of the defaulting businesses until all unpaid taxes are settled.
He said KADIRS as backed by the law, will ensure that all taxes that are due to the State are remitted to the government coffers.
According to him: “As a tax administration body of Kaduna State, we are backed by the law to ensure that all taxes that are due to the State are remitted to the state. But, we have some recalcitrant tax payers who would never voluntarily comply tkk on our tax laws.
“So, this exercise today is to enforce and ensure that, ever tax payer expected to pay tax to the government pays and we will continue to enforce because we have the backing of the law.
“The state needs the monies to provide infrastructures. As you can see, the Governor, Senator Uba is doing so much despite the huge debt burden on the state.”
Adams said the Service will go to all the major cities on the enforcement exercise, calling on all individuals and organizations to pay their taxes.
[TheNation]
The body of UK tech tycoon Mike Lynch was recovered Thursday from his sunken yacht off Sicily, as the search continued for the last of the six people missing.
Specialist divers were still looking for a missing woman, a coastguard official told AFP, with a source close to the investigation having earlier indicated Lynch’s 18-year-old daughter Hannah had yet to be found.
On Wednesday they pulled up four bodies from the wreck of the “Bayesian”, while another was brought to shore in Porticello, on the north of the Italian island near Palermo, Thursday morning.
The latest grim discovery brings the death toll to six, after the body of a man believed to be the yacht’s chef was found shortly after the ship went down in a storm before dawn on Monday.
The 56-metre (185 feet) British-flagged sailing boat had been anchored some 700 metres off Porticello, near Palermo on the north of the Italian island, when it was struck by a waterspout — akin to a mini-tornado.
It sank within minutes.
Fifteen people were rescued, including Lynch’s wife, but the businessman and his daughter were among six people reported missing.
‘Errors’
The passengers were guests of 59-year-old Lynch — a celebrated technology entrepreneur and investor sometimes referred to as the UK’s answer to Bill Gates — celebrating his recent acquittal in a massive US fraud case.
Lynch’s lawyer Christopher Morvillo and his wife Neda, and Jonathan Bloomer, the chair of Morgan Stanley International, and his wife Judy, were also among the missing.
Many questions remain about why the yacht sank, and on Thursday the head of the company which built the boat said the tragedy could have been avoided.
“Everything that was done reveals a very long summation of errors,” said Giovanni Costantino, head of the Italian Sea Group, which includes the Perini Navi company that built “Bayesian”.
He told Italy’s Corriere della Sera newspaper that bad weather was forecast and all the passengers should have been gathered at a pre-arranged assembly point, with all the doors and hatches closed.
Security camera footage of the ship from the shore showed the lights on its mast going out, which Costantino said indicated a short circuit, meaning that the ship had already taken on water.
“A Perini ship resisted Hurricane Katrina, a category 5 (hurricane). Does it seem to you that it can’t resist a tornado from here?” he told the newspaper.
‘Trapped like mice’
Costantino said it was “good practice when the ship is at anchor to have a guard on the bridge, and if there was one he could not have failed to see the storm coming”.
“Instead it took on water with the guests still in the cabin… They ended up in a trap, those poor people ended up like mice in a trap,” he said.
The “Bayesian” was built by the Italian shipbuilding firm Perini Navi in 2008 and boasted a 75-metre mast, the tallest aluminium sailing mast in the world, according to the Charter World website.
It was reportedly owned by Lynch’s family.
Lynch was acquitted on all charges in a San Francisco court in June after he was accused of an $11 billion fraud linked to the sale of his software firm Autonomy to Hewlett-Packard.
A co-defendant, former Autonomy executive Stephen Chamberlain, died after being hit by a car on Saturday in England.
Italian authorities have opened a probe into the sinking, while the UK’s marine accident investigation branch sent four inspectors to Palermo.