Business

Balemaoil Producing Ltd., an indigenous global oil firm, has appointed Mr Ahmadu Sambo as its new Managing Director/ Chief Executive Officer to drive its transformation agenda. Engr Tein Jack-Rich, Founder/President Belemaoil Producing Ltd., said this in a statement in Abuja on Saturday. He said the company also appointed Mr Emmanuel Onos as its Chief Financial Officer to realise its shared vision He said that the company’s Board of Directors had carefully reviewed their rich credentials and found them deserving of the positions. He said Sambo, a former Group General Manager (GGM), Finances, NNPC, is joining Belemaoil with over 35 years…

IN a quest to change the narrative in the transport sector the Chief Executive Officer, CEO, Enviable Transport Service, Enviable Chukwuemeka Ituma, and Obi Cubana, a respected entrepreneur and business leader, have partnered to revolutionize the transport system in the country. This was made known by Ituma, while narrating how his vision and dream started on boosting the nation's transport system in order to ease movement of goods and persons. According to Ituma, since his days as an Okada driver in Umuahia, the Abia State capital while pushing his academic career as a student of Michela Okpara University of Agriculture,…

Nigeria’s petroleum importation from Malta surged significantly to $2.8 billion in 2023. Nigeria is one of Africa’s biggest oil-producing nations — but it lacks local refining capacity. Speaking at an event in May, Vice-President Kashim Shettima had said over $25 billion is expended on the importation of refined petroleum products yearly. The Nigeria National Petroleum Company (NNPC) Limited is the sole importer of petroleum products in the country. According to data from Trademap, a database on international trade statistics, between 2017 and 2022, there were no imports of the commodity from Malta — an island country in Southern Europe located…

President Brice Oligui Nguema of Gabon has invited the Chairman of Dangote Industries Limited, Aliko Dangote to invest in cement and fertiliser production in the country. According to a statement by the media office of Dangote Group, the billionaire was invited to explore investment opportunities in cement and fertiliser (urea and phosphate). “President Brice Oligui Nguema of Gabon has invited the President and Chief Executive Officer of Dangote Industries Limited (DIL), Aliko Dangote to invest in Cement and Fertiliser production in Gabon,” Dangote Group said. “The President urged Dangote to explore potential investment opportunities in the country’s cement and fertilizer…

Vice President of Dangote Industries Limited, Mr Olakunle Alake, on Saturday, addressed members of the House of Representatives after the lawmakers toured the refinery and the fertiliser plant. According to BusinessDay, he provided significant insights into the ongoing challenges and milestones of the Dangote Refinery project.     Here are four critical highlights from Alake’s briefing: Crude oil supply and forward sales Alake mentioned that the forward oil sales made by Buhari’s administration created hurdles for securing crude oil for the refinery. He pointed out the specific contractual obligations that limit access to crude oil, affecting the refinery’s operations. “The…

MTN Nigeria Communication Plc said it paid the sum of N543.9 billion in taxes and levies to the Nigerian government in 2023. The company disclosed this in its 2023 sustainability report released over the weekend, which highlights its Environmental, Social, and Governance (ESG) practices. In addition, MTN said it was able to expand its network coverage to cover 92.9% of the country’s landscape. The technology company added that it also increased its investment in capital expenditure by 13.2% to N571 billion in 2023. Per the company’s financial result, MTN Nigeria posted N2.46 trillion as revenue for the full year 2023.…

The chairman of Dangote Industries Limited, Aliko Dangote, says the devaluation of naira created the biggest mess for the company in 2023. Dangote spoke on Tuesday during the annual general meeting of Dangote Sugar Refinery Plc. According to Dangote, the company is putting in efforts to ensure it pays dividends this year. He said a lot of companies, especially in food and beverages businesses, were also affected and will be unable to pay dividends, TheCable reported. “We are doing whatever it takes to make sure that at the end of the day, we will be paying dividends because if you…