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Articles by Abu Benjamin
Transcorp's Expenses Rise to N21.2bn in H1
Transnational Corporation (Transcorp) Plc says its operating expenses increased by 50 percent to N21.2 billion in the first half (H1) of 2024. In a statement highlighting the H1 2024 report on Monday, Transcorp said the surge in operating expenses reflects the impact of inflation and cost of operations. “Operating Expenses: Increased by 50% period to N21.2 billion in H1 2024, reflecting the impact of inflation and cost of operations,” the statement reads.
NNPC Records N3.3trn Profit for 2023
The Nigerian National Petroleum Company (NNPC) Limited has declared a profit of N3.3 trillion for the fiscal year 2023. Pius Akinyelure, chairman of the NNPC board, spoke during a media briefing on the company’s 2023 audited financial statements (AFS) on Monday. Akinyelure said the profit increased by N749 billion compared to the N2.54 trillion posted in the 2022 financial period. In 2018, the state-owned oil company posted a loss of N803 billion and N1.7 billion in 2019.
FG to Commence Crude Oil Sale to Dangote, Others October
The federal government says the sale of crude oil to the Dangote refinery in naira will commence on October 1. The ministry of finance, in a statement on Monday, said the decision was made at a meeting with the technical implementation committee led by Wale Edun, minister of finance. The meeting was on the transition to crude oil sales in naira, according to the statement.
Oil Marketers Blame Fuel Scarcity on Logistics Challenge
Oil marketers have attributed this round of scarcity of Premium Motor Spirit also known as petrol, to lingering logistics challenges. This was disclosed by the President of the Petroleum Products Retail Outlets Owners Association, (PETROAN), Billy Gillis-Harry who was a guest on Channels Television’s Morning Brief on Monday. According to him, oil marketers are currently supply constrained, and could “distribute only what we have”.
Ogun Assembly Blacklisted Pat Utomi for Shady Deals - Amosun
Ogun Assembly Blacklisted Pat Utomi for Shady Deals – Amosun Former Ogun State Governor, Senator Ibikunle Amosun, yesterday, said the reason renowned Professor of Political Economy, Pat Utomi, posted some snide remarks about him on X was because he refused to feed his entitlement mentality or honour indecent influence peddling, as governor of Ogun State.
PR Lessons: Adeniyi Leading by Relating By Prof Okey Ikechukwu
PR Lessons: Adeniyi Leading by Relating By Prof Okey Ikechukwu With the current national high social temperature over inflation, exchange rate concerns and other issues, it is easy to say that this is not the time to talk about the head of any institution of State at all.
FG Recovers N6bn from Four-Year Ports Dispute Settlement
The Federal Government through the Nigerian Shippers’ Council, said it recovered the sum of N6.1bn from dispute settlements at the ports between 2019 to 2023. It said a total of N6.1bn was saved and recovered by the council through complaints handling over the five years. The council explained that within the period under review, it received complaints from regulated service providers and users through the Ports Service Support Portal.
FG Moves N150bn Business Loan Disbursement to September
The Federal Government has shifted the start of the N150 billion loan disbursement for manufacturers and micro, small, and medium enterprises until September. The Minister of Industry, Trade, and Investment, Dr Doris Uzoka-Anite, confirmed this during a meeting with beneficiaries of the Presidential Grant and prospective beneficiaries of the MSME Presidential Loan in Calabar, Cross Rivers State, on Sunday.
NNPC Refutes $6.8bn International Oil Debt Allegation
The Nigerian National Petroleum Company (NNPC) Limited says it does not owe international oil traders $6.8 billion. Reports had said the company is indebted to international oil traders to the tune of $6.8 billon and that it has not remitted revenues to the federation account since January. Femi Soneye, NNPC’s spokesperson, in a statement on Sunday, said this is false. “That NNPC Ltd. does not owe the sum of $6.8bn to any international trader(s).
CBN Reveals $343m Decline in External Reserves
Nigeria’s foreign exchange reserves dipped by $342.97m to $36.53bn in nine days, data from the Central Bank of Nigeria on Sunday showed. The decline in the country’s foreign exchange reserves comes amid the recent sale of $876.26m to meet demands from importers and other users through the Retail Dutch Auction System. It also precedes the Nigerian government’s move to issue a $500m domestic dollar bond.
Fuel Subsidy: The Complex Issue That's Holding Nigeria Back By Chimaza Nonyerem-Okoronkwo
Fuel Subsidy: The Complex Issue That’s Holding Nigeria Back By Chimaza Nonyerem-Okoronkwo The removal of fuel subsidies has been a contentious issue in Nigeria, with proponents arguing that it will improve the economy and opponents claiming that it will lead to increased poverty and social unrest. For me, both of these points of view are correct. To understand the implications of fuel subsidy removal, it is essential to define what subsidy is and its advantages and disadvantages.
NFIU, OGFZA Partner To Attract FDI, Boost Global Investor Confidence
In line with the Oil and Gas Free Zones Authority’s (OGFZA) dedication to promoting transparency, boosting investor confidence, and reinforcing Nigeria’s status as a leading investment destination, Bamanga Usman Jada, the Managing Director/CEO of OGFZA, together with key members of his management team, paid a visit to Hajiya Hafsat Bakari, the Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), at her office in Abuja.
Benue State: Food Basket in Name or Reality? By Abu Benjamin
Benue State: Food Basket in Name or Reality? By Abu Benjamin Benue State, located in Nigeria’s North-Central region, has long been celebrated as the “Food Basket of the Nation,” a title that reflects its rich agricultural resources and capacity. However, this reputation warrants a critical examination: Is Benue truly living up to its name as a food-producing hub, or is this designation more myth than reality?
Palliatives Distribution: A Culture FG Must Stop By Obamodi Oluwadamilola Faith
Palliatives Distribution: A Culture FG Must Stop By Obamodi Oluwadamilola Faith A nation cannot thrive on “donations” alone. As Nigeria confronts yet another economic downturn, the government’s response has been the distribution of palliatives to its citizens—a move that dilutes the original intent of palliatives as emergency relief, particularly during crises like the COVID-19 lockdown. These measures are intended to provide quick, temporary relief to ease immediate suffering.
Rewane: FG Will Accelerate Policy Reforms After Protests to Address Cost of Living Crisis
According to Mr. Bismarck Rewane, in the aftermath of the #EndBadGovernance protests that swept across the country in the first week of August, the federal government is now intensifying its efforts to ensure that policy changes are having a positive and meaningful impact on the people’s welfare.
My comedies cannot be compared to others – Josh2funny — Entertainment Digest
In an interview with “The Honest Bunch” podcast, comedian Josh2Funny discussed the competition in the comedy and content-creating industries. He stated that he has no rivals in the comedy scene and that his skits are translated into multiple languages, distinguishing him from his peers. However, he expressed dissatisfaction with others who copied his patterns and fashions without crediting him.
Actress Jojo Siwa discloses plans to have triplets through surrogacy — Entertainment Digest
Jojo Siwa, a 21-year-old American actress and singer, wants to become a mother of three via surrogacy. In a recent Cosmopolitan interview, the 21-year-old stated that she wants “triplets” carried and delivered by three different surrogates because she is gay. “Because I’m gay and I have to plan a pregnancy much different than a straight person, I actually want to take three eggs, fertilize three eggs, and have three surrogates.
Actress Ini Dima-Okojie Opens up on Struggles With Fibroid
Nigerian actress Ini Dima-Okojie has opened up about her struggles with fibroid tumors. In a video shared on Instagram, she revealed that despite undergoing invasive surgery in 2020, the condition had re-surfaced. The ‘Blood Sisters’ actress explained that instead of opting for another surgery, she chose a holistic approach to manage the symptoms. “My Fibroid Journey! I never imagined I’d be sharing this again after my last update on 30/12/2020, but here I am. “My journey with fibroids isn’t over.
How Kaduna Lawmaker Chairing Reps' Sports Committee Died
The Nigerian sports community is in mourning following the sudden passing of Ekene Abubakar Adams, the visionary Chairman of the Sports Council. Adams’ tireless efforts and leadership transformed the country’s sports landscape, inspiring a generation of athletes and officials. His legacy of dedication, passion, and service has sparked an outpouring of tributes and condolences from across the nation.
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