The Nigerian National Petroleum Company Limited (NNPCL) has successfully repaid 60% of a $1.036 billion loan that it took in September 2021 to finance the acquisition of a 20% stake in the Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise (DPRP FZE). As of December 31, 2023, NNPC has repaid $625 million of the principal amount, leaving an outstanding balance of $424 million on the principal loan amount. The source of this loan and the details of the repayment are documented in the NNPCL’s financial statement for the year ended December 31, 2023, under the section titled “Financing of investment…
Author: Abdoulaye Kay
The period from 1st to 10th August was the most challenging time for our nascent democracy and President Bola Ahmed Tinubu and his cabinet members. It was when Nigerians vented their anger, frustration, and dismay to political officeholders with grave consequences. Some people lost their lives, and some lost their personal belongings in addition to the devastating hunger with ravaging alacrity that swept many communities. Many of us had premonitions of the likely unpleasant outcomes of the protest. We prayed for a swift government intervention to ease the hardship and end the agitation for the demonstrations. Some optimists or mischief…
The Nigerian National Petroleum Company Limited (NNPC) has declared a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, an increase of over N700 billion (28%) when compared to the 2022 profit of N2.548 trillion. This is contained in its 2023 Audited Financial Statement (AFS). In a world press conference held at the NNPC Towers in Abuja on Monday, August 19, 2024, the Chief Financial Officer of the Company, Mr Umar Ajiya, said the release of the AFS is a testament to the Company’s commitment to transparency and accountability. “Our fiscal performance…
Flood from heavy downpour, in the early hours of Monday, ‘cut off’ the Sanyinna-Argungu Road, in Sokoto state, with the downpour making the road impassable, ASHENEWS reports. Sources say that the public and motorists plying the route were informed that the road between Argungu and Sokoto was overflown over the Kadarko bridge at Sanyinna town that links Sokoto and Argungu in Kebbi State. An eyewitness in Sanyinna community revealed that residents have continued evacuating their belongings, including animals, from their collapsed houses for safety. The heavy rainfall and flooding that led to the collapse of several houses have forced many residents to flee…
Kano State Governor, Abba Yusuf, has begun distributing resettlement allocation letters to 4,154 farmers affected by the proposed development of two new cities in the state. This initiative is part of the government’s broader strategy to decongest the Kano metropolis and promote urban expansion. This was announced on Monday in a statement by the governor’s spokesperson, Sunusi Bature Dawakin Tofa. The allocation includes 2,483 plots in Yargaya and Rijiyar Gwangwan in Dawakin-Kudu, and 1,671 plots in Unguwar Rimi and Lambu in Tofa Local Government Areas. These plots serve as compensation for farmers whose lands were acquired for the new city…
The Court of Appeal will on Tuesday hear a suit filed by former Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, challenging the Code of Conduct Tribunal (CCT) order that removed him from office in 2019. In the suit filed at the Court of Appeal in 2019, Onnoghen is praying the Court to void and set aside the CCT judgment delivered against him on April 18, 2019, on various grounds. In his appeal marked CA/ABJ/375 & 376 & 377/2019, Justice Onnoghen, through his lead counsel, Adegboyega Awomolo, SAN, is asking the appellate court to quash his conviction primarily on ground…
“Democracy in Africa holds great virtues that extend far beyond the mere act of voting in an election,” Minister Abubakar stated. He highlighted the importance of inclusive governance, where citizens are actively involved in decision-making processes beyond the electoral cycle.
President Bola Tinubu has sacked Jalal Arabi, as Executive Chairman of the National Hajj Commission of Nigeria (NAHCON) over alleged misappropriation of ₦90 billion Hajj subsidy. ASHENEWS, on August 15, reported the Economic and Financial Crimes Commission (EFCC) disclosing that it had recovered “A total of SR314,098 was recovered,” from the NAHCON chairman and other ranking officials. Presidential spokesperson, Ajuri Ngelale, said in a statement on Monday, that President Bola Tinubu has appointed Professor Abdullahi Saleh Usman as the new chairman of the commission. ALSO READ ₦90bn Hajj subsidy: EFCC uncovers dirty deals at NAHCON [DETAILS] “Professor Usman is a…
The Supreme Court has reserved judgement in the Kogi governorship election appeal filed by Murtala Ajaka of the Social Democratic Party (SDP) against the Appeal Court judgement. Ajaka had challenged the declarations made by the Independent Electoral Commission (INEC) on the outcome of the 2023 governorship elections. He had appealed the judgement of a three-member tribunal that affirmed the election of Ahmed Usman Ododo of the All Progressives Congress (APC) as governor of the state. However, after the Appeal Court judgement in June, Ajaka alleged that the judgement was influenced by some irregularities and manipulations. ALSO READ JUST IN: Supreme…
Another food poisoning has killed five family members in Kaurar Wanke village, Shagari Local Government Area of Sokoto State after they consumed soup prepared with a local fertilizer commonly called “Gishirin lalle” in the Hausa language. On August 11, ASHENEWS reported HERE that seven members of the same family in Runjin Barmo village, Kajiji District, Shagari Local Government Area of Sokoto state, died of food poisoning after consuming a cassava dish suspected to be contaminated. A similar incident, in the same local government area, occurred on Thursday when the victims unknowingly used the fertilizer as seasoning in their meal. State…