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NNPC GOES HARD ON CRUDE OIL THEFT

NNPC GOES HARD ON CRUDE OIL THEFT

Wednesday, 12 July 2023 12:41
On Monday, Nigeria's state-owned oil corporation NNPC Ltd said an 800,000-litre (211,338-US-gallon) tanker carrying stolen crude was captured off the coast of Cameroon and will be burned as a deterrence to oil theft. Crude theft from pipelines and wells in the Niger Delta has hampered the country's productivity in recent years and is one of the most serious difficulties that incoming President Bola Tinubu faces. According to NNPC, the oil was taken from a borehole in southwestern Ondo state. According to the firm, the MT Tura II vessel was owned by the locally registered Holab Maritime Services Limited and lacked sufficient oil documents. Holab was unable to be reached for comment on the phone lines posted on its website. "Destroying vessels involved in the transport of stolen crude oil is critical as a strong deterrent," the NNPC stated.
MAN TELLS THE STORY OF HIS DIFFICULT BEGINNING

MAN TELLS THE STORY OF HIS DIFFICULT BEGINNING

Monday, 10 July 2023 14:11
When Edoka Idoko opened the door to his office on Montgomery Street in Yaba, his confident smile and the gleam in his eyes disguised the difficult path he walked in developing a fintech firm that has already received $1.2 million and is on the verge of closing a $21 million Series B fundraising.   Ojireh Prime was created from the bottom up to be a transparent and customer-focused bank that provides free credit cards as well as quick access to loans and innovative savings products. In 2022, the firm collected $1.2 million from large individual investors who recognized promise in the company's narrative and were willing to take a risk on it. Ojireh Prime has evolved into a fintech firm that serves thousands of consumers and is eager to expand its operations.   The story began at the commodities market, where Idoko honed his abilities in persuading customers to purchase…
UKRAINE TO SUPPLY GRAIN TO NIGERIA

UKRAINE TO SUPPLY GRAIN TO NIGERIA

Friday, 23 June 2023 12:28
The Memorandum of Understanding and Joint Participation in the Grain Terminal Project in the Port of Lekki, Nigeria, was signed by the Ministry of Agrarian Policy and Food of Ukraine and the international organization Lagos Free Zone (Tolaram Group) in London, according to the ministry's press service. On behalf of Ukraine, the document was signed by First Deputy Minister Taras Vysotsky. In order to assure the ongoing, uninterrupted supply of Ukrainian agricultural products to Nigeria and the entire African continent, the Ministry of Agrarian Policy will work with the Lagos Free Zone Company to build the necessary infrastructure. The major objective, according to Vysotsky, is to achieve food security in the areas that most urgently need it. In light of the fact that population worldwide is increasing, he continued, the agricultural industry in Ukraine continues to be crucial in maintaining global food security. Nigeria's Lekki Deep Sea Port is the…
SMES TO ENJOY FCMB LOAN FACILITIES UP TO 100 MILLION NAIRA

SMES TO ENJOY FCMB LOAN FACILITIES UP TO 100 MILLION NAIRA

Monday, 19 June 2023 15:56
Small and Medium Scale Enterprises (SMEs) can now quickly access from N5 million to N100 million to purchase equipment needed to grow and expand their businesses, courtesy of First City Monument Bank (FCMB) SME Asset Finance Facility. So far, over 25,800 SMEs have accessed this facility. FCMB has provided about N45.9 billion in loan guarantee support to SMEs with inadequate collateral coverage in the start-up stage and has disbursed over N637.08 billion in loans to entrepreneurs. With a four years repayment option, this asset finance facility is open to early-phase businesses of less than five years and growing SMEs to help fund new equipment addition or replace depreciating assets to sustain the growth trajectory
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