The Economic and Financial Crimes Commission (EFCC) has detained Akintoye Akindele, the Managing Director of Atlantic International Refinery and Petrochemical Limited, on charges of alleged misappropriation, money laundering, and diversion of public funds totaling $35 million. According to sources who spoke with The Punch, the Nigerian Content Development and Monitoring Board (NCDMB) had disbursed $35…
By Ayomide Otitoju The Independent Petroleum Marketers Association of Nigeria (IPMAN) is owed over N40 billion by the Nigerian National Petroleum Company Limited (NNPCL), according to IPMAN President Abubakar Garima. Speaking on Channels Television’s Breakfast Show, Garima highlighted the ongoing challenges faced by petroleum marketers, who are still awaiting product allocation from NNPCL. In response…
By Ayomide Otitoju Nestlé Nigeria’s net loss surged by 328% year-on-year to N184 billion for the first nine months of 2024, up from N43.068 billion a year earlier, according to its unaudited financial results. The increase reflects significant foreign exchange losses, which reached N285.29 billion during the period. Despite a 67.8% revenue boost to N665.29…
By Ayomide Otitoju Nestlé Nigeria has relaunched its MAGGI Chicken flavour seasoning cubes with a refreshed spice blend featuring onion, turmeric, celery, and an intensified chicken flavour. Now available in a double-cube format, the new design enhances convenience and reduces packaging, aligning with Nestlé’s sustainability goal of a waste-free future. The relaunch was announced at…
By Ayomide Otitoju Adron Homes and Properties, a leading real estate firm, reinforced its commitment to corporate social responsibility (CSR) through its fourth annual Breast Cancer Awareness and Screening Initiative, led by Vice Chairman Olori Aderonke Emmanuelking. The event, held at the company’s head office in Omole, Lagos, in partnership with Pink Clinic, marked World…
By Ayomide Otitoju Wema Bank Nigeria has released its unaudited financial results for Q3 2024, showing robust performance with a profit before tax of ₦60.62 billion, marking a 174% increase from ₦22.13 billion in the same period last year. Total assets grew by 38% to ₦3.08 trillion, while deposits rose 23% year-to-date to ₦2.29 trillion….
By Ayomide Otitoju A Kuje Magistrate Court has granted bail to Alex Ikwechegh, a House of Representatives member for Aba North and South, setting bail at ₦500,000 with two sureties. The presiding judge, Abubakar Sai’id, specified that the sureties must reside within the court’s jurisdiction and provide utility bills for verification. Ikwechegh faces charges of…
Vice President Kamala Harris appears to be strategically distancing herself from President Joe Biden in the final days of her campaign, with his recent remark calling Donald Trump supporters “garbage” stirring concerns that the outgoing president may harm her electoral chances. The 81-year-old Biden, who withdrew from the White House race in July, has since…
By Ayomide Otitoju President Bola Tinubu has appointed Major General Olufemi Olatubosun Oluyede as Acting Chief of Army Staff (COAS), according to a statement by Presidential Spokesman Bayo Onanuga on Wednesday. Oluyede assumes this role pending the return of Lt. General Taoreed Lagbaja, currently receiving medical treatment abroad. Until his appointment, Oluyede served as Commander…
