Business
Abia Secures $125m Loan To Implement 2024 Budget
Published
1 year agoon
By
Editor
Abia State Governor, Alex Otti, says the state government plans to secure loans to implement the 2024 Budget, adding that already, the Islamic Development Bank has approved $125 million for the state.
Otti disclosed this Monday during a chat with journalists in Umuahia, the state capital.
He added that the African Development Bank has also approved some funds for the state.
The governor said, “Two days ago, the Islamic Development Bank approved the sum of $125m for us under AB Seed, as well as the African Development Bank, AfDB. All is yet to be drawn until after perfection.
READ ALSO: Otti Clears Air On N1.5billion For Two Hilux Vehicles In Abia Budget
“We have received offers of loan from commercial banks, but we have not drawn on any of them. We do not want to draw loans until we need them and will repay when we have liquidity, and we will pay later.”
On wage awards or salary increase, the governor assured workers that his administration had not withdrawn its promise on that, stating that there is already a committee in place on the matter.
“We had promised that by the end of this month, we will resolve the lingering pension issues. In our executive council meeting today, we had some resolutions, and soon, pensioners will be settled,” he said.
According to him, the local government accounts are not tampered with, stating, “Mayors are grading roads and building health centres. I don’t know where else they are getting the money from.”
READ ALSO: Appeal Court Affirms Otti’s Election As Abia Governor; PDP Calls For Calm
On infrastructure, the governor said, “Abia will continue with our massive road rehabilitation, light up Abia, improvement in the health system and the resolve to retrieve education system that has been going down”, adding that 170 primary schools and 51 secondary schools have been earmarked to be rehabilitated so that at the end of the year, all schools will be fully rehabilitated.
He said the state government has designed the best models for Abia schools so that “the Abia standard schools will look a certain way.”
He added that trained teachers will teach students what is relevant in the 21st century, including the internet, renewable energy, and digital technology, among others to make Abia students competitive in line with global practices.
However, the state government, he said, would ensure the quality and skills necessary to teach the students by ensuring the right training for the teachers, stating “We have received lots of support from multilateral agencies. We are not alone. ”
On health, he said, “We will continue to improve healthcare delivery in the state”, stating also that in terms of food security, the state has a lot of initiatives to deal with hunger and is working round the clock to ensure that all lands in Abia will be cultivated this planting season.
You may like
Coalition: Otti Speaks On Report Of Leaving LP
Coalition: Why ADC Leaders Stepped Down — Nwosu
Edo Assembly Jerks, Passes 2025 Budget Into Law
FULL TEXT Of Tinubu’s Speech At 2025 Budget Presentation To National Assembly
JUST IN: N’Assembly To Extend 2024 Budget Cycle
JUST IN: Tinubu Presents N49.7tn 2025 Restoration Budget
Business
Naira Continues To Appreciate Against Dollar On Official Market
Published
16 hours agoon
August 1, 2025By
Editor
The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.
Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.
This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.
READ ALSO:Woman Arrested For Killing, Selling Pregnant Nurse’s Body Parts
Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.
Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.

The Dangote Petroleum Refinery and Petrochemicals has appointed David Bird, the former head of Oman’s Duqm Refinery, as its new Chief Executive Officer.
A report by S&P global on Friday said, Bird heads the refinery’s petroleum and petrochemicals division in a strategic move to overcome production challenges and advance its next wave of expansion.
Effective from July 2025, the former Shell head of operations at its Balau Pokom refinery stepped in as CEO of the Dangote Group’s fuels and petrochemicals business, which commissioned the world’s largest single-train refinery last year.
Our correspondent also observed that the CEO participated at the just concluded Dangote Leadership Development Program Graduation Ceremony.
The appointment signals the company’s renewed focus on scaling production, streamlining operations, and positioning itself as a dominant force in Africa’s refining and petrochemical landscape.
READ ALSO:Dangote Cement Gets New Chairman As Aliko Dangote Retires
The report read, “Nigeria’s Dangote Group has appointed the former head of Oman’s Duqm refinery as CEO of its petroleum and petrochemicals business as it strives to overcome production challenges and advance its next wave of expansion.”
It, however, noted that the Dangote Group founder Aliko Dangote, will remain as chairman of the refining business and CEO of the wider conglomerate, which is also active in cement, fertilizers and sugar refining.
The business is expected to tap Bird’s experience expanding the Duqm refinery and diversifying its crude slate as CEO of OQ8, a role he adopted months before the Omani complex began its first test runs in 2023.
Commenting on his appointment, Bird said his focus at Dangote will involve advancing the group’s footprint beyond the Nigerian market and across the African continent.
As CEO of the refining business, he will be responsible for ensuring maximum output and efficiency for the refinery, and aims to make the group a leader in the global market, a LinkedIn update noted.
READ ALSO:JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price
The appointment comes after a string of unit upsets and “design issues” that have stalled the ramp-up process of the 650,000-b/d refinery, while its leadership has called out a hostile business environment for challenging its operations.
Since it was commissioned in January 2024, Dangote has quickly grown its market share in the Nigerian fuel sector, displacing large volumes of gasoline imports that the country once relied on.
However, Aliko Dangote has railed against “rent-seeking” trade partners and substandard fuel imports for putting strain on the business.
In a previous interview with Platts, Bird emphasised a trading-led approach to achieve a competitive edge in the refining sector, with a focus on high utilisation rates, efficiency and feedstock flexibility.
His approach aligns with a recent shift from the Dangote complex to process a wider range of crude grades, partially spurred by limited availability of the Nigerian oil it was designed to process.
READ ALSO:World Bank Appoints Africa’s Richest Man, Dangote
However, the Nigerian refinery is still obliged to sell fixed volumes of its oil products into the domestic crude market under a naira-based trade agreement with the Nigerian National Petroleum Company, a 7.2 per cent stakeholder in the business.
As the Dangote Group eyes its next wave of growth, it plans to expand the capacity of the Lagos refinery to 700,000 barrels per day, build out port infrastructure and establish foreign storage assets in Namibia and other countries.
In August, it is set to roll out its own distribution business with a fleet of 4,000 CNG-powered trucks.
Dangote Group officials have also shared ambitions to list the refining business on the London and Lagos stock exchanges, and Aliko Dangote reiterated plans to take the business public.
READ ALSO:Dangote Petrol: MRS Increases Fuel Price
After years of setbacks and budget challenges, the speed of the refinery’s ramp-up in 2024 caught many analysts by surprise, and the complex quickly began exerting pressure on global oil benchmarks as it began exporting its products.
Yet despite beginning test runs on its main gasoline outlet, the residue fluid catalytic cracker, in Q3 2024, the company has since suffered repeated outages on the unit in 2025, forcing it to rely on its lower-yield reformer and sacrifice output over extended periods.
Speaking to Platts earlier in July, a Dangote executive said the RFCC was running at 85 per cent. He denied reports that the company will undergo a planned turnaround on the unit in December.
According to S&P Global Commodities at Sea data, Nigeria exported some 220,000 b/d of petroleum products in July 2025, when outages at NNPC facilities made Dangote the country’s only active refiner.
The complex exported 30,000 b/d of residual fuel, a refining byproduct which would normally be kept on site for further processing in the RFCC under normal operations.
Exports continue to be dominated by jet fuel, which accounted for 45 per cent of total shipments, and gasoil with a 24 per cent share.
Business
Petrol Tankers To Stop Loading Beyond 45,000 Litres By October 1 – IPMAN
Published
18 hours agoon
August 1, 2025By
Editor
The Western Zone of the Independent Petroleum Marketers Association of Nigeria has said tankers will no longer load more than 45,000 litres of the product from October 1.
The Chairman of the zone, Chief Oyewole Akanni, disclosed this in an interview with the News Agency of Nigeria in Ibadan on Friday.
Akanni stated that the measure was adopted in a joint meeting involving IPMAN, the government and other stakeholders, held to reduce the cases of petroleum tanker accidents.
The stakeholders, he said, are the Petroleum Tanker Drivers, Nigerian Association of Road Transport Owners, the Nigerian Midstream and Downstream Petroleum Regulatory Authority and oil marketers.
READ ALSO:Five Things To Know About Gabon
He said, “Before now, some tankers carried up to 90,000 or 60,000 litres, which was dangerous.
“Those big tankers damage our roads, as the trucks are made to carry far more than they were designed for.
“And when overloaded, they become unstable and fall, causing accidents.”
Akanni stated that the government had also mandated all tankers to install safety covers that prevent spillage in the event of a crash.
“With these covers, even if a tanker falls, fuel won’t spill, except if the tank is punctured,” he said.
READ ALSO:Petrol Tanker Explodes In Ibadan
He, however, lamented the activities of vandals, who deliberately puncture fallen tankers to steal fuel, describing it as a major challenge.
The IPMAN chairman also said that PTD discovered that most accidents occurred at night due to fatigue.
“We have, therefore, instructed drivers not to drive at night.
“Once it is 7.00 p.m., they must park and continue their journey by 7.00 a.m. the next day, but some still disobey this directive,” he said.
READ ALSO:Petroleum Minister, Lokpobiri, Reveals When Fuel Will Be Available
Akanni assured that IPMAN would continue to work with stakeholders to ensure that tanker-related accidents were minimised.
He said that the spate of fatalities had triggered federal interventions, calling for stricter regulations, mass education, and enforced safety reforms.
According to Akanni, the incidents form part of a broader wave of tanker disasters across Nigeria.
“These are marked by systemic failures, including overloading, poor infrastructure, inadequate enforcement, alongside dangerous public practices like fuel scooping,” he said.
NAN
- Group Protests Alleged Sale Of Workers’ Housing Estate To NAF
- Bauchi Gov To Corps Members: Advocate For National Development, Transformation
- I Caught My Wife With Her Lover Naked In Our Bedroom —Husband
- ISWAP Makes $191m Annually Taxing Locals In Lake Chad Region — Report
- Reminisce Unveils Release Date For His Eight Album
- My Wife Used To Slap Me, Lock Me In The Room, Man Tells Court
- My Husband Is Impotent, Woman Tells Court
- My Wife Denies Me Sex, Neglects Our Children —Husband
- ‘My Husband Became Hostile After Losing His Job, Brandished Cutlass At Me’
- Corporation For Public Broadcasting To Shut Down Following Trump’s Funding Cuts
Trending
- News5 days ago
FRSC Lacks Power To Seize Drivers’ Licences, Vehicles, Court Rules
- News4 days ago
JUST IN: Okpebholo Removes EDOFEWMA CEO, Appoints New Director
- Metro5 days ago
Armed Thugs Invade Stakeholders’ Summit In Edo, Beat Organiser To Pulp
- Entertainment3 days ago
Reactions As 2Face Idibia Weds New Lover, Natasha Osawaru [VIDEO]
- News4 days ago
JUST IN: Okpehbolo Suspends His Special Adviser On Oil And Gas
- News5 days ago
JUST IN: Tinubu Confers National Honours On Super Falcons
- Metro5 days ago
Bandits Kill 38 Hostages After Collecting N50m Ransom
- News4 days ago
5 Nigerian Universities That Don’t Require JAMB UTME For Admission
- Entertainment3 days ago
‘I Have Nothing Left,’ Actor Don Richard Solicits Financial Help Amid Battle With Kidney Disease [VIDEO]
- Entertainment3 days ago
BBNaija 10: We Were Close To Having Sex – Isabella Breaks Down In Tears Over Love Interest, Kayikunmi