• Monday, March 04, 2024
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Five things to know to start your Tuesday

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MAN disapproves of EFCC’s visit to Dangote’s office

The Manufacturers Association of Nigeria criticized the armed invasion of Dangote Industries Limited by the EFCC during a probe into forex allocation.

MAN’s Director-General, Segun Ajayi-Kadir, expressed shock at the invasion, urging proper investigations without unnecessary aggression.

While supportive of the EFCC’s probe into forex allocations, MAN emphasised the need for appropriate and non-violent inquiries.

The association said that investigations should align with the EFCC’s scope.

Dangote readies for production as crude supply reaches 6m barrels

Dangote Petroleum Refinery is set to start refining petroleum after receiving its 6th batch of crude oil, marking a significant step towards operations.

The firm received the last one million barrels of Agbami crude, completing the scheduled six million barrels needed for the refinery’s launch.

This follows the initial receipt of one million barrels from Shell International Trading a month ago, positioning the refinery for production, being the world’s largest single-train refinery.

NERC plans sale of Kaduna disco, dissolves board over N110 billion debt

The Nigerian Electricity Regulatory Commission dissolved Kaduna Electricity Distribution Company’s board due to its failure to pay a N110bn debt.

The Commission, through a January 1, 2024 order, signed by its Chairman and Vice Chairman, stated the board’s dissolution and began proceedings to sell the power firm.

This action follows the takeover of five Discos by their funders when core investors couldn’t repay borrowed funds used in their acquisition during the 2013 privatization.

KPMG reports a 40% decline in ATM usage due to naira scarcity

A KPMG report highlighted a drop in ATM usage from 70% to 40% due to cash scarcity, as per Nigerian and Ghanaian bank customers in 2023.

The report, titled “In Pursuit of Value,” revealed the decline in ATM usage in Nigeria linked to frequent cash unavailability at bank ATMs. KPMG noted a shift in digital transactions’ ranking, emphasizing increased reliance on Point of Sale operators, signaling reduced medium digital transactions.

Barclays slashed 5,000 jobs in 2023 as latest overhaul ramps up

Barclays slashed 5,000 jobs in 2023, mainly in Barclays Execution Services (BX), as part of a cost-cutting initiative.

The bank confirmed Reuters’ report about the significant cuts in that division.

A spokesperson stated that the reduction aimed to streamline operations, enhance services, and boost returns, aligning with their ongoing efficiency plan.