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Instablog9ja
40 s
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An analysis of the 2024 approved budget of the Abia State government has revealed that the state Governor, Alex Otti, allocated the sum of N5,845,000,000 for purchase of cars for himself, commissioners, permanent secretary, judiciary and Government House/MDAs, Shara Reporters is reporting.
In February this year (2024), the National Bureau of Statistics (NBS) reported that the poverty index of Abia State stood at 30 percent, meaning that 30 percent of people of the state are living in multi-dimensional poverty.
Earlier this month, SaharaReporters reported how residents and business owners within and around Nkwo Ngwa market in Aba, Abia State, lamented and berated Governor Otti over their flooded bad road.
The residents and business owners had accused Governor Alex Otti’s administration of engaging in social media propaganda to hype his administration while “he is only patching roads constructed by the previous government.”
However, despite the public outcry of poverty and poor state of infrastructure in the state, and the Governor’s promised commitment to reposition the state and lift the people of the state from poverty, a review of the 2024 approved budget revealed that Governor Otti allocated the sum of N1,545,000,000 to the Office of the Governor for, “Purchase of vehicle for commissioners, Judiciary and Permanent Secretary.”
Also, he allocated a total sum of N2.8 billion to the Office of the Governor for, “Purchase of motor vehicles for Government House/MDAs.” The budget document also showed that Governor Otti allocated N1.5 billion to the Office of the Governor for, “Purchase of 2 number Toyota Hilux.
However, he had attributed the N1.5 billion budget for the purchase of the two Toyota Hilux allocated to the Governor’s Office to a software glitch generated by the Excel package used in preparing the budget document.
Governor Otti claimed that the overall numbers of vehicles (two Toyota Hilux) are correct but the figure is not N1.5 billion but N150 million for two units of Hilux vans at N75 million each.
Media reports had quoted Otti as saying, “If you check N1.5 billion against N487 billion budget, that translates to about 0.3%, less than half percent of the total figure, and I believe that it is not that significant in determining the outcome. So even if the wrong number was carried down to the total, it wouldn’t have been material.
“But suffice it to say that anything that comes from the government must be correct. It is an error, and it has been corrected. I don’t think there’s anything to worry about. The overall numbers are correct and the figure of N1.5 billion was actually N150 million; two units of Hilux vans at N75 million each will give you N150 million, that’s the correct number.”
Investopedia
52 s
15
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Shares of Kenvue (KVUE) took off Monday morning on indications activist investor Starboard Value has taken a large stake in the consumer health products maker.
and report it's unclear how big of an investment the hedge fund has made in the maker of Tylenol, Band-Aids, and Listerine.The , which first reported the news, said that Starboard has taken a "sizable stake" and wants the company to make changes to boost its stock price, while pointed out that the share price has fallen 18% since Kenvue began trading last year after it was spun off of Johnson & Johnson (JNJ).
The noted that Starboard founder and Chief Executive Officer (CEO) Jeff Smith is expected to outline the firm's plans for Kenvue at tomorrow's 13D Monitor Active-Passive Investor Summit in New York.
added that Smith will also speak at the conference about Starboard's plans for Pfizer (PFE) after it recently made an approximately $1 billion stake in the drug maker.
has reached out to both Starboard and Kenvue for comment.
Kenvue shares had been roughly flat year-to-date before rising 6% soon after markets opened Monday.
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Instablog9ja
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Nigerian Immigration Service has confirmed Bobrisky’s interception at the Seme border while attempting to flee to Benin Republic.
In keeping with its commitment to securing the borders, Nigeria Immigration Service (NIS) intercepted Okuneye Idris Olanrewaju otherwise known as Bobrisky at the Seme Border over an attempt to Exit the Country.
The Service wishes to inform the public that OKUNEYE IDRIS is a person of interest over recent issues of public concern. He is undergoing interrogation and will be handed over to the appropriate Authorities for further action.
The Service assures the public that it will continue to be civil and professional in its statutory responsibility of manning the Country’s Borders.
Investopedia
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Spirit Airlines (SAVE) shares jumped nearly 40% in premarket trading Monday as markets reacted to a late-Friday filing that saw the discount carrier say it has extended the deadline on a debt refinancing plan with credit card processors Visa (V) and Mastercard (MA).
The deadline for the refinancing originally was extended from September to Monday, but Spirit said in the filing that the deadline has been extended again to Dec. 23. The company said it "remains in active and constructive discussions with holders of its senior secured notes due 2025 and convertible senior notes due 2026 with respect to their respective maturities."
Spirit also said it has borrowed the entire $300 million available from a revolving credit line, and expects to end the year with at least $1 billion in liquidity.
Shares of the discount airline were up 37% at $2.01 an hour before the opening bell Monday, but have lost nearly 90% of their value since the start of the year.
Legal challenges that eventually led Spirit and JetBlue Airways (JBLU) to abandon their attempted merger; cost-cutting maneuvers like delaying jet deliveries and furloughing pilots amid warnings of lower revenue; and a recent report that Spirit is considering filing for bankruptcy have sent the stock plummeting this year.
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Investopedia
2 hrs
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Boeing (BA) shares are moving higher in premarket trading after the plane maker reached a tentative deal with union machinists to end a five-week strike; Spirit Airlines (SAVE) shares are soaring after the discount carrier extended a debt deadline; gold prices hit a fresh all-time high; bitcoin is pulling back slightly after approaching the $70,000 level; and Kenvue (KVUE) shares are surging on a report that activist investor Starboard Value has taken a "sizable stake" in the Tylenol and Listerine maker. Here's what investors need to know today.
Boeing (BA) and the union representing its machinists have reached a tentative agreement to end the five-week strike that is estimated to have cost the aircraft maker roughly $1 billion. Last week, Boeing announced a series of measures to curb costs, including cutting around 10% of its workforce and postponing the launch of its first 777x jetliner. The deal would give workers a 35% jump in wages over four years and boost contributions to their 401(k) plans, but would not restore traditional pension plans, a goal for some union members. The union will vote on the agreement on Wednesday. Shares of Boeing are up 3% in premarket trading.
Shares of Spirit Airlines (SAVE) are soaring 40% in premarket trading after the discount airline said it reached a deal with its credit card processor to extend a debt-financing deadline into December. In a filing with the Securities and Exchange Commission (SEC), Spirit said it had drawn down $300 million in available credit and expects to end the year with $1 billion in liquidity. The announcement comes weeks after the discount airline was reportedly considering bankruptcy after its failed merger with JetBlue (JBLU). Spirit shares had lost more than 90% of their value this year through Friday's close.
Gold hit a fresh all-time record, climbing above $2,750, after the commodity closed at record highs four straight days last week. The precious metal has been boosted by escalating tensions in the Middle East, as investors seek safe-haven assets for security amid geopolitical uncertainty. Expectations for further interest-rate cuts from the Federal Reserve are also helping boost its price, as lower rates reduce the opportunity cost of holding the metal, making it a more attractive storer of value.
Bitcoin (BTC) is pulling back slightly after nearing the $70,000 price level as investors pour money into spot Bitcoin exchange traded funds (ETFs), which have reported more than $2.4 billion in inflows over the past week, according to data. Bitcoin has risen by about 16% since September, outpacing the benchmark S&P 500 index, which has gained only about 4% over the same period. Both U.S. presidential candidates have shown some support from crypto industry, as the election outcomes weigh heavier than economic concerns on investors' minds.
Activist investor Starboard Value reportedly has taken a "sizable stake" in consumer-product maker Kenvue (KVUE) in an effort to boost the share price of the company spun off from Johnson & Johnson (JNJ) last year. According to , Starboard believe that Kenvue stock is underperforming despite having a good lineup of brands, which include Tylenol, Listerine, and Band-Aid. Kenvue shares have been flat this year through Friday's close, despite the S&P 500 rising by 23% during that period. Kenvue shares were up by more than 8% in premarket trading.
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Instablog9ja
3 hrs
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Dangote Petroleum Refinery and Petrochemicals FZE has asked the Federal High Court in Abuja to void import licenses issued to the Nigeria National Petroleum Corporation Limited (NNPC), Matrix Petroleum Services Limited, A. A. Rano Limited, and four other companies for the purpose of importing refined petroleum products that are already being produced by Dangote without shortfalls, Nairametrics is reporting.
In suit number FHC/ABJ/CS/1324/2024, Dangote Refinery is also seeking N100 billion in damages against the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for allegedly continuing to issue import licenses to NNPCL, Matrix, and other companies for importing petroleum products such as Automotive Gas Oil (AGO) and Jet Fuel (aviation turbine fuel) into Nigeria, “despite the production of AGO and Jet-A1 that exceeds the current daily consumption of petroleum products in Nigeria by the Dangote Refinery.” Joined as defendants in the case are NMDPRA, NNPCL, Aym Shafa Limited, A. A. Rano Limited, T. Time Petroleum Limited, 2015 Petroleum Limited, and Matrix Petroleum Services Limited (1st to 7th defendants).
In its originating summons dated September 6, 2024, and exclusively seen by Nairametrics, the plaintiff’s lawyer, Ogwu James Onoja, SAN, asked the court to declare that NMDPRA is allegedly in violation of Sections 317(8) and (9) of the Petroleum Industry Act by issuing licenses for the importation of petroleum products. He stated that such licenses should only be issued in circumstances where there is a petroleum product shortfall.
He also urged the court to declare that NMDPRA is in violation of its statutory responsibilities under the Petroleum Industry Act (PIA) for not encouraging local refineries such as Dangote Refinery.
In an affidavit deposed by Ahmed Hashem, the Group General Manager of Government and Strategic Relations at Dangote Refinery, he submitted that the import licenses granted to other companies by NMDPRA for the importation of AGO and Jet-A1 are crippling the plaintiff’s business, to which it has committed substantial financial resources in billions of US dollars. He noted that the plaintiff’s products are largely left unpatronized due to the alleged actions of NMDPRA.
He stated that NMDPRA has thr 3atened to to impose and demand a 0.5% levy on the plaintiff on wholesales and off-takers, as well as another 0.5% levy on wholesales to the Midstream and Downstream Gas Infrastructure Fund (MDGIF) via a letter dated June 10, 2024, contrary to statutory provisions that limit the implementation of levies on transactions within Free Zones.
He emphasized that the foundational purpose of establishing Free Zones is to foster competition, attract foreign investment, and create tax havens. He further stated that there is an alleged grand conspiracy and concerted effort by International Oil Companies and interests, in conjunction with the defendants, who are unhappy that Nigeria has an indigenous refinery ready to solve the lingering energy crisis and save the economy.
“The intervention of the Honourable Court has become necessary in order to stem the incessant violation of statutory provisions by the 1st Defendant in favor of other entities such as the 2nd to 7th defendant “ the plaintiff stated.
The refinery’s legal team stated that the plaintiff is greatly distressed, and its investments risk being jeopardized unless the Honourable Court intervenes. He sought an order of injunction restraining the 1st Defendant from further issuing and/or renewing import licenses to the 2nd to 7th defendants or other companies for the purpose of importing petroleum products. In addition to a restraining order against the import licenses of the affected companies, the plaintiff sought “General damages in the sum of N100,000,000,000 against the 1st Defendant (NMDPRA) and an order of court directing the 1st Defendant to seal off all tank farms, storage facilities, warehouses, and stations used by the defendants for the storage of all refined petroleum products imported into Nigeria.”
Other reliefs partly sought by the plaintiff are as follows: A declaration that by the provisions of Section 8(1) of the Nigerian Export Processing Zone Act (NEPZA), Sections 23(h) and 55(1) of the Companies Income Tax Act (CIT Act), Paragraph 6 of the Second Schedule to the CIT Act, Regulation 54(2)(a)(0) of the Dangote Industries Free Zone Regulation 2020, and the Finance Act, the plaintiff, being an entity duly registered as a Free-Zone Enterprise, is exempted from all federal, state, and local government taxes, levies, and other rates.
A declaration that it is against the NEPZA Act, CIT Act, Finance Act, and Dangote Industries Free Zone Regulation 2020, as well as legislative intent, for the 1st Defendant to impose or threaten to impose on the plaintiff an additional financial obligation of a 0.5% levy meant for off-takers of petroleum products directly and an additional 0.5% wholesale levy in favor of the Midstream Downstream Gas Infrastructure Fund (MDGIF).
An order of mandatory injunction directing the 1st Defendant to withdraw immediately all import licenses issued to the 2nd-7th defendants and other companies other than the plaintiff and other local refineries for the purpose of importing refined petroleum products into Nigeria.
An order of injunction restraining the 1st Defendant from imposing and demanding a 0.5% levy meant for off-takers of petroleum products directly and an additional 0.5% wholesale levy in favor of MDGIF or any other levy or sum against the plaintiff.
