Business
NNPCL Appeals for Understanding Amid Fuel Scarcity and Reports Record Profit
The Nigerian National Petroleum Company Limited (NNPCL) has issued a plea to the public for patience as it grapples with ongoing fuel shortages across major cities, including Lagos and Abuja.
Olufemi Soneye, the company spokesperson, appealed in a statement released on Monday. He highlighted that NNPCL had achieved a substantial financial milestone, reporting a profit of ₦3.3 trillion for the fiscal year 2023, according to its recently published audit financial statement. Dapo Segun, the Executive Vice President of Downstream Operations at NNPCL, addressed concerns related to fuel scarcity.
He explained that the company is actively collaborating with key stakeholders to resolve challenges related to fuel distribution and evacuation logistics, which are contributing to the current shortages.
The NNPCL’s 2023 financial results reveal a significant increase in profit, marking a rise of over ₦700 billion or 28 percent compared to the previous year’s profit of ₦2.548 trillion. This substantial profit growth underscores the company’s financial strength, even as it works to address the operational issues impacting fuel availability.
The firm’s statement aims to reassure the public and emphasize its commitment to resolving the logistical challenges affecting fuel distribution, while also showcasing its robust financial performance.
Business
“Minimum Wage Can Buy a Bag Now” — User Claims Rice Price Falling in Nigeria
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
Business
New Telecom that Allows Minutes Instead of Airtime for Calls Launches in Nigeria
Nigerians now have a new choice when it comes to making calls and browsing the internet. A new telecom company called LEBARA has launched in the country with a new idea. Instead of the usual airtime system that most networks use, this company is offering something different, subscribers will now buy call minutes and data directly.
What makes this different is that customers will only pay for what they actually use. If you buy 100 minutes, those minutes are yours until you use them up. If you make a call that lasts only 30 seconds, the rest of your time remains, leaving you with 99 minutes and 30 seconds. Nothing is taken away without your knowledge, and every second is accounted for.
The company is rolling out its services with the new 0724 number series, and it already has connections with all the major networks in Nigeria. This means subscribers will be able to call friends, family, and business contacts across MTN, Airtel, Glo, 9mobile and others without any problems. They have also been licensed as a Tier 5 Mobile Virtual Network Operator, which is the highest category approved by the Nigerian Communications Commission (NCC).
Company officials explained that the goal is to give Nigerians more freedom, fairness, and transparency. For years, people have raised concerns about airtime being deducted too quickly or without clear explanation. By introducing a minutes-based model, the new operator wants to end that problem once and for all. Subscribers can clearly see what they paid for, how much they have used, and what is left.
Business
Child Abuse Victim Begs Elon Musk to Stop Circulation of Abusive Content on X
Victim of child abuse pleads and urges American billionaire and businessman, Elon Musk, to halt the spread of a link that showcases her abuse on the social media platform, X.
The victim shared as she pleaded with Musk: “Hearing that my abuse — and the abuse of so many others — is still being circulated and commodified here is infuriating.”
The victim then expressed anger and disappointment that she is still reminded of her hurtful past and pleaded that Elon stop the link as he is the owner of the platform.
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