Business
Fire Breaks Out at Governor Mbah’s Fuel Station, Arson Suspected
A fuel station owned by Enugu State Governor, Peter Mbah, was engulfed in flames early Friday morning, reportedly due to an attack by unidentified individuals.
The station, Pinnacle Oil, located along Agbani Road in Enugu, was the target of an arson attack carried out by assailants who arrived in a Toyota Corolla.
Eyewitnesses revealed that the fire rapidly spread, consuming at least four vehicles in the vicinity.
The inferno led to widespread panic among residents and commuters in the area.
Firefighters from both the federal and state fire services responded swiftly, managing to contain the flames before they could cause further destruction.
The Enugu State Police Command, while confirming the incident, hinted at a different possible cause for the fire.
In a statement issued by the command’s spokesperson, DSP Daniel Ndukwe, it was suggested that the blaze may have started due to fuel leakage from one of the cars queued up to buy fuel at the station.
Although the fire caused extensive damage to the station and several vehicles, no casualties were reported.
The Commissioner of Police, CP Kanayo Uzuegbu, who was present at the scene, assured the public that a thorough investigation would be conducted.
He instructed the Deputy Commissioner of Police overseeing the State Criminal Investigation Department (CID) to lead the inquiry into the fire to determine its true cause and those responsible.
As a result of the incident, security operatives have barricaded the Agbani Road axis, where the station is located, to maintain order and ensure public safety.
While normalcy has been restored, the incident has raised concerns about safety and security in the area.
Residents are hopeful that the investigation will uncover the facts surrounding the fire and bring the culprits to justice.
Aliko Dangote is stepping down as Chairman of Dangote Sugar Refinery Plc after two decades of steering the company’s growth and transformation. His retirement will officially take effect on June 16, 2025.
The announcement was made in a statement signed by the company’s secretary, Temitope Hassan, who praised Dangote’s contributions since he took over leadership in 2005. Over the years, he has played a major role in shaping Dangote Sugar into a top player in Nigeria’s sugar industry, overseeing its expansion and pushing key reforms in governance and operations.
During his time at the helm, the company rolled out several major projects focused on backward integration, setting up large-scale sugar production facilities in Adamawa, Taraba, and Nasarawa. These projects were designed to boost local output and cut down on the country’s reliance on imported sugar.
As part of a planned succession process, the board has named Arnold Ekpe as the incoming Chairman. Ekpe, who is currently an Independent Non-Executive Director on the board, will take over on the same day Dangote retires.
Ekpe brings decades of leadership experience, having served as Group CEO of Ecobank and held top positions across different industries. The board expressed confidence in his ability to lead the company into its next phase while also thanking Dangote for his outstanding service and dedication throughout the years.
Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.
This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.
The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”
The Central Bank of Nigeria (CBN) recently assured stakeholders about the state of the banking sector in Nigeria, stating that the banking sector can still be trusted and is secure.
The assurance was shared in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN. In the statement, it was emphasized that stakeholders should disregard any negative news concerning the banking sector, as such reports are misleading.
The CBN also highlighted the security of the deposits entrusted to it, stating, “There is no reason for the public to worry about the security of their deposits.” The extent of the measures and security in place was also emphasized by the director in the statement.
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