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PETROAN Seeks N100 Billion Investment to Stabilize Nigeria’s Fuel Sector

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The Petroleum Product Retail Outlet Owners Association (PETROAN) has clarified that their N100 billion intervention request from President Bola Ahmed Tinubu is not a bailout but an investment aimed at saving Nigeria’s energy sector from collapse.

Billy Gillis-Harry, the National President of PETROAN, explained in a recent interview that the funds would be placed in an energy bank, providing petrol dealers with access to affordable, single-digit interest loans.

The proposed fund, he argued, would help reduce the price of Premium Motor Spirit (PMS), which is currently sold for between N935 and N1,100 per liter in Nigeria.

He emphasized that the request is not for free money, but for the government to invest in the establishment of an energy bank where the N100 billion could be used as seed capital.

Gillis-Harry stated, “We are not asking for free money.

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We’re requesting that the government place the N100bn into the energy bank as seed capital.

This will allow us to access loans with a lower interest rate, ultimately helping reduce fuel prices and improve the sector.”


 

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Business

Skype Finally Shuts Down After 22 Years of Connecting People Online

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Skype, once a go-to platform for video and voice calls, is officially shutting down today, May 5, marking the end of its 22-year journey connecting people around the globe. The app was one of the first to revolutionize online communication, offering free calls over the internet long before it became common.

During its prime in the mid-2010s, Skype boasted over 300 million active users each month. Microsoft bought Skype in 2011 for a massive $8.5 billion, planning to make it a key part of its communication tools. However, as newer apps like WhatsApp, Zoom, and even Microsoft’s own Teams grew in popularity, Skype slowly lost its place.

In February, Microsoft announced it would officially shut down Skype on May 5 to focus more on Teams, which now handles most of its communication services. This move affects both free and paid users, although Skype for Business will stick around for a little longer.


 

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United Bank Of Africa, UBA, Delivers 23% Total Dividend for 2024, CEO Promises More to Come

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United Bank of Africa, UBA, pays 171 Billion in total to its shareholders for the 79 percent increase for 2024.

This information was revealed during the 63rd Annual General held on the 25th of April, 2025. The UBA shareholders approved of the 3 naira dividend share, which will com bine with 2 naira interim dividend and will represent a 23 percent total dividend for 2024 in total.

It can be noted that UBA now has the highest Nigerian stocks and the CEO, Oliver Alawuba has assured the shareholders of the dividends that will be paid.”What we can assure our shareholders today is that UBA will continue to pay more dividends.”


 

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Nigerians Cry Out as CBEX Investment Platform Collapses, EFCC Steps In To Investigate

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It has been reported that  Economic and Financial Crimes Commission (EFCC), prepares to look into the recent crash of the popular investment platform, CBEX.

It can be recalled that investment platform, CBEX, recently crashed and caused worry for many users. The public to social media to lament about the crash of the platform and cries out due to their losses.

Popular Nigerian blogger, Innocent Tino shares that he will partner with EFCC for a joint investigation of the downfall of CBEX. It was also shared that a total of #1.3 trillion funds have been lost due to the crash.


 

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