Business

Thomas Etuh, founder of Tak Agro, in partnership with Theophilus Danjuma’s TY Holdings, has acquired Notore Chemical Industries Plc in Onne, Rivers State, for $150 million, BusinessDay has learnt.

In a shocking twist that has sent ripples through the financial sector, Lotus Bank has reported a staggering loss of N1,134,491,604.31 due to a major system glitch that allowed customers to execute transfers without proper debit instructions on their accounts.

United Capital Plc, a leading African financial and investment banking group, has officially launched its 7th subsidiary, Ucee Microfinance Bank, a digital-first microfinance bank.

Management of Dangote Petroleum Refinery has urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), to enforce the domestic crude supply obligation as specified in the Petroleum Industry Act (PIA), insisting that refineries in Nigeria should be allowed to buy crude directly from the companies that produce it in Nigeria rather than from international middlemen, as enshrined in the PIA act. Spokesperson of the Dangote Group, Anthony Chiejina said last night: “We are in receipt of NUPRC's statement that they have facilitated the allocation of 29 million barrels of crude oil to the Dangote Petroleum Refinery and Petrochemicals, we would like to thank them for this allocation but at the same time we wish to let them know that we are yet to receive these cargoes. “Aside from the term supply we bilaterally negotiated with NNPCL, so far NUPRC has only facilitated the purchase of one crude cargo from a domestic…