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DSS Arrests Ifeanyi Ubah Over N11bn Petrol Scam

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The Chairman of Capital Oil and Gas Limited, Ifeanyi Ubah has been arrested by the Department of State Services. (DSS).

The agency revealed the arrest last Saturday in a statement by spokesman, Tony Opuiyo.

Opuiyo said Ubah was arrested last Friday in connection with the suspected theft of petrol kept by the Nigerian National Petroleum Corporation, (NNPC), in his tank farm in Lagos. The product was valued at over N11 billion.

The agency said Ubah’s action amounted to economic sabotage, with “capacity to negatively impact on national economy”.

Opuiyo gave additional reasons for Ubah’s arrest. He said he has further engaged in other activities inimical to national security and public order.

“In furtherance of his gimmicks to undermine the government and people of Nigeria, he has incited members of the Petroleum Tanker Drivers (PTD), a critical player in the downstream sub-sector of the Petroleum Industry, to refuse/stop the lifting of products.

“This is part of his plans to curry their sentiments and cause them to embark on strike and also stage protests in his favour with the ulterior motive of arm-twisting the NNPC to abandon the cause of recovering the stolen products. The implications of this on law and order is, in fact, a common knowledge. It is consequent upon this that the Service arrested and will prosecute him forthwith.

“ The public is hereby reassured that the Service will collaborate with appropriate agencies to ensure that the mischievous activities of any person or group(s) to engage in illegal activities will not affect the effective distribution of products across the country. It will also support such agencies to bring to book individuals or companies involved in any criminal act that undermines the nation’s economy”.

The NNPC had on March 17 revealed that about 100 million litres stored at the Capital Oil & Gas depot and over 30 million litres in MRS Limited depot, all in Apapa area of Lagos, were not found when needed.

Henry Ikem-Obih, who is the COO for (Downstream) in NNPC had said the infraction by the two companies was a clear violation of existing contract which prohibited the firms from tampering with the volumes in their custody without express permission of the corporation.

He said the companies were called to explain and given two options to either return the full volume of what was stored in their depots litre-for-litre or pay the full value of the products taken without approval.

He had also mentioned that NNPC alerted the Directorate of State Service (DSS), the Economic Financial Crime Commission (EFCC) and relevant committees of National Assembly with oversight function on the corporation’s downstream operation to help recover the assets.

The MRS paid for the 30 million litres that vanished in its own depot. But Capital Oil and Gas insisted on reconciling its accounts with the NNPC.

Ubah described the allegation of theft against his company as mischievous and misleading. He said the NNPC also failed to tell the public that it also owed Capital Oil billions of Naira from their mutual business transactions.

“It is normal for parties in businesses to owe each other in business relationships and that if reconciliation is carried out with the NNPC, the firm will find out that there may be very little or nothing for Capital Oil to pay the corporation.

A fall-out of the missing petrol was the sack in April by the NNPC management of Mrs. Esther Nnamdi-Ogbue, Managing Director, NNPC Retail Ltd; Mr. Alpha P. Mamza, Executive Director, Operations, NNPC Retail Ltd; and Mr. Oluwa Kayode Erinoso, Manager, Distribution, NNPC Retail Ltd.

The organisation then immediately appointed Mr. Adeyemi Adetunji, as the new Managing Director of NNPC Retail Ltd; Engr. Lawal Bello, Executive Director, Operations, NNPC Retail Ltd; Mrs. Affiong Akpasubi, Executive Director, Services, NNPC Retail Ltd; and Mr. Agwandas A. Andrawus, Manager, Distribution, NNPC Retail Ltd.

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MoneyPoint Empowers Pharmacists With Payment Solutions 

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MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.

Corlins Walter

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Embrace AI, CIIN Urges Insurance Operators 

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In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.

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NASRDA Reassures On Strengthening Nigeria’s Space Capability 

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In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.

Corlins Walter

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