Dangote Refinery Revolutionizes Nigeria's Fuel Market with Petrol Production
- Jasper Wellington
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The Dangote refinery, capable of processing 650,000 barrels of oil per day, has successfully completed test production and is set to begin selling petroleum immediately. This development promises significant relief to Nigerians facing severe petrol scarcity. The facility is expected to reduce the country's heavy reliance on fuel imports, potentially saving billions in foreign exchange.
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Mike Russon Appointed Interim CEO as Arrie Rautenbach Steps Down from Absa
- Jasper Wellington
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Absa Group has named Mike Russon as interim CEO following Arrie Rautenbach's retirement announcement. Russon, with a wealth of experience in financial services, will lead the group while the board searches for a permanent successor. Rautenbach has been CEO since 2021 and played a key role in steering the company through challenging times. The board expressed their gratitude for his tenure.
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FCCPC to Sanction Coca-Cola Nigeria and NBC Over Misleading Consumer Practices
- Jasper Wellington
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The Federal Competition and Consumer Protection Commission (FCCPC) plans to penalize Coca-Cola Nigeria and the Nigerian Bottling Company for breaching consumer protection laws. The charges include misleading advertising and unfair marketing practices. The companies reportedly misrepresented product formulations, prompting a formal investigation that concluded in December 2020.
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Donald Trump's Media and Crypto Venture Faces 39% Stock Drop Amid Multiple Controversies
- Jasper Wellington
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Trump Media, a venture led by Donald Trump, has suffered a dramatic 39% decline in stock value. This drop is attributed to various controversies, notably its heavy investment in Bitcoin. The plunge prompts concerns about the company’s financial stability and its resilience in the volatile crypto market.
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Vox Royalty Corp Updates on Plutonic, East Bulong, and Koolyanobbing Projects With Gold Production Timelines
- Jasper Wellington
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Vox Royalty Corp has released project updates on Plutonic, East Bulong, and Koolyanobbing, including timing estimates for initial gold production. Plutonic is expected to achieve its first gold in Q4 2023, while East Bulong has shown a 25% increase in production estimates. Koolyanobbing has started drilling, with results anticipated in Q3 2023.
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