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General Hydrocarbons Assures Resolution of Debt Disputes With First Bank

The GIL Chairman  noted the remarkable successes achieved through their collaboration and  emphasised GIL roles in saving First Bank from financial distress while simultaneously discovering crude oil “to the glory of Nigeria”.

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▪︎UGC image of First Bank and General Hydrocarbons

General Hydrocarbons Limited (GHL) the operators of OML 120, Deep Offshore Nigeria, has reaffirmed its commitment to resolving its ongoing dispute with First Bank of Nigeria Limited (FBN).

In a statement issued on Friday by the Chairman of the Board of GHL, Nduka Obaigbena, GIL also  reassured its stakeholders and partners that the company remains financially strong and committed to its operations.

The GIL Chairman  noted the remarkable successes achieved through their collaboration and  emphasised GIL roles in saving First Bank from financial distress while simultaneously discovering crude oil “to the glory of Nigeria”.  

“We willingly rescued First Bank of Nigeria Limited (FBN) from the abyss and are not about to throw away the baby with the bathwater.

Through our collaboration, we have resolved FBN’s financial challenges and discovered crude oil to the glory of Nigeria,” said the statement.

He expained that the partnership, which began under a Subrogation Agreement, allowed GHL to assist in financing FBN’s operations and addressing its Non-Performing Loans (NPLs).

This effort, GHL noted, restored FBN to profitability and laid the groundwork for the exploration and development of OML 120.  

However, GHL accused FBN of breaching its obligations under the Subrogation and Tripartite Agreements, resulting in a legal dispute that is currently being addressed through court proceedings and arbitration.

Despite a court judgment in GHL’s favour, the company alleged that FBN continues to disregard the ruling.  

GHL highlighted its achievements in discovering oil and gas reserves, crediting Nigerian-born engineers and global technical partners such as Schlumberger (SLB), Baker Hughes, and Century Group for their contributions.  

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Algiers-Abuja direct flights begin April 6

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The Ministry of Foreign Affairs on Wednesday, announced the launch of Air Algérie’s inaugural direct flight service from Algiers to Abuja, set to begin on April 6, 2025.

This is said to strengthen the diplomatic and economic ties between Nigeria and Algeria.

According to a statement signed by the Acting Spokesperson for the Ministry, Kimiebi Ebienfa, the new route, which is the result of the Bilateral Air Services Agreement between the two countries, will be operated by the national carrier, Air Algérie, using a Boeing 737 aircraft.

This new service is expected to boost connectivity, encourage tourism, and facilitate trade and investment between Nigeria and Algeria.

“The Ministry of Foreign Affairs is pleased to announce the commencement of Air Algerie’s inaugural direct flight service from Algiers to Abuja, scheduled for 6th April 2025.

“This historic development marks a significant milestone in the growing diplomatic and economic relations between Nigeria and Algeria.

“It is pertinent to state that it is the implementation of the Bilateral Air Services Agreement between both countries, which culminated in this successful venture,” the statement read in part.

The inaugural flight is expected to carry the Charge d’Affaires of the Nigerian Embassy in Algiers, Nigerian community leaders, and representatives from the Algerian government.

The Federal Government has extended congratulations to Air Algérie and offered its full support to ensure the success of the new service.

With affordable fares and Algeria’s proximity to Europe, the flight also offers Nigerians a convenient gateway to Europe, enhancing Nigeria’s position as a regional hub for business, tourism, and transit.

The statement added, “The Federal Government of Nigeria, through the Ministry of Foreign Affairs and relevant aviation authorities, extends its warm congratulations to Air Algerie and assures all necessary support to ensure the success and sustainability of this new service.

“We believe this initiative will further strengthen the longstanding friendship between Nigeria and Algeria, while opening new opportunities for mutual growth.

“The affordable fare structure and the proximity of Algeria to Europe would also provide Nigerians with a convenient gateway to Europe, thereby enhancing Nigeria’s position as a regional hub for business, tourism, and transit.”

The ministry encouraged citizens and businesses to take advantage of this new connectivity to explore opportunities for trade, tourism and cultural exchanges between the two nations.

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FG borrows N13.21trn from World Bank in 20 months

The country’s debt profile has hit N142 trillion, according to data published by the Debt Management Office (DMO).

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The World Bank has approved over N13.21 trillion ($8billion) as loans for different developmental projects for President Bola Ahmed Tinubu-led federal government in the last 20 months,

Daily Trust analyses of the various loans indicated that they were targeted at several interventions in various sectors of the economy with three fresh loans amounting to $1.1 billion approved between Friday and yesterday.

The country’s debt profile has hit N142 trillion, according to data published by the Debt Management Office (DMO).

The 2025 budget of N54.99tn has a debt service component of N14.32tn and N13.64tn for recurrent expenditure.

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Women make up 15% of 288 new billionaires in 2025

One of the most striking trends among the newcomers is the high percentage of self-made billionaires.

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The newcomers come from 33 countries and territories, marking a significant rise from the 265 additions made in 2024.

Forbes’ 2025 World’s Billionaires list has welcomed a record 288 new billionaires, pushing the total number of billionaires to 3,028 globally.

This group, which includes entrepreneurs, investors, and heirs, is collectively valued at nearly $680 billion, averaging $2.4 billion per person.

The newcomers come from 33 countries and territories, marking a significant rise from the 265 additions made in 2024.

The United States remains the dominant force, contributing the most new billionaires with 103 additions this year.

Among the top names is Marilyn Simons, widow of quantitative hedge fund founder Jim Simons, whose net worth is estimated at $31 billion.

She stands alongside Lyndal Stephens Greth, the daughter of oil magnate Autry Stephens, who holds $25.8 billion following her father’s passing in 2024.Germany ranks second in terms of new entries, with 37 individuals joining the list, including Johannes von Baumbach. At 19 years old, he becomes the youngest new billionaire globally, with a fortune of $5.4 billion.

Along with von Baumbach, 14 other heirs to the Boehringer Ingelheim pharmaceutical empire also made their debut on the list.China and Hong Kong together contributed 32 new billionaires, with jeweller Xu Gaoming being one of the notable additions, valued at $8.2 billion. India saw 17 new billionaires, while Russia accounted for 15.

One of the most striking trends among the newcomers is the high percentage of self-made billionaires.

Of the 288 newcomers, 196 (approximately 70%) built their wealth from the ground up, rather than inheriting it.

The wealthiest self-made newcomer is Saudi Arabian entrepreneur Sulaiman Al Habib, whose fortune stands at $10.9 billion. Al Habib’s success is a notable achievement as Saudi Arabia has seen a resurgence of billionaires on the list for the first time since 2017.

Alexandr Wang, the 28-year-old co-founder and CEO of Scale AI, is the youngest self-made billionaire this year, valued at $2 billion.

(BusinessDay)

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